# EDGAR Filing Document

**Accession Number:** 0002064551
**File Stem:** 0001213900-25-089410
**Filing Date:** 2025-9
**Character Count:** 1535644
**Document Hash:** bf38f4cc2b426b14bf1342456bde6b7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-089410.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001213900-25-089410

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 65

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ga Sai Tong Enterprise Ltd
- **CENTRAL INDEX KEY:** 0002064551
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290394
- **FILM NUMBER:** 251326145

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KAM LUNG COMMERCIAL CENTRE, 5TH FLOOR
- **STREET 2:** NO. 2 HART AVENUE
- **CITY:** KOWLOON
- **PROVINCE COUNTRY:** K3
- **ZIP:** NULL
- **BUSINESS PHONE:** 852-2981-1688

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KAM LUNG COMMERCIAL CENTRE, 5TH FLOOR
- **STREET 2:** NO. 2 HART AVENUE
- **CITY:** KOWLOON
- **PROVINCE COUNTRY:** K3
- **ZIP:** NULL

#### As filed with the U.S. Securities and Exchange Commission on September 19 , 2025

#### Registration No. 333-[ ]

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

#### Form F-1<br> REGISTRATION STATEMENT<br> UNDER<br>THE SECURITIES ACT OF 1933
**_________________________**

#### GA SAI TONG ENTERPRISE LIMITED <br> (Exact Name of Registrant as Specified in its Charter)

#### _________________________

---

| | | |
|:---|:---|:---|
|  **Cayman Islands** | **5812** | **Not Applicable** |
|  **(State or Other Jurisdiction of** <br>**Incorporation or Organization)** | **(Primary Standard Industrial** <br>**Classification Code Number)** | **(I.R.S. Employer** <br>**Identification No.)** |

---

**Fifth Floor of Kam Lung Commercial Centre<br>No. 2 Hart Avenue, Kowloon, Hong Kong<br>+852-2981 1688<br>(Address, including zip code, and telephone number, including<br>area code, of Registrant's principal executive offices)**

**_________________________**

#### Cogency Global Inc.<br>122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor<br>New York, NY 10168<br> 800-221-0102<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)
**_________________________**

#### Copies to:

---

| | |
|:---|:---|
|  **Lawrence S. Venick, Esq.** <br>**Loeb & Loeb LLP** <br>**2206-19 Jardine House** <br>**1 Connaught Place, Central** <br>**Hong Kong SAR** <br>**Telephone: +852-3923-1111** | **Benjamin Tan, Esq.<br>Sichenzia Ross Ference Carmel LLP<br>1185 Avenue of the Americas,<br>31**<sup>st</sup> **Floor, <br>New York, NY 10036<br>Telephone: 212-930-9700** |

---

**_________________________**

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

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

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

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

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

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

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

____________

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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

------

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

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

---

| | |
|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION DATED SEPTEMBER 19, 2025** |

---

#### GA SAI TONG ENTERPRISE LIMITED

#### 1,300,000 CLASS A ORDINARY SHARES
This is an initial public offering ("Offering") of Class A Ordinary Shares, par value US$0.0001 per share ("Class A Ordinary Shares") of Ga Sai Tong Enterprise Limited ("GST Cayman"), a Cayman Islands exempted company with limited liability. We are offering 1,300,000 Class A Ordinary Shares of GST Cayman, on a firm commitment basis. No public market currently exists for our Class A Ordinary Shares. The initial public offering price is expected to be between $5.00 and $7.00 per Class A Ordinary Share. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "GST". At this time, Nasdaq Capital Market has not yet approved our application to list our Class A Ordinary Shares. The closing of this Offering is conditioned upon Nasdaq Capital Market's final approval of our listing application. However, there is no assurance that this Offering will be closed and our Class A Ordinary Shares will be trading on the Nasdaq Capital Market. If the Nasdaq Capital Market does not approve our listing application this initial public offering will be terminated.

We are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and a "foreign private issuer" and will be subject to reduced public company reporting requirements. See "Prospectus Summary — Implications of Being an Emerging Growth Company and a Foreign Private Issuer" and "Risk Factors" on pages 10 and 17, respectively.

Upon the completion of this Offering, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules because our Controlling Shareholders will own and hold more than 50% of our voting power.

Upon completion of this Offering, we will have a dual class ordinary share structure. Our Ordinary Shares will be divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary Shares are entitled to one (1) vote per share and holders of our Class B Ordinary Shares are entitled to ten (10) votes per share. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. In no event shall Class B Ordinary Shares be convertible into Class A Ordinary Shares. See "Description of Share Capital — Ordinary Shares" for more details regarding our Class A Ordinary Shares and Class B Ordinary Shares.

Upon completion of this Offering, our issued and outstanding shares will consist of 12,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares. Upon completion of this Offering, our Controlling Shareholders will be the beneficial owners of an aggregate of 7,554,200 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares, respectively, which will represent an aggregate of 79.80% of the total voting power. As a result, we will be a "controlled company" as defined under corporate governance rules of Nasdaq Stock Market and, therefore, eligible for certain exemptions from the corporate governance requirements of the Nasdaq Stock Market Rules, which we intend to rely on. Furthermore, the Controlling Shareholders will be able to exert significant control over our management and affairs, including approval of significant corporate transactions. For additional information, see "Risk Factors — Risks Related to Our Shares — Our Controlling Shareholders have significant voting power and may take actions that may not be in the best interests of our other shareholders" on page 35 for further details.

**We are not a Hong Kong operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations through our operating companies in Hong Kong, Akai Honoo Capital Limited ("Akai Honoo Capital"), French Fries Creativework ("French Fries Creativework") and Wonderful Concept Investment Limited ("Wonderful Concept") (together, "Hong Kong Operating Subsidiaries"). This is an offering of the Class A Ordinary Shares of Ga Sai Tong Enterprise Limited, the holding company in the Cayman Islands, instead of the shares of Akai Honoo Capital, French Fries Creativework and Wonder Concept. References to the "Company", "we", "us", and "our" in this prospectus are to GST Cayman, the Cayman Islands entity that will issue the Class A Ordinary Shares being offered. References to Akai Honoo Capital, French Fries Creativework and Wonder Concept in this prospectus are to the Hong Kong Operating Subsidiaries operating the business and generating all of the revenue and profit stated in the consolidated financial statements of the Company. Investors in our Class A Ordinary Shares should be aware that they may never hold equity interests in the Hong Kong Operating Subsidiaries directly. Investors are purchasing equity solely in GST Cayman, our Cayman Islands holding company, which owns equity interests in the Hong Kong Operating Subsidiaries. Because of our corporate structure, we, as well as our investors are subject to unique risks due to uncertainty of the interpretation and the application of PRC laws and regulations. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard. We may also be subject to sanctions imposed by PRC regulatory agencies, including the China Securities Regulatory Commission ("CSRC"), if we fail to comply with their rules and regulations. PRC regulatory authorities could disallow our operating structure in the** 

------

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

**future, and this would likely result in a material change in our operations in Hong Kong and/or the value of our securities, which could cause the value of such securities to significantly decline or become worthless. See "Risk Factors" beginning on page 17 of this prospectus for a discussion of risks facing the Company and the Offering as a result of this structure.**

**There are legal and operational risks associated with being based in and having the majority of our operations in Hong Kong. The PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene or influence our operations at any time. Such government actions could result in a material change in our operations and/or the value of the securities we are registering for sale; could significantly limit or completely hinder our ability to continue our operations; could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors; and may cause the value of our securities to significantly decline or be worthless. See "Risk Factors — Risks Related to Doing Business in Hong Kong — The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale" on page 27 for further details.**

**The PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China**-based **companies listed overseas using variable interest entity ("VIE") structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti**-monopoly **enforcement. We do not believe, and our PRC Counsel, China Commercial Law Firm, agrees, that we are directly subject to these regulatory actions or statements, as (i) we do not operate in mainland China; (ii) pursuant to the Basic Law of Hong Kong ("Basic Law"), being a national law of the PRC and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong); (iii) we do not have a VIE structure; and (iv) our business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or the potential impact such modified or new laws and regulations will have on our daily business operations or our ability to accept foreign investments and list on a U.S. exchange. Any change in foreign investment regulations, and other policies in China or related enforcement actions by the PRC government could result in a material change in our operations and/or the value of the securities we are registering for sale and could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors or cause the value of our securities to significantly decline or be worthless. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale" and "Risk Factors — Risks Related to Doing Business in Hong Kong — The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale." on pages 27 and 28, respectively, for further details.**

**Our Class A Ordinary Shares may be prohibited from being trading on a national securities exchange or in the over**-the-counter **market in the United States if the Public Company Accounting Oversight Board ("PCAOB") is unable to inspect our auditors for two consecutive years. The Holding Foreign Companies Accountable Act (the "HFCA Act") was enacted on December 18, 2020. Pursuant to the HFCA Act, if the U.S. Securities and Exchange Commission ("SEC") determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB, for three consecutive years beginning in 2021, the SEC may prohibit our Class A Ordinary Shares from being traded on a national securities exchange or in the over**-the-counter **market in the United States. On December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "AHFCA Act") was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over**-the-counter **market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by the former President** 

------

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

**of the U.S., Mr. Joe Biden, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over**-the-counter **market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years. On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB**-registered **public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfils its responsibilities under the HFCA Act. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the mainland China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, SRCO, C.P.A., Professional Corporation, located at East Amherst, New York, registered with the PCAOB, and has been inspected by the PCAOB on a regular basis, with the last inspection in 2023. Our auditor is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. In addition, our auditors did not appear as part of the PCAOB's report of determinations under the lists in Appendix A or Appendix B of the report issued by the PCAOB on December 16, 2021. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong and taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB**-registered **public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB**-registered **public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. The PCAOB is continuingly pursuing ongoing investigations and may initiate new investigations as needed The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange. The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. See "Risk Factors — Recent joint statements by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non**-U**.S. auditors who are not inspected by the PCAOB."**

**We conduct all of our operations in Hong Kong through our Hong Kong Operating Subsidiaries. Our Hong Kong Operating Subsidiaries are our only operating subsidiaries located in Hong Kong. However, cash may be transmitted from our Hong Kong Operating Subsidiaries to GST Cayman and between our Hong Kong Operating Subsidiaries. For more details, refer to section captioned "Transfers of Cash To and From Our Subsidiaries." There is no limitation on the ability to transfer cash between us, our subsidiaries, and investors. We have no cash management policies that dictate how funds are transferred between us, our subsidiaries, and investors. As of the date of this prospectus, our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. There can be no assurance that the PRC government will not intervene or impose restrictions to prevent the cash maintained in Hong Kong from being transferred out or restrict the deployment of the cash into our business or for the payment of dividends. See "Risk Factors — We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong Operating Subsidiaries" on page 24, "Dividend Policy", "Summary Consolidated Financial Data", and "Consolidated Statements of Change in Shareholders' Equity in the Report of Independent Registered Public Accounting Firm for further details."**

------

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

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

**During the years ended December 31, 2024 and 2023, we and our Hong Kong Operating Subsidiaries have not declared nor distributed any dividend. On March 18, 2025, the Hong Kong Operating Subsidiaries declared and distributed a dividend of HK$10.7 million (approximately US$1.4 million) to their then shareholders. Save as the aforementioned, we and our Hong Kong Operating Subsidiaries have not declared nor distributed any dividend after December 31, 2024 and up to the date of this prospectus. Save as the aforementioned, during the years ended December 31, 2024 and 2023 and up to the date of this prospectus, no transfers or distributions have been made between us and our Hong Kong Operating Subsidiaries or to investors. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Class A Ordinary Shares in the foreseeable future. As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our Hong Kong Operating Subsidiaries through an intermediate holding company.**

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

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 17 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

---

| | | |
|:---|:---|:---|
|  | **Per Class A<br>Ordinary Share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriters' discounts (7.0% underwriting discount)<sup>(1)</sup> | $| $|
|  Proceeds to us (before expenses) | $| $|

---

____________

(1) Represents underwriting discounts equal to 7.0% of each Class A Ordinary Share's public offering price.

(2) In addition to the underwriting discounts listed above, we have agreed to pay, upon closing of this Offering, (i) a 1.0% of gross proceeds as non-accountable expense allowance, and (ii) up to $190,000 in certain underwriters' legal counsel fees and out-of-pocket expenses. See "Underwriting" for additional information regarding total underwriter compensation.

***We expect our total cash expenses for this Offering (including cash expenses payable to the underwriter for their out***-of-pocket ***expenses) to be approximately US$966,064, exclusive of the above discounts and commissions. These payments will further reduce proceeds available to us before expenses. See "Underwriting."***

***This Offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares if any such shares are taken. If we complete this Offering, net proceeds will be delivered to us on the closing date.***

***The underwriters expect to deliver the Class A Ordinary Shares to purchasers against payment on [ ], 2025.***

#### Bancroft Capital, LLC
The date of this prospectus is [ ], 2025.

------

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

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T26) | 1 |
|  [THE OFFERING](#T25) | 12 |
|  [SUMMARY CONSOLIDATED FINANCIAL DATA](#T24) | 14 |
|  [RISK FACTORS](#T23) | 17 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T22) | 40 |
|  [USE OF PROCEEDS](#T21) | 41 |
|  [DIVIDEND POLICY](#T20) | 42 |
|  [CAPITALIZATION](#T19) | 43 |
|  [DILUTION](#T18) | 44 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T17) | 45 |
|  [OUR CORPORATE HISTORY AND STRUCTURE](#T16) | 60 |
|  [INDUSTRY OVERVIEW](#T15) | 62 |
|  [BUSINESS](#T14) | 67 |
|  [REGULATIONS](#T13) | 75 |
|  [MANAGEMENT](#T12) | 84 |
|  [PRINCIPAL SHAREHOLDERS](#T11) | 90 |
|  [CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS](#T10) | 92 |
|  [DESCRIPTION OF SHARE CAPITAL](#T9) | 94 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T8) | 105 |
|  [MATERIAL TAX CONSIDERATIONS](#T7) | 107 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T6) | 114 |
|  [UNDERWRITING](#T5) | 116 |
|  [EXPENSES RELATED TO OFFERING](#T4) | 120 |
|  [LEGAL MATTERS](#T3) | 121 |
|  [EXPERTS](#T2) | 121 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T1) | 121 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#T27) | F-1 |

---

**Through and including [ ], 2025 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

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

i

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

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

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

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

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

#### Other Pertinent Information
Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Shares" are to the Class A ordinary shares, par value of US$0.0001 per share, of Ga Sai Tong Enterprise Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Shares" are to the Class B ordinary shares, par value of US$0.0001 per share, of Ga Sai Tong Enterprise Limited;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Controlling Shareholders" refer to the ultimate beneficial owner of the Company, Ga Sai Tong Limited, which is owned by Mr. Wai Kit Ng, and Ga Sai Tong Capital Limited, which is owned by the sibling of Mr. Wai Kit Ng. See "Management" and "Principal Shareholders" for more information;

ii

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cundi" refers to Cundi Solution Limited, an independent market research agency, which is an independent third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HKD," "HK$" or "HK Dollar(s)" refers the legal currency of Hong Kong;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Memorandum and Articles" refers to our memorandum of association and articles of association adopted at incorporation on January 15, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC Counsel" refers to China Commercial Law Firm

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S." means the United States of America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we", "us", or the "Group" in this prospectus refers to GST Cayman and its subsidiaries, unless the context otherwise indicates.

GST Cayman is a holding company with operations conducted in Hong Kong through its Hong Kong Operating Subsidiaries. Our Hong Kong Operating Subsidiaries' reporting currency is HK$. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise noted, all translations from Hong Kong dollars to U.S. dollars and from U.S. dollars to Hong Kong dollars in this prospectus were calculated at US$1= HK$7.7917 for the six months ended June 30, 2025 or US$1= HK$7.8499 as at June 30, 2025, US$1= HK$7.8191 for the six months ended June 30, 2024 or US$1= HK$7.8083 as at June 30, 2024, US$1= HK$7.8030 for the fiscal year ended December 31, 2024 or US$1= HK$7.7734 as at December 31, 2024 and US$1=HK$7.8292 for the fiscal year ended December 31, 2023 or US$1= HK$7.8098 as at December 31, 2023. No representation is made that the HK$ amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rate.

iii

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

#### PROSPECTUS SUMMARY
*This summary highlights selected information contained elsewhere in this prospectus. Because it is only a summary, it does not contain all of the information you should consider before making your investment decision. Before investing in our Class A Ordinary Shares, you should carefully read this entire prospectus, including our financial statements and the related notes thereto and the information set forth under "Risk Factors," "Selected Consolidated Financial Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business."* 

#### Overview
We are an exempted company with limited liability incorporated under the laws of the Cayman Islands on January 15, 2025, as a holding company. We conduct our operation through our wholly-owned Hong Kong Operating Subsidiaries, namely Akai Honoo Capital, French Fries Creativeworks and Wonderful Concept. We are an established restaurant group in Hong Kong serving a variety of cuisines such as Japanese yakitori, French-Japanese fusion and authentic Japanese sashimi/sushi cuisines. As of the date of this prospectus, we operate three restaurants, namely *Akai Honoo*, *Ankoma* and *Kuno*, located at commercial premises in Tsim Sha Tsui of Hong Kong.

Our portfolio of restaurants caters to guests from different backgrounds and with different preferences. Our offerings range from day-to-day catering to fine-dining experience. The following images set out our different brands and cuisine style of each restaurant in our portfolio:

---

| | |
|:---|:---|
|  *Akai Honoo<br>Japanese yakitori* | *Ankoma<br>French*-Japanese *fusion* |
|  ![](timage_003.jpg) | ![](timage_003.jpg) |
|  *Kuno<br>Japanese* | *Kuno<br>Japanese* |

---

We strive to offer our guests an unforgettable dining experience based on creativity, authenticity, elegance and innovation. Our restaurants are highly recognized in Hong Kong. *Ankoma* was featured in the Michelin Guide Hong Kong in 2025, applauded for its butter-aged lobster and three-yellow roast chicken. *Ankoma* was also listed in "The 50 best restaurants in Hong Kong" on Time Out (Hong Kong) in December 2024, praising its sensational French-Japanese cuisine. *Akai Honoo*, *Ankoma* and *Kuno* are highly-rated on Openrice, a widely-used food and restaurant guide website in Hong Kong, with an average rating of 4.5/5.0 as of June 30, 2025.

We, through our Hong Kong Operating Subsidiaries, have achieved progressive growth in our business. For the six months ended June 30, 2025 and each of the fiscal years ended December 31, 2024 and 2023, our total revenue was approximately US$1.4 million, US$2.3 million and US$2.0 million, respectively. For the six months ended June 30, 2025 and each of the fiscal years ended December 31, 2024 and 2023, our net income was approximately US$0.2 million, US$0.8 million and US$0.5 million, respectively.

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

According to the Cundi Report, the total revenue of Hong Kong's restaurant industry in the fourth quarter of 2024 was estimated at HK$276 billion, reflecting a 0.4% year-on-year increase. For the full year, the restaurant market size reached approximately HK$1,094 billion, marking a marginal increase compared to the previous year. The fine-dining segment in Hong Kong represents a significant portion of the restaurant industry, driven by both local affluent customers and the city's status as an international tourist hub. The market is expected to grow at a rate slightly higher than the overall restaurant industry in the coming years. Looking ahead, the restaurant market is projected to grow over the next five years. This growth will be driven by the recovery in tourism, urbanization and increasing disposable income, technological integration, health and sustainability trends and experiential dining.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio of restaurants is highly recognized in Hong Kong

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are committed to quality ingredients and innovative menu

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have an experienced and professional management team

#### Our Strategy
Our principal growth strategies include further strengthening our market position and increasing our market share in the Hong Kong restaurant industry. We intend on achieving this growth by actively seeking new opportunities on expansion. To achieve these goals, we plan on implementing the following strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further expand our portfolio of restaurants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recruit and cultivate future talents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade the facilities of our existing restaurants

#### Challenges, Competition and Obstacles
According to the Cundi Report, we face the following challenges, competition and obstacles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High Capital Investment: The costs associated with opening and maintaining a restaurant, particularly in prime locations, are considerable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory Requirements: Hong Kong has strict food safety and health regulations, including hygiene standards, food labeling, and environmental health laws that businesses must comply with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong Competition: Hong Kong's restaurant market is saturated, with thousands of establishments across various categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Labor Shortages and Skills Gap: The restaurant industry in Hong Kong, especially in fine-dining, faces challenges related to the recruitment and retention of skilled labor, including chefs and restaurant management staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supply Chain and Import Reliance: Many high-end restaurants in Hong Kong rely on imported goods and specialized ingredients. Fluctuations in the supply chain or disruptions caused by global economic conditions (e.g., shipping delays, increased tariffs) can affect operational stability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changing Consumer Behavior: The shift in consumer preferences, influenced by economic cycles and changing lifestyles, can impact restaurant success.

#### Corporate Structure
We are not a Hong Kong or a mainland China operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations through our Hong Kong Operating Subsidiaries. This is an offering of the Class A Ordinary Shares of GST Cayman, the holding company in the Cayman Islands, instead of the shares of the Hong Kong Operating Subsidiaries.

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

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

The chart below illustrates our corporate structure and identifies our subsidiaries prior to and after our Group's initial public offering:

![](tflowchart_001.jpg)

____________

(1) As of the date of this prospectus, aside from Ga Sai Tong Limited and Ga Sai Tong Capital Limited, each holding 35.30% of the Company's issued Class A Ordinary Shares and 50.00% of the Company's issued Class B Ordinary Shares, there are six (6) shareholders of record, each having shareholdings less than 5%.

For more details, see "Our Corporate History and Structure" section.

#### Transfers of Cash To and From Our Subsidiaries
We conduct all of our operations in Hong Kong through our Hong Kong Operating Subsidiaries. Hong Kong Operating Subsidiaries are our only operating subsidiaries located in Hong Kong. During the years ended December 31, 2024 and 2023, we and our Operating Subsidiaries have not declared nor distributed any dividend. On March 18, 2025, the Hong Kong Operating Subsidiaries declared and distributed a dividend of HK$10.7 million (approximately US$1.4 million) to their then shareholders. Save as the aforementioned, we and our Hong Kong Operating Subsidiaries have not declared nor distributed any dividend after December 31, 2024 and up to the date of this prospectus. Save as the aforementioned, during the years ended December 31, 2024 and 2023 and up to the date of this prospectus, no transfers or distributions have been made between us and our Hong Kong Operating Subsidiaries or to investors. Cash may be transferred through our organization in the following manner: (i) funds are transferred to our Hong Kong Operating Subsidiaries from GST Cayman in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by our Hong Kong Operating Subsidiaries to GST Cayman. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Class A Ordinary Shares in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. Further, cash may be transmitted from our Hong Kong Operating Subsidiaries to GST Cayman and between our Hong Kong Operating Subsidiaries. For more details, see section captioned "Related Party Transactions" in this prospectus.

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

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

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

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

As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our Hong Kong Operating Subsidiaries through our intermediate holding company. There is no limitation on the ability to transfer cash between us, our subsidiaries, and investors. We have no cash management policies that dictate how funds are transferred between us, our subsidiaries, and investors. As of the date of this prospectus, our Hong Kong Operating Subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred.

For more information, see "Dividend Policy," "Risk Factors", "Summary Financial Data" and "Consolidated Statements of Changes in Shareholders' Equity" in the unaudited financial statements for the six months ended June 30, 2025 and 2024 and the audited financial statements for the years ended December 31, 2024 and 2023 contained in this prospectus.

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

#### Permission Required from Mainland China Authorities
The PRC government has recently indicated that it may exert more control or influence over offerings of securities conducted overseas. Pursuant to the advice from David Fong & Co., Solicitors, pursuant to the Basic Law of Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong).

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

The management understands that as of the date of this prospectus, we are not subject to cybersecurity review with the Cyberspace Administration of China ("CAC") to conduct business operations in China, given that: (i) we do not operate any network platform or provide any network service for individual users, (ii) all the customers and suppliers of our Hong Kong Operating Subsidiaries are enterprises, (iii) we do not possess a large amount of personal information in our business operations, (iv) we are not recognized as "operators of critical information infrastructure" by any authentic authority, (v) we have not been involved in any investigations initiated by the CAC, nor have we received any inquiry, notice, warning, or sanction in such respect. Nevertheless, the Measures for Cybersecurity Review (2021 version) was recently adopted and the Network Internet Data Protection Draft Regulations is in the process of being formulated and the interpretation and application of these regulations remain unclear. We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC, the CAC, or other PRC governmental authorities required for the conduct of our business operations and overseas listings, including this Offering.

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

In light of the foregoing and based on the opinion of our PRC Counsel, we believe that the listing of our Class A Ordinary Shares on The Nasdaq Capital Market ("Nasdaq") does not constitute an "indirect overseas offering and listing by PRC domestic companies" and that we are not required to complete the filing procedures as stipulated by the Trial Measures because (i) the Company's operating revenue, total profit, total assets and net assets were derived and located outside mainland China for the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, (ii) the main parts of the Company's business activities are neither carried out in mainland China, nor is its main place of business located in mainland China, and (iii) none of the members of the senior management team in charge of our business operation and management are Chinese citizens or domiciled in mainland China.

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

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

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

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

#### Risks Related to Our Business
Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects. These risks include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our financial results depend significantly on the success of our existing restaurants and new restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to successfully manage and market our restaurants and any damage to our brands could materially and adversely affect our business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Instances of food contamination and any failure to maintain effective quality control procedures of our restaurants could harm our reputation and adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business could be adversely affected by difficulties in retaining our staff and rising labor costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operations are susceptible to increases in purchase costs for food and beverage ingredients, which could adversely affect our profitability and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our suppliers fail to deliver at competitive prices or in a timely manner, we may experience supply shortages and increased costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We require various approvals, licenses and permits to operate our restaurant business and any failure to obtain or renew any of these approvals, licenses and permits could materially and adversely affect our business and results of operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our results of operation may be materially and adversely affected by a downturn in Hong Kong, mainland China or the global economy.

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

#### Risks Related to Doing Business in Hong Kong
A substantial part of our business is conducted in Hong Kong, where we may face significant regulatory, liquidity, and enforcement risks and uncertainties relating to mainland China in general. See "Risk Factors — Risks Related to Doing Business in Hong Kong" beginning on page 24 for a more detailed discussion of the risks involved. The material Mainland China risks include but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience difficulties in effecting service of process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in this prospectus based on foreign laws. See "Risk Factors — You may experience difficulties in effecting service of process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in this prospectus based on foreign laws." on page 24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent joint statements by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Recent joint statements by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB." on page 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Uncertainties with respect to the PRC legal system, including risks and uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in the PRC with little advance notice could result in a material change in our operations and/or the value of the securities we are registering for sale." on page 26.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale. The PRC government may choose to exercise such significant oversight and discretion, and the regulations to which we are subject may change rapidly and with little notice to our shareholders or us, which 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. See "Risk Factors — Risks Related to Doing Business in Hong Kong — The PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of the securities we are registering for sale" on page 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In light of recent events indicating greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, we may be subject to a variety of PRC laws and other obligations regarding data protection and any other rules, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business and the Offering. See "Risk Factors — Risks Related to Doing Business in Hong Kong — In light of recent events indicating greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, we may be subject to a variety of PRC laws and other obligations regarding data protection and any other rules, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business and the Offering." on page 28.

#### Risks Related to Our Class A Ordinary Shares
In addition to the risks described above, we are subject to general risks and uncertainties relating to our Class A Ordinary Shares and this Offering, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our Class A Ordinary Shares prior to this Offering; if an active trading market does not develop you may not be able to resell our Class A Ordinary Shares at any reasonable price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our status as a "foreign private issuer" under the rules promulgated by the Securities and Exchange Commission under the U.S. federal securities laws (the "SEC rules"), will exempt us from the U.S. proxy rules and the more detailed and frequent Securities Exchange Act of 1934 (the "Exchange Act") reporting obligations applicable to a U.S. domestic public company.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our status as a foreign private issuer under the Nasdaq Stock Market Rules (the "Nasdaq rules"), will allow us to adopt certain home country practices in relation to corporate governance matters which may differ significantly from Nasdaq corporate governance listing standards applicable to a U.S. domestic Nasdaq listed company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our status as an "emerging growth company" under the JOBS Act may make it more difficult to raise capital as and when we need it.

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

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

Given the nature of our business, we believe this risk is insignificant. Our Hong Kong Operating Subsidiaries may collect and store certain data (including certain personal information) from our clients for "Know Your Customers" purpose, who may be PRC individuals. We do not currently expect the New Measures to have an impact on our business, operations or this Offering as we do not believe that our Hong Kong Operating Subsidiaries are deemed to be an "operator of critical information infrastructure," "data processor," or "network platform operator" controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S., because (i) as of date of this prospectus, our Hong Kong Operating Subsidiaries have collected and stored personal information of far less than one million users; (ii) pursuant to the Basic Law of Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). and (iii) as of the date of this prospectus, our Hong Kong Operating Subsidiaries have not been involved in any investigations on cybersecurity or data security initiated by related governmental regulatory authorities, and we have not received any inquiry, notice, warning, or sanction in such respect. Therefore, based on the opinion of our PRC Counsel, we are not covered by the permission and requirements from the CSRC nor CAC, and our Hong Kong Operating Subsidiaries are not required to receive any permissions from PRC authorities to operate its current business in Hong Kong or issue shares to foreign investors.

Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated. If the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for this Offering and any follow-on Offering, we cannot assure you that we will be able to list our Class A Ordinary Shares on U.S. exchanges, or continue to offer securities to investors, which would materially affect the interest of the investors and cause significantly depreciation of our price of Class A Ordinary Shares. See "Risk Factors — We may be required to obtain approval from PRC authorities to list on overseas stock exchanges in the future" on page 30.

#### Laws on Offshore Securities Offering
On July 6, 2021, the relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to

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

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

We do not currently expect the Trial Measures to have an impact on our business, operations or this Offering as we do not believe that our Hong Kong Operating Subsidiaries are subject to the Trial Measures, and our PRC Counsel agrees, because (i) the Company is headquartered in Hong Kong, with their officers and all members of the Board based in Hong Kong or elsewhere who are not mainland China citizens, (ii) the Company does not directly or indirectly own or control any entity of subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (iii) the Company only operates in Hong Kong, all of their revenues and profits are generated by its Hong Kong Operating Subsidiaries, none of their business activities are conducted in mainland China, and the Company has not generated revenues or profits from mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in their audited consolidated financial statements for the same period; (iv) the Company does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China; and (v) pursuant to the Basic Law of Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong). As these laws and regulations are recently issued, official guidance and related implementation rules have not been issued yet and the interpretation of these opinions remains unclear at this stage. We cannot assure you that any new rules or regulations promulgated in the future will not impose additional requirements on us. If it is determined in the future that approval from the CSRC or other regulatory authorities or other procedures are required for this Offering, it is uncertain whether we can or how long it will take us to obtain such approval or complete such procedures and any such approval or completion could be rescinded. Any failure to obtain or delay in obtaining such approval or completing such procedures for this Offering, or a rescission of any such approval if obtained by us, would subject us to sanctions by the CSRC or other PRC regulatory authorities for failure to seek CSRC approval or other government authorization for this Offering. These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges in China, delay or restrict the repatriation of the Offering from this Offering into China or take other actions that could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of our Class A Ordinary Shares. The CSRC or other PRC regulatory authorities also may take actions requiring us, or making it advisable for us, to halt this Offering before settlement and delivery of the Class A Ordinary Shares Offering hereby. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations requiring that we obtain their approvals or accomplish the required filing or other regulatory procedures

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

for this Offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties or negative publicity regarding such approval requirement could materially and adversely affect our business, prospects, financial condition, reputation, and the trading price of the Class A Ordinary Shares.

#### Implications of the HFCA Act
Our auditor is required by the laws of the United States to undergo regular inspections by the PCAOB. If our securities become listed on a national securities exchange or quoted on the over-the-counter market in the United States, trading in our securities may be prohibited under the HFCA Act, and our securities may be subject to delisting if the PCAOB cannot inspect or completely investigate our auditor for two consecutive years beginning 2021. Our independent registered public accounting firm's audit documentation related to their audit reports included in this prospectus include audit documentation located in mainland China. On June 22, 2021, the U.S. Senate passed the AHFCA Act and on December 29, 2022, the Consolidated Appropriations Act was signed into law by the former President of the U.S., Mr. Joe Biden, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before your securities may be prohibited from trading or delisted. On December 16, 2021, the PCAOB issued a report to notify the SEC its determinations that it was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, respectively, and identified the registered public accounting firms in mainland China and Hong Kong that were subject to such determinations. The auditor of the Company, SRCO, C.P.A., Professional Corporation, is located at East Amherst, New York and is not among the auditor firms listed on the determination list issued by the PCAOB, which noted all of the auditor firms that the PCAOB was not able to inspect. SRCO, C.P.A, Professional Corporation. has been inspected by the PCAOB on a regular basis, with the last inspection in 2023. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed the Protocol, governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. Our securities may be delisted or prohibited from trading if the PCAOB determines that it cannot inspect or investigate completely our auditor under the HFCA Act. See "Risk Factors — Recent joint statements by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB" on page 25.

#### Corporate Information
Our principal office is located at Fifth Floor of Kam Lung Commercial Centre, No. 2 Hart Avenue, Kowloon, Hong Kong, and our telephone number is +852-2981 1688. Our registered office in the Cayman Islands is located at Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. The information contained therein or connected thereto shall not be deemed to be incorporated into this prospectus or the registration statement of which it forms a part. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor New York, NY 10168.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced executive compensation disclosure; and

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of our fiscal year following the fifth anniversary of the closing of this Offering;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which, among other things, would occur if the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter.

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

In addition, upon closing of this Offering, we will report under the Exchange Act as a "foreign private issuer." As a foreign private issuer, we may take advantage of certain provisions under the Nasdaq rules that allow us to follow Cayman Islands law for certain corporate governance matters. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulation Fair Disclosure ("Regulation FD"), which regulates selective disclosures of material information by issuers.

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

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the majority of our executive officers or directors are U.S. citizens or residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• more than 50% of our assets are located in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business is administered principally in the United States.

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

#### THE OFFERING

---

| | |
|:---|:---|
|  Class A Ordinary Shares offered by us | 1,300,000 Class A Ordinary Shares. |
|  Offer Price | US$5.00 to US$7.00 per Class A Ordinary Share. |
|  Shares outstanding before this Offering | 11,700,000 Ordinary Shares, consisting of 10,700,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares are outstanding as of the date of this prospectus |
|  Shares to be outstanding after this Offering | 13,000,000 Ordinary Shares, consisting of 12,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares. |
|  Use of proceeds | We estimate that we will receive net proceeds from this Offering of approximately $6.2 million, based on an assumed initial public offering price of $6.00 per Class A Ordinary Share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus), after deducting the estimated underwriting discounts, the non-accountable expenses allowance, and estimated offering expenses payable by us.<br> We intend to use the net proceeds from this Offering as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 40% for expanding our portfolio of restaurants in Hong Kong and East Asia;<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 15% for recruiting chefs and cultivate our existing and newly recruited chefs;<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 15% for upgrading the facilities of our existing restaurants; and<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% for general administration and working capital. |
|  | See "Use of Proceeds" for additional information. |
|  Risk factors | See "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
|  Lock-up | The Company, our directors and officers and shareholders holding 5% or more of the issued and outstanding Class A Ordinary Shares or the equivalent in voting power have agreed with the Underwriter, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of six (6) months from the date the Class A Ordinary Shares first trades on the Nasdaq Capital Market.<br> See sections titled *"Shares Eligible for Future Sale"* and *"Underwriting"* for more information. |

---

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

---

| | |
|:---|:---|
|  Listing | We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "GST". At this time, Nasdaq Capital Market has not yet approved our application to list our Class A Ordinary Shares. The closing of this Offering is conditioned upon Nasdaq Capital Market's final approval of our listing application. However, there is no assurance that this Offering will be closed and our Class A Ordinary Shares will be trading on the Nasdaq Capital Market. If the Nasdaq Capital Market does not approve our listing application, this Offering will be terminated. |
|  Transfer Agent | VStock Transfer, LLC |

---

The number of Class A Ordinary Shares to be outstanding after this Offering is based on 10,700,000 Class A Ordinary Shares outstanding as of the date of this prospectus.

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

#### SUMMARY CONSOLIDATED FINANCIAL DATA
The following summary consolidated statements of operations and comprehensive income for the six months ended June 30, 2025 and 2024 and the years ended December 31, 2024 and 2023 and consolidated balance sheets data as of June 30, 2025 and December 31, 2024 and 2023 have been derived from our consolidated financial statements included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results are not necessarily indicative of the results that may be expected for any future period. The following summary consolidated financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements included elsewhere in this prospectus.

#### Selected Consolidated Statements of Operations and Comprehensive Income Data:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of June 30** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **(Unaudited)** | **(Audited)** | **(Audited)** |
|  **ASSETS** |  |  |  |
|  **Current assets:** |  |  |  |
|  Cash | 1526092 | 406012 | 72935 |
|  Accounts receivable, net | 7916 | 11152 | 20709 |
|  Prepayments and other assets | 43394 | 153118 | 55871 |
|  Inventories, net | 5566 | 5842 | 13146 |
|  Due from a shareholder | 62247 | 2661348 | 2547068 |
|  **Total current assets** | 1645215 | 3237472 | 2709729 |
|  **Non-current assets:** |  |  |  |
|  Property, plant and equipment, net | 20589 | 26069 | 68361 |
|  Prepayments and other assets | 42195 | 40600 | 40103 |
|  Operating lease right-of-use assets, net | 111573 | 189254 | 221228 |
|  Deferred offering costs | 383774 |  |  |
|  Deferred tax assets | 77592 | 76811 | 73557 |
|  **TOTAL ASSETS** | $635723 | $3570206 | $3112978 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
|  **Current liabilities:** |  |  |  |
|  Accounts payable | 65754 | 56102 | 77142 |
|  Bank borrowings | 1464066 | 1644037 | 1959365 |
|  Operating lease liabilities, current portion | 67910 | 126478 | 130940 |
|  Accrued expenses and other current liabilities | 12485 | 1298 | 62816 |
|  Income tax payable | 283626 | 202768 | 115541 |
|  **Total current liabilities** | 1893841 | 2030683 | 2345804 |
|  **Non-current liabilities:** |  |  |  |
|  Operating lease liabilities, net of current portion | 43663 | 62776 | 90288 |
|  **TOTAL LIABILITIES** | 1937504 | 2093459 | 2436092 |
|  **SHAREHOLDERS' EQUITY** |  |  |  |
|  Ordinary Shares, 450,000,000 shares authorized, par value US$0.0001 each, 10,700,000 Class A Ordinary Shares issued and outstanding as of December 31, 2024 and 2023 | 1070 | 1070 | 1070 |
|  Ordinary Shares, 50,000,000 shares authorized, par value US$0.0001 each, 1,000,000 Class B Ordinary Shares issued and outstanding as of December 31, 2024 and 2023 | 100 | 100 | 100 |
|  Additional paid-in capital | 2682 | 2682 | 2682 |
|  Retained earnings | 331231 | 1465225 | 671555 |
|  Accumulated other comprehensive income | 8351 | 7670 | 1479 |
|  **Total shareholders' equity** | 343434 | 1476747 | 676886 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $2280938 | $3570206 | $3112978 |

---

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

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>June 30,** | **For the six months ended <br>June 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
|  **Revenues** | $1357023 | $867469 |
|  **Cost of revenue** | (655905) | (568375) |
|  **Gross profit** | 701118 | 299094 |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (340112) | (43109) |
|  **Total operating expenses** | (340112) | (43109) |
|  **Income from operations** | 361006 | 255985 |
|  **Other income/(expense)** |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (38361) | (54883) |
| &nbsp;&nbsp;&nbsp; Other income, net | 5918 | 383 |
|  **Total other income/(expense), net** | (32443) | (54500) |
|  **Income before income taxes** | 328563 | 201485 |
|  Income tax expense | (81913) | (16503) |
|  **Net income** | $246650 | $184982 |
|  **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 681 | 385 |
|  **Comprehensive income** | $247331 | $185367 |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Net cash provided by operating activities | 2863722 | 185758 |
|  Net cash used in financing activities | (1746575) | (158689) |
|  Foreign currency translation adjustment | 2933 | 458 |
|  Net change in cash | 1120080 | 27527 |
|  CASH AT THE BEGINNING OF THE YEAR | 406012 | 72935 |
|  CASH AT THE END OF THE YEAR | 1526092 | 100462 |
|  Supplemental disclosure of cash flow information: |  |  |
|  Interest paid | (38361) | (54883) |

---

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

---

| | | |
|:---|:---|:---|
|  | **Years Ended <br>December 31,** | **Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  | **(Audited)** | **(Audited)** |
|  **Revenues** | $2276017 | $1956894 |
|  **Cost of revenue** | (1226465) | (1104688) |
|  **Gross profit** | 1049552 | 852206 |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (70012) | (213535) |
|  **Total operating expenses** | (70012) | (213535) |
|  **Income from operations** | 979540 | 638671 |
|  **Other income/(expense)** |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (103944) | (116413) |
| &nbsp;&nbsp;&nbsp; Other income, net | 1531 | 1307 |
|  **Total other income/(expense), net** | (102413) | (115106) |
|  **Income before income taxes** | 877127 | 523565 |
|  Income tax expense | (83457) | (68158) |
|  **Net income** | $793670 | $455407 |
|  **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 6191 | 441 |
|  **Comprehensive income** | $799861 | $455848 |

---

---

| | | |
|:---|:---|:---|
|  | **Years Ended <br>December 31,** | **Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  | **(Audited)** | **(Audited)** |
|  Net cash provided by operating activities | 643216 | 76662 |
|  Net cash used in financing activities | (315328) | (213737) |
|  Foreign currency translation adjustment | 5189 | 2928 |
|  Net change in cash | 333077 | (134147) |
|  CASH AT THE BEGINNING OF THE YEAR | 72935 | 207082 |
|  CASH AT THE END OF THE YEAR | 406012 | 72935 |
|  Supplemental disclosure of cash flow information: |  |  |
|  Interest paid | (103944) | (116413) |

---

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

#### RISK FACTORS
*Investing in our Class A Ordinary Shares is highly speculative and involves a significant degree of risk. You should carefully consider the following risks, as well as other information contained in this prospectus, before making an investment in our company. The risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the trading price of our Class A Ordinary Shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability to pay dividends, and you may lose all or part of your investment.*

#### Risks Related to Our Business

#### Our financial results depend significantly on the success of our existing restaurants and new restaurants.
As of the date of this prospectus, we operate three restaurants, namely *Akai Honoo*, *Ankoma* and *Kuno*, located at commercial premises in Tsim Sha Tsui, Hong Kong. Our financial results depend on our ability to increase sales and manage costs in our existing and new restaurants. In particular, the success of our restaurants depends principally on our ability to increase customer traffic. However, our ability to maintain or increase customer traffic depends on a number of factors, of which are beyond our control, including competition in the industry, changes in client preferences, macroeconomic factors and customer budgeting constraints. We also face certain factors that are either wholly or partially within our control, such as our reputation, client's experience, food ingredients costs, overhead costs and compliance costs. We cannot assure you that we can maintain our growth in revenue in the future and failure to do so may materially and adversely affect our financial condition and results of operations.

The number and timing of opening of new restaurants and their contribution to our growth are subject to a number of risks and uncertainties. Delays or failures in opening new restaurants could materially and adversely affect our financial and operating results. We may not be able to find quality locations and secure leases on commercially reasonable terms and accurately estimate expected consumer demand in new locations. We may also encounter delays when applying for relevant material licenses during the approval process, such as the general restaurant license and liquor license. We may encounter difficulty in obtain adequate financing for development and opening costs. There is also no guarantee that we can secure adequate food ingredients suppliers. Even if we were able to open additional restaurants, these new restaurants may not be profitable or have results comparable to our existing restaurants for a period of time. Such growth strategy and the substantial efforts devoted may cause our operating results to deteriorate. Furthermore, clients may not be familiar with our brands and we may have to build brand awareness of our new restaurant through vigorous advertising and promotional activities, which may result in higher marketing expenses than originally budgeted. We may also encounter difficulty in hiring and motivating qualified employees, such as head chefs who share our business philosophy and culture. There can be no assurance that we will be able to maintain our profitability as we continue to expand our portfolio of restaurants.

***We may not be able to successfully manage and market our restaurants and any damage to our brands could materially and adversely affect our business and results of operations.***

Our restaurants are individually operated under their own brands. We believe our success depends substantially on our ability to deliver innovative cuisines of consistent high quality. Each of our restaurants is managed by its own head chef. As competition for renowned chefs is intense, there is no assurance that we would be able to retain them on their existing employment/cooperation terms, nor can we guarantee that we would be able to hire a replacement or promote chefs to assume that position from our existing staff. The unavailability of renowned chefs may hinder the business development of our restaurants and may adversely affect our business and results of operation.

As the cuisine of each of our restaurants is different, it may be difficult for us to promote our corporate image as a group. We may have to put in additional resources to boost our unified corporate image. Our management may have to devote their attention to promotion and management of each of our restaurants, which may result in diversion of our managerial and operation resources in order to maintain the popularity and client interests in each of our restaurants. If we fail to manage our restaurants successful, our business and results of operations may be materially and adversely affected.

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

As we continue to expand restaurants, it may be difficult to maintain quality and consistency of our dishes. We cannot assure you that client confidence and interest in our restaurants will not diminish. Any incident that erodes client trust such as a food safety incident or an adverse media report, could significantly affect our reputation. If clients perceive a reduction in food quality or service standards or are unsatisfied with our menus, it would have a negative impact on our brand value which may materially and adversely affect our business and results of operations.

#### If we are unable to obtain sufficient funding for our new restaurants, our business and growth prospects may be severely hindered.
In the future, we may require additional cash resources to finance our continued growth or future developments, such as opening new restaurants, renovation or any other investment opportunities that we may from time to time come across. The amount and timing of such additional financing needs will depend on the timing of opening new restaurants, investment and amount of cashflow from our operations. If we do not have sufficient cash resources, we may seek additional financing such as equity or debt financing. The incurrence of indebtedness may affect our liquidity and our financial conditions may be materially and adversely affected. We cannot assure you that in the future we will be able to obtain sufficient financing or on terms acceptable to us, which may affect our business and results of operations.

***Our bank borrowings contain repayable on demand clause, which if the lender exercises the right, may materially and adversely affect our liquidity and financial conditions***

As of June 30, 2025, December 31, 2024 and 2023, our bank borrowings amounted to US$1.5 million, US$1.6 million and US$2.0 million, while our cash amounted to US$1.5 million, US$0.4 million and USS$0.07 million, respectively. Our bank borrowings contain a repayable on demand clause, which gives the lender an unconditional right to call the loan at any time. If the lender calls the loan and we are unable to secure credit facilities from alternative lenders, our liquidity and financial conditions may be materially and adversely affected. We cannot assure you that in the future we will be able to obtain sufficient financing or on terms acceptable to us, which may affect our business and results of operations.

***The lack of attractive locations, increase in rental expenses and failure to renew existing leases of our leased properties may adversely affect our business and operating results.***

We consider establishing our restaurants in attractive locations essential to reaching a broader range of target clients. We believe that carefully selecting the locations of our restaurants enables us to establish the image of operating high-end restaurants and capture market share in a highly-competitive restaurant industry. We cannot assure you that we would be able to identify and secure suitable premises for our restaurants on reasonable commercial. There is no assurance that we would be able to renew our existing lease agreements on existing or favorable terms. Unforeseen rental increases may prevent us from renewing our existing lease agreements on terms acceptable to us or we may have to renew such lease with higher rent or less favorable terms, which may increase our operating cost. In such event, our expansion or relocation plans may be delayed or terminated, which may have an adverse effect on our business and results of operations.

***Instances of food contamination and any failure to maintain effective quality control procedures of our restaurants could harm our reputation and adversely affect our business.***

Our business is susceptible to the risk of food poisoning and food safety is essential to our success. The head chefs of each restaurant monitor all the food processing procedures to ensure food safety and we only source food ingredients from quality reputable ingredient suppliers. However, we cannot guarantee that the measures taken by us in relation to food safety are effective to fully prevent food contamination. For instance, food contamination incidents can be caused by third party food suppliers or for other reasons which are beyond our control. Any food contamination incidents or adverse reports in the media on one or more instances of food contamination in our restaurants could materially harm our reputation, and could negatively affect our restaurant sales, force the suspension of our restaurant's operation by relevant government authorities and conceivably have a large impact if highly publicized. In such event, our business reputation may be significantly affected, which may have an adverse impact on our business and operating results.

#### Our business is heavily dependent on the macroeconomic conditions of Hong Kong.
We generate all of our revenue from operations in Hong Kong. As we operate mid-to-high end restaurants, our growth is closely related to the macroeconomic conditions of Hong Kong. Any deterioration in Hong Kong's economy may lead to contraction of consumer's expenditure on food, fear of a recession and decrease in consumer confidence. These factors may lead to a reduction in customer traffic and average spending per client at our restaurants, which could materially and adversely affect our business and results of operations.

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

#### Our business could be adversely affected by difficulties in retaining our staff and rising labor costs.
We rely on our staff to provide quality cuisine and services to our clients. We heavily rely on the skillset of our head chefs to deliver the highest quality and inspiring dishes to our guests. Our restaurants are also supported by a number of chefs and supporting staff. There is no assurance that we can motivate and retain a sufficient number of employees at a commercially reasonable cost. As competition for qualified individuals in the restaurant industry is intense, there is no assurance that we will not experience difficult in recruiting and training qualified employees. Failure to retain sufficient qualified employees may result in higher employee turnover or delay planned new restaurant openings, which could have a material adverse impact on our business and results of operations.

The salary levels of employees in the restaurant industry in Hong Kong have been increasing in the past few years. We cannot assure you that the salaries of our employees will not increase in the future. We may have to increase the salaries of our staff to compete with our competitors in retaining qualified employees. Due to intense competition in the restaurant industry, we may not be able to increase the prices of our dishes or pass the increased labor costs to our customers, in which case our profit margins would diminish and our financials and results of operations may be adversely affected.

#### We rely on our key management and professional staff, the loss of whom may affect our operations.
Our Group has an experienced and competent management team that is responsible for directing and managing our daily operations, overseeing our financial condition and performance, and formulating our business strategies. Leveraging on their experience and networks in the industry, we have been successfully expanding our business. However, we cannot assure you that we can retain the services of our key management and find suitable replacements if any of them terminates his or her engagement with us, given the intense competition for experienced and competent personnel in the industry. Other than our key management, we also rely on our professional staff in different business operations to implement our business strategies, provide quality services to clients, maintain relationship with clients and procure new clients. A loss of our professional staff and failure to recruit suitable replacements will materially and adversely affect our business operations.

#### Our operations are susceptible to increases in purchase costs for food and beverage ingredients, which could adversely affect our profitability and results of operations.
A substantial portion of our costs of service is from food and beverage ingredients. Our profitability depends significantly on our ability to anticipate and react to changes in the purchase cost of food and beverage ingredients and maintain reliable and stable sources. Fluctuation in the costs of food and beverage ingredients caused by supply and demand, or other external conditions beyond our control such as climate and environmental conditions where the weather conditions or natural events or disasters may affect expected harvests, increase in transportation cost, war, global demand, government regulations or exchange rates.

Our suppliers may also be affected by increases in the costs to produce the goods and services supplied to us, rising staff cost and other expenses that they pass through to their customers, which could result in an increase in the costs of the goods and services supplied to us. There is no assurance that our key suppliers will continue to provide us with raw materials at reasonable prices, or that our raw material prices will remain stable in the future, and if we are unable to manage these costs or to increase the prices of our products or services, it may have adverse impact on our future profit margin.

#### If our suppliers fail to deliver at competitive prices or in a timely manner, we may experience supply shortages and increased costs.
The ability to source quality ingredients at competitive prices in a timely manner is crucial to our business. Our capability to maintain consistent quality and our menu offerings throughout our restaurants depends in part upon our ability to acquire fresh and quality products from reliable sources that meet our specification and in sufficient quantities. However, we do not enter into long-term agreements with our suppliers. The purchase prices with our food ingredients suppliers are typically set at a fixed price by way of purchase orders. Although we have not experienced any material delays or interruptions in securing the supply of food ingredients from our key suppliers, there can be no assurance that we will be able to maintain business relationships with our key suppliers to provide ingredients of sufficient quality.

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

Any disruption in our food supplies can occur for a variety of reasons, many of which are beyond our control, including unanticipated demand, adverse weather conditions, natural disasters, diseases such as Avian Flu, Mad Cow Disease and African Swine Fever, epidemics such as COVID-19, suppliers ceasing operations or unexpected production shortages. In addition, we cannot assure you that our current supplies may always be able to live up to our quality specifications in the future. In the event that our suppliers fail to deliver supplies of acceptable quality to us in a timely manner or in the event that the conditions of perishable food ingredients deteriorate due to delays, malfunction of storage facilities or inappropriate handling in the course of delivery, we cannot assure you that we will be able to find suitable replacement of suppliers in a short period of time. Such an occurrence could increase our costs of services, causing food supply shortage, as well as deterioration of quality at our restaurants which, in turn, may cause us to remove certain items from the menus of one or more restaurants or suspend operation of one or more restaurants, thus adversely affecting our business and resulting in a material decrease in revenue.

***We require various approvals, licenses and permits to operate our restaurant business and any failure to obtain or renew any of these approvals, licenses and permits could materially and adversely affect our business and results of operation.***

We are required to comply with all relevant government regulations. In respect of our restaurants in Hong Kong, we are required to obtain: (i) a general restaurant license for operating a restaurant business; and (ii) a liquor license (if applicable) for the sale of liquor on the premises. The general restaurant license is typically granted for a period of one year, subject to continuous compliance with the relevant requirements. A liquor license is usually granted for a period of one year or less, subject to continuous compliance with the relevant requirements. For the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, and up to the date of this prospectus, we have obtained all relevant approvals, licenses and permits to operate our restaurant business.

Complying with government regulations may require substantial expenses, and any non-compliance may expose us to liabilities. In case of any non-compliance, we may have to incur significant expense and divert substantial management time to resolving any deficiencies. We may also experience adverse publicity arising from such non-compliance with government regulations that negatively impacts our brand.

We may experience difficulties or failures in obtaining the necessary approvals, licenses and permits for new restaurants. In addition, there can be no assurance that we will be able to obtain and/or renew all of the approvals, licenses and permits required for our existing business operations upon expiration in a timely manner or at all. If we cannot obtain and/or maintain all licenses required by us to operate our business, our ongoing business could be interrupted or limited and we may also be subject to fines and penalties, which could materially and adversely affect our business and results of operation.

#### Events that disrupt our operations such as fires, floods or other natural or man-made disasters may materially and adversely affect our business and results of operations.
Our operations are vulnerable to interruption by fires, floods, typhoons, power failures and power shortages, hardware and software failures, computer viruses, terrorist attacks, epidemics and other events beyond our control. Our business is also dependent on prompt delivery and transport of food ingredients and beverages we use and serve at our restaurants. Certain events, such as adverse weather conditions, natural disasters, severe traffic accidents and delays and labor strikes could also lead to delayed or lost deliveries of supplies to our restaurants, which may result in loss of revenue. Perishable supplies may deteriorate due to delivery delays, malfunctioning of storage or poor handling during transportation by our suppliers. This may result in our failure to provide quality food and services to our customers, thereby adversely affecting our business and damaging our reputation. Fires, floods, earthquakes and terrorist attacks may lead to evacuations and other disruptions in our operations, which may also prevent us from providing quality food and service to customers for an indefinite period of time, thereby affecting our business and damaging our reputation. Any such event could materially and adversely affect our business and results of operations.

***We may not be able to detect, deter and prevent all instances of fraud or other misconduct committed by our staff, clients or other third parties.***

As we operate in the restaurant industry, we usually receive and handle certain amounts of cash in our daily operations. We are not aware of any instances of fraud, theft and other misconduct involving staff, clients and other third parties that had any material adverse impact on our business and results of operations. However, we cannot assure

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

you that we have detected all past incidents or there will not be any such instances in the future. We may be unable to prevent, detect or deter all instances of misconduct. Any misconduct committed against our interests, which may include past acts that have gone undetected, could subject us to financial losses, reputational harm and may have a material adverse effect on our business and results of operations.

#### Our insurance policies may not provide sufficient coverage for all claims against our business operations
We have obtained insurance policies that we believe are necessary under the laws of Hong Kong and customary for businesses of our scale and type and in line with standard commercial practice. However, there are certain types of losses we may incur that we cannot insure against or that we believe are not commercially reasonable to insure, such as loss of reputation. If we were held liable for uninsured losses or amounts and claims for insured losses exceeding the limits of our insurance coverage, our business and results of operations may be materially and adversely affected.

#### We may face intellectual property infringement claims, which could be time-consuming and costly to defend and may result in the loss of significant rights by us.
Although we have not been subject to any litigation, pending or threatened, alleging infringement of third parties' intellectual property rights, we cannot assure you that such infringement claims will not be asserted against us in the future. Third parties may own copyrights, trademarks, trade secrets, ticker symbols, internet content, and other intellectual properties that are similar to ours in jurisdictions where we currently have no active operations. If we expand our business to or engage in other commercial activities in those jurisdictions using our own copyrights, trademarks, trade secrets, and internet content, we may not be able to use these intellectual properties or face potential lawsuits from those third parties and incur substantial losses if we fail to defend ourselves in those lawsuits.

Intellectual property litigation is expensive and time-consuming and could divert resources and management attention from the operation of our business. If there is a successful claim of infringement, we may be required to alter our services, cease certain activities, pay substantial royalties and damages to, and obtain one or more licenses from third parties. We may not be able to obtain those licenses on commercially acceptable terms, or at all. Any of those consequences could cause us to lose revenues, impair our client relationships and harm our reputation.

***Information technology system failures or breaches of our network security could interrupt our operations and adversely affect our business****.*

We rely on our computer systems and network infrastructure across our operations to monitor the daily operations of our restaurants and to collect accurate up-to-date operating and financial data for business analysis. Any damage or failure of our computer systems or network infrastructure that causes an interruption in our operations could have a material adverse effect on our business and results of operations.

We also receive and maintain certain personal information about our guests when accepting credit cards for payment. If our network security is compromised and such information is stolen or obtained by unauthorized persons or used inappropriately, we may become subject to litigation or other proceedings brought by cardholders and financial institutions that issue credit cards. Any such proceedings could distract our management from running our business and cause us to incur significant unplanned losses and expenses. Consumer perception of our brand could also be negatively affected by these events, which could further adversely affect our business and results of operations.

#### 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, we are not 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.

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

#### The wars in Ukraine and in the Middle East could materially and adversely affect our business and results of operations.
The outbreak of wars in Ukraine and the Middle East has already affected global economic markets, including a dramatic increase in the price of oil and gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Russia's military incursion and the conflict in the Middle East and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the global markets, our customers' businesses and potentially our business. As at the date of this prospectus, to the best knowledge of the Company, we and our Hong Kong Operating Subsidiaries (i) do not have any direct business or contracts with any Russian, Ukraine, or Middle East entity as a supplier or customer, (ii) do not have any knowledge whether any our clients or suppliers has any direct business or contracts with any Russian entity, (iii) our business lines of service, projects, or operations were not materially impacted by disruptions caused the war in Ukraine and in the Middle East for the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, and (iv) have not been financially affected by the wars in Ukraine and the Middle East. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian military action or resulting sanctions or further escalation in the war in the Middle East may magnify the impact of other risks described in this section. We cannot predict the progress or outcome of the situation in Ukraine and in the Middle East, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest, intensified military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and such effect could, in turn, have a material adverse effect on our business, financial condition, results of operations, and prospects.

We do not anticipate any new or heightened risk of potential cyberattacks by state actors or others since Russia's invasion of Ukraine and the war in the Middle East, and we have not taken any actions to mitigate such potential risks. We will continue to monitor any potential risks that might arise due to the war in Ukraine and in the Middle East which are specific to the Company, including but not limited to risks related to cybersecurity, sanctions, and supply chain, suppliers, or service providers in affected regions as well as risks connected with ongoing or halted operations or investments in affected regions.

#### Our results of operation may be materially and adversely affected by a downturn in Hong Kong, mainland China or the global economy.
A substantial part of our operations is currently located in Hong Kong, and the majority of our revenue was generated in Hong Kong for the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023. Nevertheless, our business, prospects, financial condition and results of operations may be influenced to a significant degree by the political, economic and social conditions in Hong Kong and mainland China generally and by the continued economic growth in Hong Kong and mainland China as a whole. While the mainland China economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall mainland China economy, but may have a negative effect on us.

The rapid growth of the mainland China economy has decelerated gradually over the years and may continue. There exists 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 the United States and the PRC, before 2020. Unrest, terrorist threats and the potential for war in the Middle East and elsewhere may increase market volatility across the globe. Any prolonged slowdown in the global or the Chinese economy may affect potential customers' confidence in the financial market as a whole and have a negative impact on our financial condition. Further, recent global economic conditions including inflationary pressures and high interest rate, have affected our profitability in Hong Kong and mainland China. Continued pressure from global economic conditions may affect the Hong Kong and mainland China markets in the future and in turn, may affect our operations. For example, the continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs. We cannot assure that there will not be any unfavorable changes in the Hong Kong and mainland China economies that could impact the industries in which we operate, which could in turn diminish the demand for our restaurant offerings.

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

#### Certain data and information in this prospectus were obtained from third-party sources and were not independently verified by us.
We have engaged Cundi to prepare a commissioned industry report that analyzes the Hong Kong restaurant industry. Information and data relating to the Hong Kong restaurant industry have been derived from Cundi's industry report. Statistical data included in the Cundi report also include projections based on a number of assumptions. The Hong Kong restaurant industry may not grow at the rate projected by market data, or at all. Any failure of the Hong Kong restaurant industry to grow at the projected rate may have a material adverse effect on our business and the market price of our Class A Ordinary Shares. Furthermore, if any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions.

We have not independently verified the data and information contained in the Cundi report or any third-party publications and reports Cundi has relied on in preparing its report. Data and information contained in such third-party publications and reports may be collected using third-party methodologies, which may differ from the data collection methods used by us. In addition, these industry publications and reports generally indicate that the information contained therein is believed to be reliable, but do not guarantee the accuracy and completeness of such information.

#### Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud.
Prior to filing this registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and resources to address our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in connection with the audits of our consolidated financial statements for the years ended December 31, 2024 and 2023, we and our independent registered public accounting firm identified material weaknesses in our internal control over financial reporting as well as other control deficiencies for the above mentioned periods. The material weakness identified is related to (i) inadequate segregation of duties for certain key functions due to limited staff and resources; and (ii) a lack of independent directors and an audit committee. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting. There is a reasonable possibility that a material misstatement in our annual or interim financial statements may not be prevented or detected on a timely basis.

We intend to implement measures designed to improve our internal control over financial reporting to address the underlying causes of these material weaknesses, including (i) hiring more qualified staff to fill up the key roles in the operations; (ii) appointing independent directors; (iii) establishing an audit committee; and (iv) strengthening our corporate governance. We intend to implement the above measures prior to the listing and we expect the remediation to be completed upon listing.

Effective internal control over financial reporting is important to prevent fraud. The market for and trading price of our Class A Ordinary Shares may be materially and adversely affected if we do not have effective internal controls. We may not be able to discover problems in a timely manner and our current and potential shareholders may lose confidence in our financial reporting, which may harm our business and the trading price of our Class A Ordinary Shares. The absence of internal controls over financial reporting may inhibit investors from purchasing our Class A Ordinary Shares and may make it more difficult for us to raise funds in debt or equity financing. Additional material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our share price may decline and we may be unable to maintain compliance with the Nasdaq rules.

***Our management team lacks experience in managing a U.S. public 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 U.S. publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to U.S. public companies. Prior to the completion of this Offering, we were a private company mainly operating our businesses in Hong Kong. As a result of this Offering, our Company will become subject to significant regulatory oversight and reporting

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

obligations under the 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. 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.

***We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong Operating Subsidiaries.***

The Class A Ordinary Shares offered in this prospectus are those of GST Cayman. GST Cayman is an exempted company incorporated under the laws of the Cayman Islands with limited liability. A substantial part of our business operations are conducted through our Hong Kong Operating Subsidiaries, and hence, our revenues are contributed by our Hong Kong Operating Subsidiaries. Although we have paid dividends to our shareholders in the past, we intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Class A Ordinary Shares in the foreseeable future. See "Dividend Policy".

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

The amounts of distributions that any of GST Cayman's subsidiaries declared and made in the past are not indicative of the dividends that we may pay in the future. There is no assurance that we will be able to declare or distribute any dividend in the future.

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

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

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

GST Cayman is incorporated under the laws of the Cayman Islands, but all of our operations and assets are held by our Hong Kong Operating Subsidiaries in Hong Kong. In addition, all of our senior executive officers and directors reside within Hong Kong for a significant portion of the time. As a result, it may be difficult or impossible for investors to effect service of process on us inside Hong Kong. It may also be difficult for you to enforce in U.S. courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against

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

us and our officers and directors. Moreover, there is uncertainty as to whether the courts of the Hong Kong would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state.

David Fong & Co., Solicitors, our counsel as to Hong Kong law, has advised us that there is currently no arrangement providing for the reciprocal enforcement of judgements between Hong Kong and the United States, and judgments of United States courts will not be directly enforced in Hong Kong. However, under common law, a foreign judgment (including one from federal or state court in the United States) obtained against the Company may generally be treated by the courts of Hong Kong as a cause of action in itself and sued upon as a debt between the parties. In a common law action for enforcement of a foreign judgment, the judgment creditor has to prove that (i) the judgment is *in personal*; (ii) the judgment is in the nature of a monetary award; (iii) the judgment is final and conclusive on the merits and has not been stayed or satisfied in full; and (iv) the judgement is from a court of competent jurisdiction. The defenses available to the defendant in a common law action for enforcement of a foreign judgment include breach of natural justice, fraud and contrary to public policy of Hong Kong. In order to enforce the foreign judgment at common law, fresh proceedings must be initiated in Hong Kong, which involves issuing a Writ of Summons and Statement of Claim attaching the foreign judgment as proof of the debt.

***Recent joint statements by the SEC and PCAOB, Nasdaq's proposed rule changes and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.***

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

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

On November 5, 2021, the PCAOB approved a new rule, PCAOB Rule 6100, Board Determinations Under the HFCA Act to provide a framework for its determinations under the HFCA Act that the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. The rule establishes the manner of the PCAOB's determinations; the factors the PCAOB will evaluate and the documents and information the PCAOB will consider when assessing whether a determination is warranted; the form, public availability, effective date, and duration of such determinations; and the process by which the Board will reaffirm, modify, or vacate any such determinations.

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

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

On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of

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

our, and our auditor's, control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and resumed regular inspections since March 2023. The PCAOB is continuingly pursuing ongoing investigations and may initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCA Act if needed.

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

On December 29, 2022, the Consolidated Appropriations Act was signed into law by the former President of the U.S., Mr. Joe Biden, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delay or impede our development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in negative publicity or increase our operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require significant management time and attention; and

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

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

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

On February 17, 2023, the CSRC issued the Trial Administrative, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated the Guidance Rules and Notice. According to the Trial Measures, together with the Guidance Rules and Notice, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill the filing procedures with the CSRC as per requirement of the Trial Measures within 3 working days after the relevant application is submitted overseas. The Trial Measures also provides that only if the issuer meets both of the following criteria at the same time, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. In light of the foregoing, our PRC counsel has advised us that the listing of our Class A Ordinary Shares on Nasdaq does not constitute an "indirect overseas offering and listing by PRC domestic companies" and that we are not required to complete the filing procedures as stipulated by the Trial Measures because the Company's operating revenue, total profit, total assets and net assets are

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

not obtained from or located in mainland China, the main parts of the Company's business activities are not carried out in mainland China, its main place of business is not located in mainland China, and none of the members of the senior management team in charge of our business operation and management are Chinese citizens or domiciled in mainland China.

As of the date of this prospectus, our registered public offering in the U.S. is not subject to the review nor prior approval of the CAC or the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations may restrict or otherwise unfavorably impact our ability to conduct business and may require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities.

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

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

Our operations are located in Hong Kong. Our Hong Kong Operating Subsidiaries may collect and store certain data (including certain personal information) from our clients for "Know Your Customers" purposes, who may be PRC individuals. As such, we may be subject to PRC laws relating to the collection, use, sharing, retention, security, and transfer of confidential and private information, such as personal information and other data. These laws apply not only to third party transactions, but also other parties with which we have commercial relations. These laws continue to develop, and the PRC government may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities.

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

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

those laws and regulations, we cannot assure you that we will be compliant such new regulations in all respects, and we may be ordered to rectify and terminate any actions that are deemed illegal by the regulatory authorities and become subject to fines and other sanctions.

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

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

We may be subject to a variety of laws and other obligations regarding data protection in Hong Kong, including the Personal Data (Privacy) Ordinance (Cap. 486 of the Laws of Hong Kong) (the "PDPO"). The PDPO protects the privacy interests of living individuals in relation to personal data. In general, the personal data shall be lawfully and fairly collected and steps should be taken to ensure that the data subject is explicitly or implicitly informed on or before collecting the data. Personal data should also be accurate, up-to-date and kept no longer than necessary while unless with the consent from the data subjects, personal data should be used for the purposes for which they were collected or a directly related purpose. Contravention with the PDPO may entitle the Privacy Commissioner for Personal Data to issue a written enforcement notice directing such Data User to remedy and prevent recurrence of contravention.

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

Our management believes that we are unlikely to be in breach of the PDPO as (i) our services do not require providing applicable users' personal information; and (ii) we possess a minimum amount, if not none, of the personal information in our business operations. Nonetheless, we are subject to laws and regulations relating to the collection, storage, use, processing, transmission, retention, security and transfer of personal information and other data. The interpretation and application of laws, regulations and standards on data protection and privacy may continue to evolve. We cannot assure you that the 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 government authorities regarding our compliance with laws and regulations on data privacy, and we cannot assure you that our practices will always fully comply with all applicable rules and regulatory requirements. In addition, laws, regulations and standards on data protection and privacy 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.

#### We may be required to obtain approval from PRC authorities to list on overseas stock exchanges in the future.
The M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, require CSRC approval for a listing involving offshore special purchase vehicles that are controlled by PRC entities or individuals and that have been formed for overseas listing purposes through acquisitions of PRC domestic interests held by such PRC entities or individuals with shares of the offshore special purchase vehicles. Our PRC counsel has advised us that we will not be required to submit an application to the CSRC for the approval of the Offering and trading of our Class A Ordinary Shares under the M&A Rules because (i) our Hong Kong Operating Subsidiaries were not established through a merger or requisition of the equity or assets of a "PRC domestic company" as such term is defined under the M&A Rules, (ii) our Hong Kong Operating Subsidiaries are non-mainland China entities, and they have not been controlled by a non-PRC persons since its incorporation, (iii) pursuant to the Basic Law of Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong), and (iv) the CSRC currently has not issued any definitive rule or interpretation concerning whether an offering like ours under this document is subject to this regulation. However, uncertainties still exist as to how the M&A Rules will be interpreted or implemented, and the opinion of our mainland China counsel is subject to any new laws, rules, and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. We may be required to obtain approval from PRC authorities in order to continue our listing on Nasdaq or to add new listings on other overseas stock exchanges in the future but cannot provide assurance that we will be able to obtain such approval.

#### Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in China.
Political events, international trade disputes, and other business interruptions could harm or disrupt international commerce and the global economy, and could have a material adverse effect on us and our clients, material vendors, and other partners. International trade disputes could result in tariffs and other protectionist measures which may materially and adversely affect our business.

There have also been concerns about the relationship between the PRC and other countries, including the surrounding Asian countries, which may potentially have economic effects. In particular, there is significant uncertainty about the future relationship between the United States and the PRC with respect to trade policies, treaties, government regulations and tariffs. Economic conditions in China are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate in China.

Political uncertainty surrounding international trade disputes and the potential of the escalation to trade war and global recession could have a negative effect on customer confidence. We may have also access to fewer business opportunities, and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United States or the PRC that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets, our business, or our results of operations, as well as the financial condition of our clients, and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

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

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

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

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

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

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

Where a non-resident enterprise transfers taxable assets indirectly by disposing of the equity interests of an overseas holding company, which is an indirect transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such indirect transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority may disregard the existence of the overseas holding company

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

if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who pays for the transfer is obligated to withhold the applicable taxes currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.

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

#### Risks Related to Our Class A Ordinary Shares
***There has been no public market for our Class A Ordinary Shares prior to this Offering; if an active trading market does not develop you may not be able to resell our Class A Ordinary Shares at any reasonable price.***

The Offering under this prospectus is an initial public offering of our Class A Ordinary Shares. Prior to the closing of the Offering, there was no public market for our Class A Ordinary Shares. While we plan to list our Class A Ordinary Shares on the Nasdaq Capital Market, our listing application may not be approved. If our application to the Nasdaq Capital Market is not approved or we otherwise determine that we will not be able to secure the listing of the Class A Ordinary Shares on the Nasdaq Capital Market, we will not complete the Offering. In addition, an active trading market may not develop following the closing or, if developed, may not be sustained. The lack of an active market may impair your ability to sell your Class A Ordinary Shares at the time you wish to sell them or at a price that you consider reasonable. An inactive market may also impair our ability to raise capital by selling Class A Ordinary Shares and may impair our ability to acquire other companies by using our Class A Ordinary Shares as consideration.

#### Our Class A Ordinary Shares price may never trade at or above the price in this Offering.
Stock markets generally have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. Broad market and industry factors may significantly affect the market price of our Class A Ordinary Shares, regardless of our actual operating performance. These fluctuations may be even more pronounced in the trading market for our Class A Ordinary Shares shortly following this Offering. If the market price of our Class A Ordinary Shares after this Offering does not ever exceed the initial public offering price, you may not realize any return on your investment in us and may lose some or all of your investment.

#### The initial public offering price for our Class A Ordinary Shares may not reflect their actual value.
The initial public offering price for our Class A Ordinary Shares is and will be determined through negotiations between us and representatives of the underwriters. The price of our Class A Ordinary Shares may not be indicative of their actual value or any future market price for our securities. This price may not accurately reflect the value of the Class A Ordinary Shares or the value that potential investors will realize upon their disposition of Class A Ordinary Shares. The price does not necessarily bear any relationship to our assets, earnings, book value per Class A Ordinary Share or other generally accepted criteria of value.

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

***Our Class A Ordinary Share price may be volatile, and you may lose all or part of your investment. Such rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.***

As mentioned above, the initial public offering price for our Class A Ordinary Shares will be determined by negotiations between us and representatives of the underwriters based on several factors. This price may vary from the market price of our Class A Ordinary Shares after this Offering and the price for our Class A Ordinary Shares may be volatile and subject to wide fluctuations in response to factors including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated changes in our growth rate relative to our competitors, as well as announcements by us or our competitors of significant business developments, changes in relationships with our target customers, manufacturers or suppliers, acquisitions or expansion plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to meet or exceed financial estimates and projections of the investment community or that we provide to the public, as well as variance in our financial performance from the expectations of market analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance of new or updated research or reports by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class A Ordinary Share price and volume fluctuations attributable to inconsistent trading volume levels of our Class A Ordinary Shares;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our involvement in litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disputes or other developments related to proprietary rights and litigation matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcement or expectation of additional debt or equity financing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our Class A Ordinary Shares or other securities by us, our insiders or our other shareholders, or the perception that these sales may occur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trading volume of our Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the estimation of the future size and growth rate of our markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the estimation of the future size and growth rate of our markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, market or political conditions in the United States or elsewhere.

These and other market and industry factors may cause the market price and demand for our Class A Ordinary Shares to fluctuate substantially, regardless of our actual operating performance, which may limit or prevent investors from readily selling their Class A Ordinary Shares and may otherwise negatively affect the liquidity of our Class A Ordinary Shares. In addition, the stock market in general, the Nasdaq Capital Market and emerging growth companies in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. Such rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares. Such broad market fluctuations, and other factors (such as variations in operating results, and changes in regulations affecting us and our industry) may adversely affect the market price of our Class A Ordinary Shares, if a market for them develops.

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

***Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Class A Ordinary Shares.***

In addition to the risk addressed above in "— Our Class A Ordinary Share price may be volatile, and you may lose all or part of your investment. Such rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares," our Class A Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with comparable public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the relevant company's underlying performance. Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions taken by a few shareholders have on the price of our Class A Ordinary Shares, which may cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Should our Class A Ordinary Shares experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our Class A Ordinary Shares. In addition, investors of our Class A Ordinary Shares may experience losses, which may be material, if the price of our Class A Ordinary Shares declines after this Offering or if such investors purchase our Class A Ordinary Shares prior to any price decline.

Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. Furthermore, the potential extreme volatility may confuse the public investors of the value of ours shares, distort the market perception of our share price and our Company's financial performance and public image and negatively affect the long-term liquidity of our Class A 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 Class A Ordinary Shares and understand the value thereof.

#### Volatility in our Class A Ordinary Share price may subject us to securities litigation.
The market for our Class A Ordinary Shares may have, when compared to seasoned issuers, significant price volatility and we expect that our Class A Ordinary Share price may continue to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities class action litigation against a company following periods of volatility in the market price of its securities. We may, in the future, be the target of similar litigation, which could result in substantial costs and liabilities and could divert management's attention and resources.

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

Assuming our Class A Ordinary Shares are listed on Nasdaq, we cannot assure you that we will be able to meet the continued listing standards of Nasdaq in the future. If we fail to comply with the applicable listing standards and Nasdaq delists our Class A Ordinary Shares, we and our shareholders could face significant material adverse consequences, including**:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability of market quotations for our Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity for our Class A Ordinary Shares;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited amount of news about us and analyst coverage of us; and

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

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because we expect that our Class A Ordinary Shares will be listed on Nasdaq, such securities will be covered securities. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our securities.

***If you purchase our Class A Ordinary Shares in this Offering, you will incur immediate and substantial dilution in the book value of your Class A Ordinary Shares.***

Investors purchasing our Class A Ordinary Shares in this Offering will pay a price per Class A Ordinary Share that substantially exceeds the pro forma as adjusted net tangible book value per Class A Ordinary Share. As a result, investors purchasing Class A Ordinary Shares in this Offering will incur immediate dilution. For more information on the dilution you may experience as a result of investing in this Offering, see "Dilution".

#### Our Controlling Shareholders have significant voting power and may take actions that may not be in the best interests of our other shareholders.
As of the date of this prospectus, our Controlling Shareholders hold an aggregate of 7,554,200 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares, respectively, which will represent an aggregate of 84.80% of the total voting power. After this Offering, the Controlling Shareholders will hold an aggregate of 7,554,200 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares, respectively, which will represent an aggregate of 79.80% of the total voting power. As a result, the Controlling Shareholders will be able to control the management and affairs of our Company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions. The interests of these shareholders may not be the same as or may even conflict with your interests. For example, the shareholder could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Class A Ordinary Shares as part of a sale of us or our assets, and might affect the prevailing market price of our Class A Ordinary Shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be in the best interests of our other shareholders.

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

Under Listing Rule 5101, Nasdaq has discretionary authority 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.

Additionally, Nasdaq has used its discretion to deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to: (i) where the company engaged an auditor that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii) where the company planned a small public offering, which would result in insiders holding a large portion of the company's listed securities. Nasdaq was concerned that the offering size was insufficient to establish the company's initial valuation, and there would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management. Our Offering will be relatively small and the insiders of our Company will hold a large portion of the Company's listed securities following the consummation of the Offering. Therefore, we may be subject to the additional and more stringent criteria of Nasdaq for our initial and continued listing.

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

#### We have no immediate plans to pay dividends.
We plan to reinvest all of our future earnings, to the extent we have earnings, in order to expand our restaurant offerings and to cover operating costs, finance operations and to otherwise become and remain competitive. We do not plan to pay any cash dividends with respect to our Class A Ordinary Shares in the foreseeable future. As we are a company with a limited operating history, we may not be able to generate, at any time, sufficient surplus cash that would be available for distribution to the holders of our Class A Ordinary Shares as a dividend. Therefore, you should not expect to receive immediate cash dividends on the Class A Ordinary Shares we are offering. Consequently, investors may need to rely on sales of their Class A Ordinary Shares after price appreciation, which may never occur, as the only way to realize any future gains on their investment. In addition, the laws of the Cayman Islands require that certain criteria must be satisfied before we are able to declare and pay dividends.

***Securities analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our Class A Ordinary Share price or trading volume to decline.***

If a trading market for our Class A Ordinary Shares develops, the trading market will be influenced to some extent by the research and reports that industry or financial analysts publish about us and our business. We do not control these analysts. As a newly public company, we may be slow to attract research coverage and the analysts who publish information about our Class A Ordinary Shares will have had relatively little experience with us or our industry, which could affect their ability to accurately forecast our results and could make it more likely that we fail to meet their estimates. In the event we obtain securities or industry analyst coverage, the analysts who cover us may provide inaccurate or unfavorable research or issue an adverse opinion regarding our Class A Ordinary Share price, our Class A Ordinary Share price could decline. If one or more of these analysts cease coverage of us or fail to publish reports covering us regularly, we could lose visibility in the market which, in turn, could cause our Class A Ordinary Share price or trading volume to decline and result in the loss of all or a part of your investment in us.

#### Investors may have difficulty enforcing judgments against us, our directors and management.
GST Cayman is incorporated under the laws of the Cayman Islands and a majority of our directors and officers reside outside the United States. Moreover, many of these persons do not have significant assets in the United States. As a result, it may be difficult or impossible to effect service of process within the United States upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.

There is uncertainty as to whether the courts of the Cayman Islands would recognize or enforce judgments of U.S. courts obtained in actions against us or our directors and officers predicated upon the civil liability provisions of the U.S. federal securities laws or any securities laws of any state in the United States, or entertain original actions brought in the Cayman Islands against us or our directors and officers predicated solely upon U.S. federal securities laws or any securities laws of any state in the United States. Further, there is no treaty in effect between the United States and the Cayman Islands providing for the enforcement of judgments of U.S. courts in civil and commercial matters, and there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States. Some remedies available under the laws of U.S. jurisdictions, including remedies available under the U.S. federal securities laws, may not be allowed in the Cayman Islands courts if contrary to public policy in the Cayman Islands. As a result of all of the above, it may be difficult for you to recover against us or our directors and officers based upon such judgments. See "Enforcement of Civil Liabilities."

#### The laws of the Cayman Islands relating to the protection of the interest of minority shareholders are different from those in the United States.
Our corporate affairs are governed by the Memorandum and Articles (as may be amended from time to time), and by the Companies Act and common law of Cayman Islands. The rights of shareholders to take action against our directors, action by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are, to a large extent, governed by the common law of the Cayman Islands and the Memorandum and Articles (as may be amended from time to time). The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands.

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

The laws of the Cayman Islands relating to the protection of the interests of minority shareholders differ in certain respects from those established under statutes or judicial precedent in existence in the United States and other jurisdictions. Such differences may mean that the remedies available to our minority shareholders may be different from those they would have under the laws of other jurisdictions, including the United States. Potential investors should be aware that there is a risk that provisions of the Companies Act may not offer the same protection as the relevant laws and regulations in the United States may offer, and should consider obtaining independent legal advice on the implications of investing in foreign-incorporated companies. See "Description of Share Capital."

***Our status as a "foreign private issuer" under the SEC rules will exempt us from the U.S. proxy rules and the more detailed and frequent Exchange Act reporting obligations applicable to a U.S. domestic public company.***

Upon the closing of this Offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K upon the occurrence of specified significant events. In addition, our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and the rules thereunder. Therefore, our shareholders may not know, on a timely basis, when our officers, directors and principal shareholders purchase or sell our Class A Ordinary Shares. In addition, foreign private issuers are not required to file their annual report on Form 20-F until 120 days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers also are exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.

***Our status as a foreign private issuer under the Nasdaq rules will allow us to adopt certain home country practices in relation to corporate governance matters which may differ significantly from the Nasdaq corporate governance listing standards applicable to a U.S. domestic Nasdaq listed company.***

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the Cayman Islands, may differ significantly from corporate governance listing standards. Currently, we do not plan to rely on any home country practices with respect to our corporate governance after we complete this Offering. Under the Nasdaq rules, we may in the future decide to use the home country practices exemption with respect to some or all of the other corporate governance rules, provided that we disclose the requirements we are not following and describe the home country practices we are following. If we choose to follow home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.

#### We will incur increased costs as a result of being a public company.
Upon consummation of this Offering, we will incur significant legal, accounting and other expenses as a public company that we did not incur as a private company. Compliance with U.S. laws and regulations and the Nasdaq rules increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costly. As a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We have incurred additional costs in obtaining director and officer liability insurance. In addition, we incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

The Sarbanes-Oxley Act, as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies.

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

***Our status as an "emerging growth company" under the JOBS Act may make it more difficult to raise capital as and when we need it.***

We are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier of (i) the last day of the fiscal year (a) following the fifth anniversary of the completion of this Offering; (b) in which we have total annual gross revenue of at least US$1.235 billion; or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A Ordinary Shares that is held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter, and (ii) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior 3-year period. An emerging growth company may take advantage of specified reduced reporting and other 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 in the assessment of the emerging growth company's internal control over financial reporting. If we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important. The JOBS Act also provides an emerging growth company with the permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies. We do not plan to opt-out of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective data.

Because of the exemptions from various reporting requirements provided to us as an "emerging growth company," we may be less attractive to investors and it may be difficult for us to raise additional capital as and when we need it. Investors may be unable to compare our business with other companies in our industry if they believe that our reporting is not as transparent as the reporting of other companies in our industry. Such differences may prevent us from raising additional capital in the public market as and when we need it.

***We may allocate the net proceeds from this Offering in ways that differ from the estimates discussed in the section titled "Use of Proceeds" and with which you may not agree.***

The allocation of net proceeds of the Offering set forth in the "Use of Proceeds" section below represents our estimates based upon our current plans and assumptions regarding the industry and general economic conditions, and our future revenues and expenditures. However, the amounts and timing of our actual expenditures will depend on numerous factors, including market conditions, cash generated by our operations, business developments and rate of growth. Management has broad discretion over the use of proceeds of this Offering and we may find it necessary or advisable to use all or portions of the proceeds from this Offering for other purposes. Circumstances that may give rise to a change in the use of proceeds and the alternate purposes for which the proceeds may be used are discussed in the section entitled "Use of Proceeds." You may not have an opportunity to evaluate the economic, financial or other information on which we base our decisions on how to use our proceeds. As a result, you and other shareholders may not agree with our decisions. Our failure to apply these funds effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. Pending their use, we may invest the net proceeds from this Offering in a manner that does not produce income or preserve value. See "Use of Proceeds" for additional information.

***We may be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the current taxable year, which could result in adverse U.S. federal income tax consequences for U.S. Holders of our Class A Ordinary Shares.***

In general, we will be treated as a passive foreign investment company ("PFIC") for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the Section of this prospectus captioned "Certain United States Federal Income Tax Considerations") of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be determinable until after

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

the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

***Our dual-class voting structure may render our Class A Ordinary Shares ineligible for inclusion in certain stock market indices, and thus adversely affect the trading price and liquidity of our Class A Ordinary Shares.***

Certain shareholder advisory firms have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our Ordinary Shares may prevent the inclusion of our Class A Ordinary Shares in such indices and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for our Class A Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of our Class A Ordinary Shares.

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

Upon completion of this Offering, we will have a dual class ordinary share structure. Our Ordinary Shares will be divided into Class A Ordinary Shares and Class B Ordinary Shares. Holders of our Class A Ordinary Shares are entitled to one (1) vote per share and holders of our Class B Ordinary Shares are entitled to ten (10) votes per share. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. In no event shall Class B Ordinary Shares be convertible into Class A Ordinary Shares.

Upon the completion of this Offering, Ga Sai Tong Limited and Ga Sai Tong Capital Limited will continue to beneficially own all of our Class B Ordinary Shares. These Class B Ordinary Shares will constitute approximately 7.69% of our total issued and outstanding share capital immediately after the completion of this Offering and approximately 45.45% of the aggregate voting power of our total issued and outstanding share capital immediately after the completion of this Offering due to the disparate voting powers associated with our dual-class share structure. As a result of the dual-class share structure and the concentration of ownership, holders of Class B Ordinary Shares will have considerable influence over matters such as decisions regarding mergers and consolidations, election of directors and other significant corporate actions. Such holders may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our Company and may reduce the price of our Class A Ordinary Shares.

**You are strongly urged to consult your tax advisors regarding the impact of our being a PFIC in any taxable year on your investment in our Class A Ordinary Shares as well as the application of the PFIC rules.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future financial and operating results, including revenues, income, expenditures, cash balances and other financial items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our growth, expansion and acquisition strategies, including our ability to meet our goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and future economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding demand for and market acceptance of our services and the products and services we assist the distributions of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our client base;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital requirements and our ability to raise any additional financing which we may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overall industry and market performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other assumptions described in this prospectus underlying or relating to any forward-looking statements.

We describe material risks, uncertainties and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this prospectus, whether as a result of new information, future events, changes in assumptions, or otherwise.

#### Industry Data and Forecasts
This prospectus contains certain data and information that we obtained from various government and industry publications through publicly available sources, and the Cundi Report. The Cundi Report is an industry report commissioned by us and prepared by Cundi, an independent research firm, regarding our industry and our market position in Hong Kong. Statistical data in these publications may include projections based on a number of assumptions. Our industry may not grow at the rate projected by market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Class A Ordinary Shares. In addition, the new and rapidly changing nature of the restaurant industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our operations. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

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

#### USE OF PROCEEDS
After deducting the estimated underwriters' discount, the non-accountable expense allowance and offering expenses payable by us, we expect to receive net proceeds of approximately $6.2 million from this Offering. These estimates are based upon an assumed offering price of US$6.00 per Class A Ordinary Share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 40% for expanding our portfolio of restaurants by opening high-end fine-dining restaurants in Hong Kong and major cities/countries in East Asia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 15% for recruiting promising or experienced chefs and cultivate our existing and newly recruited chefs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 15% for upgrading the facilities of our existing restaurants such as our equipment and utensils and refurbishing our existing restaurants with modern interior designs and tableware appropriate to the dishes offered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% for general administration and working capital.

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

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

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

#### DIVIDEND POLICY
During the years ended December 31, 2024 and 2023, we and our Operating Subsidiaries have not declared nor distributed any dividend. On March 18, 2025, the Hong Kong Operating Subsidiaries declared and distributed a dividend of HK$10.7 million (approximately US$1.4 million) to their then shareholders. Save as the aforementioned, we and our Operating Subsidiaries have not declared nor distributed any dividend after December 31, 2024 and up to the date of this prospectus. Save as the aforementioned, during the years ended December 31, 2024 and 2023 and up to the date of this prospectus, no transfers or distributions have been made between us and our Hong Kong Operating Subsidiaries or to investors. There is no limitation on the ability to transfer cash between us, our subsidiaries, and investors. We have no cash management policies that dictate how funds are transferred between us, our subsidiaries, and investors. We intend to retain all available funds and future earnings, if any, for operation and business development, however, we may pay dividends on our Class A Ordinary Shares in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

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

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

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

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

As an exempted company with limited liability incorporated in the Cayman Islands, we are not subject to any income, withholding or capital gains taxes in the Cayman Islands. Our shareholders will not be subject to any income, withholding or capital gains taxes in the Cayman Islands with respect to their shares and dividends received on those shares, nor will they be subject to any estate or inheritance taxes in the Cayman Islands. Hong Kong does not impose withholding tax on dividends paid outside of Hong Kong by Hong Kong companies. Accordingly, investors will not be subject to Hong Kong withholding tax with respect to a disposition of their Class A Ordinary Shares or with respect to the receipt of dividends on their Class A Ordinary Shares, if any.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to reflect the issuance and sale of 1,300,000 Class A Ordinary Shares at an assumed initial public offering price of $6.00 per Class A Ordinary Shares (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus), after deducting the underwriting discounts, the accountable expense, the non-accountable expense allowance and estimated offering expenses payable by us.

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

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, 2025** | **As of <br>June 30, 2025** |
|  | **Actual** | **As <br>Adjusted** |
|  | **(in US$)** | **(in US$)** |
|  Indebtedness: |  |  |
|  Bank borrowings | 1464066 | 1464066 |
|  Operating lease liabilities, current portion | 67910 | 67910 |
|  Operating lease liabilities, net of current portion | 43663 | 43663 |
| &nbsp;&nbsp;&nbsp; Subtotal | 1575639 | 1575639 |
|  Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Class A Ordinary Shares, $0.0001 par value, 500,000,000 shares authorized, 10,700,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares outstanding on an actual basis; and 12,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares outstanding on an as adjusted basis | 1170 | 1300 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 2682 | 6212488 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 331231 | 331231 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 8351 | 8351 |
|  Total shareholders' equity | 343434 | 6553370 |
|  Total capitalization | 1919073 | 8129009 |

---

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

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

The net tangible book value of our Class A Ordinary Shares as of June 30, 2025 was US$343,434, or US$0.03 per Class A Ordinary Share based upon 10,700,000 Class A Ordinary Shares outstanding. Net tangible book value per share represents the amount of our total tangible assets reduced by the amount of our total liabilities, divided by the total number of Class A Ordinary Shares outstanding. Tangible assets equal our total assets less intangible assets, deferred tax assets and deferred offering cost.

The dilution in net tangible book value per Class A Ordinary Share to new investors, represents the difference between the amount per Class A Ordinary Share paid by purchasers of Class A Ordinary Shares in this Offering and the pro forma net tangible book value per Class A Ordinary Share immediately after completion of this Offering. After giving effect to the sale of the 1,300,000 Class A Ordinary Shares being sold pursuant to the offering price of $6.00 per Class A Ordinary Share, and after deducting underwriters' discount, and the non-accountable expense allowance payable by us in the amount of $624,000 and estimated Offering expenses in the amount of $966,064, our as adjusted net tangible book value would be approximately $6,553,370 or $0.55 per share of Class A Ordinary Shares. This represents an immediate increase in net tangible book value of $0.52 per Share to existing shareholders and an immediate decrease in net tangible book value of $5.45 per Class A Ordinary Share to new investors purchasing the Class A Ordinary Shares in this Offering.

The following table illustrates this per share dilution:

---

| | |
|:---|:---|
|  | **As of <br>June 30, <br>2025** |
|  Public offering price per Class A Ordinary Share | $6.00 |
|  Net tangible book value per Class A Ordinary Share as of June 30, 2025 | $0.03  |
|  Increase in net tangible book value per Class A Ordinary Share attributable to existing shareholders | $0.52 |
|  As adjusted net tangible book value per Class A Ordinary Share after this Offering | $0.55 |
|  Dilution per Class A Ordinary Share to new investors | $5.45 |

---

The following table sets forth, on a as adjusted basis as of June 30, 2025, the difference between the number of Class A Ordinary Shares purchased from us, the total cash consideration paid, and the average price per Class A Ordinary Share paid by our existing shareholders and by new public investors before deducting estimated underwriters' discounts, the accountable expense, the non-accountable expense allowance and estimated Offering expenses payable by us, using an assumed public offering price of $6.00 per Class A Ordinary Share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares <br>Purchased** | **Class A Ordinary Shares <br>Purchased** | **Total Cash <br>Consideration** | **Total Cash <br>Consideration** | **Average <br>Price Per <br>Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average <br>Price Per <br>Share** |
|  Existing shareholders | 10700000 | 89.17% | $1070 | 0.01% | $0.0001 |
|  New investors from public offering | 1300000 | 10.83% | $7800000 | 99.99% | $6.00 |
|  Total | 12000000 | 100.00% | $7801070 | 100% | $0.65 |

---

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

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

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

#### Overview
We operate three restaurants in Hong Kong under three different brands. All three brands have a good reputation and are highly-rated by gourmets in different social media.

Ankôma offers a good blend of France and Japan on the plate, and this Michelin-starred restaurant has steadily built a reputation for well-executed fine dining and delicious comfort food.

Kuno offers Japanese omakase dining experience to customers. An omakase means the customer leaves it up to the chef to select and serve seasonal specialties.

Akai Honoo is another Japanese restaurant that serves skewer and other Japanese foods

As of the date of this prospectus, the restaurants we operated are all located in Tsimshatsui, Kowloon. We have over 5 years of experience in the restaurant services industry in Hong Kong and have good relationship with suppliers to support our operations. We generate revenue from restaurant operations in Hong Kong which provide food and beverage to customers.

#### Key Factors that Affect Our Results of Operations
Our results of operations and financial position have been and will continue to be affected by a number of factors, many of which may be beyond the control of our Group, including those factors set out in "Risk Factors" in this prospectus and those set out below.

#### Macroeconomic conditions in Hong Kong
We generate our revenue from high-ended restaurant operations in Hong Kong, the performance of which is closely related to the macroeconomic conditions of Hong Kong. Any worsening of the Hong Kong economy may lead to contraction of consumer expenditure on food, fear of a recession and decrease in consumer confidence, and thus significantly affect customers' overall salary level, spending power and dine-out trend, which could materially and adversely affect our financial conditions and results of operations.

#### Exposure to risks associated with food safety which may subject us to liability claims and damages to our reputation
The Company is exposed to risks associated with food safety which may subject us to liability claims, damage our reputation and/or affect our relationship with our customers. Such liability claims happen in the food service industry and may require costly measures to investigate and resolve. Even if such claims are without merit, any negative publicity as a result of allegations of unsafe food service can have a significant impact on the Company's reputation.

***We may be unable to control our food costs and labor costs***

We rely on our ability to source good quality food ingredients and prepare meals on a cost-efficient basis. However, food costs vary and prices are subject to inflation. In addition, we are required to maintain a team of workforce. As such we are sensitive to labor costs. In the event that we are not able to stay competitive in terms of our pricing and quality of food offered and services rendered, it could have a material and adverse effect on our financial performance.

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

***Brand recognition and market competition***

We operate all of our restaurants under our individual brands: "Ankôma", "Kuno" and "Akai". Our success depends extensively on the market's recognition of our brands. We must therefore continue to distinguish ourselves from other market players in the similar market segments and strengthen customers' preference towards our brands.

#### Rental expenses
All our restaurants are operated in leased premises. Rental expenses are exposed to fluctuations which are caused by changes in market and economic conditions. Location is one of the decisive factors affecting the success of a restaurant and we always maintain stringent selection criteria. We require our restaurants to be easily accessible with a wide range of modes of transportation. If we cannot obtain desirable locations at reasonable prices, it will adversely effect on our growth strategy. Further, in the event we are not able to negotiate favorable terms of renewal with the landlords before the expiry of the existing tenancy agreements, we may be compelled to cease operations or operate from an alternative less desirable location.

#### Description and Analysis of Principal Components of Our Results of Operations
The following discussion is based on our Company's historical results of operations and may not be indicative of our Company's future operating performance.

#### Key Components of Results of Operations

#### For the Six Months Ended June 30, 2024 and 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **Variance** | **Variance** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
|  | **US$** | **US$** | **US$** | **US$** |
|  **Revenues** | 1357023 | 867469 | 489554 | 56.43% |
|  **Cost of revenues** | (655905) | (568375) | 87530 | 15.40% |
|  **Gross profit** | 701118 | 299094 | 420024 | 134.41% |
|  **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (340112) | (43109) | 297003 | 688.96% |
|  **Total operating expenses** | (340112) | (43109) | 297003 | 688.96% |
|  **Income from operations** | 361006 | 255985 | 105021 | 41.03% |
|  **Other income/(expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (38361) | (54883) | (16522) | (30.10)% |
| &nbsp;&nbsp;&nbsp; Other income, net | 5918 | 383 | 5535 | 1,445.17% |
|  **Total other income/(expense), net** | (32443) | (54500) | (22057) | (40.47)% |
|  **Income before income taxes** | 328563 | 201485 | 127078 | 63.07% |
|  Income tax expense | (81913) | (16503) | 65410 | 396.35% |
|  **Net income** | 246650 | 184982 | 61668 | 33.34% |
|  **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 681 | 385 | 296 | 76.88% |
|  **Comprehensive income** | 247331 | 185367 | 61694 | 33.43% |

---

#### Revenue
Our total revenue increased by approximately 56.43% or US$0.5 million to US$1.4 million for the six months ended June 30, 2025 from approximately US$0.9 million for the six months ended June 30, 2024. It was primarily attributable to the push and pull effect of these factors: (i) the rebound of consumer spending in Hong Kong, supported by a recovery in inbound tourism and local demand for premium dining experiences; and (ii) there is a growing popularity in fine dining in Hong Kong.

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

#### Cost of Revenue
The following table set forth the breakdown of our cost of revenue for the six months ended June 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Years Ended June 30,** | **Years Ended June 30,** |
|  | **2025** | **2024** |
|  | **US$** | **US$** |
|  (i) Food and beverages | (312299) | (198385) |
|  (ii) Payroll and employee benefits expenses | (218124) | (248259) |
|  (iii) Lease expenses | (88306) | (86395) |
|  (iv) Utilities expenses | (13866) | (14588) |
|  (v) Others | (23310) | (20748) |

---

Our cost of revenue primarily consists of the cost of food ingredients, beverages, lease expenses for restaurant premises, payroll and employee benefits expenses of operation personnel, utility expenses for restaurant operation and other expenses.

Our cost of revenue increased by approximately 15.4% or US$0.1 million to US$0.7 million for the six months ended June 30, 2025 from approximately US$0.6 million in the six months ended June 30, 2024, which was in line with the increase in our revenue.

Our cost of food and beverages increased from approximately US$0.2 million for the six months ended June 30, 2024 to approximately US$0.3 million for the six months ended June 30, 2025, primarily due to the higher volume of customer orders in line with the increase in revenue.

Our payroll and employee benefits expenses of operation personnel remained relatively stable at approximately US$0.25 million and US$0.22 million for the six months ended June 30, 2024 and 2025, respectively, reflecting our ability to maintain staff cost efficiency despite the increase in customers and revenue.

Our lease expenses for restaurant premises remained relatively stable at approximately US$0.1 million for each of the six months ended June 30, 2024 and 2025.

Our utilities expenses for restaurant operation, which primarily consist of expenses incurred for electricity, gas and water utilities, remained relatively stable at approximately US$0.01 million for each of the six months ended June 30, 2024 and 2025.

Our other expenses, which primarily represent bank charges, cleaning fees, and repair and maintenance incurred in the ordinary course of operation of our restaurants, remained relatively stable at approximately US$0.02 million for each of the six months ended June 30, 2024 and 2025.

#### Gross Profit and Gross Profit Margin
During the six months ended June 30, 2024 and 2025, our gross profit and gross profit margin were US$0.3 million and 34.5%, and US$0.7 million and 51.7% respectively. The improvement was primarily attributable to the increase in revenue from higher customer demand for fine dining, coupled with our ability to maintain relatively stable staff and operating costs, which resulted in greater operating efficiency and improved cost leverage.

#### General and administrative expenses
Our general and administrative expenses primarily consist of (i) depreciation expenses; (ii) administrative and miscellaneous expenses, and (iii) professional fees.

The following table set forth the breakdown of our general and administrative expenses for six months ended June 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2025** | **2024** |
|  | **US$** | **US$** |
|  (i) Depreciation expenses | (5265) | (29068) |
|  (ii) Administrative and miscellaneous expenses | (19867) | (14041) |
|  (iii) Professional fees | (314980) |  |

---

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

Our general administrative expenses amounted to approximately US$0.04 million and US$0.3 million for the six months ended June 30, 2024 and 2025, respectively. General administration expense consists of fixed running costs of our Company.

Depreciation expenses were charged on our property and equipment which included (i) machine and equipment; (ii) furniture and fittings; and (v) renovation expenses. Our depreciation expenses decreased significantly from US$0.03 million to US$0.01 million, which was mainly due to the fully depreciation of leasehold improvements upon the end of the lease term of the lease agreement of one restaurant during the December 31, 2024.

Professional fees mainly represent fees paid to our reporting accountants in connection with the audit and review of our financial statements for the purpose of our proposed initial public offering. As the audit work had been completed as of June 30, 2025, the related fees were fully recognized as expenses during the period and were not capitalized, as such audit fees do not qualify as incremental costs directly attributable to the issuance of equity.

#### Interest expense
Our interest expenses mainly arose from bank borrowings and operating lease interest. Our overall interest expense decreased by approximately US$0.01 million from the six months ended June 30, 2024 to the financial year ended June 30, 2025 amounted to approximately US$0.04 million from US$0.05 million.

#### Net Income
As a result of the foregoing, we reported net income of approximately US$0.18 million and US$0.25 million for the years ended June 30, 2024 and 2025, respectively.

#### Off Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

#### Liquidity and Capital Resources
Our liquidity and working capital requirements mainly represent the payments for purchases of food ingredients and beverages, staff costs, rental expenses and other operating expenses incurred for our business operations.

Historically, we have met our working capital and other liquidity requirements primarily through cash generated from operating activities and other available sources of financing from banks in Hong Kong. Going forward, we expect to fund our working capital and other liquidity requirements from various sources, including cash generated from operations, loans from banking facilities, the net proceeds from this Offering and other equity and debt financings as and when appropriate. In light of the above, we believe that we have sufficient funds to meet our operating and capital expenditure needs and obligations in the next 12 months.

#### Cash flows
The following table summarizes our cash flows for the six months ended June 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br>June 30,** | **For the Six Months Ended <br>June 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  **Cash at the beginning of the period** | 72935 | 406012 |
|  Net cash generated from operating activities | 185758 | 2863722 |
|  Net cash used in financing activities | (158689) | (1746575) |
|  Effect on exchange rate change on cash | 458 | 2933 |
|  Net increase in cash | 27527 | 1120080 |
|  **Cash at the end of the period** | 100462 | 1526092 |

---

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

#### Net cash generated from operating activities
During the six months ended June 30, 2024 and 2025, the cash flow generated from operating activities was principally generated from the receipts from our restaurant operations, while our cash used in operating activities was principally used for payments for purchases of food ingredients and beverages, staff costs, rental expenses and other operating expenses incurred for our business operations.

Our net cash from operating activities reflects the net income for the year adjusted for (i) non-cash items such as depreciation of property and equipment and operating lease expenses, and (ii) net changes in our operating assets and liabilities such as operating lease liabilities, accounts receivables, prepayments and other assets, accounts payable and accrued expenses and other current liabilities.

Our net cash generated from operating activities was approximately US$0.19 million for the year ended June 30, 2024, mainly derived from net income for the six months of approximately US$0.18 million, as adjusted for (i) depreciation and amortization of approximately US$0.10 million; and (ii) deferred income tax of approximately US$1,000, which was partially offset by the decrease in operating lease liabilities of approximately US$0.02 million.

Our net cash generated from operating activities was approximately US$2.86 million for the six months ended June 30, 2025, mainly derived from net income for the period of approximately US$0.25 million, as adjusted for (i) depreciation and amortization of approximately US$0.08 million; and (ii) deferred income tax of approximately US$1,500, which was partially offset by the increase in amount due from a shareholder of approximately US$2.40 million and the decrease in operating lease liabilities of approximately US$0.08 million.

#### Net cash (used in) generated from financing activities
Our cash used in generated from financing activities primarily consists of repayment of bank borrowings and repayment of finance lease liabilities.

Our net cash used in financing activities was approximately US$0.16 million for the Six Months ended June 30, 2024, and it is attributable to the repayment of bank borrowings.

Our net cash used in financing activities was approximately US$1.75 million for the Six Months ended June 30, 2025, and it is attributable to the payments of dividend to shareholders and offering costs to service providers and the repayment of bank borrowings.

#### Right-of -use Assets, Net and Lease Liabilities
As of December 31, 2024 and June 30, 2025, we did not own any property and all our restaurants are leased properties. Our Company recognized a right-of-use asset and a corresponding operating lease liability with respect to all these tenancy agreements in which it is the lessee at the lease commencement date. As of December 31, 2024 and June 30, 2025, the carrying value of our right-of-use assets in respect of our property leases amounted to approximately US$0.19 million and US$0.11 million, respectively, with corresponding total operating lease liabilities amounting to approximately US$0.19 million, and US$0.11 million as of the respective dates.

#### Accounts Receivable
Our accounts receivable mainly represent receivables from credit card companies and third-party aggregators' platforms in the normal course of business and generally are liquidated within 30 days or less. As of December 31, 2024 and June 30, 2025, our accounts receivable amounted to approximately US$0.01 million and US$0.01 million, respectively.

#### Inventory
Our inventory was US$0.01 as of December 31, 2024 and June 30, 2025, which primarily consists of non-perishable items such as canned food and beverages

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

Inventory is stated at the lower of cost or net realizable value. Cost is computed using actual purchase cost. We also review our inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. During the financial years as of December 31, 2024 and June 30, 2025, no indication of write-downs or impairment was required.

#### Accounts Payable
Our trade payable mainly relate to our purchases of food ingredients and beverages for our restaurant operations. As of December 31, 2024 and June 30, 2025, our accounts payable amounted to approximately US$0.06 million and US$0.07 million, respectively.

#### Bank borrowings
As of December 31, 2024, our bank borrowings amounted to US$1.6 million and are denominated in HK$ and bears interest at variable rates ranging from 3.125% – 7.193%. The whole of our bank borrowings is deemed as current liability as they contain a repayable on demand clauses.

As of June 30, 2025, our bank borrowings amounted to US$1.5 million and are denominated in HK$ and bears interest at variable rates ranging from 3.125% – 7.193%. The whole of our bank borrowings are deemed current liability as they contain repayable on demand clauses.

Bank borrowings consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31, <br>2024** |
|  Bank of East Asia ("BEA") – Term loan 1<br>3.125%<sup>(1)</sup> | $426518 | $474200 |
|  BEA – Term loan 2<br>3.125%<sup>(2)</sup> | 430732 | 465148 |
|  Bank of Communications ("BOCOM") – Term loan<br>7.193%<sup>(3)</sup> | 606816 | 704689 |
|  | $1464066 | $1644037 |
|  Less: current portion of long-term bank borrowings | (1464066) | (1644037) |
|  Non-current portion of long-term bank borrowings | $— | $— |

---

____________

(1) On January 13, 2022, the Company borrowed US$771,514 (HK$4,907,000) as working capital for 8 years at an annual interest rate of Prime Lending Rate ("Prime") minus 2.5% under the loan agreement with BEA. The loan is secured by The HKMC Insurance Limited and Mr. Ng Wai Lam. As of June 30, 2025 and December 31, 2024, the outstanding of the loan is approximately US$426,518 and US$472,000, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause.

(2) On November 22, 2022, the Company borrowed US$558,659 (HK$4,000,000) as working capital for 10 years at an annual interest rate of Prime minus 2.5% under the loan agreement with BEA. The loan is secured by The HKMC Insurance Limited and Mr. Ng Wai Lam. As of June 30, 2025 and December 31, 2024, the outstanding of the loan is approximately US$430,732 and US$465,148, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause.

(3) On June 21, 2021, the Company borrowed US$1,550,859 (HK$10,000,000) as working capital for 7 years at an annual interest rate of HKD Best Lending Rate plus 4.25% under the loan agreement with BOCOM. The loan was secured by The HKMC Insurance Limited and Mr. Ng Wai Lam. As of June 30, 2025 and December 31, 2024, the outstanding of the loan is approximately US$606,816 and US$704,689, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause.

Interest expenses pertaining to the above bank borrowings for the years ended June 30, 2025 and 2024 amounted to US$33,755 and US$49,309, respectively.

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

Maturities of the principal and interest payments of bank borrowings based on scheduled repayments were as follows:

---

| | |
|:---|:---|
|  | **As of<br>June 30,<br>2025** |
| 2025 | $— |
| 2026 | 393878 |
| 2027 | 393878 |
| 2028 | 393824 |
| 2029 | 167758 |
| 2030 | 125538 |
| 2031 | 66440 |
| 2032 | 66440 |
| 2033 | 27680 |
|  Total bank borrowings repayments | $1635436 |
|  Less: imputed interest | (171370) |
|  Total bank borrowings recognized in the consolidated balance sheet | $1464066 |

---

---

| | |
|:---|:---|
|  | **As of<br>December 31,<br>2024** |
| 2024 | $— |
| 2025 | 401767 |
| 2026 | 397753 |
| 2027 | 397753 |
| 2028 | 264552 |
| 2029 | 169408 |
| 2030 | 75615 |
| 2031 | 67093 |
| 2032 | 61502 |
|  Total bank borrowings repayments | $1835443 |
|  Less: imputed interest | (191406) |
|  Total bank borrowings recognized in the consolidated balance sheet | $1644037 |

---

#### Customer concentrations risk
For the six months ended June 30, 2024 and 2025, no customer accounted for more than 10% of total revenue. As of June 30, 2025, two accounts receivable accounted for 63% and 32% respectively, of the Company's total accounts receivable. As of December 31, 2024, two accounts receivable accounted for 57% and 29%, respectively, of the Company's total accounts receivable.

#### Vendor concentrations risk
For the six months ended June 30, 2024 and 2025, no vendor accounted for more than 10% of total purchases. As of June 30, 2025, 2 supplier's accounts payable accounted for approximately 36% and 30% of the total accounts payable. As of December 31, 2024, 3 supplier's accounts payable accounted for approximately 47%, 15% and 13% of the total accounts payable.

#### Off-Balance Sheet Arrangements
We did not have any off-balance sheet arrangements as of December 31, 2024 and June 30, 2025.

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

#### Commitments

#### Capital commitments
As of December 31, 2024 and June 30, 2025, we did not have any capital commitments.

#### Contingencies
In the ordinary course of business, we may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. We record contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2025. and up through the date of this prospectus.

#### For the year ended December 31, 2023 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Variance** | **Variance** |
|  | **2024** | **2023** | **Amount** | **Percentage** |
|  | **US$** | **US$** | **US$** | **US$** |
|  **Revenues** | 2276017 | 1956894 | 319123 | 16.31% |
|  **Cost of revenues** | (1226465) | (1104688) | (121777) | 11.02% |
|  **Gross profit** | 1049552 | 852206 | 197346 | 23.16% |
|  **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (70012) | (213535) | 143523 | (67.21)% |
|  **Total operating expenses** | (70012) | (213535) | 143523 | (67.21)% |
|  **Income from operations** | 979540 | 638671 | 340869 | 53.37% |
|  **Other income/(expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (103944) | (116413) | 12469 | (10.71)% |
| &nbsp;&nbsp;&nbsp; Other income, net | 1531 | 1307 | 224 | 17.14% |
|  **Total other income/(expense), net** | (102413) | (115106) | 12693 | (11.03)% |
|  **Income before income taxes** | 877127 | 523565 | 353562 | 67.53% |
|  Income tax expense (Note 11) | (83457) | (68158) | (15299) | 22.45% |
|  **Net income** | 793670 | 455407 | 339195 | 74.48% |
|  **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation<br>adjustment | 6191 | 441 | 5750 | 1303.85% |
|  **Comprehensive income** | 799861 | 455848 | 344013 | 75.47% |

---

#### Revenue
Our total revenue increased by approximately 16% or US$0.32 million to US$2.28 million for the year ended December 31, 2024 from approximately US$1.96 million in the year ended December 31, 2023. It was primarily attributable to the push and pull effect of these factors: (i) the strengthened HK Dollar increase the number of customers' outbound travel to the PRC and overseas countries; and (ii) there is a growing popularity in fine dining in Hong Kong.

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

#### Cost of Revenue
The following table set forth the breakdown of our cost of revenue for the years ended December 31 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  &nbsp;&nbsp;&nbsp;&nbsp;(i) Food and beverages | (491089) | (504943) |
|  &nbsp;&nbsp;&nbsp;&nbsp;(ii) Payroll and employee benefits expenses | (488572) | (358863) |
|  &nbsp;&nbsp;&nbsp;&nbsp;(iii) Lease expenses | (166666) | (170510) |
|  &nbsp;&nbsp;&nbsp;&nbsp;(iv) Utilities expenses | (34190) | (33392) |
|  &nbsp;&nbsp;&nbsp;&nbsp;(v) Others | (45948) | (36980) |

---

Our cost of revenue primarily consists of the cost of food ingredients, beverages, lease expenses for restaurant premises, payroll and employee benefits expenses of operation personnel, utility expenses for restaurant operation and other expenses.

Our cost of revenue increased by approximately 11% or US$0.12 million to US$1.22 million for the year ended December 31, 2024 from approximately US$1.10 million in the year ended December 31, 2023, which was in line with the increase in our revenue.

Our cost of food and beverages remained relatively stable at approximately US$0.50 million and US$0.49 million for the years ended December 31, 2023 and 2024, respectively.

Our payroll and employee benefits expenses of operation personnel increased from US$0.36 million for the year ended December 31, 2023 to US$0.49 for the year ended December 31, 2024 million, which was in line with the increase in our revenue.

Our lease expenses for restaurant premises remained relatively stable at approximately US$0.17 million and US$0.17 million for the years ended December 31, 2023 and 2024, respectively.

Our utilities expenses for restaurant operation primarily consist of expenses incurred for electricity, gas and water utilities for restaurant operation. Our utilities expenses for restaurant operation remained relatively stable at approximately US$0.03 million and US$0.03 million for the years ended December 31, 2023 and 2024, respectively.

Our other expenses primarily represent bank charges, cleaning fees and repair and maintenance incurred in the ordinary course of operation of our restaurants. Our other expenses increased from US$0.04 million for the year ended December 31, 2023 to US$0.05 million for the year ended December 31, 2024, which was in line with the increase in our revenue.

#### Gross Profit and Gross Profit Margin
During the financial years ended December 31, 2023 and 2024, our gross profit and gross profit margin were US$0.85 million and 43.55%, and US1.05 million and 46.11% respectively.

#### General and administrative expenses
Our general and administrative expenses primarily consist of (i) depreciation expenses; and (ii) administrative and miscellaneous expenses.

The following table set forth the breakdown of our general and administrative expenses for the years ended December 31 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  &nbsp;&nbsp;&nbsp;&nbsp;(i) Depreciation expenses | (42451) | (157189) |
|  &nbsp;&nbsp;&nbsp;&nbsp;(ii) Administrative and miscellaneous expenses | (27561) | (56346) |

---

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

Our general administrative expenses amounted to approximately US$0.21 million and US$0.70 million for the financial years ended December 21, 2023 and 2024, respectively. General administration expense consists of fixed running costs of our Company.

Depreciation expenses were charged on our property and equipment which included (i) machine and equipment; (ii) furniture and fittings; and (v) renovation expenses. Our depreciation expenses decreased significantly from US$0.16 million to US$0.04 million, which was mainly due to the fully depreciation of leasehold improvements upon the end of the lease term of the lease agreement of one restaurant during the year ended December 31, 2023.

#### Interest expense
Our interest expenses mainly arose from bank borrowings and operating lease interest. Our overall interest expense decreased by approximately US$0.01 million from the financial year ended December 31, 2023 to the financial year ended December 31, 2024 amounted to approximately US$0.10 million from US$0.12 million.

#### Net Income
As a result of the foregoing, we reported net income of approximately US$0.46 million and US$0.79 million for the years ended December 31, 2023 and 2024, respectively.

#### Off Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

#### Liquidity and Capital Resources
Our liquidity and working capital requirements mainly represent the payments for purchases of food ingredients and beverages, staff costs, rental expenses and other operating expenses incurred for our business operations.

Historically, we have met our working capital and other liquidity requirements primarily through cash generated from operating activities and other available sources of financing from banks in Hong Kong. Going forward, we expect to fund our working capital and other liquidity requirements from various sources, including cash generated from operations, loans from banking facilities, the net proceeds from this Offering and other equity and debt financings as and when appropriate. In light of the above, we believe that we have sufficient funds to meet our operating and capital expenditure needs and obligations in the next 12 months.

#### Cash flows
The following table summarizes our cash flows for the fiscal years ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2023** | **2024** |
|  | **US$** | **US$** |
|  **Cash at the beginning of the period** | 207082 | 72935 |
|  Net cash generated from operating activities | 76662 | 643216 |
|  Net cash used in financing activities | (213737) | (315328) |
|  Effect on exchange rate change on cash | 2928 | 5189 |
|  Net (decrease) increase in cash | (134147) | 333077 |
|  **Cash at the end of the period** | 72935 | 406012 |

---

#### Net cash generated from operating activities
During the financial years ended December 31, 2023 and 2024, the cash flow generated from operating activities was principally generated from the receipts from our restaurant operations, while our cash used in operating activities was principally used for payments for purchases of food ingredients and beverages, staff costs, rental expenses and other operating expenses incurred for our business operations.

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

Our net cash from operating activities reflects the net income for the year adjusted for (i) non-cash items such as depreciation of property and equipment and operating lease expenses, and (ii) net changes in our operating assets and liabilities such as operating lease liabilities, accounts receivables, prepayments and other assets, accounts payable and accrued expenses and other current liabilities.

Our net cash generated from operating activities was approximately US$0.08 million for the year ended December 31, 2023, mainly derived from net income for the year of approximately US$0.46 million, as adjusted for (i) depreciation and amortization of approximately US$0.30 million; and (ii) deferred income tax of approximately US$9,000, which was partially offset by the increase in amount due from a shareholder of approximately US$0.54 million and the decrease in operating lease liabilities of approximately US$0.15 million.

Our net cash generated from operating activities was approximately US$0.64 million for the year ended December 31, 2024, mainly derived from net income for the period of approximately US$0.79 million, as adjusted for (i) depreciation and amortization of approximately US$0.19 million; and (ii) deferred income tax of approximately US$3,000, which was partially offset by the increase in amount due from a shareholder of approximately US$0.11 million and the decrease in operating lease liabilities of approximately US$0.14 million.

#### Net cash (used in) generated from financing activities
Our cash used in generated from financing activities primarily consists of repayment of bank borrowings and repayment of finance lease liabilities.

Our net cash used in financing activities was approximately US$0.21 million for the year ended December 31, 2023, and it is attributable to the repayment of bank borrowings.

Our net cash used in financing activities was approximately US$0.32 million for the year ended December 31, 2024, and it is attributable to the repayment of bank borrowings.

#### Right-of -use Assets, Net and Lease Liabilities
As of December 31, 2023 and 2024, we did not own any property and all our restaurants are leased properties. Our Company recognized a right-of-use asset and a corresponding operating lease liability with respect to all these tenancy agreements in which it is the lessee at the lease commencement date. As of December 31, 2023 and 2024, the carrying value of our right-of-use assets in respect of our property leases amounted to approximately US$0.22 million and US$0.19 million, respectively, with corresponding total operating lease liabilities amounting to approximately US$0.22 million, and US$0.19 million as of the respective dates.

#### Accounts Receivable
Our accounts receivable mainly represent receivables from credit card companies and third-party aggregators' platforms in the normal course of business and generally are liquidated within 30 days or less. As of December 31, 2023 and 2024, our accounts receivable amounted to approximately US$0.02 million and US$0.01 million, respectively.

#### Inventory
Our inventory was US$13,146 as of December 31, 2023, which primarily consists of non-perishable items such as canned food and beverages

As of December 31, 2024, our inventory decreased to US$5,842, mainly due to faster turnover to meet demand towards year's end.

Inventory is stated at the lower of cost or net realizable value. Cost is computed using actual purchase cost. We also review our inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of the inventory. During the financial years as of December 31, 2023 and 2024, no indication of write-downs or impairment was required.

#### Accounts Payable
Our trade payable mainly relate to our purchases of food ingredients and beverages for our restaurant operations. As of December 31, 2023 and 2024, our accounts payable amounted to approximately US$0.08 million and US$0.06 million, respectively.

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

#### Bank borrowings
As of December 31, 2023, our bank borrowings amounted to US$2.0 million and are denominated in HK$ and bears interest at variable rates ranging from 3.125%-7.193%. The whole of our bank borrowings is deemed as current liability as they contain a repayable on demand clauses.

As of December 31, 2024, our bank borrowings amounted to US$1.6 million and are denominated in HK$ and bears interest at variable rates ranging from 3.125%-7.193%. The whole of our bank borrowings are deemed current liability as they contain repayable on demand clauses.

Bank borrowings consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Bank of East Asia ("BEA") – Term loan 1<br>3.125%<sup>(1)</sup> | $474200 | $562000 |
|  BEA – Term loan 2<br>3.125%<sup>(2)</sup> | 465148 | 512177 |
|  Bank of Communications ("BOCOM") – Term loan<br>7.193%<sup>(3)</sup> | 704689 | 885188 |
|  | $1644037 | $1959365 |
|  Less: current portion of long-term bank borrowings | (1644037) | (1959365) |
|  Non-current portion of long-term bank borrowings | $— | $— |

---

____________

(1) On January 13, 2022, the Company borrowed US$771,514 (HK$4,907,000) as working capital for 8 years at an annual interest rate of Prime Lending Rate ("Prime") minus 2.5% under the loan agreement with BEA. The loan is secured by The HKMC Insurance Limited and Mr. Ng Wai Lam. As of December 31, 2024 and 2023, the outstanding of the loan was approximately US$472,000 and US$562,000, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause.

(2) On November 22, 2022, the Company borrowed US$558,659 (HK$4,000,000) as working capital for 10 years at an annual interest rate of Prime minus 2.5% under the loan agreement with BEA. The loan is secured by The HKMC Insurance Limited and Mr. Ng Wai Lam. As of December 31, 2024 and 2023, the outstanding of the loan was approximately US$465,148 and US$512,177, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause.

(3) On June 21, 2021, the Company borrowed US$1,550,859 (HK$10,000,000) as working capital for 7 years at an annual interest rate of HKD Best Lending Rate plus 4.25% under the loan agreement with BOCOM. The loan was secured by The HKMC Insurance Limited and Mr. Ng Wai Lam. As of December 31, 2024 and 2023, the outstanding of the loan is approximately US$704,689 and US$885,188, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause.

Interest expenses pertaining to the above bank borrowings for the years ended December 31, 2024 and 2023 amounted to US$92,468 and US$103,669, respectively.

Maturities of the principal and interest payments of bank borrowings based on scheduled repayments were as follows:

---

| | | |
|:---|:---|:---|
|  **As of December 31,** | **2024** | **2023** |
| 2024 | $— | $420126 |
| 2025 | 401767 | 395900 |
| 2026 | 397753 | 395900 |
| 2027 | 397753 | 395900 |
| 2028 | 264552 | 263319 |
| 2029 | 169408 | 168619 |
| 2030 | 75615 | 75263 |
| 2031 | 67093 | 66781 |
| 2032 | 61502 | 61216 |
|  Total bank borrowings repayments | $1835443 | $2243024 |
|  Less: imputed interest | (191406) | (283659) |
|  Total bank borrowings recognized in the consolidated balance sheet | $1644037 | $1959365 |

---

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

#### Customer concentrations risk
For the years ended December 31, 2023 and 2024, no customer accounted for more than 10% of total revenue. As of December 31, 2024, two accounts receivable accounted for 57% and 29%, respectively, of the Company's total accounts receivable. As of December 31, 2023, three accounts receivable accounted for 37%, 23% and 16%, respectively, of the Company's total accounts receivable.

#### Vendor concentrations risk
For the year ended December 31, 2023, one vendor accounted for 18% of total purchases. No other vendors accounted for more than 10% of total purchases for the years ended December 31, 2023 and 2024.

#### Off-Balance Sheet Arrangements
We did not have any off-balance sheet arrangements as of December 31, 2023 and 2024.

#### Commitments

#### Capital commitments
As of December 31, 2023 and 2024, we did not have any capital commitments.

#### Contingencies
In the ordinary course of business, we may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. We record contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024 and up through the date of this prospectus.

#### Critical Accounting Policies and Estimates
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could vary from the estimates and assumptions that were used.

The selection of critical accounting policies, the judgments and other uncertainties affecting application of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors that should be considered when reviewing our financial statements. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements. You should read the following description of critical accounting policies, judgments and estimates in conjunction with our consolidated financial statements and other disclosures included in this prospectus.

#### Impact of Inflation
The types of inflationary pressures that affected our Company has primarily relate to costs of food and beverage, rental expenses, staff salaries and related costs. Inflation in Hong Kong has not materially affected our profitability and operating results. However, we can provide no assurance that we will be unaffected by higher inflation rates in Hong Kong or globally in the future.

#### Seasonality
We have not observed any significant seasonal trends. Our directors believe that there is no apparent seasonality factor affecting our Company operations.

#### Trend Information
Other than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our profitability, liquidity, or capital resources, or that would cause reported financial information to not be indicative of future operating results or financial condition.

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

#### Recent accounting pronouncements
Our Company considers the applicability and impact of all Accounting Standards Updates ("ASU"). Management periodically reviews new accounting standards that are issued. Under the JOBS Act, our Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires a financial asset measured at an amortized cost basis to be presented at the net amount expected to be collected, with further clarifications made more recently. For trade receivables, loans and other financial instruments, our Company is required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities are required to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. We adopted ASU 2016-13 as of January 1, 2021 on a modified retrospective basis, and the guidance did not have a material impact on our consolidated financial statements.

In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to ASC 606, Revenue from Contracts with Customers, which makes minor corrections or minor improvements to ASC 606 that are not expected to have a significant effect on current accounting practice or to create a significant administrative cost to most entities. The amendments are intended to address implementation and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard.

The amendments in ASU No. 2017-13 are effective for annual reporting periods beginning after December 15, 2018, including interim periods within annual reporting periods beginning after December 15, 2019. We adopted ASC 606 on July 1, 2020 using the modified retrospective transition method and there is no material impact as of the date of adoption of ASC 606.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). ASU No. 2021-01 is an update of ASU No. 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU No. 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU No. 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. On December 21, 2022, the FASB issued a new Accounting Standards Update ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the sunset (or expiration) date of ASC Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. We do not expect the cessation of LIBOR to have a material impact on the financial position, results of operations, cash flows or disclosures.

In September 2022, the FASB issued ASU No. 2022-04, Liabilities — Supplier Finance Programs (Subtopic 450-50) which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The standard's requirement to disclose the key terms of the programs and information about obligations outstanding is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard's requirement to disclose a roll forward of obligations outstanding will be effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of adopting this standard on the consolidated financial statements.

Except as mentioned above, we do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.

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

#### Operating lease
We adopted ASC 842 on January 1, 2021. We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability, current and operating lease liability, non-current in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognised at commencement date based on the present value of lease payments over the lease term. When determining the lease term, we include options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As our leases do not provide an implicit rate, we used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, we elected not to apply ASC 842 recognition requirements; and (ii) we elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2021 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

#### Bank borrowings
Borrowings are initially recognized at fair value, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

#### Revenue recognition — food and beverage
We recognize revenue from providing food and beverage to customers in accordance with ASC Topic 606, Revenue from Contracts with Customers, and subsequently issued additional related Accounting Standards Updates (collectively, "ASC 606").

We primarily generate revenue from operations of restaurants which provide food and beverage to customers. We recognize revenue when payment is tendered at the point of sale as the performance obligation has been satisfied. The single performance obligation is satisfied at a point in time when the service or product has been delivered to the customer, no obligation is outstanding regarding that service or product, and we are reasonably assured that funds have been or will be collected from the customer, i.e., customers settled the amount by cash or credit card. The transaction price is clearly identifiable on the food menu and revenue is recognized net of discounts and incentives collected from customers. We have no obligations for returns, refunds or similar obligations with customers. We require customers to pay noncancelable upfront deposits to confirm a reservation for organizing events, which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied.

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

#### OUR CORPORATE HISTORY AND STRUCTURE
We are an offshore holding company incorporated in the Cayman Islands with no material operations of our own. We conduct our operations through our Hong Kong Operating Subsidiaries.

This is an offering of Class A Ordinary Shares of GST Cayman, the holding company, instead of the shares of our Hong Kong Operating Subsidiaries.

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

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

![](tflowchart_001.jpg)

____________

(1) As of the date of this prospectus, aside from Ga Sai Tong Limited and Ga Sai Tong Capital Limited, each holding 35.30% of the Company's issued Class A Ordinary Shares and 50.00% of the Company's issued Class B Ordinary Shares, there are six (6) shareholders of record that have shareholding less than 5%

---

| | | |
|:---|:---|:---|
|  **Name** | **Background** | **Ownership** |
|  GST Cayman | Incorporated on January 15, 2025 under the laws of Cayman Islands as an exempted company. | See "Principal Shareholders" for details of our shareholding structures immediately prior to and after this Offering. |
|  Akai Honoo Capital | Incorporated on January 29, 2018 as a limited liability company under the laws of the Hong Kong. | 100% owned by GST Cayman. |
|  French Fries Creativeworks | Incorporated on January 29, 2018 as a limited liability company under the laws of the Hong Kong. | 100% owned by GST Cayman. |
|  Wonderful Concept | Incorporated on January 25, 2018 as a limited liability company under the laws of the Hong Kong. | 100% owned by GST Cayman. |

---

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

Akai Honoo Capital was incorporated on January 29, 2018 under the laws of Hong Kong. The sole shareholder of Akai Honoo Capital is GST Cayman, which holds 10,000 ordinary shares of Akai Honoo Capital.

French Fries Creativeworks was incorporated on January 29, 2018 under the laws of Hong Kong. The sole shareholder of French Fries Creativeworks is GST Cayman which holds 10,000 ordinary shares of French Fries Creativeworks.

Wonderful Concept was incorporated on January 25, 2018 under the laws of Hong Kong. The sole shareholder of Wonderful Concept is GST Cayman which holds 10,000 ordinary shares of Wonderful Concept.

On April 2, 2025, Ga Sai Tong Limited entered into sale and purchase agreements with Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited. Pursuant to the sales and purchase agreements, Ga Sai Tong Limited is to sell, and Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited are to acquire, 4.90%, 4.90% and 4.90% of the issued Class A Ordinary Shares equity interests in GST Cayman, at a consideration of HK$1,000,000, HK$1,000,000 and HK$1,000,000, respectively. On the same date, Ga Sai Tong Limited executed the instruments of transfer whereby Ga Sai Tong Limited transferred 661,500, 661,500 and 661,500 Class A Ordinary Shares, out of its 6,750,000 Class A Ordinary Shares, to Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited, respectively.

On April 2, 2025, Ga Sai Tong Capital Limited entered into sale and purchase agreements with East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively. Pursuant to the sales and purchase agreements, Ga Sai Tong Capital Limited is to sell, and East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited are to acquire, 4.90%, 4.90% and 4.90% of the issued Class A Ordinary Shares equity interests in Ga Sai Tong Enterprise Limited, at a consideration of HK$1,000,000, HK$1,000,000 and HK$1,000,000, respectively. On the same date, Ga Sai Tong Capital Limited executed the instruments of transfer whereby Ga Sai Tong Capital Limited transferred 661,500, 661,500 and 661,500 Class A Ordinary Shares, out of its 6,750,000 Class A Ordinary Shares, to East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively.

On August 28, 2025, (i) Ga Sai Tong Limited proposed to surrender 988,400 Class A Ordinary Shares and 4,500,000 Class B Ordinary Shares to the Company for cancellation; (ii) Ga Sai Tong Capital Limited proposed to surrender 988,400 Class A Ordinary Shares and 4,500,000 Class B Ordinary Shares to the Company for cancellation; and (iii) Bin Gan Limited, Flamethrower Holdings Limited, Pang Kee Limited, East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited proposed to surrender 137,200, 137,200, 137,200, 137,200, 137,200 and 137,200 Class A Ordinary Shares, respectively, to the Company for cancellation. The Company approved the surrender and cancellation of such shares on August 28, 2025. Subsequent to the transactions, Ga Sai Tong Enterprise Limited is owned as to (i) 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares by Ga Sai Tong Limited; (ii) 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares by Ga Sai Tong Capital Limited; and (iii) 524,300, 524,300, 524,300, 524,300, 524,300 and 524,300 Class A Ordinary Shares by Bin Gan Limited, Flamethrower Holdings Limited, Pang Kee Limited, East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively.

Our Controlling Shareholders, Ga Sai Tong Limited and Ga Sai Tong Capital Limited, currently both directly and indirectly owns 70.60% of our Class A Ordinary Shares and 100.00% of Class B Ordinary Shares, and, upon consummation of this Offering, our Controlling Shareholders will own 62.96% of our Class A Ordinary Shares and 100.00% of Class B Ordinary Shares, which represent 79.80% of the total voting power of our outstanding Shares. See "Risk Factors — Risks Related to Our Class A Ordinary Shares — Our Controlling Shareholders have significant voting power and may take actions that may not be in the best interests of our other shareholders."

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

#### INDUSTRY OVERVIEW
*The information presented in this section has been derived from an industry report commissioned by us and prepared by Cundi, an independent research firm, regarding our industry and our market position in Hong Kong. We refer to this report as the "Cundi Report". We believe that the sources of such information are appropriate, and we have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is false or misleading in any material respect or that any fact has been omitted that would render such information false or misleading in any material respect. However, neither we nor any other party involved in this Offering has independently verified such information. Forecasts and other forward*-looking *information obtained from these sources are subject to the same qualifications and uncertainties as the other forward*-looking *statements in this prospectus, and to risks due to a variety of factors, including those described under "Risk Factors." These and other factors could cause results to differ materially from those expressed in these forecasts and other forward*-looking *information.*

**1. Overview of the Macroeconomic Environment in Hong Kong**

Hong Kong's economy experienced moderate growth in 2024, primarily driven by external demand and a recovery in trade and tourism. The real Gross Domestic Product ("GDP") expanded by 2.5% for the year, following a 3.2% increase in 2023. This growth was supported by a 4.7% rise in goods exports and a 4.8% increase in services exports, reflecting the resilience of Hong Kong's international trade sector. Despite this positive trend, private consumption expenditure declined by 0.6%, largely due to changing consumer behavior and ongoing economic uncertainties. Inflation remained mild, with the underlying Composite Consumer Price Index ("CPI") inflation rate recorded at 1.1%, ensuring relative stability in operational costs.

Over the past five years, Hong Kong's GDP has maintained a compound annual growth rate ("CAGR") of approximately 2.23%. This trajectory indicates a gradual recovery from the disruptions caused by the pandemic, though the domestic market still faces challenges, particularly in household spending.

#### Hong Kong Gross Domestic Product at Current Market Prices (2015 to 2024)
*Source: Data derived from the Census and Statistics Department of the Government of the Hong Kong Special Administrative Region*

The city's economic outlook for 2025 remains cautiously optimistic, with expectations of steady growth supported by regional economic recovery and government initiatives to boost domestic demand.

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

**2. Overview of the Restaurant Industry in Hong Kong**

The restaurant industry in Hong Kong is a key contributor to the economy, in general, accommodation and food services accounting for approximately 2.1% contribution to GDP in 2023. The industry is diverse, encompassing a broad range of establishments, including Chinese and non-Chinese restaurants, fast food chains, bars, and specialty dining venues. Post-pandemic recovery efforts have been evident, although growth in 2024 has moderated due to inflationary pressures and shifting consumer preferences.

A noticeable trend in the industry is the increasing emphasis on experiential and value-driven dining. Consumers are showing a stronger preference for interactive dining experiences and premium ingredients rather than traditional luxury services. The rapid digitalization of the sector, including the expansion of online food delivery platforms, has also significantly influenced consumer behavior, leading to structural changes in the market. Despite operational challenges such as rising rental costs and a persistent labor shortage, the industry remains resilient, benefiting from Hong Kong's status as a regional tourism and financial hub.

**3. Market Size of the Restaurant Market in Hong Kong**

The total revenue of Hong Kong's restaurant industry in the fourth quarter of 2024 was estimated at HK$276 billion, reflecting a 0.4% year-on-year increase. Meanwhile, purchasing costs for the industry declined by 2.5%, suggesting a reduction in input costs. For the full year, the restaurant market size reached approximately HK$1,094 billion, marking a marginal increase compared to the previous year.

#### Hong Kong Restaurant Receipts and Purchases (2015 to 2024)
*Source: Data derived from the Census and Statistics Department of the Government of the Hong Kong Special Administrative Region*

Throughout 2024, market fluctuations were evident. The first quarter saw total industry revenue of HK$282 billion, up 2.3% year-on-year, while procurement costs declined slightly by 0.3%. In the second quarter, revenue dropped to HK$269 billion, a 2.1% year-on-year decrease, with procurement costs falling by 4.0%. The third quarter recorded further declines, with total revenue decreasing to HK$267 billion, down 1.3% year-on-year, and procurement costs down by 0.1%.

Looking ahead, the restaurant market is projected to grow over the next five years. This growth will be driven by the recovery in tourism, changes in consumer preferences, and the continued expansion of digital food services.

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

**4. Market Size of the Fine-Dining Market in Hong Kong**

The fine-dining segment in Hong Kong represents a significant portion of the restaurant industry, driven by both local affluent customers and the city's status as an international tourist hub. While exact figures for the fine-dining market are not always readily disclosed, we can infer trends from overall restaurant revenue and the performance of fine-dining establishments.

#### Gross Value:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The total revenue of Hong Kong's restaurant industry in the fourth quarter of 2024 was estimated at HK$276 billion, reflecting a 0.4% year-on-year increase. Though the fine-dining market contributes a smaller share of the total market, its value is substantial, with fine-dining restaurants in luxury hotels, international cuisine offerings, and Michelin-starred restaurants commanding a premium price point.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific categories, like premium Chinese restaurants, international fine-dining, and hotel-based dining, continue to see growth despite challenges posed by external factors like the pandemic or economic volatility. The Hong Kong government and private entities are also continuing to invest in boosting the tourism and hospitality sectors, with fine-dining being an essential part of the city's appeal to foreign tourists.

#### Future Growth:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fine-dining market is expected to see steady growth over the next few years, driven by the return of international tourism, the rising number of local wealthy individuals, and increasing consumer preferences for luxury experiences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market is expected to grow at a rate slightly higher than the overall restaurant industry in the coming years. For the fine-dining segment, growth over the next 3-5 years will be driven by increased disposable income, the expansion of food delivery for upscale restaurants, and a rising number of fine-dining establishments offering unique and bespoke experiences.

**5. Market Drivers and Future Trends of Hong Kong's Restaurant Industry**

Several drivers are shaping the future of Hong Kong's restaurant industry, particularly as the market adapts to changing consumer behaviors and external economic pressures. Key trends and drivers include:

#### Key Market Drivers:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Recovery of Tourism:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As Hong Kong recovers from the pandemic, the return of tourists — especially from Mainland China, Southeast Asia, and Western countries — will significantly contribute to the restaurant market, particularly in luxury and fine-dining segments. This influx of tourists, combined with their consumption patterns, will lead to an increase in demand for fine-dining, specialty cuisines, and unique local dining experiences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Urbanization and Increasing Disposable Income:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong continues to see growth in its middle and upper-income brackets. As disposable incomes rise, residents are increasingly willing to spend on fine-dining experiences. Additionally, the younger, more affluent population is more likely to spend on dining out and seek out diverse and unique culinary experiences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Technological Integration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The growth of food delivery platforms like UberEats, Deliveroo, and local players has brought convenience to consumers. Upscale restaurants are capitalizing on this trend by offering high-quality delivery services for fine-dining, which was traditionally limited to dine-in only.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Furthermore, technology adoption such as digital ordering, AI-driven recommendations, and restaurant reservations via apps is reshaping customer engagement, making dining experiences more convenient and personalized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Health and Sustainability Trends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As global and local awareness of health issues increases, consumers are turning to healthier and more sustainable food options. Restaurants are responding by incorporating organic, plant-based, and locally sourced ingredients into their menus. The rise of eco-conscious dining, with restaurants adopting green certifications and sustainable practices, is a trend that's expected to shape the market for the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Experiential Dining:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumers are now looking for more than just a meal — they are seeking experiences. From interactive dining experiences (e.g., cooking shows) to immersive themed restaurants, the future of Hong Kong's restaurant industry will focus on offering experiences that are memorable and highly shareable on social media. High-end restaurants are increasingly offering unique dining experiences such as private rooms with personalized menus, celebrity chef-hosted meals, or fine wines paired with custom dishes.

#### Future Trends:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Focus on Globalization and Fusion Cuisines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trend of blending global flavors and techniques will continue to dominate. Hong Kong's strategic position as an international city allows it to serve as a hub for new culinary trends, such as Korean-Japanese fusion or plant-based Asian fine-dining. These innovations are expected to attract both local and international consumers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Growth in Food Delivery for High-End Restaurants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While delivery was traditionally not associated with fine-dining, the industry has seen a shift as restaurants adapt to demand for at-home fine-dining. Upscale restaurants are investing in packaging, logistics, and digital platforms to offer home delivery without compromising on quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Automation and Robotics in Kitchens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fine-dining establishments are experimenting with robotics to improve efficiency and ensure consistency in food preparation. This trend is expected to grow, especially in food preparation for complex and high-volume kitchens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Increased Focus on Diversity and Inclusion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is also a growing trend toward greater diversity in restaurant menus, staffing, and the type of dining experiences offered, catering to various cultural and dietary needs.

**6. Entry Barriers of the Restaurant Market in Hong Kong**

While the restaurant industry in Hong Kong offers ample opportunities, it also presents various entry barriers that businesses must consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. High Capital Investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs associated with opening and maintaining a restaurant, particularly in prime locations, are considerable. Hong Kong is known for its high real estate prices, which can significantly increase the startup costs for restaurant businesses, especially those aiming for high-end service. A restaurant needs not only capital for the physical premises but also for permits, licenses, staff wages, and ongoing operational costs.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Regulatory Requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong has strict food safety and health regulations, including hygiene standards, food labeling, and environmental health laws that businesses must comply with. Non-compliance can result in heavy fines, reputation damage, and even closure. These regulatory hurdles are particularly challenging for new entrants without prior experience in navigating such systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Strong Competition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong's restaurant market is saturated, with thousands of establishments across various categories. From street food to Michelin-starred restaurants, competition is fierce, and differentiating oneself can be a significant challenge. New entrants must offer unique value propositions, exceptional service, and innovative dining experiences to stand out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Labor Shortages and Skills Gap:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The restaurant industry in Hong Kong, especially in fine-dining, faces challenges related to the recruitment and retention of skilled labor, including chefs and restaurant management staff. The relatively low wages in the sector compared to the high cost of living in Hong Kong make it difficult for restaurants to attract and retain quality workers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Supply Chain and Import Reliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Many high-end restaurants in Hong Kong rely on imported goods and specialized ingredients. Fluctuations in the supply chain or disruptions caused by global economic conditions (e.g., shipping delays, increased tariffs) can affect operational stability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Changing Consumer Behavior:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The shift in consumer preferences, influenced by economic cycles and changing lifestyles, can impact restaurant success. During periods of economic downturn, discretionary spending on dining out, particularly in the high-end sector, tends to decrease. Restaurants must remain agile to adapt to these shifts in consumer demand.

#### Conclusion
The Hong Kong restaurant industry in 2024 is characterized by moderate growth, evolving consumer preferences, and increasing digital transformation. While economic headwinds persist, the recovery in tourism, the expansion of fine-dining, and the emphasis on sustainability present strong growth opportunities. As businesses adapt to changing market dynamics, those that embrace innovation, efficiency, and experiential dining will remain competitive in one of Asia's premier food and beverage markets.

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

#### BUSINESS

#### Our Mission
Our corporate philosophy is to respect the fundamentals of the ingredients while delivering an aesthetically pleasing and delightful experience to our guests. We never forget the mindset of constant study and every dish is painstakingly selected to whet our guests' appetite. We aim to create an all-rounded dining concept with individuality and creativity.

#### Overview
We are an exempted company with limited liability incorporated under the laws of the Cayman Islands on January 15, 2025, as a holding company. We conduct our operation through our wholly-owned Hong Kong Operating Subsidiaries, namely. Akai Honoo Capital, French Fries Creativeworks and Wonderful Concept. We are an established restaurant group in Hong Kong serving a variety of cuisines such as Japanese yakitori, French-Japanese fusion and authentic Japanese sashimi/sushi cuisines. As of the date of this prospectus, we operate three restaurants, namely *Akai Honoo*, *Ankoma* and *Kuno*, located at commercial premises in Tsim Sha Tsui of Hong Kong.

Our portfolio of restaurants caters to guests from different backgrounds and with different preferences. Our offerings range from day-to-day catering to fine-dining experience. The following images set out our different brands and cuisine style of each restaurant in our portfolio:

---

| | |
|:---|:---|
|  ![](timage_001.jpg) | ![](timage_002.jpg) |
|  *Akai Honoo<br>Japanese yakitori* | *Ankoma<br>French*-Japanese *fusion* |
|  *Kuno<br>Japanese* | *Kuno<br>Japanese* |

---

We strive to offer our guests an unforgettable dining experience based on creativity, authenticity, elegance and innovation. Our restaurants are highly recognized in Hong Kong. *Ankoma* was featured in the Michelin Guide Hong Kong in 2025, applauded for its butter-aged lobster and roast three-yellow chicken. *Ankoma* was also listed in "The 50 best restaurants in Hong Kong" on Time Out (Hong Kong) in December 2024, praising its sensational French-Japanese cuisine. *Akai Honoo*, *Ankoma* and *Kuno* are highly-rated on Openrice, a widely-used food and restaurant guide website in Hong Kong, with an average rating of 4.5/5.0 as of June 30, 2025.

We, through our Hong Kong Operating Subsidiaries, have achieved progressive growth in our business. For the six months ended June 30, 2025 and each of the fiscal years ended December 31, 2024 and 2023, our total revenue was approximately US$1.4 million, US$2.3 million and US$2.0 million, respectively. For the six months ended June 30, 2025 and each of the fiscal years ended December 31, 2024 and 2023, our net income was approximately US$0.2 million, US$0.8 million and US$0.5 million, respectively.

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

According to the Cundi Report, the total revenue of Hong Kong's restaurant industry in the fourth quarter of 2024 was estimated at HK$276 billion, reflecting a 0.4% year-on-year increase. For the full year, the restaurant market size reached approximately HK$1,094 billion, marking a marginal increase compared to the previous year. The fine-dining segment in Hong Kong represents a significant portion of the restaurant industry, driven by both local affluent customers and the city's status as an international tourist hub. The market is expected to grow at a rate slightly higher than the overall restaurant industry in the coming years. Looking ahead, the restaurant market is projected to grow over the next five years. This growth will be driven by the recovery in tourism, urbanization and increasing disposable income, technological integration, health and sustainability trends and experiential dining.

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

#### Our portfolio of restaurants is highly recognized in Hong Kong
We strive to offer our guests an unforgettable dining experience based on creativity, authenticity, elegance and innovation. As of the date of this prospectus, we operate three restaurants, namely *Akai Honoo*, *Ankoma* and *Kuno*. Our restaurants are highly recognized in Hong Kong. *Ankoma* was featured in the Michelin Guide Hong Kong in 2025, applauded for its butter-aged lobster and roast three-yellow chicken. *Ankoma* was also listed in "The 50 best restaurants in Hong Kong" on Time Out (Hong Kong) in December 2024, praising its sensational French-Japanese cuisine. *Akai Honoo*, *Ankoma* and *Kuno* are highly-rated on Openrice, a widely-used food and restaurant guide website in Hong Kong, with an average rating of 4.5/5.0 as of June 30, 2025.

We are constantly looking for opportunity to develop our portfolio of restaurant. Our restaurants are strategically located at commercial premises in Tsim Sha Tsui of Hong Kong, reaching target clients with relatively high spending power. We believe that by carefully selecting the locations of our restaurants enable us to establish the image of a high-end restaurant brand and capture market share in a highly-competitive restaurant industry.

#### We are committed to quality ingredients and innovative menu
We believe our success is built on our ability to deliver innovative cuisines of consistent high quality. To ensure the dishes that we serve our guests are of top quality, our operation team source only from quality reputable ingredient suppliers. Our operation team constantly monitor the freshness of our ingredients and the food preparation process.

The head chefs of each restaurant review the menus from time to time and never stop to display their talents in innovation. We constantly change our dishes by offering seasonal and inventive dishes to ensure each visit of our guests is unique and delightful. We believe constantly changing the menu helps to maintain interests of our guests and encourage returning clients.

#### We have an experienced and professional management team
Our management team comprises professionals with extensive experience. Mr. Wai Kit, Ng, our Chief Executive Officer and Chair of the board of the Company, has over three years of experience in the restaurant industry and over eight years of experience in marketing, while Mr. Sui Chi Wong, our Chief Financial Officer, has over 30 years of experience in accounting, financing and auditing industry. Our management is supported by a team of experienced and dedicated chefs. For example, Mr. Frankie Wong, who heads *Ankoma,* has an extensive Michelin-starred fine-dining establishment experience. Leveraging on our staff's experience in the industry and in-depth knowledge possessed by our management team, we believe we are capable of constantly driving forward in pursuit of uniqueness and bring delightful and unforgettable memories to our guests.

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

#### Our Growth Strategies
Our principal growth strategies include further strengthening our market position and increasing our market share in the Hong Kong restaurant industry. We intend on achieving this growth by actively seeking new opportunities on expansion. To achieve these goals, we plan on implementing the following strategies:

#### Further expand our portfolio of restaurants
With *Ankoma*'s recognition in Michelin Guide Hong Kong in 2025, we plan to capitalize on this prestigious accolade and continue developing our portfolio of restaurants by opening additional restaurants. Our management observed that the middle and upper classes of Hong Kong are willing to spend extra for quality food and there is a high demand of mid-to-high-end restaurants in Hong Kong. We intend to explore the options to open high-end fine-dining restaurants in the heart of Hong Kong's central business district, offering authentic and appealing fusion concept dishes. We believe opening additional restaurants that offer innovative dinning concepts will broaden our client base and attract returning clients to our other restaurants as well. Our management also intends to aggressively open new restaurants in major cities/countries in East Asia such as Tokyo, Osaka, Singapore and Kuala Lumpur, where the target market demographic has a high disposable income, value or have a taste for authenticity, and is willing to dine out for a revolutionary dining experience. We strategically select regions with dense populations and high concentration of individuals who align to our values. Leveraging on our experience in operating Michelin-recognized restaurant in Hong Kong, we believe we are well positioned to expand overseas and attract a wider clientele. We believe opening new restaurants overseas enable us to establish our brands in culinary excellence. As of the date of this prospectus, we have not entered into any binding agreement for any expansion nor identified any definite site for opening restaurants.

#### Recruit and cultivate future talents
We strive to offer our an guests unforgettable dining experience based on creativity, authenticity, elegance and innovation. We believe it is essential to actively recruit and educate future artisans from an early stage. As a high-end restaurant brand, our restaurants heavily rely on the skillset and perspective of our head chefs to deliver the highest quality and inspiring dishes to our guests. We believe recruiting promising or experienced talents can cultivate our next generation of artisans who embody our high standards and commitment to innovation. With *Ankoma*'s recognition as a Michelin Guide-listed restaurant, we believe we are well-positioned to recruit talent with precious experience in Michelin Guide-listed or award-winning restaurants. We also plan to devote more time and efforts in cultivating our existing and newly recruited chefs to foster their growth and development. We intend to subsidize our elevated artisans to Michelin-starred establishments in Hong Kong, Japan or France to be inspired and learn their culinary technique.

#### Upgrade the facilities of our existing restaurants
We strongly believe in providing a wholesome experience for our guests and value setting an exquisite tone and vibe in our restaurants. Our management believes that maintaining and upgrading our existing restaurants are vital to providing a refreshing experience to our guests. We plan to upgrade our equipment and utensils and refurbish our existing restaurants with modern interior designs and tableware appropriate to the dishes offered. We believe utilizing exquisite and sophisticated plates and tableware allows our diners to enjoy the rich harmony of excellent dishes and an aesthetically pleasing atmosphere.

#### Challenges, Competition and Obstacles
According to the Cundi Report, we face the following challenges, competition and obstacles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High Capital Investment: The costs associated with opening and maintaining a restaurant, particularly in prime locations, are considerable. Hong Kong is known for its high real estate prices, which can significantly increase the startup costs for restaurant businesses, especially those aiming for high-end service. A restaurant needs not only capital for the physical premises but also for permits, licenses, staff wages, and ongoing operational costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory Requirements: Hong Kong has strict food safety and health regulations, including hygiene standards, food labeling, and environmental health laws that businesses must comply with. Non-compliance can result in heavy fines, reputation damage, and even closure. These regulatory hurdles are particularly challenging for new entrants without prior experience in navigating such systems.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong Competition: Hong Kong's restaurant market is saturated, with thousands of establishments across various categories. From street food to Michelin-starred restaurants, competition is fierce, and differentiating oneself can be a significant challenge. New entrants must offer unique value propositions, exceptional service, and innovative dining experiences to stand out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Labor Shortages and Skills Gap: The restaurant industry in Hong Kong, especially in fine-dining, faces challenges related to the recruitment and retention of skilled labor, including chefs and restaurant management staff. The relatively low wages in the sector compared to the high cost of living in Hong Kong make it difficult for restaurants to attract and retain quality workers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supply Chain and Import Reliance: Many high-end restaurants in Hong Kong rely on imported goods and specialized ingredients. Fluctuations in the supply chain or disruptions caused by global economic conditions (e.g., shipping delays, increased tariffs) can affect operational stability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changing Consumer Behavior: The shift in consumer preferences, influenced by economic cycles and changing lifestyles, can impact restaurant success. During periods of economic downturn, discretionary spending on dining out, particularly in the high-end sector, tends to decrease. Restaurants must remain agile to adapt to these shifts in consumer demand.

#### Our Business Model
We are an established restaurant group in Hong Kong serving a variety of cuisines such as Japanese yakitori, French-Japanese fusion and authentic Japanese sashimi/sushi cuisines. We conduct our operation through our wholly-owned Hong Kong Operating Subsidiaries, Akai Honoo Capital, French Fries Creativeworks and Wonderful Concept. As of the date of this prospectus, we operate 3 restaurants, namely *Akai Honoo*, *Ankoma* and *Kuno*, located at commercial premises in Tsim Sha Tsui of Hong Kong.

Our portfolio of restaurants caters for guests of different background and preferences. Our offerings ranged from day-to-day catering to fine-dining experience. The following sets out a brief introduction of each of our restaurants:

---

| | | |
|:---|:---|:---|
|  ![](timage_004.jpg) | ![](timage_005.jpg) | ![](timage_006.jpg) |
|  *Akai Honoo* | *Akai Honoo* | *Akai Honoo* |
| &nbsp;&nbsp;&nbsp;&nbsp; *"Three years of skewering, a lifetime of grilling."* It is said in Japanese that persistence pays off. That spirit is taken to heart. *Akai Honoo* values the quality of ingredients and each of them is carefully selected. *Akai Honoo* offers yakitori and crafts new possibilities with herb-fed chicken from Japan to bring an unforgettable experience to its guests. | &nbsp;&nbsp;&nbsp;&nbsp; *"Three years of skewering, a lifetime of grilling."* It is said in Japanese that persistence pays off. That spirit is taken to heart. *Akai Honoo* values the quality of ingredients and each of them is carefully selected. *Akai Honoo* offers yakitori and crafts new possibilities with herb-fed chicken from Japan to bring an unforgettable experience to its guests. | &nbsp;&nbsp;&nbsp;&nbsp; *"Three years of skewering, a lifetime of grilling."* It is said in Japanese that persistence pays off. That spirit is taken to heart. *Akai Honoo* values the quality of ingredients and each of them is carefully selected. *Akai Honoo* offers yakitori and crafts new possibilities with herb-fed chicken from Japan to bring an unforgettable experience to its guests. |
|  *Ankoma* | *Ankoma* | *Ankoma* |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; *Ankoma* is headed by Mr. Frankie Wong, a visionary chef with Michelin-starred fine-dining establishment experiences. Frankie displays his talents with creations that never stops to amuse his guests. *Ankoma* offers a fusion of French and Japanese cuisine in an intimate dining setting with a cozy al fresco terrace. |
|  *Kuno* |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuno puts into practice the saying that "*the quality of the ingredients determines the quality of the dish*". Kuno offers dishes that are beautiful to behold, while respecting the fundamentals of Japanese cooking. Kuno delights its guests with in season sashimi and Japanese seafood cuisines that expresses "umami" with flavors of true simplicity, offering the true character and freshness of ingredients themselves. |

---

We, through our Hong Kong Operating Subsidiaries, have achieved progressive growth in our business. For each of the six months ended June 30, 2025 and 2024, our total revenue was approximately US$1.4 million and US$0.9 million, respectively. For each of the six months ended June 30, 2025 and 2024, our net income was approximately US$0.2 million and US$0.2 million, respectively.

For the six months ended June 30, 2025 and each of the fiscal years ended December 31, 2024 and 2023, our total revenue was approximately US$1.4 million, US$2.3 million and US$2.0 million, respectively. For the six months ended June 30, 2025 and each of the fiscal years ended December 31, 2024 and 2023, our net income was approximately US$0.2 million, US$0.8 million and US$0.5 million, respectively.

Our restaurants are independently operated and provide full-service to our guests. Guests are served from the time they enter the restaurant, include being led to their table, order taking, food delivery and payment. Our clients mainly settle their bill by cash or credit cards.

#### Restaurant Maintenance
To ensure the dishes that we served on our guests are of top quality, our operation team sources only from quality reputable ingredient suppliers. We carefully select suppliers based on (i) market reputation and credibility; (ii) food quality; (iii) price; (iv) time of delivery and (v) supplier's compliance with health and safety standards. Our operation team constantly monitors the freshness of our ingredients.

Depending on the needs of individual restaurants, the head chefs of each restaurant monitors our inventory and place orders for our food ingredients and beverage. The food ingredients and beverage ordered are delivered directly to our restaurants. Our head chefs and staff will inspect the quality and quantity of the food ingredients on delivery. Food ingredients are stored at appropriate temperatures and conditions in refrigerating facilities.

The head chefs of each restaurant monitors all the food processing procedures such as washing, cutting, seasoning, cooking, serving and washing to ensure food safety and are responsible for ensuring that the quality of each dish served to our guests is of the highest quality. At the end of each day, all our restaurants are thoroughly cleaned every night to maintain proper hygiene.

#### Expansion and Dish Development
Our management constantly seeks opportunities to expand our portfolio of restaurants. When deciding on opening new restaurants, our management considers (i) location; (ii) expected manpower and chef availability; (iii) restaurant concept cuisine; and (iv) expected performance and customer-traffic. We are determined to continue expanding to develop innovative dining concepts.

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

We believe that the development of new dishes is important for our restaurants and we anticipate that new dishes will attract client interest. Led by our head chefs, our staff regularly gathers feedback from our guests, analyzes market data and accumulates ideas for developing innovative cuisines. Our head chefs then finalizes new concepts and make prototypes in pursuit of the optimal taste. Our management will review the new dishes and seasonal items with our marketing team and offer it to our customers.

#### Marketing
We deploy various marketing and advertising campaigns to increase market awareness of our restaurants and allocate most of our marketing budget to online marketing. Our marketing objectives include raising the profile of our restaurants, promoting our new dishes or seasonal items, creating demand, promoting sales and building a brand image. Our sales and marketing staffs create promotional materials and conduct research on target audience demands to deliver effective messages to our target audiences. We promote our restaurants through social media and advertising. Each of our restaurants has a separate Instagram account to promote its latest dishes with food photos to market our restaurants. Our restaurants are also mentioned on major restaurant guide websites such as Openrice.

#### Pricing Strategy
As each of our restaurants serves a different range of dishes with individual menus, we do not have a standardized pricing of dishes across our restaurant portfolios. In determining pricing of the menu items, we mainly consider (i) cost of food ingredients or beverages; (ii) prices of similar dishes by our competitors; (iii) cost of processing the food ingredients or beverages; and (iv) target profit margin. The head chef of each restaurant is responsible for managing the costs of each restaurant.

#### Our Clients
Due to the nature of our restaurant business, the majority of the clients of our restaurants are retail clients from the general public. For the six months ended June 30, 2025 and the fiscal years ended December 31, 2024 and 2023, none of our clients accounted for more than 10% of our annual revenue. We have not enter into any long-term contracts with our clients.

#### Our Suppliers
Our suppliers mainly consist of food ingredients and beverage suppliers. Most of our suppliers are local suppliers, importers and distributors selected by us. We generally place purchase order with our suppliers on an as-needed basis, and do not enter into any long-term contracts with our suppliers. The purchase order generally contain description of the goods to be delivered, the rate per unit and the total amount payable by us. Some suppliers may grant us a credit period of 14-30 days after the invoice date. We generally settle the amount by cash or bank transfer.

In the six months ended June 30, 2025 and the fiscal year ended December 31, 2024, none of our suppliers accounted for over 10% of the cost of revenues. In the fiscal year ended December 31, 2023, one of our suppliers accounted for over 10% of the cost of revenues, being approximately 18%.

#### Seasonality
We have not observed any significant seasonal trends. Our directors believe that there is no apparent seasonality factor affecting our Company operations.

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

#### Licenses
As of the date of this prospectus, our Operating Subsidiaries maintain the following licenses:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **No.** | **Name of<br>Restaurant** | **License <br>Holding Company** | **License** | **Valid till** |
| 1 | *Akai Honoo* | Akai Honoo Capital | General Restaurant License | December 22, 2025 |
|  |  |  | Liquor License | April 10, 2026<sup>(1)</sup> |
| 2 | *Ankoma* | French Fries Creativeworks | General Restaurant License | March 20, 2026<sup>(2)</sup> |
|  |  |  | Liquor License | May 24, 2026 |
| 3 | *Kuno* | Wonderful Concept | General Restaurant License | November 2, 2025<sup>(3)</sup> |
|  |  |  | Liquor License | November 1, 2025 |

---

____________

Notes:

(1) Additional licensing conditions were imposed under the liquor license for *Akai Honoo*, that no patrons shall stay at the balcony between 11p.m. and 9a.m. the following day and all doors and windows of the premises shall be kept closed between 11p.m. and 9a.m. the following day.

(2) Under the general restaurant license of *Ankoma*, *Ankoma* is also authorized to sell sashimi and sushi.

(3) Under the general restaurant license of *Kuno*, *Kuno* is also authorized to sell sashimi and sushi.

#### Properties
As of the date of this prospectus, we entered into the following lease agreements:

---

| | | | |
|:---|:---|:---|:---|
|  **Location** | **Term of Lease** | **Rent** | **Usage** |
|  Fifth Floor of Kam Lung Commercial Centre, No. 2 Hart Avenue, Kowloon, Hong Kong | November 1, 2023 – October 31, 2025 (further extended to October 31, 2027) | HK$34,800 per month (HK$30,000 per month subsequent to October 31, 2025) | Restaurant |
|  Second Floor of Kam Lung Commercial Centre, No. 2 Hart Avenue, Kowloon, Hong Kong | September 16, 2022 – September 15, 2025 (further extended to December 15, 2025) | HK$44,100 per month (HK$41,500 per month subsequent to September 15, 2025) | Restaurant |
|  Fifth Floor together with the Flat Roof Apputenant thereto, Po Cheong Commercial Building, No. 29 Prat Avenue, Kowloon, Hong Kong | May 1, 2025 to August 15, 2027 | HK$26,300<br>per month | Restaurant |

---

#### Employees
As of June 30, 2025 and December 31, 2024 and 2023, we employed a total of 14, 14 and 11 employees, located in Hong Kong. The following table sets forth a breakdown of our employees by function:

---

| | | | |
|:---|:---|:---|:---|
|  **Functional Area** | **As of <br>June 30,<br>2025** | **As of <br>December 31,<br>2024** | **As of <br>December 31,<br>2023** |
|  Management | 1 | 1 | 1 |
|  Executive/Head Chefs | 3 | 3 | 3 |
|  Other Chefs | 2 | 2 | 1 |
|  Kitchen Staff | 5 | 5 | 3 |
|  Restaurant Staff | 3 | 3 | 3 |
|  Total | 14 | 14 | 11 |

---

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

We consider that we have maintained a good relationship with our employees and have not experienced any significant disputes with our employees or any disruption to our operations due to any labor disputes. In addition, we have not experienced any difficulties in the recruitment and retention of experienced core staff or skilled personnel. Our remuneration package includes salary and discretionary bonuses. In general, we determine employees' salaries based on their qualifications, position and seniority. In order to attract and retain valuable employees, we review the performance of our employees annually which will be taken into account in annual salary review and promotion appraisal. We provide a defined contribution to the Mandatory Provident Fund as required under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for our eligible employees in Hong Kong.

#### Intellectual Property
As of the date of this prospectus, we have not registered any patent or trademark. We have registered our domain name and website.

#### Insurance
We maintain (i) fire, liability or other property insurance in relation to our Operating Subsidiaries' operations; and (ii) employees' compensation insurance for personal injury with AIG Insurance Hong Kong Limited. We believe that our current insurance policies are sufficient for our operations.

#### Legal Proceedings
We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business. During the six months ended June 30, 2025 and the fiscal years ended December 31, 2024 and 2023 and as of the date hereof, neither we nor any of our subsidiaries have been involved in any litigation, claim, administrative action or arbitration which had a material adverse effect on the operations or financial condition of the Company.

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

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

#### Overview
Our Group's business operations are conducted through our three restaurants in Hong Kong and are primarily subject to Hong Kong laws and regulations.

This section summarizes the most significant rules and regulations that affect our business activities.

There are three principal types of licenses required for the operation of our Group's restaurants in Hong Kong:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) general restaurant license to be obtained before commencement of the relevant restaurant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) liquor license, to be obtained before commencement of sale of liquor in the restaurant premises.

#### Licenses, approvals and permits necessary for our business operations

#### Business registration license
The Business Registration Ordinance (Cap. 310 of the Laws of Hong Kong) requires every entity which carries on a business in Hong Kong to apply for business registration and to display the valid business registration certificate at the place of business. Any person who fails to apply for business registration or display a valid business registration certificate at the place of business shall be guilty of an offence and shall be liable to a fine of HK$5,000 and imprisonment for one year.

#### General restaurant license
Any person operating a restaurant in Hong Kong is required to obtain a general restaurant license from the Food and Environmental Hygiene Department ("FEHD") under the Public Health and Municipal Services Ordinance (Cap. 132 of the Laws of Hong Kong) ("PHMSO") and the Food Business Regulation (Cap. 132X of the Laws of Hong Kong) ("FBR") before commencing the restaurant business operation. It is provided under section 31(1) of the FBR that no person shall carry on or cause, permit or suffer to be carried on any restaurant business except with a general restaurant license. The FEHD will consider whether certain requirements in respect of health, ventilation, gas safety, and building safety (including free of unauthorized building works) imposed by the FEHD, Electrical and Mechanical Services Department and Buildings Department are met before issuing a restaurant license. In deciding whether to grant a general restaurant license, the FEHD will also consult the Buildings Department, the Fire Services Department and the Planning Department in assessing the suitability of premises for use as a restaurant, where the fulfillment of the Buildings Department's structural standard and the fulfillment of the Fire Services Department's fire safety and mechanical ventilating requirements are considered. The FEHD may grant a provisional general restaurant license if the premises have fulfilled the essential requirements in accordance with the FBR pending fulfillment of all outstanding requirements for the issue of a full general restaurant license.

A provisional general restaurant license is valid for a period of six months or a lesser period, and a full general restaurant license is generally valid for a period of one year, both subject to payment of the prescribed license fees and continuous compliance with the requirements under the relevant legislation and regulations. A provisional general restaurant license is renewable in exceptional circumstances for only a further period not exceeding six months and a full general restaurant license is renewable annually.

#### Restricted food permit
Under sections 30(1), 31A and schedule 2 of the FBR, and according to guidelines of the FEHD, no person shall sell, or offer or expose for sale, or possess for sale or for use in the preparation of any article of food for sale, any of the foods specified in schedule 2 of the FBR (including sashimi and non-bottled drinks) except with permission of the Director of the FEHD. One of our restaurant, Thai Pot, has obtained permission of the Director of the FEHD to sell sashimi and sushi.

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

Under section 35 of the FBR, any person who is guilty of an offence under section 30(1) of the FBR may be subject to fine up to HK$50,000, imprisonment up to six months, and HK$900 for each day during which that the offence has continued where the offence is a continuing offence.

#### Demerit points system
The demerit points system is a penalty system operated by the FEHD to sanction food businesses for repeated violations of relevant hygiene and food safety legislation. Under the system:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if, within a period of 12 months, a total of 15 demerit points or more have been registered against a licensee in respect of any licensed premises, the license in respect of such licensed premises will be subject to suspension for seven days ("First Suspension");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if, within a period of 12 months from the date of the last offence leading to the First Suspension, a total of 15 demerit points or more have been registered against the licensee in respect of the same licensed premises, the license will be subject to suspension for 14 days ("Second Suspension");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thereafter, if, within a period of 12 months from the date of the last offence leading to the Second Suspension, a total of 15 demerit points or more have been registered against the licensee in respect of the same licensed premises, the license will be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for multiple offences found during any single inspection, the total number of demerit points registered against the license will be the sum of the demerit points for each of the offences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the prescribed demerit points for a particular offence will be doubled and trebled if the same offence is committed for the second and the third time within a period of 12 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any alleged offence pending, that is the subject of a hearing and not yet taken into account when a license is suspended, will be carried over for consideration of a subsequent suspension if the licensee is subsequently found to have violated the relevant hygiene and food safety legislation upon the conclusion of the hearing at a later date.

#### Business Licensing Regime — Professional Certification System
Under the FBR, any person who intends to carry on a food business is required to obtain a full food business license issued by the FEHD. When applying for a full license, an applicant may choose to apply for a provisional license at the same time, which enables the applicant to have ample time to complete the remaining works during the six-month license period for compliance with all licensing requirements for a full license.

From 1 March 2023, the FEHD introduces a new Professional Certification System ("New PCS") and adopts an approach of "license first, inspection later" for the issue of full licenses. Under the New PCS, the FEHD accepts a Certificate of Compliance (Health Requirements) for full food business license, final layout plans and final ventilation plans (if applicable) provided by an authorized person registered under section 3(1) of the Buildings Ordinance (Cap. 123 of the Laws of Hong Kong) ("BO") or a registered structural engineer under section 3(3) of the BO (AP/RSE) as the certification for compliance with all health requirements for the issue of a full license. After issuance of the full license, the FEHD staff will conduct on-site audit checks to confirm premises' compliance with all health requirements. If any information in the relevant documents certified correct by an AP/RSE is found to be incorrect, false or misleading, or if the declaration made is found to be false after on-site audit checks, the FEHD will carry out follow-up action, such as consideration of instigating prosecution, cancellation of the license issued or referring the case to other departments concerned for follow-up.

The New PCS is currently applicable to full application of general restaurant, light refreshment restaurant and food factory. Applicants under the New PCS must comply with all licensing requirements imposed by other relevant government departments, and can choose between the current system (i.e. to issue full license upon the completion of final on-site check by FEHD officer) or the New PCS for the application of full licenses. Subject to smooth implementation of the PCS and support from the trade, the FEHD will consider extending the new measure to other food business licenses.

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

#### Hygiene manager and hygiene supervisor scheme
To strengthen food safety supervision in licensed food premises, the FEHD has introduced the Hygiene Manager ("HM") and Hygiene Supervisor ("HS") Scheme ("HMHS Scheme"). Under the HMHS Scheme, all food establishments producing high-risk food are required to appoint an HM and an HS; and all other food establishments are required to appoint an HM or an HS. General restaurants which accommodate over 100 customers are required to appoint an HM and an HS.

Food business operators are required to train up their staff or appoint qualified persons to take up the posts of HM or HS. According to "A Guide to Application for Restaurant Licenses (September 2024 Edition)" issued by the FEHD, one of the criteria for the issuance of a provisional general restaurant license is the submission of a duly completed nomination form for HM and/or HS, together with a copy of their relevant course certificate(s).

#### Liquor regulations

#### Liquor license
In Hong Kong, a person must obtain a liquor license from the Liquor Licensing Board under the Dutiable Commodities (Liquor) Regulations (Cap. 109B of the Laws of Hong Kong) ("DCLR") before commencement of sale of liquor for consumption in the premises. It is provided under section 17(3B) of the Dutiable Commodities Ordinance (Cap. 109 of the Laws of Hong Kong) ("DCO") that where regulations prohibit the sale or supply of any liquor except with a liquor license, no person shall sell, or advertise or expose for sale, or supply, or possess for sale or supply, liquor except with a liquor license.

Regulation 25A of the DCLR prohibits the sale of liquor at any premises for consumption on those premises or at a place of public entertainment or a public occasion for consumption at the place or occasion except with a liquor license. The Liquor Licensing Board will consider the fitness of the applicant to hold the license, the suitability of the premises to which the application relates in selling or supplying intoxicating liquor and the public interest before granting the liquor license. A liquor license will only be issued when the relevant premises have also been issued with a full or provisional general restaurant license, except exempted by the Liquor Licensing Board. A liquor license will only be valid if the relevant premises remain licensed as a restaurant. All applications for liquor license are referred to the Commissioner of Police and the District Officer concerned for comments. A liquor license is only granted if the applicant can devote sufficient time and attention to the proper management of the liquor-licensed premises.

Under regulation 15 of the DCLR, any renewal, transfer or amendment of a liquor license must be made in the form as determined by the Liquor Licensing Board. For a transfer application, consent of the holder of the liquor license is required. Under regulation 24 of the DCLR, in case of illness or temporary absence of the holder of liquor license, the secretary to the Liquor Licensing Board may in his/her discretion authorize any person to manage the licensed premises. The application under such regulation is required to be made by the holder of liquor license. For any application for cancellation of the liquor license made by the holder of liquor license, an application for new issue of a liquor license shall be made to the Liquor Licensing Board.

Under section 54 of the DCO, in case of death or insolvency of the holder of liquor license, his/her executor or administrator or trustee may carry on the business in the licensed premises until expiration of the license.

A liquor license is valid for a period of two years or a lesser period, subject to continuous compliance with the requirements under the relevant legislation and regulations. Any person who contravenes section 17(3B) of the DCO commits an offence and is liable on conviction to a fine of HK$1 million and to imprisonment for two years.

**The Factories and Industrial Undertakings (Fire Precautions in Notifiable Workplaces) Regulations (Cap. 59V of the Laws of Hong Kong) ("FIU(FPNW)R")**

The FIU(FPNW)R are designed to ensure that the proprietor of every workplace shall maintain a means of escape from the workplace in good condition and free from obstruction. Under regulation 5(1) of the FIU(FPNW)R, the proprietor of every notifiable workplace shall maintain in good condition and free from obstruction every doorway, stairway and passageway within the workplace which affords a means of escape from the workplace in case of fire. Regulation 14(5) of the FIU(FPNW)R stipulates that the proprietor of any notifiable workplace who contravenes regulation 5(1) without reasonable excuse commits an offence and is liable to a fine of HK$400,000 and imprisonment for six months.

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

#### Fire Safety (Commercial Premises) Ordinance (Cap. 502 of the Laws of Hong Kong) ("FS(CP)O")
The FS(CP)O serves to better protect occupants, users, and visitors of certain kinds of commercial premises and buildings from the risk of fire. Under Schedule 4 of the FS(CP)O, a building is a specified commercial building if the building was constructed to be used for the purposes of office or business (but excluding buildings constructed to be used for the purposes of a factory), and was either constructed or the plans of the building works of which were first submitted to the Building Authority on or before 1 March 1987.

An owner or occupier of specified commercial building may be required to comply with all or any of the following fire safety measures, including (a) provision of or improvement on fire service installations and equipment, such as automatic sprinkler system, automatic cut-off devices for mechanical ventilating systems, emergency lighting, fire hydrant and hose reel system, manual fire alarms and portable fire extinguishers, and (b) construction requirements, such as provision of adequate means of access from the premises in the event of fire and to the premises to facilitate access for firefighting and rescue, and provision of measures to inhibit the spread of fire and to ensure integrity of building structure.

An owner or occupier of the premises should appoint a Registered Fire Service Installation Contractor to carry out works on the provision of or the improvement on fire service installations and equipment.

An owner or occupier of the specified commercial building may be directed to comply with the fire safety measures by means of Fire Safety Direction or Fire Safety Improvement Direction from the relevant enforcement authority. Failure to comply with such directions will allow the Director of Fire Services to apply for Fire Safety Compliance Order or Fire Safety Improvement Compliance Order, or Prohibition Order to prohibit occupation of the relevant building or part thereof.

#### Fire Safety (Buildings) Ordinance (Cap. 572 of the Laws of Hong Kong) ("FSBO")
The FSBO aims to provide better protection from the risk of fire for occupants, users, and visitors of certain kinds of composite buildings, which is a building constructed or intended to be used partly for domestic purposes and partly for non-domestic purposes.

Similar to the regulations under the FSBO, an owner or occupier should appoint a Registered Fire Service Installation Contractor to carry out the works on the provision of or the improvement on fire service installations and equipment.

The Director of Fire Services will issue Fire Safety Directions specifying the requirements of fire safety measures to the occupiers to comply with requirements to provide or improve emergency lighting and an automatic cut-off device for the mechanical ventilating system in non-common areas. Failure to comply with such directions will allow the Director of Fire Services to apply for Fire Safety Compliance Order or Prohibition Order to prohibit occupation of the relevant building or part thereof.

#### Environmental Regulations

#### Waste Disposal Ordinance (Cap. 354 of the Laws of Hong Kong) ("WDO")
The WDO provides legislative control on pollution caused by all forms of wastes. The subsidiary legislation of the WDO, namely the Waste Disposal (Chemical Waste) (General) Regulation (Cap. 354C of the Laws of Hong Kong) ("WD(CW)(G)R") supplement the legislation framework. It provides for the control of all aspects of chemical waste disposal, including storage, collection, transport, treatment and final disposal.

According to Section 6 of the WD(CW)(G)R, any person who produces or causes to be produced chemical waste must be registered with the Environmental Protection Department. Anyone who contravenes section 6 commits an offence and is liable to a fine of HK$200,000 and to imprisonment for 6 months.

#### Air Pollution Control Ordinance (Cap. 311 of the Laws of Hong Kong) ("APCO")
The APCO is the main legislation controlling air pollutants from industrial and commercial activities and other polluting sources. The Environmental Protection Department is responsible for enforcing provisions in the APCO and its subsidiary legislations.

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

The Air Pollution Control (Smoke) Regulations (Cap. 311C of the Laws of Hong Kong) ("APC(S)R") stipulates that dark smoke emission from any chimney or relevant plant must not exceed (i) 6 minutes in any period of 4 hours, or (ii) 3 minutes continuously at any one time. The darkness of smoke is determined by comparing the shade of smoke to the shades on a Ringlemann Chart. It is an offence for the management of a restaurant to allow its chimney, flue or related facilities to emit dark smoke exceeding the stipulated standard. Restaurants should follow guidelines from the Environmental Protection Department on the control of cooking fumes and odors from restaurants and food business.

Any person or company who commits an offence under the APO shall be liable to prosecution. The maximum fines for convictions under the APO range from HK$100,000 to HK$500,000 and 6 to 12 months' imprisonment.

#### Health and Safety Regulatory Compliance

#### The Public Health and Municipal Services Ordinance (Cap. 132 of the Laws of Hong Kong) ("PHMSO")
The legal framework for food safety control in Hong Kong is set out in Part V of the PHMSO and the relevant sub-legislation thereunder. The PHMSO requires manufacturers and sellers of food to ensure that their products are fit for human consumption and comply with requirements in respect of food safety, food standards and labelling.

Section 50 of the PHMSO prohibits the preparation, advertising and sale of food or drugs that are injurious to health in Hong Kong. Anyone who fails to comply with the said section shall be guilty of an offence which carries a maximum penalty of HK$10,000 and three months' imprisonment. Section 52 of the PHMSO provides that, subject to the defences in section 53 of the PHMSO, if a seller sells to the prejudice of a purchaser any food or drug which is not of the nature, substance or quality of the food or drug demanded by the purchaser, the seller shall be guilty of an offence which carries a fine up to HK$10,000 and imprisonment up to three months.

According to section 54 of the PHMSO, any person who sells or offers for sale any food intended for, but unfit for, human consumption, or any drug intended for use by human but unfit for that purpose, shall be guilty of an offence which carries a fine up to HK$50,000 and imprisonment up to six months.

Section 61 of the PHMSO provides that it shall be an offence for any person who gives with any food or drug sold by him, or displays with any food or drug exposed for sale by him, any label which falsely describes the food or drug, or is calculated to mislead as to its nature, substance or quality. Further, any person who publishes or is a party to the publication of an advertisement falsely describing any food or drug or is likely to mislead as to the nature, substance or quality of any food or drug shall be guilty of an offence which carries a fine up to HK$50,000 and imprisonment up to six months.

The FEHD is one of the designated authorities responsible for the enforcement of the PHMSO and the relevant sub-legislation thereunder. It may take samples of all kinds of food products at their points of entry to Hong Kong, and may prohibit or restrict importation of food products. The FEHD also has the power to examine any food which is intended for human consumption, and it may seize and remove such food or its packaging if it appears that such food is unfit for human consumption.

#### Food Hygiene Code
The Food Hygiene Code ("**Code**") published by the FEHD provides a set of model requirements to help food businesses achieve a higher degree of compliance with food regulations in compliance with the PHMSO and its subsidiary legislation. The Code applies to all food premises licensable under the FBR including, but not limited to, restaurants and food factories. The Code is not a substitute for the food regulations and the licensing requirements and conditions, but rather to be used in association with the food regulations and the applicable licensing requirements and conditions for easier compliance and more consistent enforcement.

The Code covers various aspects of good practices of food hygiene and food safety, including general design and construction of food premises; cleaning, sanitizing and maintenance of food premises, equipment and utensils; safe food handling; and personal health, hygiene and training of food handlers.

Failure to observe any provisions of the Code by a food business will not itself render it liable to any criminal proceedings, but may be relied upon by any party to the proceedings as tending to establish or to negative any liability which is in question to those proceedings, in any proceedings whether civil or criminal including proceedings for an offence under the PHMSO.

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

#### Consumer Goods Safety Ordinance (Cap. 456 of the Laws of Hong Kong) ("CGSO")
The CGSO imposes a duty on manufacturers of certain consumer goods to ensure that the consumer goods they supply are safe and for incidental purposes.

Section 4(1) of the CGSO requires consumer goods to be reasonably safe having regard to all of the circumstances including (a) the manner in which, and the purpose for which the products are presented, promoted or marketed; (b) the use of any mark in relation to the consumer goods, instructions or warnings given for the keeping, use or consumption of the consumer goods; (c) reasonable safety standards published by a standards institute or similar bodies for consumer goods of the description which applies to the consumer goods or for matters relating to consumer goods of that description; and (d) the existence of any reasonable means to make the consumer goods safer.

According to section 2(1) of the Consumer Goods Safety Regulation (Cap. 456A of the Laws of Hong Kong) ("CGSR"), where consumer goods on their packages are marked with, or where any labels affixed to or any documents enclosed in their packages contain, any warning or caution regarding the safe keeping, use, consumption or disposal, such warning or caution shall be in both the English and the Chinese languages. Such warnings and cautions, as required by section 2(2) of the CGSR, shall be legible and be placed in a conspicuous position on (a) the consumer goods; (b) any package of the consumer goods; (c) a label securely affixed to the package; or (d) a document enclosed in the package.

#### Food and Drugs (Composition and Labelling) Regulations (Cap. 132W of the Laws of Hong Kong) ("FD(CL)R")
The FD(CL)R, which are under the PHMSO, contains provisions governing the advertising and labeling of food.

Regulation 3 of the FD(CL)R provides that the composition of foods specified in Schedule 1 shall be up to the specified standards. Pursuant to Regulation 5 of the FD(CL)R, any person who advertises for sale, sells or manufactures for sale any food which does not conform to the relevant requirements as to the composition prescribed in Schedule 1 to the FD(CL)R commits an offense and is liable to a fine of HK$50,000 and imprisonment for six months.

#### Cyber Security and Data Protection Laws in Hong Kong

#### Personal Data (Privacy) Ordinance (Cap. 486 of the Laws of Hong Kong)
The PDPO protects the privacy interests of living individuals in relation to personal data. The ordinance covers any automated and non-automated data relating directly or indirectly to a living individual and applies to both public and private bodies as data users that control the collection, holding, processing or use of personal data. There are six principles under the PDPO, which set out the principles in respect of the purpose and manner of collection of data, the accuracy and duration of retention of data, the use of personal data, the security of personal data, the information to be generally available and the access to personal data. In general, the personal data shall be lawfully and fairly collected and steps should be taken to ensure that the data subject is explicitly or implicitly informed on or before collecting the data. Personal data should also be accurate, up-to-date and kept no longer than necessary while unless with the consent from the data subjects, personal data should be used for the purposes for which they were collected or a directly related purpose. The Office of the Privacy Commissioner for Personal Data is the governing body to promote, administer and oversee the enforcement of the PDPO. It has the power to carry out inspections of any personal data systems, to receive complaints from individuals and to investigate data users in respect of the complaints filed. Contravention with the PDPO may entitle the Privacy Commissioner for Personal Data to issue a written enforcement notice directing such Data User to remedy and prevent recurrence of contravention. Contravention with the above enforcement notice issued by the Privacy Commissioner for Personal Data is an offence and the offender is liable to a maximum fine of HK$50,000 and imprisonment for 2 years, with a daily penalty of HK$1,000. Subsequent convictions can result in a maximum fine of HK$100,000 and imprisonment for 2 years, with a daily penalty of HK$2,000.

#### Other Regulations Relating to Our Business Operations

#### The Employment Ordinance (Cap. 57 of the Laws of Hong Kong) ("EO")
The EO provides for, among other things, the basic employment protection of wages to all employees to regulate the general conditions of employment and for matters connected therewith.

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

The EO provides that where a contract of employment is terminated, any sum due to the employee shall be paid to him as soon as is practicable and in any case not later than seven days after the day of termination. Under the Employment Ordinance, any employer who wilfully and without reasonable excuse fails to pay the said sum due to the employee within seven days after the day of termination, commits an offence and is liable to a fine of HK$350,000 and to imprisonment for three years.

Further, the EO provides that if any wages or any sum earned by the employee for work done over the period commencing on the expiry of his wage period next preceding the time of termination up to that time are not paid within seven days from the day on which they become due, the employer shall pay interest at a specified rate on the outstanding amount of wages or sum from the date on which such wages or sum become due up to the date of actual payment. Any employer who wilfully and without reasonable excuse fails to pay such wages or sum within seven days from the day on which they become due, commits an offence and is liable on conviction to a fine of HK$10,000.

#### The Mandatory Provident Fund Schemes Ordinance (Cap. 485 of the Laws of Hong Kong) ("MPFSO")
The Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) (the "**MPFSO**") provides that every employer must take all practicable steps to ensure that each employee is covered under a Mandatory Provident Fund (MPF) scheme. An employer who fails to comply with such a requirement may face a fine and imprisonment. The MPFSO provides that an employer must, for each contribution period, (a) from the employer's own funds, contribute to the relevant MPF scheme the amount determined in accordance with the MPFSO; and (b) deduct from the employee's relevant income for that period as a contribution by the employee to that scheme the amount determined in accordance with the MPFSO.

The amount to be contributed and/or deducted by an employer for a contribution period is in the case of a casual employee who is a member of an industry scheme, an amount determined by reference to a scale specified in an order made in accordance with the MPFSO.

#### The Employees' Compensation Ordinance (Cap. 282 of the Laws of Hong Kong) ("ECO")
The ECO establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of employers and employees in respect of injuries sustained by or death of the employees caused by accidents arising out of and in the course of employment, or by prescribed occupational diseases suffered by the employees.

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

Under the ECO, an employer must notify the Commissioner for Labour of any work accident by submitting the prescribed form (within fourteen days after the accident for general work accidents and within seven days after the accident 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 his knowledge within such period of seven or fourteen days (as the case may be), then such notice shall be given not later than seven days or, as may be appropriate, fourteen days after the happening of the accident was first brought to the notice of the employer or otherwise came to his knowledge.

The ECO further provides that all employers are required to take out insurance policies to cover their liabilities under the ECO and common law for injuries at workplace for all of their employees. An employer failing to do so is liable on conviction upon indictment to a fine of HK$100,000 and to imprisonment for two years, and on summary conviction to a fine of HK$100,000 and imprisonment for one year.

#### The Minimum Wage Ordinance (Cap. 608 of the Laws of Hong Kong) ("MWO")
The prescribed minimum hourly wage rate (currently set at HK$40 per hour) for every employee is govern by the MWO. Section 15 of the MWO provides that any provision of employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee under the MWO is void.

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

#### The Occupiers Liability Ordinance (Cap. 314 of the Laws of Hong Kong) ("OLO")
The OLO regulated the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property lawfully on the premises. The OLO imposes a common duty of care on an occupier of premises to take reasonable care of the premises in all circumstances so as to ensure that his visitor will be reasonably safe in using the premises for the purposes for which he is invited or permitted by the occupier to be there.

#### The Occupational Safety and Health Ordinance (Cap. 509 of the Laws of Hong Kong) ("OSHO")
The OSHO provides for the safety and health protection to employees in workplaces, both industrial and non-industrial.

Under the OSHO, every employer must, as far as reasonably practicable, ensure the safety and health at work for all employees by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing and maintaining plant and systems of work that are safe and without risks to health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant or substances as regards any workplace under the employer's control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) providing all necessary information, instructions, training and supervision to the employee to ensure the safety and health at work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) providing and maintaining means of access to and egress from the workplace that are safe and without any risks to health; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) providing and maintaining a working environment for the employees that is safe and without risks to health.

An employer who fails to comply with any of the above provisions commits an offence and is liable on summary conviction to a fine of HK$3,000,000 or on conviction on indictment to a fine of HK$10,000,000. An employer who intentionally knowingly or recklessly fails to comply with any of the above provisions commits an offence and is liable on summary conviction to a fine of HK$3,000,000 and to imprisonment for 6 months or on conviction on indictment to a fine of HK$10,000,000 and to imprisonment for 2 years.

The Commissioner for Labor may by virtue of section 9(1) of the OSHO issue an improvement notice against non-compliance of the OSHO. The Commissioner for Labor may also by virtue of section 10(1) of the OSHO issue a suspension notice against activity or condition of workplace which may create imminent risk of death or serious bodily injury. An employer who fails to comply with an improvement notice without reasonable excuse commits an offence punishable by a fine of HK$400,000 and imprisonment for 12 months. An employer who contravenes a suspension notice without reasonable excuse commits an offence punishable by a fine of HK$1,000,000 and imprisonment for 12 months.

#### The Inland Revenue Ordinance (Cap. 112 of the Laws of Hong Kong) ("IRO")
The IRO imposes taxes on property, earnings and profits in Hong Kong. Pursuant to section 14(1) of the Inland Revenue Ordinance, profits tax shall be charged for each year of assessment on every person carrying on a trade, profession or business in Hong Kong in respect of his/her/its assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business (excluding profits arising from the sale of capital assets). Section 51C of the IRO requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records of his/her/its income and expenditure and to retain such records for a period of not less than seven years. Failure to comply with section 51C of the IRO without reasonable excuse may be liable to a maximum fine of HK$100,000.

#### The Trade Descriptions Ordinance (Cap. 362 of the Laws of Hong Kong) ("TDO")
Food products sold in Hong Kong are subject to the TDO. The TDO was amended in July 2013 to expand the scope of certain provisions, including the prohibition of false trade description in respect of goods and services in the course of trade, prohibition on certain unfair trade practices and the introduction of a civil, compliance-based enforcement mechanism.

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

Section 2 of the TDO provides that a trade description (including fitness for purpose, performance and manufacturing details) which is false to a material degree; or though not false, is misleading, that is to say, likely to be taken for a trade description of a kind that would be false to a material degree, would be regarded as false trade description.

Section 7 of the TDO provides that it is an offence for any person, in the course of his trade or business, to apply a false trade description to any goods; or supply or offer to supply any goods to which a false trade description is applied. It is also an offence for any person to have in his possession for sale or for any purpose of trade or manufacture any goods to which a false trade description is applied.

To amount to a false trade description, the falsity of the trade descriptions has to be to a material degree. Trivial errors or discrepancies in trade descriptions would not constitute an offence. What constitutes a material degree will vary with the facts.

Sections 13E, 13F, 13G, 13H and 13I provide that a trader who engages in relation to a consumer in a commercial practice that (a) is a misleading omission; or (b) is aggressive; (c) constitutes bait advertising; (d) constitutes a bait and switch; or (e) constitutes wrongly accepting payment for a product, commits an offense.

Contravention of the prohibitions in the TDO is an offence, with a fine up to HK$500,000 and imprisonment up to five years. However, the TDO also empowers regulators with the ability to accept (and publish) written undertakings from businesses and individuals not to continue, repeat or engage in unfair trade practices in return of which regulators will not commence or continue investigations or proceedings relating to that matter. Regulators will also be empowered to seek an injunction against businesses and persons engaging in unfair trade practices or who have breached their undertakings.

#### The Competition Ordinance (Cap. 619 of the Laws of Hong Kong)
The Competition Ordinance came into full effect in Hong Kong on December 14, 2015, which prohibits and deters undertakings in all sectors from adopting anti-competitive conduct which has the object or effect of preventing, restricting or distorting competition in Hong Kong. The key prohibitions include (i) prohibition of agreements between businesses which have the object or effect of preventing, restricting or distorting competition in Hong Kong; and (ii) prohibiting companies with a substantial degree of market power from abusing their power by engaging in conduct that has the object or effect of preventing, restricting or distorting competition in Hong Kong. The penalties for breaches of the Competition Ordinance include, but are not limited to, financial penalties of up to 10% of the total gross revenues obtained in Hong Kong for each year of infringement, up to a maximum of three years in which the contravention occurs.

#### Compliance with the Relevant Requirements
We confirmed that we and our Operating Subsidiaries have obtained all relevant licenses and certificates for our existing operations in Hong Kong and that we complied with all applicable laws, regulations, rules, codes and guidelines in Hong Kong in connection with our business and operations in all material respects during the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023.

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

#### MANAGEMENT

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

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Wai Kit, Ng | 34 | Director, Chief Executive Officer, and Chairman of the Board of Directors |
|  Sui Chi, Wong | 57 | Chief Financial Officer |
|  Ka Wing Eric, Law\* | 32 | Independent Director Nominee |
|  Tak Fai, Choi\* | 37 | Independent Director Nominee |
|  Yee Ngan, Mok\* | 58 | Independent Director Nominee |

---

____________

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

**Wai Kit, Ng** is our director, Chief Executive Officer and chair of the board of the Company. Mr. Ng is responsible for the general corporate strategy, overall management of our operations and business expansion. Mr. Ng has over three years of experience in restaurant business and eight years of experience in marketing. Mr. Ng joined our Group in July 2021 and became our Chief Executive Officer in March 2025. From 2016 to 2019, Mr. Ng was a marketing manager at Shenzhen Cream Clothing Company Limited. From 2014 to 2016, Mr. Ng was a marketing staff at Whatasunnyday. From 2012 to 2014, Mr. Ng was a marketing executive at CreamSoda. From 2012 to 2013, Mr. Ng was a marketing staff at Choice Limited. From 2010 to 2012, Mr. Ng was a marketing assistant at Dream Crew Limited. Since July 2021, Mr. Ng has been a director of Akai Honai. Mr. Ng completed Form 5 secondary education in Hong Kong.

**Sui Chi, Wong** is the Chief Financial Officer of the Company. Mr. Wong has over 30 years of experience in the accounting, financing and auditing industry. Mr. Wong was our Chief Financial Officer in March 2025. Mr. Wong has been a director of Ultron Transaction Advisory Services Limited since May 2022. From March 2012 to December 2021, Mr. Wong was the financial controller of Shine Vision Investments Limited. From February 2008 to May 2010, Mr. Wong was a finance and administration manager at Cheng Lie Navigation (HK) Co. Limited. From April 2004 to January 2008, Mr. Wong was a finance manager at Padico Trading (HK) Limited. From February 2000 to May 2003, Mr. Wong was the financial controller of Dashin Securities Limited. From September 1998 to January 2000, Mr. Wong was an accounting manager at Denny's Food Corporation Limited. From May 1997 to June 1998, Mr. Wong was an accounting manager at Soundwill Holdings Limited. From November 1995 to May 1997, Mr. Wong was a finance manager of Citifood Co. International Ltd.. From June 1993 to July 1995, Mr. Wong was an audit semi-senior at Deloitte Touche Tohmatsu. From August 1991 to February 1993, Mr. Wong was an audit clerk at Fan, Mitchell & Company. From August 1991 to May 2010, Mr. Wong worked at various companies, with roles including finance controller, finance manager, accounting manager and audit staff. Mr. Wong has been an executive director since June 2024 and an independent non-executive director from September 2023 to June 2024 of Pacific Legend Group Limited (HKEx: 8547), a company listed on the Stock Exchange of Hong Kong Limited. Since July 2017, Mr. Wong has been an independent non-executive director of Hong Kong Entertainment International Holdings Limited (HKEx: 8291), a company listed on the Stock Exchange of Hong Kong Limited. From April 2017 to February 2021, Mr. Wong was an independent non-executive director of New Amante Group Limited (HKEx: 8412), a company listed on the Stock Exchange of Hong Kong Limited. From December 2013 to October 2016, Mr. Wong was an independent non-executive director of Net-a-Go Technology Company Limited (HKEx: 1483), a company listed on the Stock Exchange of Hong Kong Limited. Mr. Wong obtained a master of science in financial management from the University of London in 2003 and a bachelor of administration in accountancy from the City University of Hong Kong in 1991. Mr. Wong is a fellow member of the Institute of Chartered Accountants in England and Wales and a member of the Hong Kong Institute of Certified Public Accountants.

**Ka Wing Eric, Law** is a director nominee who will be appointed as one of our independent directors upon the effectiveness of the registration statement. Mr. Law has more than 8 years of experience in audit and accounting. Since April 2024, Mr. Law has been the chief financial officer of Grande Group Limited (Nasdaq: GRAN). From January 2016 to December 2023, Mr. Law worked in KPMG, with his last position as manager of the audit department. Mr. Law has extensive experience in performing audits on listed companies and preparing financial statements. Since

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

September 2024, Mr. Law has been a non-executive director of China Next-Gen Commerce and Supply Chain Limited (HKEx: 3928) a company listed on the Stock Exchange of Hong Kong Limited. Mr. Law obtained a Bachelor of Law from the University of Warwick in 2014. He has been a certified public accountant under Hong Kong Institute of Certified Public Accountants since 2019. We believe Mr. Law is well qualified to serve on board of directors as an independent director based on his extensive work experience in various fields.

**Tak Fai, Choi** is a director nominee who will be appointed as one of our independent directors upon the effectiveness of the registration statement. Mr. Choi has more than 13 years of experience in the finance industry. Mr. Choi has been an independent non-executive director of Zijing International Financial Holdings Limited (HKEx: 8340) since May 2021 and an independent non-executive director of Shanghai International Shanghai Growth Investment Limited (HKEx: 770) since February 2025. Since January 2012, Mr. Choi has been an associate sales director of Yuanta Securities (Hong Kong) Company Limited. Mr. Choi obtained a Bachelor of Science in Mathematics from the Chinese University of Hong Kong in 2011. We believe Mr. Choi is well qualified to serve on board of directors as an independent director based on his extensive work experience in various fields.

**Yee Ngan, Mok** is a director nominee who will be appointed as one of our independent directors prior to the closing of our initial public offering. Ms. Mok has more than 39 years of experience in business administration. Ms. Mok has been the chairman of Shenzhen Dongsong Electronics Co., Ltd. since June 1986 and the chairman of Hong Kong Dongdian Industrial Co., Ltd. since July 1999. From October 2017 to January 2022, Ms. Mok was the chairman and president of Guangdong Shunwei Precision Co., Ltd.. Ms. Mok obtained a Bachelor of Business Administration of the Beijing Institute of Technology in 2021 and a Master of Business Administration from Peking University in 2021. We believe Ms. Mok is well qualified to serve on board of directors as an independent director based on her extensive work experience in various fields.

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

#### Chinese Communist Party Affiliations
None of the members of our board or the boards of our consolidated foreign operating entities are officials of the Chinese Communist Party ("CCP"). None of the members of our board or the boards of our consolidated foreign operating entities are or were members of, or affiliated with the CCP.

#### Corporate Governance Practices

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors be composed of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our audit committee have a minimum of three members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that we hold annual shareholders' meetings.

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

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

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

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

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

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

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

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

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

*Audit Committee.* Our audit committee will consist of Mr. Ka Wing Eric, Law, Mr. Tak Fai, Choi and Ms. Yee Ngan, Mok. Mr. Ka Wing Eric, Law will be the chairperson of our audit committee. We have determined that each of our audit committee members satisfies the "independence" requirements of Rule 5605(c)(2) of the Nasdaq rules and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Ka Wing Eric, Law qualifies as an "audit committee financial expert" within the meaning of the SEC rules and possesses financial sophistication within the meaning of the Nasdaq rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any incentive compensation or equity plans, programs, or similar arrangements; and

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

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee will consist of Mr. Ka Wing Eric, Law, Mr. Tak Fai, Choi and Ms. Yee Ngan, Mok. Ms. Yee Ngan, Mok will be the chairperson of our nominating and corporate governance committee. We have determined that each of our nominating

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

and corporate governance committee members satisfies the "independence" requirements of Rule 5605(a)(2) of the Nasdaq rules. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our company and mortgaging the property of our company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of Shares in our company, including the registration of such Shares in our share register.

#### Terms of Directors and Officers
Our directors may be elected by a resolution of our board of directors or by an ordinary resolution of our shareholders. Our directors are not subject to a term of office and hold office until such time as they are removed from office by ordinary resolution of our shareholders, unless the director is appointed on such express terms that he or she shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period. A director will cease to be a director automatically if, among other things, the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors, (ii) dies or becomes of unsound mind, (iii) resigns his or her office by notice in writing to our company, or (iv)is removed from office pursuant to our Articles.

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

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

#### Employment Agreements with Executive Officers
We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specific time period. We may terminate employment for cause for certain acts of executive officers, such as commission of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties. We may also terminate an executive officer's employment without cause upon providing three-months advance written notice. An executive officer may resign anytime with a three-month advance written notice.

Each executive officer has agreed to hold, during his or her employment and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our clients or prospective customers, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations.

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

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

#### Board diversity
We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our Board, including but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity and length of service. The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our board.

Our directors have a balanced mix of knowledge and skills. We have three independent directors with different industry backgrounds, representing a majority of the members of our board. We also achieved gender diversity by having two female directors out of the total of five directors (including independent directors). Our board is well balanced and diversified in alignment with the business development and strategy of the Company.

#### Compensation of Directors and Executive Officers
For so long as we qualify as a foreign private issuer, we are not required to comply with the proxy rules applicable to U.S. domestic companies, including the requirement applicable to emerging growth companies to disclose the compensation of our executive officers on an individual, rather than an aggregate, basis. For the six months ended June 30, 2025 and the years ended December 31, 2024 and 2023, we paid an aggregate compensation of nil, nil and nil, respectively, to our executive officers and directors. We have not set aside any amount to provide pension, retirement or other similar benefits to our executive officers and directors. We have also not made any agreements with our directors or executive officers to provide benefits upon termination of employment.

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

#### Outstanding Equity Awards at Fiscal Year-End
As of June 30, 2025 and December 31, 2024 and 2023, we had no outstanding equity awards.

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

#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our Shares as of the date of this prospectus by our officers, Directors, Director nominees and 5% or greater beneficial owners of our Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Shares. The following table assumes that none of our officers, Directors, Director nominees or 5% or greater beneficial owners of our Shares will purchase shares in this Offering.

Holders of our Class A Ordinary Shares are entitled to one (1) vote per share and holders of our Class B Ordinary Shares are entitled to ten (10) votes per share. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. In no event shall Class B Ordinary Shares be convertible into Class A Ordinary Shares.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. As of the date of this prospectus, the percentage of Shares beneficially owned prior to this Offering is based on 11,700,000 Ordinary Shares, consisting of 10,700,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares outstanding as described in "Our Corporate History And Structure" section. None of the shareholders are located in the United States. We do not have any options or warrants that are outstanding. The percentage of Shares beneficially owned after this Offering is based on the number of Shares outstanding prior to this Offering plus the Class A Ordinary Shares that we are selling in this Offering. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name of Beneficial Owners<sup>(1)</sup>** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned<br> Prior to<br> This<br> Offering<sup>(2)</sup>** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned<br> Prior to<br> This<br> Offering<sup>(2)</sup>** | **Class B <br>Ordinary<br>Shares<br> Beneficially<br> Owned Prior to<br> This Offering<sup>(2)</sup>** | **Class B <br>Ordinary<br>Shares<br> Beneficially<br> Owned Prior to<br> This Offering<sup>(2)</sup>** | **% of <br>Total <br>Voting <br>Power <br>Before <br>This <br>Offering<sup>(2)</sup>** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned After<br> This Offering<sup>(3)</sup>** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned After<br> This Offering<sup>(3)</sup>** | **Class B<br> Ordinary <br>Shares<br> Beneficially <br>Owned<br> After This<br> Offering<sup>(3)</sup>** | **Class B<br> Ordinary <br>Shares<br> Beneficially <br>Owned<br> After This<br> Offering<sup>(3)</sup>** | **% of <br>Total<br> Voting <br>Power<br> After This<br> Offering<sup>(3)</sup>**  |
|  **Name of Beneficial Owners<sup>(1)</sup>** | **Number** | **%** | **Number** | **%** | **% of <br>Total <br>Voting <br>Power <br>Before <br>This <br>Offering<sup>(2)</sup>** | **Number** | **%** | **Number** | **%** | **% of <br>Total<br> Voting <br>Power<br> After This<br> Offering<sup>(3)</sup>**  |
|  **Directors and Executive Officers:** |  |  |  |  |  |  |  |  |  |  |
|  Wai Kit, NG<sup>(4)</sup> | 3777100 | 35.30% | 500000 | 50.00% | 42.40% | 3777100 | 31.48 | 500000 | 50.00% | 39.90% |
|  Sui Chi, WONG |  |  |  |  |  |  |  |  |  |  |
|  Ka Wing Eric, LAW<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |
|  Tak Fai, CHOI<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |
|  Yee Ngan, MOK<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |
|  **All directors and executive officers as a group** | 3777100 | 35.30% | 500000 | 50.00% | 42.40% | 3777100 | 31.48% | 500000 | 50.00% | 39.90% |
|  **5% shareholders:** |  |  |  |  |  |  |  |  |  |  |
|  Ga Sai Tong Limited<sup>(4)</sup> | 3777100 | 35.30% | 500000 | 50.00% | 42.40% | 3777100 | 31.48 | 500000 | 50.00% | 39.90% |
|  Ga Sai Tong Capital <br>Limited<sup>(6)</sup> | 3777100 | 35.30% | 500000 | 50.00% | 42.40% | 3777100 | 31.48 | 500000 | 50.00% | 39.90% |

---

____________

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

\* Less than 1%.

(1) Unless otherwise noted, the business address of each of the following entities or individuals is Fifth Floor of Kam Lung Commercial Centre, No. 2 Hart Avenue, Kowloon, Hong Kong.

(2) Applicable percentage of ownership is based on 11,700,000 Ordinary Shares, consisting of 10,700,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares outstanding immediately before this Offering.

(3) Applicable percentage of ownership is based on 13,000,000 Ordinary Shares, consisting of 12,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares outstanding immediately after this Offering.

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

(4) Comprised of 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares owned by Ga Sai Tong Limited, which is wholly owned by Mr. Wai Kit, Ng. Therefore, Mr. Wai Kit, Ng has the voting and dispositive control over the shares held by each of these entities.

(5) Appointment will be effective immediately upon effectiveness of this registration statement.

(6) Comprised of 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares owned by Ga Sai Tong Capital Limited, which entities are all wholly owned by Mr. Wai Lam, NG, the sibling of Mr. Wai Kit, NG.

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

#### CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

#### Transactions with Certain Related Parties
Set forth below are our related party transactions that occurred since the beginning of the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, and 2022. The "related party transactions" are transactions identified in accordance with the rules prescribed under Part I, Item 7B of SEC Form 20-F.

Under Part I, Item 7B of Form 20-F, the Company is required to disclose any transaction occurring since the beginning of the Company's preceding two financial years, with respect to transactions or loans between the Company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the 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 the 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.

Before the completion of this Offering, we intend to adopt an audit committee charter, which will require the committee to review all related party transactions on an ongoing basis and all such transactions be approved by the audit committee. In determining whether to approve a related party transaction, the audit committee shall consider, among other factors, the following factors to the extent relevant to the related party transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the terms of the related party transaction are fair to the Company and on the same basis as would apply if the transaction did not involve a related party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether there are business reasons for the Company to enter into the related party transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the related party transaction would impair the independence of an outside director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the related party transaction would present an improper conflict of interest for any director or executive officer of the Company, taking into account the size of the transaction, the overall financial position of the director, executive officer or the related party, the direct or indirect nature of the director's, executive officer's or the related party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the audit committee deems relevant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any pre-existing contractual obligations.

The following is a list of related parties which the Company has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Ng Wai Lam, a shareholder and principal owner of the Company.

***a. Due from (to) a shareholder***

As of June 30, 2025 and December 31, 2024, 2023 and 2022, the balances due from (to) related parties were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, <br>2025** | **December 31, <br>2024** | **December 31, <br>2023** | **December 31, <br>2022** |
|  **Due from a shareholder** |  |  |  |  |
|  Mr. Ng Wai Lam<sup>(1)</sup> | $62247 | $2661348 | $2547068 | $2007035 |

---

____________

(1) The balance represented the advances to a shareholder. The amounts were unsecured, interest-free and repayable on demand.

Subsequent to the period ended June 30, 2025, the entire amount has been fully settled.

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

***b. Transactions with a shareholder***

As of December 31, 2024, the Company recorded $90,000 within Prepayments and Other Assets representing audit fees prepaid by the shareholder (principal owner) on behalf of the Company.

On March 18, 2025, the Company declared and paid a dividend totaling $1,380,644 (HK$10,700,000)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, <br>2025** | **December 31, <br>2024** | **December 31, <br>2023** | **December 31, <br>2022** |
|  Catering service to a shareholder | $8383 | $22625 | $22979 |  |

---

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

#### DESCRIPTION OF SHARE CAPITAL
We are a Cayman Islands exempted company and our affairs are governed by our Memorandum and Articles, as amended from time to time, and the Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of Cayman Islands.

The share capital of the Company consists of Ordinary Shares. As of the date hereof, our authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value US$0.0001 each, comprising of (i) 450,000,000 Class A Ordinary Shares of nominal or par value of US$0.0001 each, and (ii) 50,000,000 Class B Ordinary Shares of nominal or par value US$0.0001 each. As of the date of this prospectus, 10,700,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares were issued and outstanding. We will issue 1,300,000 Class A Ordinary Shares in this Offering, assuming an initial offering price of US$6.00.

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

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

*Ordinary Shares.* Upon the completion of this Offering, our authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value US$0.0001 each, comprising of (i) 450,000,000 Class A Ordinary Shares of nominal or par value of US$0.0001 each, and (ii) 50,000,000 Class B Ordinary Shares of nominal or par value US$0.0001 each. All of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered form.

*Conversion.* In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. In no event shall Class B Ordinary Shares be convertible into Class A Ordinary Shares.

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

*Voting Rights.* Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of the Company.

Holders of our Ordinary Shares may vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Subject to any rights or restrictions as to voting attached to any shares, on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have one vote for each Class A Ordinary Share and 10 votes for each Class B Ordinary Share of which he or the person represented by proxy is the holder.

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

Any ordinary resolution is a resolution passed by a simple majority of the shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of our Company and includes a written resolution signed by the required majority of shareholders according to the Articles. Any special resolution is a resolution of a general meeting or a resolution of a meeting of the holders of any class of ordinary shares in a class meeting duly constituted

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

in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by the shareholders as being entitled to do so vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the shareholders entitled to vote at such meeting.

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

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

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Memorandum and Articles provide that we may (but are not obliged to, unless required by the Nasdaq rules) in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the board of directors, in accordance with the Articles. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting.

Advance notice of at least five clear days is required for the convening of our shareholders' annual general meeting (if any) and any other general meeting of our shareholders. A quorum required for a meeting of shareholders consists of at least one holder of Shares being not less than an aggregate of one-third of the outstanding shares carrying the right to vote at such general meeting.

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

*Winding Up; Liquidation.* If we are wound up the shareholders may, subject to the Articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to divide in specie among the shareholders the whole or any part of the assets of the Company and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up.

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

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

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

proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares issued and outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

*Transfer of Ordinary Shares.* Provided that such transfer complies with the Nasdaq rules, our shareholders may freely transfer shares to another person by completing an instrument of transfer in a common form or in a form prescribed by the Nasdaq Capital Market (if such shares are listed on the Nasdaq Capital Market) or in any other form approved by our board of directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where the shares are fully paid, by or on behalf that shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the shares are partly paid, by or on behalf of that shareholder and the transferee.

Where the shares of any class in question are not listed on any stock exchange or subject to the rules of any stock exchange, our board of directors may, in its absolute discretion, decline to register any transfer of any share that is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shares transferred are fully paid up and free of any lien in favour of our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the Nasdaq Capital Market may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within one month after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required of Nasdaq and on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 clear days in any year.

*Variations of Rights of Shares.* If at any time our share capital is divided into different classes of shares then, unless the terms on which a class of shares was issued state otherwise, the rights attached to any such class may only be varied with (a) the consent in writing of the holders of two-thirds of the issued shares of that class or (b) the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking *pari passu* with the existing shares of that class.

*Inspection of Books and Records.* Holders of our Ordinary Shares have no general right under the Articles to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See *"Where You Can Find Additional Information."*

*Issuance of Additional Shares.* Our Memorandum and Articles authorize our board of directors to issue additional Ordinary Shares from time to time as our Board of Directors shall determine, to the extent of available authorized but unissued shares.

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

Issuance of these additional Ordinary Shares may dilute the voting power of holders of Ordinary Shares.

*Anti*-Takeover *Provisions.* Some provisions of our Memorandum and Articles may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable. Our authorized, but unissued Ordinary Shares are available for future issuance without shareholders' approval and could be utilized for a variety of corporate purposes, including future offerings to raise addition capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Ordinary Shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not issue negotiable or bearer shares, but may issue shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

"**Limited liability**" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

*Nomination and Removal of Directors and Filling Vacancies on Board.* At any time or from time to time, the Board shall have the power to appoint any person as a Director either to fill a casual vacancy on the Board or as an additional Director to the existing Board subject to any maximum number of Directors, if any, as may be determined by the members in general meeting.

Each Director shall hold office for the term, if any, fixed by the terms of his appointment or until his office is vacated pursuant to the Memorandum and Articles.

A Director is not required to hold any shares in the company by way of qualification nor is there any specified upper or lower age limit for Directors either for accession to or retirement from the Board.

A Director may be removed by an ordinary resolution of the Company before the expiration of his term of office (but without prejudice to any claim which such Director may have for damages for any breach of any contract between him and the Company) and the Company may by ordinary resolution appoint another in his place. Any Director so appointed shall be subject to the retirement by rotation provisions.

The office of a Director shall be vacated if he:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is prohibited by the law of the Cayman Islands from acting as a director; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is made bankrupt or makes an arrangement or composition with his creditors generally; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) resigns his office by notice to the Company; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) only held office as a director for a fixed term and such term expires; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the opinion of a registered medical practitioner by whom he is being treated, becomes physically or mentally incapable of acting as a director; or;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is given notice by the majority of the other directors (not being less than two in number) to vacate office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such director); or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) is made subject to any law relating to mental health or incompetence, whether by court order or otherwise; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) without the consent of the other directors, is absent from meetings of directors for a continuous period of six months.

From time to time the Board may appoint one or more of its body to be managing director, joint managing director or deputy managing director or to hold any other employment or executive office with the company for such period and upon such terms as the Board may determine, and the Board may revoke or terminate any of such appointments. The Board may also delegate any of its powers to committees consisting of such Director(s) or other person(s) as the Board thinks fit, and from time to time it may also revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes, but every committee so formed shall, in the exercise of the powers so delegated, conform to any regulations that may from time to time be imposed upon it by the Board.

#### Anti-Money Laundering — Cayman Islands
If any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to the Financial Reporting Authority or a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

By subscribing for shares, the subscriber consents to the disclosure of any information about them to regulators and others upon request in connection with money laundering and similar matters both in the Cayman Islands and in other jurisdictions.

In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the "**Regulations**") or any other applicable law. Depending on the circumstances of each application, a detailed verification of identity might not be required where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

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

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any payment to a shareholder if our Directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority ("FRA") of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the FRA, pursuant to the Terrorism Act (Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

#### Data Protection in the Cayman Islands — Privacy Notice
This privacy notice explains the manner in which the Company collects, processes and maintains personal data about investors of the company pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice or orders promulgated pursuant thereto ("DPA").

The Company is committed to processing personal data in accordance with the DPA. In its use of personal data, the Company will be characterized under the DPA as a "data controller", while certain of the Company's service providers, affiliates and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to the Company.

This privacy notice puts our shareholders on notice that, by virtue of making an investment in the Company, the Company and certain of the Company's service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for the Company to perform a contract to which you are a party or for taking pre-contractual steps at your request (b) where the processing is necessary for compliance with any legal, tax or regulatory obligation to which the Company is subject or (c) where the processing is for the purposes of legitimate interests pursued by the Company or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with the Company's service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion and financial crime or compliance with a court order).

Your personal data shall not be held by the Company for longer than necessary with regard to the purposes of the data processing.

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

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

The Company will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into the Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfills the Company's obligation in this respect); (b) the right to obtain a copy of your personal data; (c) the right to require us to stop direct marketing; (d) the right to have inaccurate or incomplete personal data corrected; (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data; (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial); (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer or wish to transfer your personal data, general measures we take to ensure the security of personal data and any information available to us as to the source of your personal data; (h) the right to complain to the Office of the Ombudsman of the Cayman Islands; and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with the Company's responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by accessing their website here: ombudsman.ky.

#### Differences in Corporate Law
The Companies Act is modeled, to a large extent, after the older Companies Acts of England but does not follow recent English statutory enactments and, accordingly, there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of some of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

***Mergers and Similar Arrangements.*** The Companies Act permits merger and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, a "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and a "consolidation" means the combination of two or more constituent companies into a new consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company.

In order to effect a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by a special resolution of the shareholders of each constituent company, and such other authorization, if any, as may be specified in such constituent company's articles of association. A merger between a Cayman Islands parent company and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman Islands subsidiary if a copy of the plan of merger is given to every member of that Cayman Islands subsidiary to be merged unless that member agrees otherwise. For this purpose, a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger and

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

consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares if they follow the required procedures under the Companies Act subject to certain exceptions. The fair value of the shares will be determined by the Cayman Islands court if it cannot be agreed among the parties. Court approval is not required for a merger or consolidation effected in compliance with these statutory procedures. The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman Islands constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his or her shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest person of that class acting in respect of his or her interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition that may facilitate the "squeeze out" of dissentient minority shareholders upon a takeover offer. When a takeover offer is made and accepted by holders of not less than 90.0% of the shares within four months after the making of the offer, the offeror may, within a two-month period commencing on the expiration of such four month period, give notice to require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands by a dissenting shareholder within one month from the date on which the notice was given, but this is unlikely to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

***Shareholders' Suits.*** In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires and is therefore incapable of ratification by the shareholders;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority."

In the case of a company (not being a bank) having its share capital divided into shares, the Grand Court may, on the application of members holding not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to report thereon in such manner as the Grand Court shall direct.

***Indemnification of Directors and Executive Officers and Limitation of Liability.*** Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty.

Our Memorandum and Articles provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and other officer of us (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs.

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

***Directors' Fiduciary Duties.*** Under Delaware General Corporation Law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

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

Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law and our Articles provide that our Shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

Under Cayman Islands law, the fiduciary duties owed by a director and officer include (a) a duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole, (b) a duty to exercise their powers for the purposes for which they were conferred and not for a collateral purpose, (c) a duty to avoid improperly fettering the exercise of future discretion, (d) a duty to avoid any conflict of interest between the director's duty to the company and the director's personal interests, and (e) a duty to exercise independent judgment. In addition to the above, directors also owe a duty of care which is not fiduciary in nature. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person carrying out the same functions as are carried out by that director in relation to the company. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

***Shareholder Action by Written Consent.*** Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. The Companies Act and our Articles provide that shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

***Shareholder Proposals.*** Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any rights to requisition a general meeting, or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Articles allow our Shareholders holding in aggregate not less than ten percent of the rights to vote at such general meeting to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our Articles do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we may but are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting.*** Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the Companies Act but our Articles do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Articles, directors may be removed with or without cause, by an ordinary resolution of our shareholders. In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his or her office by notice in writing to the company; (iv) without special leave of absence from our board, is absent from meetings of our board a continuous period of six months; or (v) is removed from office pursuant to any other provisions of our Memorandum and Articles.

***Transactions with Interested Shareholders.*** The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns

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

or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

The Cayman Islands has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into *bona fide* in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding up.*** Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under the Companies Act, a company may be wound up by either an order of the courts of the Cayman Islands, by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our Articles, our Company may be dissolved, liquidated or wound up by a special resolution of our shareholders.

***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under the Companies Act and our Articles, if our share capital is divided into more than one class of shares then, unless the terms on which a class of shares was issued state otherwise, we may vary the rights attached to any class with the written consent of not less than two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking *pari passu* with the existing issued shares of that class.

***Amendment of Governing Documents.*** Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by the Companies Act, our Memorandum and Articles may only be amended by a special resolution of our shareholders.

***Rights of Non***-resident ***or Foreign Shareholders.*** There are no limitations imposed by our Memorandum and Articles on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles governing the ownership threshold above which shareholder ownership must be disclosed.

#### Memorandum and Articles of Association — CCP
As of the date of this prospectus, the Group's and its consolidated foreign operating entities' respective memorandum and articles of association do not contain any wording from any charter of the CCP.

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

#### SHARES ELIGIBLE FOR FUTURE SALE
Upon the completion of this Offering, we will have 12,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares outstanding. All of the Class A Ordinary Shares sold in this Offering will be freely transferable by persons other than our "affiliates", as that term is defined in Rule 144 promulgated under the Securities Act, without restriction or further registration under the Securities Act.

Prior to this Offering, there has been no public market for our Class A Ordinary Shares, and while we plan to apply to list our Class A Ordinary Shares on Nasdaq, we cannot assure you that a regular trading market for our Class A Ordinary Shares will develop or be sustained after this Offering. Future sales of substantial amounts of Class A Ordinary Shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our Class A Ordinary Shares. Further, since a large number of our Class A Ordinary Shares will not be available for sale shortly after this Offering because of the contractual and legal restrictions on resale described below, sales of substantial amounts of our Class A Ordinary Shares in the public market after these restrictions lapse, or the perception that such sales may occur, could adversely affect the prevailing market price and our ability to raise equity capital in the future.

#### Lock-up Agreements
We have agreed not to, for a period of six (6) months from the date our Class A Ordinary Share first trades on the Nasdaq (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company; or (ii) file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company (other than pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), without the prior written consent of the Underwriter.

Furthermore, each of our directors and executive officers and shareholders holding 5% or more of the issued and outstanding Ordinary Shares or the equivalent voting power of the same has also entered into a similar lock-up agreement for a period of six (6) months from the date our Class A Ordinary Share first trades on the Nasdaq, subject to certain exceptions with respect to our Ordinary Shares and securities that are substantially similar to our Ordinary Shares. Pursuant to such lock-up agreements, each of our directors, executive officers and shareholders has agreed, subject to limited exceptions set forth below, not to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company; or (ii) file or cause to be filed any registration statement with the SEC relating to the offering of any Ordinary Shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company for a period of six (6) months from the date our Class A Ordinary Share first trades on the Nasdaq, without the prior written consent of the Representative.

Other than this Offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our Ordinary Shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our Ordinary Shares may dispose of significant numbers of our Ordinary Shares in the future. We cannot predict what effect, if any, future sales of our Ordinary Shares, or the availability of Ordinary Shares for future sale, will have on the trading price of our Ordinary Shares from time to time. Sales of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Ordinary Shares.

#### Rule 144
All of our Class A 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.

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

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Ordinary Shares then outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the greater of 1% or the average weekly trading volume of our Class A Ordinary Shares on the Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us.

#### Rule 701
Beginning 90 days after we became a reporting company, persons other than affiliates who purchased Ordinary Shares under a written compensatory plan or other written agreement executed prior to the completion of this Offering may be entitled to sell such shares in the United States in reliance on Rule 701 under the Securities Act, or Rule 701. Rule 701 permits affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144.

Rule 701 further provides that non-affiliates may sell these shares in reliance on Rule 144 subject only to its manner-of-sale requirements. However, the Rule 701 shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires, if any.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

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

#### MATERIAL TAX CONSIDERATIONS
*The following description is not intended to constitute a complete analysis of all tax considerations relating to the acquisition, ownership, and disposition of our Class A Ordinary Shares. You should consult your own tax advisor concerning the tax considerations of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.*

#### Cayman Islands Taxation
The following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

We have been advised by Ogier, our Cayman Islands legal counsel in their opinion that, payments of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporation tax.

We have been further advised by Ogier that the Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within, the jurisdiction of the Cayman Islands. The Cayman Islands are a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties.

No stamp duty is payable in the Cayman Islands on transfer of Ordinary Shares of Cayman Islands companies except those who hold interests in land in the Cayman Islands.

#### Hong Kong Taxation

#### Profits Tax
No tax is imposed in Hong Kong in respect of capital gains from the sale of property, such as our Ordinary Shares. Generally, gains arising from disposal of the Ordinary Shares which are held more than two years are considered capital in nature. However, trading gains from the sale of property by persons carrying on a trade, profession or business in Hong Kong where such gains are derived from or arise in Hong Kong from such trade, profession or business will be chargeable to Hong Kong profit tax. Liability for Hong Kong profits tax would therefore arise in respect of trading gains from the sale of Ordinary Shares realized by persons in the course of carrying on a business of trading or dealing in securities in Hong Kong where the purchase or sale contracts are effected (being negotiated, concluded and/or executed) in Hong Kong. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of profits being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million being taxed at 16.5% for corporations and 15% for unincorporated businesses. In addition, Hong Kong does not impose withholding tax on gains derived from the sale of stock in Hong Kong companies and does not impose withholding tax on dividends paid outside of Hong Kong by Hong Kong companies. Accordingly, investors will not be subject to Hong Kong withholding tax with respect to a disposition of their Ordinary Shares or with respect to the receipt of dividends on their Ordinary Shares, if any. No income tax treaty relevant to the acquiring, withholding or dealing in the Ordinary Shares exists between Hong Kong and the United States.

#### Stamp duty
Hong Kong stamp duty is generally payable on the transfer of "Hong Kong stocks". The term "stocks" refers to shares in companies incorporated in Hong Kong, as widely defined under the Stamp Duty Ordinance (Cap. 117 of the laws of Hong Kong), or SDO, and includes shares. However, our Ordinary Shares are not considered "Hong Kong stocks" under the SDO since the transfer of the Ordinary Shares are not required to be registered in Hong Kong given that the books for the transfer of Ordinary Shares are located in the United States. The transfer of Ordinary Shares is therefore not subject to stamp duty in Hong Kong. If Hong Kong stamp duty applies, both the purchaser and the seller

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

are liable for the stamp duty charged on each of the sold note and bought note at the ad valorem rate of 0.1% on the higher of the consideration stated on the contract notes or the fair market value of the shares transferred. In addition, a fixed duty, currently of HK$5.00, is payable on an instrument of transfer.

#### Estate Duty
The Revenue (Abolition of Estate Duty) Ordinance 2005 came into effect on February 11, 2006 in Hong Kong. No Hong Kong estate duty is payable and no estate duty clearance papers are needed for an application for a grant of representation in respect of holders of Ordinary Shares whose death occurs on or after February 11, 2006.

#### Certain Mainland China Tax Laws and Regulations Consideration
*The Arrangement between Mainland China and Hong Kong for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income ("Double Tax Avoidance Arrangement")*

The National People's Congress of the PRC enacted the Enterprise Income Tax Law, which became effective on January 1, 2008 and last amended on December 29, 2018. According to Enterprise Income Tax Law and the Regulation on the Implementation of the Enterprise Income Tax Law, or the Implementing Rules, which became effective on January 1, 2008 and further amended on April 23, 2019, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in Mainland China to its foreign enterprise investors are subject to a 10% withholding tax, unless any such foreign enterprise investor's jurisdiction of incorporation has a tax treaty with the PRC that provides for a preferential withholding arrangement. According to the Notice of the State Administration of Taxation ("SAT") on Negotiated Reduction of Dividends and Interest Rates issued on January 29, 2008, revised on February 29, 2008, and the Arrangement between Mainland China and Hong Kong for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income, or Double Tax Avoidance Arrangement, the withholding tax rate in respect of the payment of dividends by a Mainland China enterprise to a Hong Kong enterprise may be reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the Mainland China enterprise and certain other conditions are met, including: (i) the Hong Kong enterprise must directly own the required percentage of equity interests and voting rights in the Mainland China resident enterprise; and (ii) the Hong Kong enterprise must have directly owned such required percentage in the Mainland China resident enterprise throughout the 12 months prior to receiving the dividends. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties issued on February 20, 2009 by the SAT, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such Mainland China tax authorities may adjust the preferential tax treatment; and based on the Announcement on Certain Issues with Respect to the "Beneficial Owner" in Tax Treaties issued by the SAT on February 3, 2018 and effective from April 1, 2018, if an applicant's business activities do not constitute substantive business activities, it could result in the negative determination of the applicant's status as a "beneficial owner", and consequently, the applicant could be precluded from enjoying the above-mentioned reduced income tax rate of 5% under the Double Tax Avoidance Arrangement.

We are a holding company incorporated in the Cayman Islands with all our operations conducted and all revenue generated by our Hong Kong Operating Subsidiaries in Hong Kong. We do not have, nor do we currently intend to establish, any subsidiary in Mainland China or set up any establishment in Mainland China. We do not plan to enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China, and none of our subsidiaries directly or indirectly holds any interests in any enterprises in Mainland China. We believe neither the Company, nor its subsidiaries, are subject to Enterprise Income Tax Law, Double Tax Avoidance Arrangement or any Mainland Chinese taxation law and regulations, nor these law and regulations have any impact on our business, operations or this Offering.

*Enterprise Income Tax Law*

The Enterprise Income Tax Law and the Implementing Rules impose a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises in Mainland China, except where tax incentives are granted to special industries and projects. Under the Enterprise Income Tax Law, an enterprise established outside PRC with "de facto management bodies" within Mainland China is considered a "resident enterprise" for Mainland China enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. The Notice Regarding the Determination of Chinese-Controlled Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies promulgated by the SAT and last amended

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

on December 29, 2017 and the Announcement of the State Administration of Taxation on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual Management Institutions promulgated by the SAT on January 29, 2014 set out the standards used to classify certain Chinese invested enterprises controlled by Mainland China enterprises or Mainland China enterprise groups and established outside of China as "resident enterprises", which also clarified that dividends and other income paid by such Mainland China "resident enterprises" will be considered Mainland China source income and subject to Mainland China withholding tax, currently at a rate of 10%, when paid to non-Mainland China enterprise shareholders. This notice also subjects such Mainland China "resident enterprises" to various reporting requirements with the Mainland China tax authorities. Under the Implementing Rules, a "de facto management body" is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.

On October 17, 2017, the SAT issued the Bulletin on Issues Concerning the Withholding of Non-PRC Resident Enterprise Income Tax at Source, or Bulletin 37, which replaced the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises, issued by the SAT, on December 10, 2009, and partially replaced and supplemented by the rules under the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or Bulletin 7, issued by the SAT, on February 3, 2015. Under Bulletin 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. In respect of an indirect offshore transfer of assets of a Mainland China establishment, the relevant gain is to be regarded as effectively connected with the Mainland China establishment and therefore included in its enterprise income tax filing, and would consequently be subject to enterprise income tax at a rate of 25%. Where the underlying transfer relates to the immoveable properties in China or to equity investments in a PRC resident enterprise, which is not effectively connected to a Mainland China establishment of a non-resident enterprise, a PRC enterprise income tax at 10% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make the transfer payments bears the withholding obligation. Pursuant to Bulletin 37, the withholding party shall declare and pay the withheld tax to the competent tax authority in the place where such withholding party is located within 7 days from the date of occurrence of the withholding obligation. Both Bulletin 37 and Bulletin 7 do not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired from a transaction through a public stock exchange.

We are a holding company incorporated in the Cayman Islands with all our operations conducted and all revenue generated by our Hong Kong Operating Subsidiaries in Hong Kong. We do not have, nor do we currently intend to establish, any subsidiary in Mainland China or set up any establishment in Mainland China. We do not plan to enter into any contractual arrangements to establish a VIE structure with any entity in Mainland China, and none of our subsidiaries directly or indirectly holds any interests in any enterprises in Mainland China. We believe neither the Company, nor its subsidiaries, are subject to Enterprise Income Tax Law, Double Tax Avoidance Arrangement or any Mainland Chinese taxation law and regulations, nor these law and regulations have any impact on our business, operations or this Offering.

#### Certain United States Federal Income Tax Considerations
The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Class A Ordinary Shares. This summary applies only to U.S. Holders that hold our Class A Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations,

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

relating to the ownership and disposition of our Class A Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's officers or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders who are not U.S. Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Class A Ordinary Shares through such entities.

**PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF U.S. FEDERAL TAXATION TO THEIR PARTICULAR CIRCUMSTANCES, AND THE STATE, LOCAL, NON**-U**.S., OR OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR CLASS A ORDINARY SHARES.**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

#### Taxation of Dividends and Other Distributions on Our Ordinary Shares
Subject to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions (including the amount of any PRC tax withheld) paid on our Class A Ordinary Shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on our Class A Ordinary Shares will meet the conditions required for the reduced tax rate. However, in the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, we may be eligible for the benefits of the United States-PRC income tax treaty. If we are eligible for such benefits, dividends we pay on our Class A Ordinary Shares, would be eligible for the reduced rates of taxation described in this paragraph. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Shares. Dividends received on our Class A Ordinary Shares will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

#### Taxation of Sale or Other Disposition of Class A Ordinary Shares
Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Class A Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Class A Ordinary Shares. Any capital gain or loss will be long term if the Class A Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. In the event that gain from the disposition of the Class A Ordinary Shares is subject to tax in the PRC, such gain may be treated as PRC-source gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

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

#### Passive Foreign Investment Company Rules
A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we will be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Class A Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Class A Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Class A Ordinary Shares. Under these rules,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Class A Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over the adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Class A Ordinary Shares over the fair market value of such Class A Ordinary Shares held at the end of the taxable

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

year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Class A Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Class A Ordinary Shares.

#### Information Reporting and Backup Withholding
Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**THE PRECEDING DISCUSSION OF U.S. FEDERAL TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY. IT IS NOT TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR CLASS A ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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

#### ENFORCEABILITY OF CIVIL LIABILITIES
We are incorporated under the laws of the Cayman Islands. Service of process upon us and upon our directors and officers and the Cayman Islands experts named in this prospectus, many of whom reside outside of the United States, may be difficult to obtain within the United States. Furthermore, because substantially all of our assets and substantially all of our directors and officers are located outside the United States, any judgment obtained in the United States against us or any of our directors and officers may be difficult to collect within the United States.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this Offering or any purchase or sale of securities in connection with this Offering. The address of our agent is 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

Ogier ("Ogier"), our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

Ogier has informed us that the uncertainty with regard to Cayman Islands law relates to whether a judgment obtained from the United States courts under the civil liability provisions of the securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company. Because the courts of the Cayman Islands have yet to rule on whether such judgments are penal or punitive in nature, it is uncertain whether they would be enforceable in the Cayman Islands. Ogier has further advised us that a final and conclusive judgment in the federal or state courts of the United States under which a sum of money is payable, other than a sum payable in respect of taxes, fines, penalties or similar charges, may be subject to enforcement proceedings as a debt in the courts of the Cayman Islands under the common law doctrine of obligation.

In addition, Ogier has advised us that although there is no statutory recognition and enforcement in the Cayman Islands of judgments obtained in the United States, a judgment obtained in such jurisdiction may be recognized and enforced in the courts of the Cayman Islands in certain circumstances without any re-examination or re-litigation of matters adjudicated upon, provided such judgement: (i) is given by a foreign court of competent jurisdiction; (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (iii) is final; (iv) is not in respect of taxes, a fine or a penalty; and (v) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Position** | **Nationality** | **Residence** |
|  Wai Kit, NG | Chairperson of the Board of Directors, Director and Chief Executive Officer | Chinese | Hong Kong |
|  Sui Chi, WONG | Chief Financial Officer | Chinese | Hong Kong |
|  Ka Wing Eric, LAW | Independent Director Nominee | Chinese | Hong Kong |
|  Tak Fai, CHOI | Independent Director Nominee | Chinese | Hong Kong |
|  Yee Ngan, MOK | Independent Director Nominee | Chinese | Hong Kong |

---

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

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

David Fong & Co., our counsel with respect to Hong Kong law, have advised us that judgment of United States courts will not be directly enforced in Hong Kong. There are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.

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

#### UNDERWRITING
We have entered into an underwriting agreement dated [•], 2025 with Bancroft Capital, LLC ("Bancroft"), or the "Representative", acting as the lead managing underwriter and book-runner with respect to the Class A Ordinary Shares subject to this Offering. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and the underwriters have agreed to purchase from us, on a firm commitment basis, the number of Class A Ordinary Shares set forth opposite their name(s) below, at the public offering price, less the underwriting discount set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Class A <br>Ordinary <br>Shares** |
|  Bancroft Capital, LLC | [ ] |
|  Total | [1,300,000] |

---

The underwriters are offering Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriter to pay for and accept delivery of the Class Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares offered by this prospectus if any such shares are taken.

The Representative has advised us that it proposes to offer the Class A 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 US$[•] per Class A Ordinary Share. The underwriters may allow, and certain dealers may re-allow, a discount from the concession not in excess of US$[•] per Class A Ordinary Share to certain brokers and dealers. After this Offering, the public offering price, concession and reallowance to dealers may be reduced by the Representative. No such reduction shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

#### Discounts and Expenses
The underwriting discounts are 7.0 % of the initial public offering price.

The following table shows the price per Class A Ordinary Share and total public offering price, underwriting discounts and commissions, and proceeds before expenses to us.

---

| | |
|:---|:---|
|  | **Per <br>Class A <br>Ordinary<br>Share** |
|  Initial public offering price | $6.00 |
|  Underwriting discounts to be paid by us | 0.42 |
|  Proceeds, before expenses, to us | $5.58 |

---

We will also pay to the Representative by deduction from the net proceeds of the Offering contemplated herein, a non-accountable expense allowance equal to 1.0% of the gross proceeds received by us from the sale of the Class A Ordinary Shares.

We have agreed to reimburse the Representative up to a maximum of US$190,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below). We agreed to pay US$65,000 as an advance towards the Representative's accountable expenses upon execution of the engagement letter in connection with this Offering (the "Advance"). Any portion of the 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).

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

We estimate that the total expenses of the Offering payable by us, excluding the underwriter' discount and commissions and non-accountable expense allowance will be approximately US$966,064 including a maximum aggregate reimbursement of US$190,000 of the Representative's accountable expenses.

#### Lock-Up Agreements
Our officers, directors and principal shareholders (5% or more shareholders of our Class A Ordinary Shares or the equivalent in voting power) have agreed to a 6-month "lock-up" period from the date the Class A Ordinary Shares are first traded on the Nasdaq Capital Market with respect to the Ordinary Shares that they beneficially own, including the issuance of shares upon the exercise of convertible securities and options that are currently outstanding or which may be. This means that, for a period of 6 months following the date the Class A Ordinary Shares are first traded on the Nasdaq Capital Market, such persons may not offer, sell, pledge or otherwise dispose of these securities without the prior written consent of the Representative. We have also agreed, in the underwriting agreement, to similar restrictions on the issuance and sale of our securities for 6 months following the date the Class A Ordinary Shares are first traded on the Nasdaq Capital Market, subject to certain customary exceptions, without the prior written consent of the Representative.

The Representative has no present intention to waive or shorten any of the above lock-up periods; 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.

#### Right of First Refusal
For a period of 12 months from the completion of this Offering, we have granted the Representative the right of first refusal to act as sole bookrunning manager and sole underwriter or sole placement agent with respect to any public or private sale of the securities of the Company and/or any of its subsidiaries.

#### Nasdaq Capital Market Listing
We have applied to have our Class A Ordinary Shares approved for listing on the Nasdaq Capital Market or another national securities exchange under the symbol "GST." We make no representation that such application will be approved or that our Class A Ordinary Shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this Offering unless such Class A Ordinary Shares will be listed on the Nasdaq Capital Market or another national securities exchange at the completion of this Offering.

#### Electronic Distribution
A prospectus in electronic format may be made available on websites or through other online services maintained by Representative or by its affiliates. Other than the prospectus in electronic format, the information on the Representative's website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Representative in its capacity as an underwriter, and should not be relied upon by investors.

Any underwriter who is a qualified market maker on the Nasdaq Capital Market or another national securities exchange may engage in passive market making transactions on the Nasdaq Capital Market or another national securities exchange in accordance with Rule 103 of Regulation M, during the business say prior to the pricing of the Offering, before the commencement of offers or sales. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

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

#### No Prior Public Market
Prior to this Offering, there has been no public market for our securities and the public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Representative believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant. The offering price for our Class A Ordinary Shares in this offering has been arbitrarily determined by the Company in its negotiations with the underwriter and does not necessarily bear any direct relationship to the assets, operations, book or other established criteria of value of the Company.

#### Price Stabilization, Short Positions and Penalty Bids
Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriter to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our Class A Ordinary Shares than they purchase from us in this Offering. In order to cover the resulting short position, the managing underwriter may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of Class A Ordinary 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore was 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 Class A Ordinary Shares or preventing or retarding a decline in the market price of our Class A Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on the Nasdaq Capital Market or another national securities exchange. If any of these transactions are commenced, they may be discontinued without notice at any time.

#### Other Relationships
The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Some of the underwriters and certain of their affiliates may, in the future, engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may, in the future, receive customary fees,

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

commissions and expenses. In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Offers outside the United States
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Class A Ordinary Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Class A Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the Offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

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

#### EXPENSES RELATED TO OFFERING
The following table sets forth the costs and expenses other than underwriting discounts and commissions, payable by us in connection with the offer and sale of Class A Ordinary Shares in this Offering. All amounts listed below are estimates except the SEC registration fee, Nasdaq listing fee and the Financial Industry Regulatory Authority ("FINRA") filing fee.

---

| | |
|:---|:---|
|  **Itemized expense** | **Amount** |
|  SEC registration fee | $1394 |
|  FINRA filing fee | 5000 |
|  Nasdaq listing fee | 50000 |
|  Printing and engraving expenses | 20000 |
|  Legal fees and expenses | 326421 |
|  Accounting fees and expenses | 199249 |
|  Miscellaneous | 174000 |
|  Total | $776064 |

---

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

#### LEGAL MATTERS
We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities laws. The representative of the underwriters, Bancroft Capital, LLC is being represented by Sichenzia Ross Ference Carmel LLP in connection with this Offering. The legal matters concerning this Offering relating to Cayman Islands law will be passed upon for us by Ogier. Certain legal matters as to Hong Kong law will be passed upon for us by David Fong & Co., Solicitors.

#### EXPERTS
The consolidated financial statements for the years ended December 31, 2024 and 2023, included in this prospectus have been so included in reliance on the report of SRCO, C.P.A., Professional Corporation, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of SRCO, C.P.A., Professional Corporation is located at 18 Brownstone Court, East Amherst, NY 14051.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1 under the Securities Act relating to this Offering of our Class A Ordinary Shares. This prospectus does not contain all of the information contained in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement. Statements made in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material information about the documents summarized, but they are not complete descriptions of all terms of these documents. If we filed any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its terms.

You may read and copy the registration statement, including the related exhibits and schedules, and any document we file with the SEC at its website at: *http://www.sec.gov*.

We are not currently subject to the informational requirements of the Exchange Act. Upon completion of this Offering, we will become subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and will fulfill the obligations of those requirements by filing reports with the SEC. As a foreign private issuer, we will be exempt from the rules under the Exchange Act relating to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we intend to file with the SEC, within 120 days after the end of our fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements that will be audited and reported on, with an opinion expressed, by an independent registered public accounting firm. We also intend to file with the SEC reports on Form 6-K containing unaudited financial information for the first three quarters of each fiscal year.

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

#### GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  [Unaudited Interim Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, <br>2024](#T3001) | F-2 |
|  [Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income for the Six Months Ended June 30, 2025 and 2024](#T3002) | F-3 |
|  [Unaudited Interim Condensed Consolidated Statements of Shareholders' Equity for the Six Months Ended June 30, 2025 and 2024](#T3003) | F-4 |
|  [Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024](#T3004) | F-5 |
|  [Notes to the Unaudited Interim Condensed Consolidated Financial Statements](#T3005) | F-6 |
|  [Report of Independent Registered Public Accounting Firm (PCAOB 6722)](#T1001) | F-24 |
|  [Consolidated Balance Sheets as of December 31, 2024 and 2023](#T1002) | F-25 |
|  [Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2024 and 2023](#T1003) | F-26 |
|  [Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2024 and 2023](#T1004) | F-27 |
|  [Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023](#T1005) | F-28 |
|  [Notes to Consolidated Financial Statements](#T1006) | F-29 |

---

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Unaudited Interim Condensed Consolidated Balance Sheets<br>As of June 30, 2025 and December 31, 2024<br>(Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  | (Unaudited) | (Audited) |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
|  Cash | 1526092 | 406012 |
|  Accounts receivable, net (Note 3) | 7916 | 11152 |
|  Prepayments and other assets (Note 4) | 43394 | 153118 |
|  Inventories, net (Note 5) | 5566 | 5842 |
|  Due from a shareholder (Note 13) | 62247  | 2661348 |
|  **Total current assets** | 1645215 | 3237472 |
|  **Non-current assets:** |  |  |
|  Property, plant and equipment, net (Note 6) | 20589 | 26069 |
|  Prepayments and other assets (Note 4) | 42195 | 40600 |
|  Operating lease right-of-use assets, net (Note 7) | 111573 | 189254 |
|  Deferred offering costs (Note 8) | 383774 |  |
|  Deferred tax assets (Note 12) | 77592 | 76811 |
|  **TOTAL ASSETS** | $2280938 | $3570206 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current liabilities:** |  |  |
|  Accounts payable (Note 9) | 65754 | 56102 |
|  Bank borrowings (Note 11) | 1464066 | 1644037 |
|  Operating lease liabilities, current portion (Note 7) | 67910 | 126478 |
|  Accrued expenses and other current liabilities (Note 10) | 12485 | 1298 |
|  Income tax payable (Note 12) | 283626 | 202768 |
|  **Total current liabilities** | 1893841 | 2030683 |
|  **Non-current liabilities:** |  |  |
|  Operating lease liabilities, net of current portion (Note 7) | 43663 | 62776 |
|  **TOTAL LIABILITIES** | 1937504 | 2093459 |
|  **SHAREHOLDERS' EQUITY** |  |  |
|  Ordinary shares, 450,000,000 shares authorized, par value US$0.0001 each, 10,700,000 Class A Ordinary Shares issued and outstanding as of June 30, 2025 and December 31, 2024 (Note 1 and 14) | 1070 | 1070 |
|  Ordinary shares, 50,000,000 shares authorized, par value US$0.0001 each, 1,000,000 Class B Ordinary Shares issued and outstanding as of June 30, 2025 and December 31, 2024 (Note 1 and 14) | 100 | 100 |
|  Additional paid-in capital | 2682 | 2682 |
|  Retained earnings | 331231 | 1465225 |
|  Accumulated other comprehensive income | 8351 | 7670 |
|  **Total shareholders' equity** | 343434 | 1476747 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $2280938 | $3570206 |
|  Commitments and contingencies (Note 16) |  |  |
|  Subsequent Events (Note 18) |  |  |

---

____________

\* Retrospectively restated for effect of share reorganization (see Notes 1 and 14)

*See accompanying notes to unaudited interim condensed consolidated financial statements.*

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> June 30,** | **For the six months ended<br> June 30,** |
|  | **2025** | **2024** |
|  **Revenues** | $1357023 | $867469 |
|  **Cost of revenue** | (655905) | (568375) |
|  **Gross profit** | 701118 | 299094 |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (340112) | (43109) |
|  **Total operating expenses** | (340112) | (43109) |
|  **Income from operations** | 361006 | 255985 |
|  **Other income/(expense)** |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (38361) | (54883) |
| &nbsp;&nbsp;&nbsp; Other income, net | 5918 | 383 |
|  **Total other income/(expense), net** | (32443) | (54500) |
|  **Income before income taxes** | 328563 | 201485 |
|  Income tax expense (Note 12) | (81913) | (16503) |
|  **Net income** | $246650 | $184982 |
|  **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 681 | 385 |
|  **Comprehensive income** | $247331 | $185367 |
|  Earnings per share – Basic and Diluted | $0.021 | $0.016 |
|  Weighted average shares outstanding – Basic and Diluted\* | 11700000 | 11700000 |

---

____________

\* Retrospectively restated for effect of share reorganization (see Notes 1 and 14)

*See accompanying notes to unaudited interim condensed consolidated financial statements.*

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Unaudited Interim Condensed Consolidated Statements of Shareholders' Equity<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A<br> Ordinary Shares** | **Class A<br> Ordinary Shares** | **Class B<br> Ordinary Shares** | **Class B<br> Ordinary Shares** | **<br>Additional<br>paid-in-<br>capital** | **Accumulated<br> other<br> comprehensive<br> income** | **<br>Retained<br> earnings** | **<br>Total** |
|  | **No. of<br> shares** | **Amount** | **No. of<br> shares** | **Amount** | **<br>Additional<br>paid-in-<br>capital** | **Accumulated<br> other<br> comprehensive<br> income** | **<br>Retained<br> earnings** | **<br>Total** |
|  Balance as of January 1, 2025 (audited) | 10700000 | $1070 | 1000000 | $100 | $2682 | $7670 | $1465225 | $1476747 |
|  Net income |  |  |  |  |  |  | 246650 | 246650 |
|  Dividend declaration |  |  |  |  |  |  | (1380644) | (1380644) |
|  Foreign currency translation adjustment |  |  |  |  |  | 681 |  | 681 |
|  Balance as of June 30, 2025 (unaudited) | 10700000 | $1070 | 1000000 | $100 | $2682 | $8351 | $331231 | $343434 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A<br> Ordinary Shares** | **Class A<br> Ordinary Shares** | **Class B<br> Ordinary Shares** | **Class B<br> Ordinary Shares** | **<br>Additional<br>paid-in-<br>capital** | **Accumulated<br> other<br> comprehensive<br> income** | **<br>Retained<br> earnings** | **<br>Total** |
|  | **No. of<br> shares** | **Amount** | **No. of<br> shares** | **Amount** | **<br>Additional<br>paid-in-<br>capital** | **Accumulated<br> other<br> comprehensive<br> income** | **<br>Retained<br> earnings** | **<br>Total** |
|  Balance as of January 1, 2024 (audited) | 10700000 | $1070 | 1000000 | $100 | $2682 | $1479 | $671555 | $676886 |
|  Net income |  |  |  |  |  |  | 184982 | 184982 |
|  Foreign currency translation adjustment |  |  |  |  |  | 385 |  | 385 |
|  Balance as of June 30, 2024 (unaudited) | 10700000 | $1070 | 1000000 | $100 | $2682 | $1864 | $856537 | $862253 |

---

____________

\* Retrospectively restated for effect of share reorganization (see Notes 1 and 14)

*See accompanying notes to unaudited interim condensed consolidated financial statements.*

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Unaudited Interim Condensed Consolidated Statements of Cash Flows<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
|  **Cash flows from operating activities:** |  |  |
|  Net income | 246650 | 184982 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 81668 | 103606 |
| &nbsp;&nbsp;&nbsp; Deferred income taxes | (1540) | (699) |
|  Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | 3236 | 3279 |
| &nbsp;&nbsp;&nbsp; Prepayments and other assets | 108129 | (941) |
| &nbsp;&nbsp;&nbsp; Inventories | 276 | (2) |
| &nbsp;&nbsp;&nbsp; Due from (to) a shareholder | 2401287 | 1278 |
| &nbsp;&nbsp;&nbsp; Accounts payable | 9652 | (21373) |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 11187 | (27021) |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | (77681) | (74599) |
| &nbsp;&nbsp;&nbsp; Income tax payables | 80858 | 17248 |
|  **Net cash generated from operating activities** | 2863722 | 185758 |
|  **Cash flows from financing activities:** |  |  |
|  Dividend paid | (1380644) |  |
|  Payment of offering costs | (185960) |  |
|  Repayment of bank borrowings | (179971) | (158689) |
|  **Net cash used in financing activities** | (1746575) | (158689) |
|  Foreign currency translation adjustment | 2933 | 458 |
|  Net change in cash | 1120080 | 27527 |
|  **CASH AT THE BEGINNING OF THE PERIOD** | 406012 | 72935 |
|  **CASH AT THE END OF THE PERIOD** | 1526092 | 100462 |
|  **Supplemental disclosure of cash flow information:** |  |  |
|  Interest paid | (38361) | (54883) |

---

*See accompanying notes to unaudited interim condensed consolidated financial statements.*

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**1. Organization and Business Description**

#### Organization and Nature of Operations
Ga Sai Tong Enterprise Limited ("GST Cayman") was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on January 15, 2025. It is a holding company with no business operation.

The Company conducts its primary operations through its wholly-owned subsidiaries, Akai Honoo Capital Limited ("Akai"), French Fries Creativeworks Limited ("French Fries") and Wonderful Concept Investment Limited ("Wonderful"), which are incorporated and domiciled in Hong Kong SAR. Akai, French Fries and Wonderful principally engage in the restaurant operations in Hong Kong (collectively, the "Company").

The accompanying consolidated financial statements reflect the activities of the Company and the following entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Parent and subsidiaries** | **Date of<br>Incorporation** | **Jurisdiction of<br>Formation** | **Percentage of<br>direct/indirect<br>Economic<br>Ownership** | **Principal<br>Activities** |
|  GST Cayman | January 15, 2025 | Cayman Islands | Parent | Investment holding |
|  Akai | January 29, 2018 | Hong Kong | 100% | Restaurant operations |
|  French Fries | January 29, 2018 | Hong Kong | 100% | Restaurant operations |
|  Wonderful | January 25, 2018 | Hong Kong | 100% | Restaurant operations |

---

#### Reorganization and Share Issuance
The Company is an exempted company with limited liability incorporated under the law of the Cayman Islands on January 15, 2025. The authorized share capital of the Company is US$50,000 divided into 450,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares with a par value of US$0.0001. As at January 15, 2025, Ga Sai Tong Limited holds 6,750,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares of the Company and Ga Sai Tong Capital Limited holds 6,750,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares of the Company, respectively.

Akai Honoo Capital Limited was incorporated on January 29, 2018 under the laws of Hong Kong, as one of our Hong Kong operating subsidiary. The sole shareholder of Akai Honoo Capital Limited is Ga Sai Tong Enterprise Limited, holds 10,000 ordinary shares of Akai Honoo Capital Limited.

French Fries Creativeworks Limited was incorporated on January 29, 2018 under the laws of Hong Kong, as one of our Hong Kong operating subsidiary. The sole shareholder of French Fries Creativeworks Limited is Ga Sai Tong Enterprise Limited, holds 10,000 ordinary shares of French Fries Creativeworks Limited.

Wonderful Concept Investment Limited was incorporated on January 25, 2018 under the laws of Hong Kong, as one of our Hong Kong operating subsidiary. The sole shareholder of Wonderful Concept Investment Limited is Ga Sai Tong Enterprise Limited, holds 10,000 ordinary shares of Wonderful Concept Investment Limited.

On April 2, 2025, Ga Sai Tong Limited entered into sale and purchase agreements with Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited, respectively. Pursuant to the sales and purchase agreements, Ga Sai Tong Limited is to sell, and Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited are to acquire, 4.90%, 4.90% and 4.90% of the issued Class A Ordinary Shares equity interests in Ga Sai Tong Enterprise Limited, at the consideration of HK$1,000,000, HK$1,000,000 and HK$1,000,000, respectively. On the same date, Ga Sai Tong Limited executed the instruments of transfer whereby Ga Sai Tong Limited have transferred 661,500, 661,500 and 661,500 Class A Ordinary Shares, out of its 6,750,000 Class A Ordinary Shares, to Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited, respectively.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**1. Organization and Business Description** (cont.)

On April 2, 2025, Ga Sai Tong Capital Limited entered into sale and purchase agreements with East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively. Pursuant to the sales and purchase agreements, Ga Sai Tong Capital Limited is to sell, and East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited are to acquire, 4.90%, 4.90% and 4.90% of the issued Class A Ordinary Shares equity interests in Ga Sai Tong Enterprise Limited, at the consideration of HK$1,000,000, HK$1,000,000 and HK$1,000,000, respectively. On the same date, Ga Sai Tong Capital Limited executed the instruments of transfer whereby Ga Sai Tong Capital Limited have transferred 661,500, 661,500 and 661,500 Class A Ordinary Shares, out of its 6,750,000 Class A Ordinary Shares, to East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively.

On August 28, 2025, Ga Sai Tong Limited and Ga Sai Tong Capital Limited proposed to surrender 988,400 and 988,400 Class A Ordinary Shares and 4,500,000 and 4,500,000 Class B Ordinary Shares, respectively, to the Company for cancellation. On the same date, Bin Gan Limited, Flamethrower Holdings Limited, Pang Kee Limited, East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited proposed to surrender 137,200, 137,200, 137,200, 137,200, 137,200 and 137,200 Class A Ordinary Shares, respectively, to the Company for cancellation. The Company approved the surrender and cancellation of such shares on August 28, 2025. The consolidated financial statements have been retrospectively restated for effect of share reorganization (Note 14).

**2. Summary of Significant Accounting Policies**

#### Basis of Presentation and Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

GST and its subsidiaries resulting from Reorganization has always been under the common control of the same controlling shareholder before and after the Reorganization. The consolidation of GST and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. 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.

The consolidated financial statements include the financial statements of GST and its wholly owned subsidiaries. All intercompany transactions and balances among GST and its subsidiaries have been eliminated upon consolidation.

#### Use of Estimates and Assumptions
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, the expected credit loss provision, the determination of the useful lives of property, plant and equipment, impairment of long-lived assets, right-of-use assets, net, operating lease liabilities, incremented borrowing rate for lease, valuation allowing for deferred tax asset, revenue recognition and contingencies. Actual results could differ from those estimates. The Company evaluates these estimates on an ongoing basis and revises estimates as circumstances change. The Company bases its estimates on historical experience, anticipated results, trends, and other various assumptions that it believes are reasonable.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Foreign Currency Translation and transaction
The Company's principal country of operations is Hong Kong. The consolidated financial position and results of its operations are determined using Hong Kong Dollars ("HK$"), the local currency, as the functional currency of GST, Akai, French Fries and Wonderful. The Company's consolidated financial statements are reported using the U.S. Dollars ("US$" or "$"). The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the consolidated balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of shareholders' equity. Gains and losses from foreign currency transactions are included in the Company's consolidated statements of operations and comprehensive income (loss).

The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements:

---

| | | |
|:---|:---|:---|
|  | **Six Months ended June 30,** | **Six Months ended June 30,** |
|  | **2025** | **2024** |
|  Period-end spot rate | $1 = HK$7.8499 | $1 = HK$7.8083 |
|  Average rate | $1 = HK$7.7917 | $1 = HK$7.8191 |

---

#### Fair Value of Financial Instruments
The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts of financial assets and liabilities, such as cash, accounts receivable, other assets, due from a shareholder, accounts payable, bank borrowings, operating lease liabilities, current portion and accrued expenses and other current liabilities, approximate their fair values because of the short maturity of these instruments and market rates of interest.

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

---

| | |
|:---|:---|
|  Level 1 | Quoted prices in active markets for identical assets and liabilities. |
|  Level 2 | Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|  Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |

---

Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of the Company's cash, accounts receivable, other assets, due from a shareholder, accounts payable, bank borrowings, operating lease liabilities and accrued expenses and other current liabilities approximated their fair values as of December 31, 2024 and 2023 due to their short-term nature.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Cash
Cash consist of petty cash on hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Group maintains all bank accounts in domestic banks of Hong Kong. Cash balances in bank accounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance (Chapter 581 of the laws of Hong Kong). The maximum protection was up to HKD500,000 (approximately US$64,078) and has been raised to HKD800,000 (approximately US$102,991) from October 1, 2024 per depositor per Scheme member, including both principal and interest.

#### Accounts Receivable, net
Accounts receivable, net consist of balances receivable from credit card companies and third-party aggregators' platforms in the normal course of business and generally are settled within 30 days or less. The Company maintains an allowance for expected credit losses ("ECLs") to provide for the estimated number of receivables that will not be collected. The Company applies a simplified approach in calculating ECLs. The Company provides an allowance for uncollectable accounts using an ECLs model which represents the estimate of ECLs over the lifetime of the asset. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The receivables are written off after all collection efforts have ceased. As of June 30, 2025 and 2024, no allowance for ECLs were recorded.

#### Prepayments
Prepayments represent advance payments made to the service providers for future services. Prepayments are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the realizability of the prepayments becomes doubtful. As of June 30, 2025 and December 31, 2024, there was nil allowance recorded as the Company considers all of the prepayments recoverable.

#### Inventories, net
Inventories, net consist of food and beverages and are recorded at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Any unusable or spoiled inventory is written off when identified.

#### Property, plant and Equipment, net
Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided for on a straight-line basis over the estimated useful lives of the related assets as follows:

<u> Furniture, Fixture & Equipment </u>   <u> 5 years </u> <br> <u> Office Equipment </u>   <u> 5 years </u> <br> <u> Leasehold improvements </u>   <u> Over the lease terms </u>

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income or expenses.

The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Impairment of Long-Lived Assets
The Company reviews the recoverability of its long-lived assets, such as property, plant and equipment and right-of-use assets, 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 no longer be recoverable. When these events occur, the Company measures 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 disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were no impairment losses on long-lived assets for the six months ended June 30, 2025 and 2024.

#### Deferred offering costs
Deferred offering costs consist primarily of legal, accounting, and other professional fees incurred in connection with the Company's planned initial public offering (IPO). These costs are included as Deferred IPO Costs on the consolidated balance sheet as non-current assets. Upon the successful completion of the IPO, these costs will be reclassified as a reduction of in shareholders' equity. If the IPO is not consummated, the deferred offering costs will be expensed in the period when the offering is abandoned.

#### Lease
The Company applies the provisions of ASC Topic 842, *Leases* which requires lessees to recognize lease assets and lease liabilities on the consolidated balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate.

#### Right-of -use Assets
The Company's right-of-use assets consist of leased assets recognized in accordance with ASC 842, Leases, which requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liability represents the Company's obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. The Company determines the lease term by agreement with lessor. In cases where the lease does not provide an implicit interest rate, the Company uses the Company's incremental borrowing rate based on the information available at commencement date in determining the present value of future payments.

#### Revenue Recognition
Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

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

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

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have the agreements with its customers in writing, orally, or in accordance with other customary business practices. The Company recognizes revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the goods or services underlying the particular performance obligation is transferred to customers.

Control of the good or service may be transferred over time or at a point in time. Control of the good or service is transferred over time if one of the following criteria is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's performance creates and enhances an asset that the customer controls as the Company performs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

If the control of the good or service transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of the relevant performance obligation. Otherwise, revenue is recognized at a point in time when customer obtains control of the distinct good or service.

Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control of service to a customer.

The Company primarily generates revenue from the operation of restaurants which provide food and beverage to customers. The Company recognizes revenue when payment is tendered at the point of sale as the performance obligation has been satisfied. The single performance obligation is satisfied at a point in time when the service or product has been delivered to the customer, no obligation is outstanding regarding that service or product, and the Company is reasonably assured that funds have been or will be collected from the customer, i.e., customers settled the amount by cash or credit card. The transaction price is clearly identifiable on the food menu and revenue is recognized net of discounts and incentives collected from customers. The Company has no obligations for returns, refunds or similar obligations with customers.

#### Cost of Revenue
Cost of revenues consists of cost directly related to revenue generating activities, which primarily includes food and beverages cost, operating expenses for the restaurants, personnel-related compensation expenses, including salaries and related social insurance costs for operations personnel, and other cost directly linked to the revenue.

#### Employee Benefit Plan
Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment.

The Company is required to contribute to the plan based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. Total expenses for the plan were US$8,249 and US$11,902 for the six months ended June 30, 2025 and 2024, respectively.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Income Taxes
The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The Company believes there were no uncertain tax positions at June 30, 2025 and 2024, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. The Company is not currently under examination by an income tax authority, nor has been notified that an examination is contemplated.

#### Earnings Per Share
The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. As of June 30, 2025 and 2024, there were no dilutive shares.

#### Comprehensive Income (Loss)
Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment resulting from the Company translating its consolidated financial statements from functional currency into reporting currency.

#### Commitments and Contingencies
In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

As of June 30, 2025, the Company had no outstanding lawsuits nor claims

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company's consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Related parties
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

#### Financial Instruments Risks
*Currency Risk*

The Group's operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Group considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.

*Concentration and Credit Risk*

Assets that potentially subject the Group to a significant concentration of credit risk primarily consist of cash, accounts receivable and other assets. The Company believes that there is no significant credit risk associated with cash, which were held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to a limit of HK$800,000 (approximately US$102,991) if the bank with which an individual/a company hold its eligible fails. As of June 30, 2025, and December 31, 2024, cash balance of US$1,511,176 and US$395,670 respectively were at financial institutions in Hong Kong and approximately US$1,393,943 and US$109,467 were not covered by the Hong Kong Deposit Protection Board. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Company periodically evaluates the creditworthiness of the existing clients in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and accounts receivable. The Company's credit risk with respect to cash is discussed under "Cash" in this section.

For the six months ended June 30, 2025 and 2024, no customers accounted for more than 10% of the Company's total revenues.

As of June 30, 2025, 2 accounts receivable accounted for 63% and 32%, respectively, of the Company's total accounts receivable. As of December 31, 2024, 2 accounts receivable accounted for 57% and 29%, respectively, of the Company's total accounts receivable.

For the Six Months ended June 30, 2025 and 2024, no suppliers accounted for more than 10% of the Company's total cost of revenue.

As of June 30, 2025, 2 supplier's accounts payable accounted for approximately 36% and 30% of the total accounts payable. As of December 31, 2024, 3 supplier's accounts payable accounted for approximately 47%, 15% and 13% of the total accounts payable.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

*Interest rate risk*

The Company is exposed to interest rate risk through the changes in interest rates related mainly to the Company's variable-rates line of credit and bank balances, which was considered minimal as the bank balances are only in current accounts and saving accounts.

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

*Liquidity risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 30 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

#### Recently Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity's worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. 5 The other amendments in this Update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application — General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. We are evaluating the effect this guidance will have on our tax disclosures.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated balance sheets, statements of operations and comprehensive income and cash flows.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**3. Accounts Receivable, net**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  Accounts receivable | $7916 | $11152 |
|  Less: allowance for credit losses |  |  |
|  Accounts receivable, net | $7916 | $11152 |

---

**4. Prepayments and Other Assets**

Prepayments and other assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  Deposits | $42195 | $43732 |
|  Prepayments | 43394 | 149986 |
|  | $85589 | $193718 |
|  Less: amount classified as non-current assets | (42195) | (40600) |
|  Amount classified as current assets | $43394 | $153118 |

---

**5. Inventories, net**

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  Food and beverage | $5566 | $5842 |

---

**6. Property, Plant and Equipment, net**

Property, plant and equipment, stated at cost less accumulated depreciation and amortization, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  Furniture, Fixture & Equipment | $52262 | $52776 |
|  Office Equipment | 2152 | 2173 |
|  Leasehold improvements | 580663 | 586378 |
|  Less: accumulated depreciation and amortization | (614488) | (615258) |
|  Property, plant and equipment, net | $20589 | $26069 |

---

Depreciation expenses of property, plant and equipment totaled US$5,265 and US$29,068 for the six months ended June 30, 2025 and 2024, respectively.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**7. Leases**

<u><u>Operating leases as lessee</u></u>

As of June 30, 2025 and December 31, 2024, the Company had property operating leases recorded on its consolidated balance sheets. The Company does not have options to extend or cancel the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, at lease commence date, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The Company's lease arrangements may contain both lease and non-lease components. The Company has separately accounted for lease and non-lease components based on their nature. Payments under the Company's lease arrangement are fixed.

The following table shows operating lease right-of-use assets, net and operating lease liabilities, and the associated consolidated financial statement line items:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  **Operating lease right-of-use assets** |  |  |
|  Beginning balance | $189254 | $221228 |
|  New leases |  | 111425 |
|  Amortization | (76403) | (143887) |
|  Exchange difference | (1278) | 488 |
|  Ending balance | $111573  | $189254 |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  **Operating lease liabilities** |  |  |
|  Beginning balance | $189254 | $221228 |
|  New leases |  | 111425 |
|  Repayment and interest accretion | (76403) | (143887) |
|  Exchange difference | (1278) | 488 |
|  Ending balance | $111573 | $189254 |
|  Operating lease liabilities, current portion | $67910 | $126478 |
|  Operating lease liabilities, net of current portion | $43663 | $62776 |
|  Weighted average remaining lease term (in years) | 1.60 | 1.74 |
|  Weighted average discount rate (%) | 5.875% | 5.875% |

---

The operating lease expense was US$81,010 and US$80,111 for the periods ended June 30, 2025 and 2024, respectively, and included in the general and administrative expenses and interest expense.

Maturities of lease liabilities were as follows:

---

| | |
|:---|:---|
|  **As at June 30, 2025 (unaudited)** | |
| 2026 | $71982 |
| 2027 | 40204  |
| 2028 | 5026 |
|  Total lease payments | $117212 |
|  Less: imputed interest | (5639) |
|  Operating lease obligation, net | $111573 |

---

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

**8. Deferred offering costs**

The Company has capitalized deferred offering costs which consist primarily of legal, accounting, and other professional fees incurred in connection with the Company's planned initial public offering (IPO). These costs are included as deferred offering costs on the consolidated balance sheet as non-current assets. Upon the successful completion of the IPO, these costs will be reclassified as a reduction of in shareholders' equity. If the IPO is not consummated, the deferred offering costs will be expensed in the period when the offering is abandoned. As of June 30, 2025 and December 31, 2024, deferred offering costs were $383,774 and nil, respectively.

#### 9 . Accounts payable
Components of accounts payable are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  Trade payables | $65754 | $56102 |
|  Total | $65754  | $56102 |

---

#### 10 . Accrued Expenses and Other Current Liabilities
Components of accrued expenses and other current liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  Accruals for operating expenses | $12485 | $1298 |
|  Total | $12485 | $1298 |

---

#### 1 1 . Bank Borrowings

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest rate <br>(per annum)** |  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  |  |  | **(Unaudited)** | **(Audited)** |
|  Bank of East Asia ("BEA") – Term loan 1 | 3.125% | (1) | $426518 | $474200 |
|  BEA – Term loan 2 | 3.125% | (2) | 430732 | 465148 |
|  Bank of Communications ("BOCOM") – Term loan | 7.193% | (3) | 606816  | 704689 |
|  |  |  | $1464066 | $1644037 |
|  Less: current portion of long-term bank borrowings |  |  | (1464066) | (1644037) |
|  Non-current portion of long-term bank borrowings |  |  | $— | $— |

---

____________

(1) On January 13, 2022, the Company borrowed US$771,514 (HK$4,907,000) as working capital for 8 years at an annual interest rate of Prime Lending Rate ("Prime") minus 2.5% under the loan agreement with BEA. Interest rates on variable loans are monitored by management. The loan is secured by the guarantee issued by the HKMC Insurance Limited and the personal guarantee of Mr. Ng Wai Lam, a shareholder and principal owner of the Company. As of June 30, 2025 and December 31, 2024, the outstanding of the loan is approximately US$426,518 and US$472,000, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause, therefore, the loan was classified under current liabilities.

(2) On November 22, 2022, the Company borrowed US$558,659 (HK$4,000,000) as working capital for 10 years at an annual interest rate of Prime minus 2.5% under the loan agreement with BEA. Interest rates on variable loans are monitored by management. The loan is secured by the guarantee issued by the HKMC Insurance Limited and the personal guarantee of

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

#### 1 1 . Bank Borrowings (cont.)
Mr. Ng Wai Lam, a shareholder and principal owner of the Company. As of June 30, 2025 and December 31, 2024, the outstanding of the loan is approximately US$430,732 and US$465,148, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause, therefore, the loan was classified under current liabilities.

(3) On June 21, 2021, the Company borrowed US$1,550,859 (HK$10,000,000) as working capital for 7 years at an annual interest rate of HKD Best Lending Rate plus 4.25% under the loan agreement with BOCOM. Interest rates on variable loans are monitored by management. The loan is secured by the guarantee issued by the HKMC Insurance Limited and the personal guarantee of Mr. Ng Wai Lam, a shareholder and principal owner of the Company. As of June 30, 2025 and December 31, 2024, the outstanding of the loan is approximately US$606,816 and US$704,689, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause, therefore, the loan was classified under current liabilities.

Interest expense pertaining to the above bank borrowings for the six months ended June 30, 2025 and 2024 amounted to US$33,755 and US$49,309, respectively.

Maturities of the principal and interest payments of bank borrowings based on scheduled repayments were as follows:

---

| | |
|:---|:---|
|  | **As of <br>June 30, <br>2025** |
|  | **(Unaudited)** |
| 2025 | $— |
| 2026 | 393878 |
| 2027 | 393878 |
| 2028 | 393824 |
| 2029 | 167758 |
| 2030 | 125538 |
| 2031 | 66440 |
| 2032 | 66440 |
| 2033 | 27680 |
|  Total bank borrowings repayments | $1635436 |
|  Less: imputed interest | (171370) |
|  Total bank borrowings recognized in the consolidated balance sheet | $1464066 |

---

---

| | |
|:---|:---|
|  | **As of <br>December 31, <br>2024** |
|  | **(Audited)** |
| 2024 | $— |
| 2025 | 401767 |
| 2026 | 397753 |
| 2027 | 397753 |
| 2028 | 264552 |
| 2029 | 169408 |
| 2030 | 75615 |
| 2031 | 67093 |
| 2032 | 61502 |
|  Total bank borrowings repayments | $1835443 |
|  Less: imputed interest | (191406) |
|  Total bank borrowings recognized in the consolidated balance sheet | $1644037 |

---

As of the date of this report, a total of US$65,464 of the bank borrowings as of June 30, 2025 has been repaid.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

#### 1 2 . Income Taxes
*Hong Kong*

In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to US$257,288 (HK$2,000,000), and 16.5% on any part of assessable profits over US$257,288 (HK$2,000,000).

The components of the income tax expense are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months ended June 30,** | **Six Months ended June 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
|  **Current** |  |  |
|  Hong Kong | $83453 | $17202 |
|  **Deferred** |  |  |
|  Hong Kong | (1540) | (699) |
|  **Provision for income taxes** | $81913 | $16503 |

---

The following table reconciles Hong Kong statutory rates to the Company's effective tax:

---

| | | |
|:---|:---|:---|
|  | **Six Months ended June 30,** | **Six Months ended June 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Profit before income taxes | $328563 | $201485  |
|  Hong Kong Profits Tax rate | 16.5% | 16.5% |
|  Income taxes computed at Hong Kong Profits Tax rate | 54213 | 33245 |
|  **Reconciling items:** |  |  |
|  Tax effect of income that is not taxable\* | (968) | (63) |
|  Tax effect of expenses that are not deductible | 49844 | 1675 |
|  Statutory tax deduction# |  | (576) |
|  Effect of two-tier tax rate | (21176) | (17778) |
|  **Income tax expense** | $81913 | $16503 |

---

____________

\* Income that is not taxable mainly consisted of the bank interest income, which is non-taxable under Hong Kong income tax law.

# It represents a reduction granted by the Hong Kong SAR Government of 100% of the tax payable subject to a maximum reduction of HK$1,500 (approximately US$192) for each business during the six months ended June 30, 2024.

The Company measures deferred tax assets and liabilities based on the difference between carrying amount of assets and liabilities and their respective tax bases at the applicable tax rates. Components of the Company's deferred tax asset and liability are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  **Deferred tax assets:** |  |  |
|  Property, plant and equipment, net | $77592 | $76811 |
|  Less: valuation allowance |  |  |
|  **Deferred tax assets, net** | $77592 | $76811 |

---

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

#### 1 2 . Income Taxes (cont.)
Income tax payable consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  Income tax payable | $283626 | $202768 |

---

*<u>*<u>Uncertain tax positions</u>*</u>*

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of June 30, 2025 and December 31, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the six months ended June 30, 2025 and 2024. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from June 30, 2025.

#### 1 3 . Related Party Balance and Transactions
The following is a list of related parties which the Company has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Ng Wai Lam, a shareholder and principal owner of the Company.

***a. Due from/(to) a shareholder***

The balances due from/(to) related parties were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>June 30, <br>2025** | **As of <br>December 31, <br>2024** |
|  | **(Unaudited)** | **(Audited)** |
|  **Due from a shareholder** |  |  |
|  Mr. Ng Wai Lam<sup>(1)</sup> | $62247 | $2661348 |

---

____________

(1) The balance represented the advances to a shareholder. The amounts were unsecured, interest-free and repayable on demand. Subsequent to the period ended June 30, 2025, the entire amount has been fully settled (Note 18).

***b. Transactions with shareholders***

As of December 31, 2024, the Company recorded $90,000 within Prepayments and Other Assets representing audit fees prepaid by the shareholder (principal owner) on behalf of the Company (Note 4). Such cost has been expensed in general and administrative expenses as at June 30, 2025.

On March 18, 2025, the Company declared and paid a dividend totaling $1,380,644 (HK$10,700,000).

---

| | | |
|:---|:---|:---|
|  | **Six months <br>ended <br>June 30, <br>2025** | **Six months <br>ended <br>June 30, <br>2024** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Catering service to a shareholder | $8383 | $12073 |

---

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

#### 1 4 . Shareholders' Equity
*Ordinary shares*

The Company is an exempted company with limited liability incorporated under the law of the Cayman Islands on January 15, 2025. The authorized share capital of the Company is US$50,000 divided into 450,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares with a par value of US$0.0001. As at August 28, 2025, Ga Sai Tong Limited holds 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares of the Company and Ga Sai Tong Capital Limited holds 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares of the Company, respectively. Bin Gan Limited, Flamethrower Holdings Limited, Pang Kee Limited, East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited hold 524,300, 524,300, 524,300, 524,300, 524,300, 524,300 Class A Ordinary Shares of the Company, respectively (Note 1).

*Conversion*

In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. In no event shall Class B Ordinary Shares be convertible into Class A Ordinary Shares.

*Dividends*

The holders of Ordinary Shares of the Company are entitled to such dividends as may be declared by board of directors of the Company. In addition, Shareholders of the Company may declare dividends by ordinary resolution, but not dividend shall exceed the amount recommended by directors of the Company. Memorandum and Articles of the Company provide that the board of directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the directors, be applicable for meeting contingencies, or for equalizing dividends or for any other purpose to which those funds may be properly applied and pending such application may in the absolute discretion of the directors, either be employed in the business of the Company or be invested in such investments (other than Shares of the Company) as the directors may from time to time think fit. Under the laws of the Cayman Islands, Company may pay a dividend out of either profit or the credit standing in Company's share premium account, provided that in no circumstances may a dividend be paid if this would result in Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid.

*Voting rights*

Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of the Company.

Holders of Ordinary Shares of the Company may vote on all matters submitted to a vote of the shareholders, except as may otherwise be required by law. Subject to any rights or restrictions as to voting attached to any shares, (i) on a show of hands every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall, at a general meeting of the Company, have one vote for each Class A Ordinary Share and 10 votes for each Class B Ordinary Share in each case of which he is the holder; and (ii) on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have one vote for each Class A Ordinary Share and 10 votes for each Class B Ordinary Share of which he or the person represented by proxy is the holder.

Voting at any meeting of shareholders is by show of hands unless a poll (before or on the declaration of the result of the show of hands) is demanded. A poll may be demanded by the chairperson of such meeting or any one or more shareholders who together hold not less than 10% of the votes attaching to the total shares that are present in person or by proxy.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

#### 1 4 . Shareholders' Equity (cont.)
At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands unless voting by poll is demanded by the chairman of the meeting or any one or more shareholders who together hold not less than 10 percent of the votes attaching to the total shares that are present in person or by proxy.

Any ordinary resolution is a resolution passed by a simple majority of the shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of the Company and includes a unanimous written resolution.

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

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

#### 1 5 . Employee Benefit Plans
*HK SAR*

Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment. The Group has a defined contribution pension scheme for its qualifying employees. The scheme assets are held under a provident fund managed by an independent fund manager. The Company and its employees are each required to make contributions to the scheme calculated at 5% of the employees' basic salaries on monthly basis.

#### 1 6 . Commitments and Contingencies
*Commitments*

As at June 30, 2025 and December 31, 2024, the Company did not have any significant capital and other commitments.

*Contingencies*

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2025 and through the issuance date of these consolidated financial statements.

#### 1 7 . Segment Reporting
Operating segments are defined as components of an entity where discrete financial information is evaluated regularly by Chief Operating Decision maker ("CODM") how to allocate resource and assessing performance. The company has identified the CEO as the CODM. For the six months ended June 30, 2025 and 2024 and as of June 30, 2025, the Company operated in Hong Kong, through its subsidiaries, which primarily engaged in the restaurant operations.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Unaudited Interim Condensed Consolidated Financial Statements<br>For the Six Months Ended June 30, 2025 and 2024<br>(Expressed in United States Dollars ("US$"))**

#### 1 7 . Segment Reporting (cont.)
Management determined that the Company functions as a single operating segment, and thus reports as a single reportable segment. This determination is based on rules prescribed by GAAP applied to the manner in which management operates the Company. The CODM is responsible for allocating resources to its operations and assessing performance and obtains financial information, being the consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows, about the Company as a whole. The company's property and equipment, and operating right of use lease assets are in Hong Kong.

#### 1 8 . Subsequent Events
As of that date, the amount due from to the shareholder of US$62,247 has been fully settled (Note 13).

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

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Ga Sai Tong Enterprise Limited

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Ga Sai Tong Enterprise Limited and its subsidiaries (collectively referred to as the "Group") as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive income, shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2024 and 2023 and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, 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 Group's management. Our responsibility is to express an opinion on the Group'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 Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the United States 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 audits to obtain reasonable assurance about whether the consolidated 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 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 Group'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.

We have served as the Group's auditor since 2024.

May 28, 2025, except for Note 1 and 13, as to which the date is September 19, 2025

Amherst, NY

---

| |
|:---|
|  */s/ SRCO, C.P.A., Professional Corporation* |
|  SRCO, C.P.A., Professional Corporation |
|  CERTIFIED PUBLIC ACCOUNTANTS |

---

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

#### GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Consolidated Balance Sheets<br>As of December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
|  Cash | 406012 | 72935 |
|  Accounts receivable, net (Note 3) | 11152 | 20709 |
|  Prepayments and other assets (Note 4) | 153118 | 55871 |
|  Inventories, net (Note 5) | 5842 | 13146 |
|  Due from a shareholder (Note 12) | 2661348 | 2547068 |
|  **Total current assets** | 3237472 | 2709729 |
|  **Non-current assets:** |  |  |
|  Property, plant and equipment, net (Note 6) | 26069 | 68361 |
|  Prepayments and other assets (Note 4) | 40600 | 40103 |
|  Operating lease right-of-use assets, net (Note 7) | 189254 | 221228 |
|  Deferred tax assets (Note 11) | 76811 | 73557 |
|  **TOTAL ASSETS** | $3570206 | $3112978 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current liabilities:** |  |  |
|  Accounts payable (Note 8) | 56102 | 77142 |
|  Bank borrowings (Note 10) | 1644037 | 1959365 |
|  Operating lease liabilities, current portion (Note 7) | 126478 | 130940 |
|  Accrued expenses and other current liabilities (Note 9) | 1298 | 62816 |
|  Income tax payable (Note 11) | 202768 | 115541 |
|  **Total current liabilities** | 2030683 | 2345804 |
|  **Non-current liabilities:** |  |  |
|  Operating lease liabilities, net of current portion (Note 7) | 62776 | 90288 |
|  **TOTAL LIABILITIES** | 2093459 | 2436092 |
|  **SHAREHOLDERS' EQUITY** |  |  |
|  Ordinary shares, 450,000,000 shares authorized, par value US$0.0001 each, 10,700,000 Class A Ordinary Shares issued and outstanding as of December 31, 2024 and 2023 (Note 1 and 13) | 1070 | 1070 |
|  Ordinary shares, 50,000,000 shares authorized, par value US$0.0001 each, 1,000,000 Class B Ordinary Shares issued and outstanding as of December 31, 2024 and 2023 (Note 1 and 13) | 100 | 100 |
|  Additional paid-in capital | 2682 | 2682 |
|  Retained earnings | 1465225 | 671555 |
|  Accumulated other comprehensive income | 7670 | 1479 |
|  **Total shareholders' equity** | 1476747 | 676886 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $3570206 | $3112978 |
|  Commitments and contingencies (Note 15) |  |  |
|  Subsequent Events (Note 17) |  |  |

---

*See accompanying notes to consolidated financial statements.*

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Consolidated Statements of Operations and Comprehensive Income<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  **Revenues** | $2276017 | $1956894 |
|  **Cost of revenue** | (1226465) | (1104688) |
|  **Gross profit** | 1049552 | 852206 |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (70012) | (213535) |
|  **Total operating expenses** | (70012) | (213535) |
|  **Income from operations** | 979540 | 638671 |
|  **Other income/(expense)** |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (103944) | (116413) |
| &nbsp;&nbsp;&nbsp; Other income, net | 1531 | 1307 |
|  **Total other income/(expense), net** | (102413) | (115106) |
|  **Income before income taxes** | 877127 | 523565 |
|  Income tax expense (Note 11) | (83457) | (68158) |
|  **Net income** | $793670 | $455407 |
|  **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 6191 | 441 |
|  **Comprehensive income** | $799861 | $455848 |
|  Earnings per share – Basic and Diluted\* | $0.068 | $0.039 |
|  Weighted average shares outstanding – Basic and Diluted | 11700000 | 11700000 |

---

____________

\* Retrospectively restated for effect of share reorganization (see Notes 1 and 13)

*See accompanying notes to consolidated financial statements.*

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Consolidated Statements of Shareholders' Equity<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A <br>Ordinary Shares** | **Class A <br>Ordinary Shares** | **Class B <br>Ordinary Shares** | **Class B <br>Ordinary Shares** | **Additional <br>paid-in- <br>capital** | **Accumulated <br>other <br>comprehensive <br>income** | **Retained <br>earnings** | **Total** |
|  | **No. of <br>shares** | **Amount** | **No. of <br>shares** | **Amount** | **Additional <br>paid-in- <br>capital** | **Accumulated <br>other <br>comprehensive <br>income** | **Retained <br>earnings** | **Total** |
|  Balance as of January 1, 2023 | 10700000 | $1070 | 1000000 | $100 | $2682 | $1038 | $216148 | $221038 |
|  Net income |  |  |  |  |  |  | 455407 | 455407 |
|  Foreign currency translation adjustment |  |  |  |  |  | 441 |  | 441 |
|  Balance as of December 31, 2023 | 10700000 | 1070 | 1000000 | 100 | 2682 | 1479 | 671555 | 676886 |
|  Net income |  |  |  |  |  |  | 793670 | 793670 |
|  Foreign currency translation adjustment |  |  |  |  |  | 6191 |  | 6191 |
|  Balance as of December 31, 2024 | 10700000 | $1070 | 1000000 | $100 | $2682 | $7670 | $1465225 | $1476747 |

---

____________

\* Retrospectively restated for effect of share reorganization (see Notes 1 and 13)

*See accompanying notes to consolidated financial statements.*

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Consolidated Statements of Cash Flows<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** |
|  **Cash flows from operating activities:** |  |  |
|  Net income | 793670 | 455407 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 186338 | 304462 |
| &nbsp;&nbsp;&nbsp; Deferred income taxes | (2899) | (8621) |
|  Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | 9557 | (3536) |
| &nbsp;&nbsp;&nbsp; Prepayments and other assets | (97744) | (40833) |
| &nbsp;&nbsp;&nbsp; Inventories | 7304 | (587) |
| &nbsp;&nbsp;&nbsp; Due from a shareholder | (114280) | (540033) |
| &nbsp;&nbsp;&nbsp; Accounts payable | (21040) | (63813) |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | (61518) | 45846 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | (143399) | (148479) |
| &nbsp;&nbsp;&nbsp; Income tax payables | 87227 | 76849 |
|  **Net cash provided by operating activities** | 643216 | 76662 |
|  **Cash flows from financing activities:** |  |  |
|  Repayment of bank borrowings | (315328) | (213737) |
|  **Net cash used in financing activities** | (315328) | (213737) |
|  Foreign currency translation adjustment | 5189 | 2928 |
|  Net change in cash | 333077 | (134147) |
|  **CASH AT THE BEGINNING OF THE YEAR** | 72935 | 207082 |
|  **CASH AT THE END OF THE YEAR** | 406012 | 72935 |
|  **Supplemental disclosure of cash flow information:** |  |  |
|  Interest paid | (103944) | (116413) |

---

*See accompanying notes to consolidated financial statements.*

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**1. Organization and Business Description**

#### Organization and Nature of Operations
Ga Sai Tong Enterprise Limited ("GST Cayman") was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on January 15, 2025. It is a holding company with no business operation.

The Company conducts its primary operations through its wholly-owned subsidiaries, Akai Honoo Capital Limited ("Akai"), French Fries Creativeworks Limited ("French Fries") and Wonderful Concept Investment Limited ("Wonderful"), which are incorporated and domiciled in Hong Kong SAR. Akai, French Fries and Wonderful principally engage in the restaurant operations in Hong Kong (collectively, the "Company").

The accompanying consolidated financial statements reflect the activities of the Company and the following entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Parent and subsidiaries** | **Date of <br>Incorporation** | **Jurisdiction of <br>Formation** | **Percentage of <br>direct/indirect <br>Economic <br>Ownership** | **Principal <br>Activities** |
|  GST Cayman | January 15, 2025 | Cayman Islands | Parent | Investment holding |
|  Akai | January 29, 2018 | Hong Kong | 100% | Restaurant operations |
|  French Fries | January 29, 2018 | Hong Kong | 100% | Restaurant operations |
|  Wonderful | January 25, 2018 | Hong Kong | 100% | Restaurant operations |

---

#### Reorganization and Share Issuance
The Company is an exempted company with limited liability incorporated under the law of the Cayman Islands on January 15, 2025. The authorized share capital of the Company is US$50,000 divided into 450,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares with a par value of US$0.0001. As at January 15, 2025, Ga Sai Tong Limited holds 6,750,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares of the Company and Ga Sai Tong Capital Limited holds 6,750,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares of the Company, respectively.

Akai Honoo Capital Limited was incorporated on January 29, 2018 under the laws of Hong Kong, as one of our Hong Kong operating subsidiary. The sole shareholder of Akai Honoo Capital Limited is Ga Sai Tong Enterprise Limited, holds 10,000 ordinary shares of Akai Honoo Capital Limited.

French Fries Creativeworks Limited was incorporated on January 29, 2018 under the laws of Hong Kong, as one of our Hong Kong operating subsidiary. The sole shareholder of French Fries Creativeworks Limited is Ga Sai Tong Enterprise Limited, holds 10,000 ordinary shares of French Fries Creativeworks Limited.

Wonderful Concept Investment Limited was incorporated on January 25, 2018 under the laws of Hong Kong, as one of our Hong Kong operating subsidiary. The sole shareholder of Wonderful Concept Investment Limited is Ga Sai Tong Enterprise Limited, holds 10,000 ordinary shares of Wonderful Concept Investment Limited.

On April 2, 2025, Ga Sai Tong Limited entered into sale and purchase agreements with Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited, respectively. Pursuant to the sales and purchase agreements, Ga Sai Tong Limited is to sell, and Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited are to acquire, 4.90%, 4.90% and 4.90% of the issued Class A Ordinary Shares equity interests in Ga Sai Tong Enterprise Limited, at the consideration of HK$1,000,000, HK$1,000,000 and HK$1,000,000, respectively. On the same date, Ga Sai Tong Limited executed the instruments of transfer whereby Ga Sai Tong Limited have transferred 661,500, 661,500 and 661,500 Class A Ordinary Shares, out of its 6,750,000 Class A Ordinary Shares, to Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited, respectively.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**1. Organization and Business Description** (cont.)

On April 2, 2025, Ga Sai Tong Capital Limited entered into sale and purchase agreements with East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively. Pursuant to the sales and purchase agreements, Ga Sai Tong Capital Limited is to sell, and East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited are to acquire, 4.90%, 4.90% and 4.90% of the issued Class A Ordinary Shares equity interests in Ga Sai Tong Enterprise Limited, at the consideration of HK$1,000,000, HK$1,000,000 and HK$1,000,000, respectively. On the same date, Ga Sai Tong Capital Limited executed the instruments of transfer whereby Ga Sai Tong Capital Limited have transferred 661,500, 661,500 and 661,500 Class A Ordinary Shares, out of its 6,750,000 Class A Ordinary Shares, to East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively.

On August 28, 2025, Ga Sai Tong Limited and Ga Sai Tong Capital Limited proposed to surrender 988,400 and 988,400 Class A Ordinary Shares and 4,500,000 and 4,500,000 Class B Ordinary Shares, respectively, to the Company for cancellation. On the same date, Bin Gan Limited, Flamethrower Holdings Limited, Pang Kee Limited, East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited proposed to surrender 137,200, 137,200, 137,200, 137,200, 137,200 and 137,200 Class A Ordinary Shares, respectively, to the Company for cancellation. The Company approved the surrender and cancellation of such shares on August 28, 2025. The consolidated financial statements have been retrospectively restated for effect of share reorganization (Note 13).

**2. Summary of Significant Accounting Policies**

#### Basis of Presentation and Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

GST and its subsidiaries resulting from Reorganization has always been under the common control of the same controlling shareholder before and after the Reorganization. The consolidation of GST and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. 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.

The consolidated financial statements include the financial statements of GST and its wholly owned subsidiaries. All intercompany transactions and balances among GST and its subsidiaries have been eliminated upon consolidation.

#### Use of Estimates and Assumptions
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, the expected credit loss provision, the determination of the useful lives of property, plant and equipment, impairment of long-lived assets, right-of-use assets, net, operating lease liabilities, incremented borrowing rate for lease, valuation allowing for deferred tax asset, revenue recognition and contingencies. Actual results could differ from those estimates. The Company evaluates these estimates on an ongoing basis and revises estimates as circumstances change. The Company bases its estimates on historical experience, anticipated results, trends, and other various assumptions that it believes are reasonable.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Foreign Currency Translation and transaction
The Company's principal country of operations is Hong Kong. The consolidated financial position and results of its operations are determined using Hong Kong Dollars ("HK$"), the local currency, as the functional currency of GST, Akai, French Fries and Wonderful. The Company's consolidated financial statements are reported using the U.S. Dollars ("US$" or "$"). The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the consolidated balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of shareholders' equity. Gains and losses from foreign currency transactions are included in the Company's consolidated statements of operations and comprehensive income (loss).

The following table outlines the currency exchange rates that were used in preparing the consolidated financial statements:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Year-end spot rate | $1 = HK$7.7734 | $1 = HK$7.8098 |
|  Average rate | $1 = HK$7.8030 | $1 = HK$7.8292 |

---

#### Fair Value of Financial Instruments
The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts of financial assets and liabilities, such as cash, accounts receivable, other assets, due from a shareholder, accounts payable, bank borrowings, operating lease liabilities, current portion and accrued expenses and other current liabilities, approximate their fair values because of the short maturity of these instruments and market rates of interest.

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

---

| | |
|:---|:---|
|  Level 1 | Quoted prices in active markets for identical assets and liabilities. |
|  Level 2 | Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|  Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |

---

Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of the Company's cash, accounts receivable, other assets, due from a shareholder, accounts payable, bank borrowings, operating lease liabilities and accrued expenses and other current liabilities approximated their fair values as of December 31, 2024 and 2023 due to their short-term nature.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Cash
Cash consist of petty cash on hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Group maintains all bank accounts in domestic banks of Hong Kong. Cash balances in bank accounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance (Chapter 581 of the laws of Hong Kong). The maximum protection was up to HKD500,000 (approximately US$64,078) and has been raised to HKD800,000 (approximately US$102,991) from October 1, 2024 per depositor per Scheme member, including both principal and interest.

#### Accounts Receivable, net
Accounts receivable, net consist of balances receivable from credit card companies and third-party aggregators' platforms in the normal course of business and generally are settled within 30 days or less. The Company maintains an allowance for expected credit losses ("ECLs") to provide for the estimated number of receivables that will not be collected. The Company applies a simplified approach in calculating ECLs. The Company provides an allowance for uncollectable accounts using an ECLs model which represents the estimate of ECLs over the lifetime of the asset. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The receivables are written off after all collection efforts have ceased. As of December 31, 2024 and 2023, no allowance for ECLs were recorded.

#### Prepayments
Prepayments represent advance payments made to the service providers for future services. Prepayments are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the realizability of the prepayments becomes doubtful. As of December 31, 2024 and 2023, there was nil allowance recorded as the Company considers all of the prepayments recoverable.

#### Inventories, net
Inventories, net consist of food and beverages and are recorded at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Any unusable or spoiled inventory is written off when identified.

#### Property, plant and Equipment, net
Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided for on a straight-line basis over the estimated useful lives of the related assets as follows:

<u> Furniture, Fixture & Equipment </u>   <u> 5 years </u> <br> <u> Office Equipment </u>   <u> 5 years </u> <br> <u> Leasehold improvements </u>   <u> Over the lease terms </u>

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income or expenses.

The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Impairment of Long-Lived Assets
The Company reviews the recoverability of its long-lived assets, such as property, plant and equipment and right-of-use assets, 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 no longer be recoverable. When these events occur, the Company measures 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 disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were no impairment losses on long-lived assets for the years ended December 31, 2024 and 2023.

#### Lease
The Company applies the provisions of ASC Topic 842, *Leases* which requires lessees to recognize lease assets and lease liabilities on the consolidated balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate.

#### Right-of -use Assets
The Company's right-of-use assets consist of leased assets recognized in accordance with ASC 842, Leases, which requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liability represents the Company's obligation to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. The Company determines the lease term by agreement with lessor. In cases where the lease does not provide an implicit interest rate, the Company uses the Company's incremental borrowing rate based on the information available at commencement date in determining the present value of future payments.

#### Revenue Recognition
Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

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

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

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have the agreements with its customers in writing, orally, or in accordance with other customary business practices. The Company recognizes revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the goods or services underlying the particular performance obligation is transferred to customers.

Control of the good or service may be transferred over time or at a point in time. Control of the good or service is transferred over time if one of the following criteria is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's performance creates and enhances an asset that the customer controls as the Company performs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

If the control of the good or service transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of the relevant performance obligation. Otherwise, revenue is recognized at a point in time when customer obtains control of the distinct good or service.

Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control of service to a customer.

The Company primarily generates revenue from the operation of restaurants which provide food and beverage to customers. The Company recognizes revenue when payment is tendered at the point of sale as the performance obligation has been satisfied. The single performance obligation is satisfied at a point in time when the service or product has been delivered to the customer, no obligation is outstanding regarding that service or product, and the Company is reasonably assured that funds have been or will be collected from the customer, i.e., customers settled the amount by cash or credit card. The transaction price is clearly identifiable on the food menu and revenue is recognized net of discounts and incentives collected from customers. The Company has no obligations for returns, refunds or similar obligations with customers.

#### Cost of Revenue
Cost of revenues consists of cost directly related to revenue generating activities, which primarily includes food and beverages cost, operating expenses for the restaurants, personnel-related compensation expenses, including salaries and related social insurance costs for operations personnel, and other cost directly linked to the revenue.

#### Employee Benefit Plan
Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment.

The Company is required to contribute to the plan based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. Total expenses for the plan were US$22,698 and US$14,127 for the years ended December 31, 2024 and 2023, respectively.

#### Income Taxes
The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The Company believes there were no uncertain tax positions at December 31, 2024 and 2023, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. The Company is not currently under examination by an income tax authority, nor has been notified that an examination is contemplated.

#### Earnings Per Share
The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. As of December 31, 2024 and 2023, there were no dilutive shares.

#### Comprehensive Income (Loss)
Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income (loss) consists of foreign currency translation adjustment resulting from the Company translating its consolidated financial statements from functional currency into reporting currency.

#### Commitments and Contingencies
In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

As of December 31, 2024, the Company had no outstanding lawsuits nor claims

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company's consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

#### Related parties
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

#### Financial Instruments Risks
*Currency Risk*

The Group's operating activities are transacted in HK$. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Group considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.

*Concentration and Credit Risk*

Assets that potentially subject the Group to a significant concentration of credit risk primarily consist of cash, accounts receivable and other assets. The Company believes that there is no significant credit risk associated with cash, which were held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to a limit of HK$800,000 (approximately US$102,991) if the bank with which an individual/a company hold its eligible fails. As of December 31, 2024, and 2023, cash balance of US$395,670 and US$61,631 respectively were at financial institutions in Hong Kong and approximately US$109,467 and nil were not covered by the Hong Kong Deposit Protection Board. The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Company periodically evaluates the creditworthiness of the existing clients in determining an allowance for doubtful accounts primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and accounts receivable. The Company's credit risk with respect to cash is discussed under "Cash" in this section.

For the years ended December 31, 2024 and 2023, no customers accounted for more than 10% of the Company's total revenues.

As of December 31, 2024, 2 accounts receivable accounted for 57% and 29%, respectively, of the Company's total accounts receivable. As of December 31, 2023, 3 accounts receivable accounted for 37%, 23% and 16%, respectively, of the Company's total accounts receivable.

For the year ended December 31, 2024, no suppliers accounted for more than 10% of the Company's total cost of revenue. For the year ended December 31, 2023, 1 supplier accounted for approximately 18% of the Company's total cost of revenue.

As of December 31, 2024, 3 supplier's accounts payable accounted for approximately 47%, 15% and 13% of the total accounts payable. As of December 31, 2023, 4 supplier's accounts payable accounted for approximately 24%, 22%, 21% and 13% of the total accounts payable.

*Interest rate risk*

The Company is exposed to interest rate risk through the changes in interest rates related mainly to the Company's variable-rates line of credit and bank balances, which was considered minimal as the bank balances are only in current accounts and saving accounts.

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

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

*Liquidity risk*

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 30 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.

#### Recently Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, which is an update to Topic 280, Segment Reporting. The amendments in this Update 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.

The amendments in this update: (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"), (2) Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss, (3) Require that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods, and (4) Clarify that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's unaudited interim condensed consolidated financial statements. In other words, in addition to the measure that is most consistent with the measurement principles under generally accepted accounting principles (GAAP), a public entity is not precluded from reporting additional measures of a segment's profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources, (5) Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (6) Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update and all existing segment disclosures in Topic 280. The amendments in this Update 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 this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are evaluating the effect this guidance will have on our segment disclosures.

In December 2023, the FASB issued ASU 2023-09, which is an update to Topic 740, Income Taxes. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**2. Summary of Significant Accounting Policies** (cont.)

assess, in their capital allocation decisions, how an entity's worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. 5 The other amendments in this Update improve the effectiveness and comparability of disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) to be consistent with U.S. Securities and Exchange Commission (SEC) Regulation S-X 210.4-08(h), Rules of General Application — General Notes to Financial Statements: Income Tax Expense, and (2) removing disclosures that no longer are considered cost beneficial or relevant. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. We are evaluating the effect this guidance will have on our tax disclosures.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have material impact on the consolidated balance sheets, statements of operations and comprehensive income and cash flows.

**3. Accounts Receivable, net**

Accounts receivable, net consisted of the following at December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Accounts receivable | $11152 | $20709 |
|  Less: allowance for credit losses |  |  |
|  Accounts receivable, net | $11152 | $20709 |

---

**4. Prepayments and Other Assets**

Prepayments and other assets consisted of the following at December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Deposits | $43732 | $43221 |
|  Prepayments | 149986 | 52753 |
|  | $193718 | $95974 |
|  Less: amount classified as non-current assets | (40600) | (40103) |
|  Amount classified as current assets | $153118 | $55871 |

---

**5. Inventories, net**

Inventories consisted of the following at December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Food and beverage | $5842 | $13146 |

---

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**6. Property, Plant and Equipment, net**

Property, plant and equipment, stated at cost less accumulated depreciation and amortization, consisted of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Furniture, Fixture & Equipment | $52776 | $52530 |
|  Office Equipment | 2173 | 2163 |
|  Leasehold improvements | 586378 | 583644 |
|  Less: accumulated depreciation and amortization | (615258) | (569976) |
|  Property, plant and equipment, net | $26069 | $68361 |

---

Depreciation expenses of property, plant and equipment totaled US$42,451 and US$157,189 for the years ended December 31, 2024 and 2023, respectively.

**7. Leases**

<u><u>Operating leases as lessee</u></u>

As of December 31, 2024 and 2023, the Company had property operating leases recorded on its consolidated balance sheets. The Company does not have options to extend or cancel the existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, at lease commence date, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The Company's lease arrangements may contain both lease and non-lease components. The Company has separately accounted for lease and non-lease components based on their nature. Payments under the Company's lease arrangement are fixed.

The following table shows operating lease right-of-use assets, net and operating lease liabilities, and the associated consolidated financial statement line items as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Operating lease right-of-use assets** |  |  |
|  Beginning balance at December 31 | $221228 | $269040 |
|  New leases | 111425 | 100667 |
|  Amortization | (143887) | (147273) |
|  Exchange difference | 488 | (1206) |
|  Ending balance at December 31 | $189254 | $221228 |

---

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Operating lease liabilities** |  |  |
|  Beginning balance at December 31 | $221228 | $269040 |
|  New leases | 111425 | 100667 |
|  Repayment and interest accretion | (143887) | (147273) |
|  Exchange difference | 488 | (1206) |
|  Ending balance at December 31 | $189254 | $221228 |
|  Operating lease liabilities, current portion | $126478 | $130940 |
|  Operating lease liabilities, net of current portion | $62776 | $90288 |
|  Weighted average remaining lease term (in years) | 1.74 | 3.21 |
|  Weighted average discount rate (%) | 5.875% | 5875% |

---

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**7. Leases** (cont.)

The operating lease expense was US$155,363 and US$160,016 for the years ended December 31, 2024 and 2023, respectively, and included in the general and administrative expenses and interest expense.

Maturities of lease liabilities were as follows:

---

| | |
|:---|:---|
|  **As at December 31, 2024** | |
| 2025 | $133590 |
| 2026 | 40600 |
| 2027 | 25375 |
|  Total lease payments | $199565 |
|  Less: imputed interest | (10311) |
|  Operating lease obligation, net | $189254 |

---

**8. Accounts payable**

Components of accounts payable are as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Trade payables | $56102 | $77142 |
|  Total | $56102 | $77142 |

---

**9. Accrued Expenses and Other Current Liabilities**

Components of accrued expenses and other current liabilities are as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Accruals for operating expenses | $1298 | $62816 |
|  Total | $1298 | $62816 |

---

**10. Bank Borrowings**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest rate <br>(per annum)** |  | **2024** | **2023** |
|  Bank of East Asia ("BEA") – Term loan 1 | 3.125% | (1) | $474200 | $562000 |
|  BEA – Term loan 2 | 3.125% | (2) | 465148 | 512177 |
|  Bank of Communications ("BOCOM") – Term loan | 7.193% | (3) | 704689 | 885188 |
|  |  |  | $1644037 | $1959365 |
|  Less: current portion of long-term bank borrowings |  |  | (1644037) | (1959365) |
|  Non-current portion of long-term bank borrowings |  |  | $— | $— |

---

____________

(1) On January 13, 2022, the Company borrowed US$771,514 (HK$4,907,000) as working capital for 8 years at an annual interest rate of Prime Lending Rate ("Prime") minus 2.5% under the loan agreement with BEA. Interest rates on variable loans are monitored by management. The loan is secured by the guarantee issued by the HKMC Insurance Limited and the personal guarantee of Mr. Ng Wai Lam, a shareholder and principal owner of the Company. As of December 31, 2024 and 2023, the outstanding of the loan is approximately US$472,000 and US$562,000, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause, therefore, the loan was classified under current liabilities.

(2) On November 22, 2022, the Company borrowed US$558,659 (HK$4,000,000) as working capital for 10 years at an annual interest rate of Prime minus 2.5% under the loan agreement with BEA. Interest rates on variable loans are monitored by management. The loan is secured by the guarantee issued by the HKMC Insurance Limited and the personal guarantee of Mr. Ng Wai Lam, a shareholder and principal owner of the Company. As of December 31, 2024 and 2023, the outstanding of the loan is approximately US$465,148 and US$512,177, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause, therefore, the loan was classified under current liabilities.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**10. Bank Borrowings** (cont.)

(3) On June 21, 2021, the Company borrowed US$1,550,859 (HK$10,000,000) as working capital for 4 years at an annual interest rate of HKD Best Lending Rate plus 4.25% under the loan agreement with BOCOM. Interest rates on variable loans are monitored by management. The loan is secured by the guarantee issued by the HKMC Insurance Limited and the personal guarantee of Mr. Ng Wai Lam, a shareholder and principal owner of the Company. As of December 31, 2024 and 2023, the outstanding of the loan is approximately US$704,689 and US$885,188, respectively. There is no material covenant stated in this borrowing. The loan contains a repayable on demand clause, therefore, the loan was classified under current liabilities.

Interest expense pertaining to the above bank borrowings for the years ended December 31, 2024 and 2023 amounted to US$92,468 and US$103,669, respectively.

Maturities of the principal and interest payments of bank borrowings based on scheduled repayments were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| 2024 | $— | $420126 |
| 2025 | 401767 | 395900 |
| 2026 | 397753 | 395900 |
| 2027 | 397753 | 395900 |
| 2028 | 264552 | 263319 |
| 2029 | 169408 | 168619 |
| 2030 | 75615 | 75263 |
| 2031 | 67093 | 66781 |
| 2032 | 61502 | 61216 |
|  Total bank borrowings repayments | $1835443 | $2243024 |
|  Less: imputed interest | (191406) | (283659) |
|  Total bank borrowings recognized in the consolidated balance sheet | $1644037 | $1959365 |

---

As of the date of this report, a total of US$79,683 of the bank borrowings as of December 31, 2024 has been repaid.

**11. Income Taxes**

*Hong Kong*

In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to US$257,288 (HK$2,000,000), and 16.5% on any part of assessable profits over US$257,288 (HK$2,000,000).

The components of the income tax expense are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  **Current** |  |  |
|  Hong Kong | $85424 | $76779 |
|  **Deferred** |  |  |
|  Hong Kong | (2899) | (8621) |
|  **Provision for income taxes** | $82525 | $68158 |

---

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**11. Income Taxes** (cont.)

The following table reconciles Hong Kong statutory rates to the Company's effective tax:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Profit before income taxes | $877127 | $523565 |
|  Hong Kong Profits Tax rate | 16.5% | 16.5% |
|  Income taxes computed at Hong Kong Profits Tax rate | 144726 | 86388 |
|  **Reconciling items:** |  |  |
|  Tax effect of income that is not taxable\* | (253) | (216) |
|  Tax effect of expenses that are not deductible | 184 | 4211 |
|  Statutory tax deduction# | (577) | (1150) |
|  Effect of two-tier tax rate | (60622) | (21075) |
|  **Income tax expense** | $83458 | $68158 |

---

____________

\* Income that is not taxable mainly consisted of the bank interest income, which is non-taxable under Hong Kong income tax law.

# It represents a reduction granted by the Hong Kong SAR Government of 100% of the tax payable subject to a maximum reduction of HK$1,500 (approximately US$192) and HK$3,000 (approximately US$383) for each business during the years ended December 31, 2024 and 2023, respectively.

The Company measures deferred tax assets and liabilities based on the difference between carrying amount of assets and liabilities and their respective tax bases at the applicable tax rates. Components of the Company's deferred tax asset and liability are as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  **Deferred tax assets:** |  |  |
|  Property, plant and equipment, net | $76811 | $73557 |
|  Less: valuation allowance |  |  |
|  **Deferred tax assets, net** | $76811 | $73557 |

---

Income tax payable consist of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Income tax payable | $202768 | $115541 |

---

*<u>*<u>Uncertain tax positions</u>*</u>*

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the years ended December 31, 2024 and 2023. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from December 31, 2024.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**12. Related Party Balance and Transactions**

The following is a list of related parties which the Company has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Ng Wai Lam, a shareholder and principal owner of the Company.

***a. Due from a shareholder***

As of December 31, 2024 and 2023, the balances due from related parties were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  **Due from a shareholder** |  |  |
|  Mr. Ng Wai Lam<sup>(1)</sup> | $2661348 | $2547068 |

---

Subsequent to year-end, the shareholder prepaid an additional $448,660 in professional fees on behalf of the Company (Note 17). Through the date of issuance of these consolidated financial statements, the shareholder deposited $2,460,900 into the Company. As of that date, the Company had a balance payable to the shareholder of $248,212. The amount due to the shareholder is unsecured, non-interest bearing, and payable on demand (Note 17).

____________

(1) The balance represented the advances to a shareholder. The amounts were unsecured, interest-free and repayable on demand. Subsequent to the year end, the entire amount has been fully settled.

***b. Transactions with a shareholder***

As of December 31, 2024, the Company recorded $90,000 within Prepayments and Other Assets representing audit fees prepaid by the shareholder (principal owner) on behalf of the Company (Note 4).

On March 18, 2025, the Company declared and paid a dividend totaling $1,380,644 (HK$10,700,000) (Note 17).

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Catering service to a shareholder | $22625 | $22979 |

---

**13. Shareholders' Equity**

#### Ordinary shares
The Company is an exempted company with limited liability incorporated under the law of the Cayman Islands on January 15, 2025. The authorized share capital of the Company is US$50,000 divided into 450,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares with a par value of US$0.0001. As at August 28, 2025, Ga Sai Tong Limited holds 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares of the Company and Ga Sai Tong Capital Limited holds 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares of the Company, respectively. Bin Gan Limited, Flamethrower Holdings Limited, Pang Kee Limited, East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited hold 524,300, 524,300, 524,300, 524,300, 524,300, 524,300 Class A Ordinary Shares of the Company, respectively (Note 1).

#### Conversion
In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. In no event shall Class B Ordinary Shares be convertible into Class A Ordinary Shares.

#### Dividends
The holders of Ordinary Shares of the Company are entitled to such dividends as may be declared by board of directors of the Company. In addition, Shareholders of the Company may declare dividends by ordinary resolution, but not dividend shall exceed the amount recommended by directors of the Company. Memorandum and Articles of

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**13. Shareholders' Equity** (cont.)

the Company provide that the board of directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the directors, be applicable for meeting contingencies, or for equalizing dividends or for any other purpose to which those funds may be properly applied and pending such application may in the absolute discretion of the directors, either be employed in the business of the Company or be invested in such investments (other than Shares of the Company) as the directors may from time to time think fit. Under the laws of the Cayman Islands, Company may pay a dividend out of either profit or the credit standing in Company's share premium account, provided that in no circumstances may a dividend be paid if this would result in Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid.

#### Voting rights
Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of the Company.

Holders of Ordinary Shares of the Company may vote on all matters submitted to a vote of the shareholders, except as may otherwise be required by law. Subject to any rights or restrictions as to voting attached to any shares, (i) on a show of hands every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall, at a general meeting of the Company, have one vote for each Class A Ordinary Share and 10 votes for each Class B Ordinary Share in each case of which he is the holder; and (ii) on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have one vote for each Class A Ordinary Share and 10 votes for each Class B Ordinary Share of which he or the person represented by proxy is the holder.

Voting at any meeting of shareholders is by show of hands unless a poll (before or on the declaration of the result of the show of hands) is demanded. A poll may be demanded by the chairperson of such meeting or any one or more shareholders who together hold not less than 10% of the votes attaching to the total shares that are present in person or by proxy.

At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands unless voting by poll is demanded by the chairman of the meeting or any one or more shareholders who together hold not less than 10 percent of the votes attaching to the total shares that are present in person or by proxy.

Any ordinary resolution is a resolution passed by a simple majority of the shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of the Company and includes a unanimous written resolution.

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

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

**14. Employee Benefit Plans**

*HK SAR*

Employees of the Company located in Hong Kong participate in a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident fund schemes provided by approved private organizations, according to their salaries and the period of employment.

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

**GA SAI TONG ENTERPRISE LIMITED AND ITS SUBSIDIARIES<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023<br>(Expressed in United States Dollars ("US$"))**

**14. Employee Benefit Plans** (cont.)

The Group has a defined contribution pension scheme for its qualifying employees. The scheme assets are held under a provident fund managed by an independent fund manager. The Company and its employees are each required to make contributions to the scheme calculated at 5% of the employees' basic salaries on monthly basis.

**15. Commitments and Contingencies**

*Commitments*

As at December 31, 2024 and 2023, the Company did not have any significant capital and other commitments.

*Contingencies*

In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2024 and through the issuance date of these consolidated financial statements.

**16. Segment Reporting**

For the years ended December 31, 2024 and 2023 and as of December 31, 2024, the Company operated in Hong Kong, through its subsidiaries, which primarily engaged in the restaurant operations.

Management determined that the Company functions as a single operating segment, and thus reports as a single reportable segment. This determination is based on rules prescribed by GAAP applied to the manner in which management operates the Company. The chief operating decision maker is responsible for allocating resources to its operations and assessing performance and obtains financial information, being the consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows, about the Company as a whole.

**17. Subsequent Events**

As of December 31, 2024, the Company had a balance of $2,661,348 due from a shareholder (principal owner) (Note 12). Subsequent to year-end, the shareholder prepaid an additional $448,660 in professional fees on behalf of the Company (Note 12).

Through the date of issuance of these consolidated financial statements, the shareholder deposited $2,460,900 into the Company. As of that date, the Company had a balance payable to the shareholder of $248,212. The amount due to the shareholder is unsecured, non-interest bearing, and payable on demand (Note 12).

On March 18, 2025, the Company declared and paid a dividend totaling $1,380,644 (HK$10,700,000) (Note 12).

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

#### 1,300,000 CLASS A ORDINARY SHARES

#### GA SAI TONG ENTERPRISE LIMITED

#### _____________________________
PRELIMINARY PROSPECTUS

[ ], 2025

#### Bancroft Capital, LLC
Until [ ], 2025 (25 days after the date of this prospectus), all dealers that buy, sell or trade our securities, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

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

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Exculpation, Insurance, and Indemnification of Office Holders (Including Directors and Officers).
Cayman Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to the public interest, such as providing indemnification against civil fraud or the consequences of committing a crime. Our articles of association provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and other officer of us (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs.

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

#### Item 7. Recent Sales of Unregistered Securities.
Set forth below is information regarding ordinary shares issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts and commissions or commissions, or any public offering.

On April 2, 2025, Ga Sai Tong Limited entered into sale and purchase agreements with Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited, respectively. Pursuant to the sales and purchase agreements, Ga Sai Tong Limited is to sell, and Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited are to acquire, 4.90%, 4.90% and 4.90% of the issued Class A Ordinary Shares equity interests in Ga Sai Tong Enterprise Limited, at the consideration of HK$1,000,000, HK$1,000,000 and HK$1,000,000, respectively. On the same date, Ga Sai Tong Limited executed the instruments of transfer whereby Ga Sai Tong Limited have transferred 661,500, 661,500 and 661,500 Class A Ordinary Shares, out of its 6,750,000 Class A Ordinary Shares, to Bin Gan Limited, Flamethrower Holdings Limited and Pang Kee Limited, respectively.

On April 2, 2025, Ga Sai Tong Capital Limited entered into sale and purchase agreements with East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively. Pursuant to the sales and purchase agreements, Ga Sai Tong Capital Limited is to sell, and East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited are to acquire, 4.90%, 4.90% and 4.90% of the issued Class A Ordinary Shares equity interests in Ga Sai Tong Enterprise Limited, at the consideration of HK$1,000,000, HK$1,000,000 and HK$1,000,000, respectively. On the same date, Ga Sai Tong Capital Limited executed the instruments of transfer whereby Ga Sai Tong Capital Limited have transferred 661,500, 661,500 and 661,500 Class A Ordinary Shares, out of its 6,750,000 Class A Ordinary Shares, to East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively.

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

On August 28, 2025, (i) Ga Sai Tong Limited proposed to surrender 988,400 Class A Ordinary Shares and 4,500,000 Class B Ordinary Shares to the Company for cancellation; (ii) Ga Sai Tong Capital Limited proposed to surrender 988,400 Class A Ordinary Shares and 4,500,000 Class B Ordinary Shares to the Company for cancellation; and (iii) Bin Gan Limited, Flamethrower Holdings Limited, Pang Kee Limited, East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited proposed to surrender 137,200, 137,200, 137,200, 137,200, 137,200 and 137,200 Class A Ordinary Shares, respectively, to the Company for cancellation. The Company approved the surrender and cancellation of such shares on August 28, 2025. Subsequent to the transactions, Ga Sai Tong Enterprise Limited is owned as to (i) 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares by Ga Sai Tong Limited; (ii) 3,777,100 Class A Ordinary Shares and 500,000 Class B Ordinary Shares by Ga Sai Tong Capital Limited; and (iii) 524,300, 524,300, 524,300, 524,300, 524,300 and 524,300 Class A Ordinary Shares by Bin Gan Limited, Flamethrower Holdings Limited, Pang Kee Limited, East Power Capital Limited, Smart Creation Future Limited and Surewin Innovations Limited, respectively.

All of the foregoing issuances were made outside of the U.S. pursuant to Regulation S or to U.S. entities pursuant to Section 4(a)(2) of the Securities Act.

#### Item 8. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

The exhibits of the registration statement are listed in the Exhibit Index to this registration statement and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.

#### Item 9. Undertakings.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: (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) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement); and (iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purposes of determining liability under the Securities Act of 1933 to any purchaser in the initial distributions 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: (i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the Offering required to be filed pursuant to Rule 424; (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That, for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

#### Exhibit Index

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
| 1.1 | [Form of Underwriting Agreement\*](ea023322004ex1-1_gasai.htm) |
| 3.1 | [Memorandum of Association and Articles of Association, as currently in effect\*](ea023322004ex3-1_gasai.htm) |
| 4.1 | [Specimen certificate evidencing Class A Ordinary Shares\*](ea023322004ex4-1_gasai.htm) |
| 5.1 | [Opinion of Ogier regarding the validity of the Class A Ordinary Shares being registered\*](ea023322004ex5-1_gasai.htm) |
| 10.1  | [Form of Executive Officer Employment Agreement, by and between the registrant and its Executive Officer\*](ea023322004ex10-1_gasai.htm) |
| 10.2 | [Form of Independent Director Agreement by and between the registrant and its Independent Director\*](ea023322004ex10-2_gasai.htm) |
| 10.3 | [Tenancy Agreement of Fifth Floor of Kam Lung Commercial Centre, No. 2 Hart Avenue, Kowloon, Hong Kong\*](ea023322004ex10-3_gasai.htm) |
| 10.4 | [Tenancy Agreement of Second Floor of Kam Lung Commercial Centre, No. 2 Hart Avenue, Kowloon, Hong Kong\*](ea023322004ex10-4_gasai.htm) |
| 10.5 | [Tenancy Agreement of Fifth Floor together with the Flat Roof Apputenant thereto, Po Cheong Commercial Building, No. 29 Prat Avenue, Kowloon, Hong Kong\*](ea023322004ex10-5_gasai.htm) |
| 10.6 | [Loan Facility Letter issued by Bank of Communications (Hong Kong) Limited to Wonderful Concept Investment Limited, dated June 16, 2021.\*](ea023322004ex10-6_gasai.htm) |
| 10.7 | [Loan Facility Letter issued by The Bank of East Asia, Limited to Wonderful Concept Investment Limited, dated January 13, 2022.\*](ea023322004ex10-7_gasai.htm) |
| 10.8 | [Loan Facility Letter issued by The Bank of East Asia, Limited to Wonderful Concept Investment Limited, dated November 22, 2022.\*](ea023322004ex10-8_gasai.htm) |
| 14.1 | [Code of Business Conduct and Ethics\*](ea023322004ex14-1_gasai.htm) |
| 21.1 | [List of subsidiaries of the Company\*](ea023322004ex21-1_gasai.htm) |
| 23.1 | [Consent of SRCO, C.P.A., Professional Corporation\*](ea023322004ex23-1_gasai.htm) |
| 23.2 | [Consent of Ogier (included in Exhibit 5.1)\*](ea023322004ex5-1_gasai.htm) |

---

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

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
| 23.3 | [Consent of David Fong & Co., Solicitors (included in Exhibit 99.4)\*](ea023322004ex99-4_gasai.htm) |
| 23.4 | [Consent of China Commercial Law Firm (included in Exhibit 99.5)\*](ea023322004ex99-5_gasai.htm) |
| 23.5 | [Consent of Cundi Solution Limited\*](ea023322004ex23-5_gasai.htm) |
| 24.1 | [Power of Attorney (included in the signature page to the Form F-1)](#T550) |
| 99.1 | [Audit Committee Charter\*](ea023322004ex99-1_gasai.htm) |
| 99.2 | [Nominating Committee Charter\*](ea023322004ex99-2_gasai.htm) |
| 99.3 | [Compensation Committee Charter\*](ea023322004ex99-3_gasai.htm) |
| 99.4 | [Opinion of David Fong & Co., Solicitors, as to certain Hong Kong Legal Matters\*](ea023322004ex99-4_gasai.htm) |
| 99.5 | [Opinion of China Commercial Law Firm regarding certain PRC matters\*](ea023322004ex99-5_gasai.htm) |
| 99.6 | [Consent of Ka Wing Eric, LAW, Independent Director Nominee\*](ea023322004ex99-6_gasai.htm) |
| 99.7 | [Consent of Tak Fai, CHOI, Independent Director Nominee\*](ea023322004ex99-7_gasai.htm) |
| 99.8 | [Consent of Yee Ngan, MOK, Independent Director Nominee\*](ea023322004ex99-8_gasai.htm) |
| 99.9 | [Executive Compensation Recovery Policy\*](ea023322004ex99-9_gasai.htm) |
| 99.10 | [Insider Trading Policy\*](ea023322004ex99-10_gasai.htm) |
| 107 | [Calculation of Filing Fee Table\*](ea023322004ex-fee_gasai.htm) |

---

____________

\* Filed herein.

\*\* To be filed by amendment.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on September 19, 2025.

---

| | |
|:---|:---|
|  **GA SAI TONG ENTERPRISE LIMITED** | **GA SAI TONG ENTERPRISE LIMITED** |
|  By: | */s/ Wai Kit, NG* |
|  | Name: Wai Kit, NG |
|  | Title: Chief Executive Officer |

---

#### POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Mr. Wai Kit, NG, as attorney-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments that said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act, and any rules, regulations and requirements of the SEC thereunder, in connection with the registration under the Securities Act of shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the SEC with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement, and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signatures** | **Title** | **Date** |
|  */s/ Wai Kit, NG* | Chairperson of the Board of Directors,<br>Director, Chief Executive Officer | September 19, 2025 |
|  Wai Kit, NG | (Principal Executive Officer) |  |
|  */s/ Sui Chi, WONG* | Chief Financial Officer | September 19, 2025 |
|  Sui Chi, WONG | (Principal Accounting and Financial Officer) |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant's duly authorized representative has signed this registration statement on Form F-1 in New York, NY on September 19, 2025.

---

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

---

## Exhibit 1.1

**Exhibit 1.1**

**GA SAI TONG ENTERPRISE Limited**

**UNDERWRITING AGREEMENT**

**[** **] Class A Ordinary Shares by the Company**

[●], 2025

**Bancroft Capital, LLC**

501 Office Center Drive, Suite 130

Fort Washington, PA 19034

 

*As Representative of the Several Underwriters Named on Schedule I hereto*

Ladies and Gentlemen:

ga sai tong enterprise Limited, a Cayman Islands exempted company with limited liability (the "<u>Company</u>"), proposes, subject to the terms and conditions stated herein, to issue and sell to the underwriters named in **Schedule I** hereto (the "<u>Underwriters</u>," or each, an "<u>Underwriter</u>"), for whom Bancroft Capital, LLC is acting as representative (the "<u>Representative</u>," and if there are no Underwriters other than the Representative, references to multiple Underwriters shall be disregarded and the term Representative as used herein shall have the same meaning as Underwriter), an aggregate of [ ] Class A ordinary shares, par value $0.0001 per share (the "<u>Ordinary Shares</u>"), of the Company (the "<u>Shares</u>" or the "<u>Securities</u>").

The Company and the several Underwriters hereby confirm their agreement as follows:

***1.***  ***Registration Statement and Prospectus*** .

The Company has prepared and filed with the Securities and Exchange Commission (the "<u>Commission</u>") a registration statement covering the Securities on Form F-1 (File No.333-[ ]) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and the rules and regulations (the "<u>Rules and Regulations</u>") of the Commission thereunder, including a preliminary prospectus relating to the Securities and such amendments to such registration statement (including post effective amendments) as may have been required to the date of this Agreement. Such registration statement, as amended (including any post effective amendments), has been declared effective by the Commission. Such registration statement, including amendments thereto (including post effective amendments thereto) and all documents and information deemed to be a part of the Registration Statement through incorporation by reference or otherwise at the time of effectiveness thereof (the "<u>Effective Time</u>"), the exhibits and any schedules thereto at the Effective Time or thereafter during the period of effectiveness and the documents and information otherwise deemed to be a part thereof or included therein by the Securities Act or otherwise pursuant to the Rules and Regulations at the Effective Time or thereafter during the period of effectiveness, is herein called the "<u>Registration Statement</u>." If the Company has filed or files an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the "<u>Rule 462 Registration Statement</u>"), then any reference herein to the term Registration Statement shall include such Rule 462 Registration Statement. Any preliminary prospectus included in the Registration Statement or filed with the Commission pursuant to Rule 424(a) under the Securities Act is hereinafter called a "<u>Preliminary Prospectus</u>." The Preliminary Prospectus relating to the Securities that was included in the Registration Statement immediately prior to the pricing of the offering contemplated hereby is hereinafter called the "<u>Pricing Prospectus</u>."

The Company is filing with the Commission pursuant to Rule 424 under the Securities Act a final prospectus covering the Securities, which includes the information permitted to be omitted therefrom at the Effective Time by Rule 430A under the Securities Act. Such final prospectus, as so filed, is hereinafter called the "<u>Final Prospectus</u>." The Final Prospectus, the Pricing Prospectus and any Preliminary Prospectus in the form in which they were included in the Registration Statement or filed with the Commission pursuant to Rule 424 under the Securities Act is hereinafter called a "<u>Prospectus</u>." Reference made herein to any Preliminary Prospectus, the Pricing Prospectus or to the Prospectus shall be deemed to refer to and include any documents incorporated by reference therein.

***2.***  ***Representations and Warranties of the Company Regarding the Offering.*** 

(a) The Company represents and warrants to, and agrees with, the several Underwriters, as of the date hereof and as of the Closing Date (as defined in Section 4(d) below), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **No Material Misstatements or Omissions**. At each time of effectiveness, at the date hereof, at the
Closing Date, the Registration Statement and any post-effective amendment thereto complied or will comply in all material respects with
the requirements of the Securities Act and the Rules and Regulations and did not, does not, and will not, as the case may be, contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading. The Time of Sale Disclosure Package (as defined below) as of the date hereof and at the Closing Date, any roadshow
or investor presentations delivered to and approved by the Underwriters for use in connection with the marketing of the offering of the
Securities (the " <u>Marketing Materials</u> "), if any, and the Final Prospectus, as amended or supplemented, as of its date,
at the time of filing pursuant to Rule 424(b) under the Securities Act, at the Closing Date, did not, does not and will not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in
the two immediately preceding sentences shall not apply to statements in or omissions from the Registration Statement, the Time of Sale
Disclosure Package or any Prospectus in reliance upon, and in conformity with, written information furnished to the Company by the Underwriters
specifically for use in the preparation thereof, which written information is described in Section 7(f). The Registration Statement contains
all exhibits and schedules required to be filed by the Securities Act or the Rules and Regulations. No order preventing or suspending
the effectiveness or use of the Registration Statement or any Prospectus is in effect and no proceedings for such purpose have been instituted
or are pending, or, to the knowledge of the Company, are contemplated or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Marketing Materials**. The Company has not distributed any prospectus or other offering material
in connection with the offering and sale of the Securities other than the Time of Sale Disclosure Package and the roadshow or investor
presentations delivered to and approved by the Representative for use in connection with the marketing of the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Accurate Disclosure**. (A) The Company has provided a copy to the Underwriters of each Issuer Free
Writing Prospectus (as defined below) used in the sale of Securities. The Company has filed all Issuer Free Writing Prospectuses required
to be so filed with the Commission, and no order preventing or suspending the effectiveness or use of any Issuer Free Writing Prospectus
is in effect and no proceedings for such purpose have been instituted or are pending, or, to the knowledge of the Company, are contemplated
or threatened by the Commission. When taken together with the rest of the Time of Sale Disclosure Package or the Final Prospectus, no
Issuer Free Writing Prospectus, as of its issue date and at all subsequent times though the completion of the public offer and sale of
the Securities, has, does or will include (1) any untrue statement of a material fact or omission to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (2) information
that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Final Prospectus. The
representations and warranties set forth in the immediately preceding sentence shall not apply to statements in or omissions from the
Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus in reliance upon, and in conformity with,
written information furnished to the Company by any Underwriter specifically for use in the preparation thereof, which written information
is described in Section 7(f). As used in this paragraph and elsewhere in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) " <u>Time of Sale Disclosure Package</u> " means the Prospectus most recently filed with the
Commission before the time of this Agreement, including any preliminary prospectus supplement deemed to be a part thereof, each Issuer
Free Writing Prospectus, and the description of the transaction provided by the Underwriters included on **Schedule II**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) " <u>Issuer Free Writing Prospectus</u> " means any "issuer free writing prospectus,"
as defined in Rule 433 under the Securities Act, relating to the Securities that (A) is required to be filed with the Commission by the
Company, or (B) is exempt from filing pursuant to Rule 433(d)(5)(i) or (d)(8) under the Securities Act, in each case in the form filed
or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant
to Rule 433(g) under the Securities Act.

At the time of filing of the Registration Statement and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405 under the Securities Act or an "excluded issuer" as defined in Rule 164 under the Securities Act.

Each Issuer Free Writing Prospectus listed on **Schedule III** satisfied, as of its issue date and at all subsequent times through the Prospectus Delivery Period (as defined in Section 5(a) hereof), all other conditions as may be applicable to its use as set forth in Rules 164 and 433 under the Securities Act, including any legend, record-keeping or other requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Financial Statements**. The financial statements of the Company, together with the related notes
and schedules, included in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus comply in all material
respects with the applicable requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "), and the rules and regulations of the Commission thereunder, and fairly present in all material respects the financial
condition of the Company as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified
in accordance with generally accepted accounting principles in the United States of America (" <u>U.S. GAAP</u> "). No other
financial statements, pro forma financial information or schedules are required under the Securities Act, the Exchange Act, or the Rules
and Regulations to be included in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Pro Forma Financial Information**. The pro forma financial statements included in the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus include assumptions that provide a reasonable basis for presenting
the significant effects directly attributable to the transactions and events described therein, the related pro forma adjustments give
appropriate effect to those assumptions, and the pro forma adjustments reflect the proper application of those adjustments to the historical
financial statements amounts in the pro forma financial statements included in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus. The pro forma financial statements included in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus comply as to form in all material respects with the application requirements of Regulation S-X under
the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Independent Accountants.** To the Company's knowledge, SRCO, C.P.A., Professional Corporation,
which has expressed its opinion with respect to the audited financial statements and schedules included as a part of the Registration
Statement, the Time of Sale Disclosure Package and the Final Prospectus, is an independent public accounting firm with respect to the
Company within the meaning of the Securities Act and the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Accounting Controls.** The Company and its subsidiaries will maintain a system of "internal
control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) that complies with the requirements
of the Exchange Act and has been designed by, or under the supervision of, its principal executive and principal financial officer, or
persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S. GAAP, including, but not limited to, internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific
authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP
and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific
authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **Forward-Looking Statements**. The Company had a reasonable basis for, and made in good faith, each
"forward-looking statement" (within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act) contained
or incorporated by reference in the Registration Statement, the Time of Sale Disclosure Package, the Final Prospectus or the Marketing
Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **Statistical and Marketing-Related Data**. All statistical or market-related data included or incorporated
by reference in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, or included in the Marketing
Materials, are based on or derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has
obtained the written consent to the use of such data from such sources, to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Pursuant to the Exchange Act**. The Company has filed with the Commission a Form 8-A (File Number
001-[ ]) providing for the registration pursuant to Section 12(b) under the Exchange Act of the Ordinary Shares. The registration of the
Ordinary Shares under the Exchange Act has been declared effective by the Commission on or prior to the date hereof. The Company has taken
no action designed to, or likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act, nor
has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **Stock Exchange Listing**. The Ordinary Shares have been approved for listing on The Nasdaq Capital
Market (" <u>Nasdaq</u> "), and the Company has taken no action designed to, or likely to have the effect of, delisting the
Ordinary Shares from Nasdaq, nor has the Company received any written notification that Nasdaq is contemplating terminating such listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) **Absence of Manipulation**. The Company has not taken, directly or indirectly, any action that is
designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) **Investment Company Act**. The Company is not and, after giving effect to the offering and sale of
the Securities and the application of the net proceeds thereof, will not be an "investment company," as such term is defined
in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) **Payments.** All payments to be made by the Company under this Agreement and, except as expressly
disclosed in each of the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, all dividends and other distributions
on the Shares (i) may, under the current laws and regulations of the Cayman Islands, British Virgin Islands, Hong Kong, the People's
Republic of China and the United States or any political subdivision or any authority or agency therein or thereof having power to tax,
or of any other jurisdiction in which the Company is organized or incorporated, engaged in business or is otherwise resident for tax purposes
or any political subdivision or any authority or agency therein or thereof having the power to tax (each, a " <u>Relevant Taxing Jurisdiction</u> "), be freely transferred out of the Relevant Taxing Jurisdiction and (ii) will, under the current laws and regulations
of any Relevant Taxing Jurisdiction, not be subject to withholding or deduction of or on account of taxes and are otherwise payable free
and clear of any withholding or deduction of or on account of taxes in each Relevant Taxing Jurisdiction and without the necessity of
obtaining any governmental authorization in any Relevant Taxing Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) **Foreign Private Issuer.** The Company is a "foreign private issuer" (as such term is
defined in the Rules and Regulations under the Securities Act and Exchange Act) and, as of the Effective Time, the conditions to the use
of Form F-1 in connection with this offering and sale of the Shares as contemplated hereby have been satisfied.

(b) Any certificate signed by any officer of the Company and delivered to the Underwriters or to counsel for the Underwriters shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

***3.***  ***Representations and Warranties Regarding the Company.*** 

(a) The Company represents and warrants to, and agrees with, the several Underwriters, as of the date hereof and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Good Standing**. Each of the Company and its subsidiaries has been duly incorporated or organized
and is validly existing as a company, corporation or other entity in good standing (or equivalent status in the relevant jurisdiction)
under the laws of its jurisdiction of incorporation or organization. Each of the Company and its subsidiaries has the power and authority
(corporate or otherwise) to own its properties and conduct its business as currently being carried on and as described in the Registration
Statement, the Time of Sale Disclosure Package and the Prospectus, and is duly qualified to do business as a foreign corporation or other
entity in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such
qualification necessary, except where the failure to so qualify would not have or be reasonably likely to result in a material adverse
effect upon the business, prospects, properties, operations, condition (financial or otherwise) or results of operations of the Company
and its subsidiaries, taken as a whole, or in its ability to perform its obligations under this Agreement (" <u>Material Adverse Effect</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Validity and Binding Effect of Agreement**. This Agreement has been duly and validly authorized by
the Company, and, when executed and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the
Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar
laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited
under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Contracts**. The execution, delivery and performance of this Agreement and the consummation of the
transactions herein and therein contemplated will not (A) result in a breach or violation of any of the terms and provisions of, or constitute
a default under, any law, order, rule or regulation to which the Company or any subsidiary is subject, or by which any property or asset
of the Company or any subsidiary is bound or affected, except to the extent that such conflict, breach or default is not reasonably likely
to result in a Material Adverse Effect, (B) conflict with, result in any violation or breach of, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, or give to others any right of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) (a " <u>Default Acceleration Event</u> ") of, any agreement,
lease, credit facility, debt, note, bond, mortgage, indenture or other instrument (the " <u>Contracts</u> ") or obligation or
other understanding to which the Company or any subsidiary is a party or by which any property or asset of the Company or any subsidiary
is bound or affected, except to the extent that such conflict, default, or Default Acceleration Event is not reasonably likely to result
in a Material Adverse Effect, or (C) result in a breach or violation of any of the terms and provisions of, or constitute a default under,
the Company's Amended and Restated Memorandum and Articles of Association (" <u>Memorandum and Articles</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **No Violations of Governing Documents**. Neither the Company nor any of its subsidiaries is in violation,
breach or default under its Memorandum and Articles or other equivalent constitutional, organizational or governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Consents**. No consents, approvals, orders, authorizations or filings are required on the part of
the Company in connection with the execution, delivery or performance of this Agreement and the issue and sale of the Securities, except
(A) the registration under the Securities Act of the Securities, which has been effected, (B) the necessary filings and approvals from
Nasdaq to list the Securities, (C) such consents, approvals, authorizations, registrations or qualifications as may be required under
state or foreign securities or Blue Sky laws and the rules of the Financial Industry Regulatory Authority, Inc. (" <u>FINRA</u> ")
in connection with the purchase and distribution of the Securities by the several Underwriters, (D) such consents and approvals as have
been obtained and are in full force and effect, and (E) such consents, approvals, orders, authorizations and filings the failure of which
to make or obtain is not reasonably likely to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Capitalization**. The Company and each subsidiary have an authorized capitalization as set forth
in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus. All of the issued and outstanding shares
of the Company (including the Shareholder Shares) and each subsidiary are duly authorized and validly issued, fully paid and nonassessable,
and have been issued in compliance with all applicable securities laws, and conform to the description thereof in the Registration Statement,
the Time of Sale Disclosure Package and the Final Prospectus. Since the respective dates as of which information is provided in the Registration
Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company has not entered into or granted any convertible or
exchangeable securities, options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company
any shares of the Company or any subsidiary. The Shares have been duly authorized for issuance and sale and, when issued and paid for,
will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason
of being such holders; the Shares 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 Shares has been duly and validly taken. The Shares conform in all material respects to all statements with respect thereto
contained in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **Taxes**. Each of the Company and its subsidiaries has (a) filed all foreign, federal, state and local
tax returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions
of time for the filing thereof (except where the failure to file would not, individually or in the aggregate, have a Material Adverse
Effect) and (b) paid all taxes (as hereinafter defined) shown as due and payable on such returns that were filed and has paid all taxes
imposed on or assessed against the Company or such respective subsidiary (except where the failure to pay would not, individually or in
the aggregate, have a Material Adverse Effect). The provisions for taxes payable, if any, shown on the financial statements included in
the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus are sufficient for all accrued and unpaid taxes,
whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. To the knowledge of
the Company, no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes
asserted as due from the Company or its subsidiaries, and no waivers of statutes of limitation with respect to the returns or collection
of taxes have been given by or requested from the Company or its subsidiaries. The term " <u>taxes</u> " mean all federal, state,
local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease,
service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs,
duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to
tax, or additional amounts with respect thereto. The term " <u>returns</u> " means all returns, declarations, reports, statements,
and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **Material Change**. Since the respective dates as of which information is given in the Registration
Statement, the Time of Sale Disclosure Package or the Final Prospectus, and except as disclosed in the Registration Statement, the Time
of Sale Disclosure Package or the Final Prospectus, (a) neither the Company nor any of its subsidiaries has incurred any material liabilities
or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the
Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital; (c) there has not
been any change in the issued share capital of the Company or any of its subsidiaries (other than a change in the number of outstanding
Ordinary Shares due to the issuance of shares upon the exercise of outstanding options or warrants, upon the conversion of outstanding
preferred shares or other convertible securities, due to the vesting of outstanding share grants or the issuance of restricted share awards
or restricted share units under the Company's existing share awards plan, or any new grants thereof in the ordinary course of business),
(d) there has not been any material change in the Company's long-term or short-term debt, other than periodic accruals in the ordinary
course pursuant to the terms of the Company's outstanding debt, and (e) there has not been the occurrence of any Material Adverse
Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **Absence of Proceedings**. There is no action, suit, proceeding, inquiry, arbitration, investigation,
litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company, any
of its subsidiaries, or any executive officer or director which has not been disclosed in the Registration Statement, the Time of Sale
Disclosure Package and the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Regulatory**. Except as described in the Registration Statement, the Time of Sale Disclosure Package
and the Final Prospectus: (i) neither the Company nor any subsidiary has received notice from any Governmental Entity (as defined below)
alleging or asserting noncompliance with any Applicable Regulations (as defined below) or Authorizations (as defined below); (ii) the
Company and each subsidiary is and has been in material compliance with federal, state or foreign statutes, laws, ordinances, rules and
regulations applicable to the Company (collectively, " <u>Applicable Regulations</u> "); (iii) the Company and each subsidiary
possesses all licenses, certificates, approvals, clearances, consents, authorizations, qualifications, registrations, permits, and supplements
or amendments thereto required by any such Applicable Regulations and/or to carry on its businesses as now conducted (" <u>Authorizations</u> ")
and such Authorizations are valid and in full force and effect and the Company and each subsidiary is not in violation of any term of
any such Authorizations; (iv) neither the Company nor any subsidiary has received notice of any claim, action, suit, proceeding, hearing,
enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any product, operation
or activity is in violation of any Applicable Regulations or Authorizations or has any knowledge that any such Governmental Entity or
third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding, nor, has there been any
material noncompliance with or violation of any Applicable Regulations by the Company or any subsidiary that could reasonably be expected
to require the issuance of any such communication or result in an investigation, corrective action, or enforcement action by any Governmental
Entity; and (v) neither the Company nor any subsidiary has received notice that any Governmental Entity has taken, is taking or intends
to take action to limit, suspend, modify or revoke any Authorizations or has any knowledge that any such Governmental Entity has threatened
or is considering such action. Neither the Company nor any subsidiary, nor to the Company's knowledge, any of its directors, officers,
employees or agents has been convicted of any crime under any Applicable Regulations. " <u>Governmental Entity</u> " shall be
defined as any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency (whether
foreign or domestic) having jurisdiction over the Company or its subsidiaries or any of its properties, assets or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **Good Title**. Except as described in the Registration Statement, the Company and each of its subsidiaries
have good and marketable title to all property (whether real or personal) described in the
Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus as being owned by them that are material to the business
of the Company, in each case free and clear of all liens, claims, security interests, other encumbrances or defects, except those that
are disclosed in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus and those that are not reasonably
likely to result in a Material Adverse Effect. The property held under lease by the Company and its subsidiaries is held by them under
valid, subsisting and enforceable leases with only such exceptions with respect to any particular lease as do not interfere in any material
respect with the conduct of the business of the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) **Intellectual Property**. Except as described in the Registration Statement, the Company and
 each of its subsidiaries have, or have rights to use, all patents, patent applications, registered trademarks, trademark
 applications, registered service marks, registered trade names, trade secrets, inventions, registered copyrights, licenses and other
 intellectual property rights necessary for use, or currently used in connection with their respective businesses as described in the
 Registration Statement and which the failure to so have would have or reasonably be expected to result in a Material Adverse Effect
 (collectively, the " <u>Intellectual Property Rights</u> "). Neither the Company nor any subsidiary has received written
 notice that any of the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate
 or be abandoned. Neither the Company nor any subsidiary has received, since the date of the latest audited financial statements
 included within the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus, a written notice of a
 claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any person. To the
 knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another
 person of any of the Intellectual Property Rights. The Company and its subsidiaries have taken reasonable security measures to
 protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so would not,
 individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) **Employment Matters**. Except as described in the Registration Statement, there is (A) to the Company's
knowledge, no unfair labor practice complaint pending against the Company, or any of its subsidiaries, nor threatened against it or any
of its subsidiaries, before the Hong Kong Labour Department and any state or local labor relation board or any foreign labor relations
board, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is so pending against the
Company or any of its subsidiaries, or, to the Company's knowledge, threatened against it and (B) to the Company's knowledge,
no labor disturbance by the employees of the Company or any of its subsidiaries exists or is imminent, and the Company is not aware of
any existing or imminent labor disturbance by the employees of any of its or its subsidiaries, principal suppliers, manufacturers, customers
or contractors, that could reasonably be expected, singularly or in the aggregate, to have a Material Adverse Effect. The Company is not
aware that any key employee or significant group of employees of the Company or any subsidiary plans to terminate employment with the
Company or any such subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) **ERISA Compliance**. No "prohibited transaction" (as defined in Section 406 of the Employee
Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (" <u>ERISA</u> "),
or Section 4975 of the Internal Revenue Code of 1986, as amended from time to time (the " <u>Code</u> ")) or "accumulated
funding deficiency" (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than
events with respect to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred or could
reasonably be expected to occur with respect to any employee benefit plan of the Company or any of its subsidiaries which would reasonably
be expected to, singularly or in the aggregate, have a Material Adverse Effect. Each employee benefit plan of the Company or any of its
subsidiaries is in compliance in all material respects with applicable law, including ERISA and the Code. The Company and its subsidiaries
have not incurred and could not reasonably be expected to incur liability under Title IV of ERISA with respect to the termination of,
or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any of its subsidiaries would have
any liability that is intended to be qualified under Section 401(a) of the Code is so qualified, and, to the Company's knowledge,
nothing has occurred, whether by action or by failure to act, which could, singularly or in the aggregate, cause the loss of such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) **Environmental Matters**. The Company and its subsidiaries are in compliance with all foreign, federal,
state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste
and protection of health and safety or the environment which are applicable to their businesses (" <u>Environmental Laws</u> "),
except where the failure to comply has not had and would not reasonably be expected to have, singularly or in the aggregate, a Material
Adverse Effect. There has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release
of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company or any of its subsidiaries (or,
to the Company's knowledge, any other entity for whose acts or omissions the Company or any of its subsidiaries is or may otherwise
be liable) upon any of the property now or previously owned or leased by the Company or any of its subsidiaries, or upon any other property,
in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute,
ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for
any violation or liability which has not had and would not reasonably be expected to have, singularly or in the aggregate, a Material
Adverse Effect; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment
surrounding such property of any toxic or other wastes or other hazardous substances with respect to which the Company or any of its subsidiaries
has knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) **SOX Compliance**. The Company has taken all actions it deems reasonably necessary or advisable to
take on or prior to the date of this Agreement to assure that, upon and at all times after the Effective Date, it will be in compliance
in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all rules and regulations promulgated thereunder
or implementing the provisions thereof. (the " <u>Sarbanes-Oxley Act</u> ") that are then in effect and will take all action
it deems reasonably necessary or advisable to assure that it will be in compliance in all material respects with other applicable provisions
of the Sarbanes-Oxley Act not currently in effect upon it and at all times after the effectiveness of such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) **Money Laundering Laws**. The operations of the Company and its subsidiaries are and have been conducted
at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the " <u>Money Laundering Laws</u> "); and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its
subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) **Anti-Bribery and Corruption Laws.** Neither the Company nor any subsidiary, nor, to the knowledge
of the Company, any director, officer, employee, representative, agent, affiliate of the Company, any subsidiary or any other person acting
on behalf of the Company or any subsidiary, is aware of or has taken any action, directly or indirectly, that would result in a violation
by such persons of the (i) Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the " <u>FCPA</u> "),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any "foreign official" (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company and, to the knowledge
of the Company, its affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith, or (ii) the OECD
Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or any similar laws in any other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) **Sanctions**. Neither the Company nor any subsidiary, nor to the knowledge of the Company, any director,
officer, employee, representative, agent or affiliate of the Company or any of its subsidiaries or any other person acting on behalf of
the Company or any subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (" <u>OFAC</u> "), or is otherwise a person whom transactions are currently prohibited under: (i) the laws
and regulations administered by OFAC; (ii) any equivalent European Union measure, including sanctions imposed against certain states,
organizations and individuals under the European Union's Common Foreign & Security Policy; (iii) any economic sanctions administered
by His Majesty's Treasury; or (iv) any sanctions administered by the United Nations Security Council; or any other relevant sanctions
authority (collectively, " <u>Sanctions</u> "); and neither the Company nor any subsidiary will directly or indirectly use the
proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
person or entity, for the purpose of financing the activities of any person, or in any country or territory, that currently is the subject
or target of Sanctions or in any other manner that will result in a violation by any person (including any person participating in the
transaction whether as an underwriter, advisor, investor or otherwise) of Sanctions. Neither the Company nor any subsidiary will directly
or indirectly use the proceeds of the offering of the Securities contemplated hereby, or lend, contribute or otherwise make available
such proceeds to any person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions
administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) **Insurance**. Following the consummation of the offering contemplated hereby, the Company and each
subsidiary will carry insurance in such amounts and covering such risks as is adequate for the conduct of its business and the value of
its properties and as is customary for companies engaged in similar businesses in similar industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) **Books and Records**. The minute books of the Company and each subsidiary have been made available
to the Underwriters and counsel for the Underwriters, and such books (i) contain a complete summary of all meetings and actions of the
board of directors (including each board committee) and shareholders of the Company and each subsidiary (or analogous governing bodies
and interest holders, as applicable), since the time of its respective incorporation or organization through the date of the latest meeting
and action, and (ii) accurately in all material respects reflect all transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) **No Violation**. Neither the Company nor any its subsidiaries nor, to its knowledge, any other party
is in violation, breach or default of any Contract that has resulted in or could reasonably be expected to result in a Material Adverse
Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) **Continued Business**. No supplier, customer, distributor or sales agent of the Company or any subsidiary
has notified the Company or any subsidiary that it intends to discontinue or decrease the rate of business done with the Company or any
subsidiary, except where such discontinuation or decrease has not resulted in and could not reasonably be expected to result in a Material
Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) **No Finder's Fee**. There are no claims, payments, issuances, arrangements or understandings
for services in the nature of a finder's, consulting or origination fee with respect to the introduction of the Company to any Underwriter
or the sale of the Securities hereunder or any other arrangements, agreements, understandings, payments or issuances with respect to the
Company that may affect the Underwriters' compensation, as defined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) **No Fees.** Except as disclosed to the Representative in writing, the Company has not made any direct
or indirect payments (in cash, securities or otherwise) to (i) any person, as a finder's fee, investing fee or otherwise, in consideration
of such person raising capital for the Company or introducing to the Company persons who provided capital to the Company, (ii) any FINRA
member participating in the offering as defined in FINRA Rule 5110(j)(15) (" <u>Participating FINRA Member</u> "), or (iii)
any person or entity that has any direct or indirect affiliation or association with any Participating FINRA Member within the twelve
(12) month period prior to the date on which the Registration Statement was filed with the Commission (" <u>Filing Date</u> ")
or through the 60 day period after the Registration Statement is declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) **Proceeds**. None of the net proceeds of the offering will be paid by the Company to any Participating
FINRA Member or any affiliate or associate of any Participating FINRA Member, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) **No FINRA Affiliations**. To the Company's knowledge and except as disclosed to the Representative
in writing, no (i) officer or director of the Company or its subsidiaries, (ii) owner of 10% or more of any class of the Company's
securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day period prior to the
Filing Date, has any direct or indirect affiliation or association with any Participating FINRA Member. The Company will advise the Representative
and counsel to the Underwriters if it becomes aware that any officer, director of the Company or its subsidiaries or any owner of 10%
or more of any class of the Company's securities is or becomes an affiliate or associated person of a FINRA member participating
in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) **No Financial Advisor**. Other than the Underwriters, no person has the right to act as an underwriter
or as a financial advisor to the Company in connection with the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) **Cyber Security and Data Protection**. The information technology assets and equipment, computers,
systems, networks, hardware, software, websites, applications, and databases of the Company and its subsidiaries (collectively, " <u>IT Systems</u> ") are adequate for, and operate and perform in all material respects as required in connection with the operations of
the businesses of the Company and its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan
horses, time bombs, malware and other corruptants; the Company and its subsidiaries have implemented and maintained commercially reasonable
controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous
operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential
or regulated data (collectively, " <u>Personal Data</u> ")) used in connection with their businesses and implemented backup
and disaster recovery technology consistent with industry standards and practice, and there have been no breaches, violations, outages,
attack or unauthorized uses of or accesses to same; the Company and its subsidiaries are presently in material compliance with all applicable
laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority,
internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection
of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) **No Registration Rights**. Except as described in the Registration Statement, the Time of Sale Disclosure
Package and the Final Prospectus, there are no contracts, agreements or understandings between the Company and any person granting such
person the right (other than rights which have been waived in writing or otherwise satisfied) to require the Company to file a registration
statement under the Securities Act with respect to any securities of the Company owned or to be owned by such person or to require the
Company to include such securities in the securities registered pursuant to the Registration Statement or in any securities being registered
pursuant to any other registration statement filed by the Company under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) **Prior Sales of Securities**. Except as set forth in the Registration Statement, the Time of Sale
Disclosure Package and the Final Prospectus, the Company has not sold or issued any Ordinary Shares during the six-month period preceding
the date hereof, including any sales pursuant to Rule 144A under, or Regulations D or S of, the Securities Act, other than shares issued
pursuant to employee benefit plans, share option plans or other employee compensation plans, pursuant to outstanding preferred shares,
options, rights or warrants or other outstanding convertible securities or in connection with the vesting of any outstanding share grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) **Jurisdiction.** The Company has the power to submit, and pursuant to this Agreement, has submitted,
legally, validly, effectively and irrevocably, to the jurisdiction of the New York Supreme Court, County of New York, and the United States
District Court for the Southern District of New York; and the Company has the power to designate, appoint and empower, and pursuant to
this Agreement has, designated, appointed and empowered, validly, effectively and irrevocably, an agent for service of process in any
suit or proceeding based on or arising under this Agreement in any U.S. Federal or New York State court in the Borough of Manhattan in
the City of New York, as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) **Immunity**. Neither the Company nor
any of its subsidiaries, and none of their respective properties or assets, has any immunity from the jurisdiction of any court or from
any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, executing or otherwise)
under the laws of any jurisdiction in which it has been incorporated or in which any of its property or assets are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) **PFIC Status**. Subject to the qualifications, limitations, exceptions and assumptions set forth in
the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, the Company believes that it will not be a passive
foreign investment company (a " <u>PFIC</u> "), as defined in section 1297 of the Internal Revenue Code of 1986, as amended,
in its current taxable year and does not anticipate becoming a PFIC in future years.

***4.***  ***Purchase, Sale and Delivery of Shares.*** 

(a) On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell the Shares to the several Underwriters, and the several Underwriters agree, severally and not jointly, to purchase the Shares set forth opposite the names of the Underwriters in Schedule I hereto. The purchase price for each Share shall be $[ ] per Ordinary Share.

(b) The Shares will be delivered by the Company to the Representative, for the respective accounts of the several Underwriters against payment of the purchase price therefor by wire transfer of same day funds payable to the order of the Company at the offices of Bancroft Capital, LLC, 501 Office Center Drive, Suite 130, Fort Washington, PA 19034, or such other location as may be mutually acceptable, at 9:00 a.m. Eastern Time, on the second (or if the Shares are priced, as contemplated by Rule 15c6-1(c) under the Exchange Act, after 4:30 p.m. Eastern time, the third) full business day following the date hereof, or at such other time and date as the Representative and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act. The time and date of delivery of the Shares is referred to herein as the "<u>Closing Date</u>." On the Closing Date, (i) the Company shall allot and issue the Shares, procure that its transfer agent write up its register of members to reflect such allotment and issue and (ii) the Company shall deliver the Shares which shall be registered in the register of members of the Company in the name or names and shall be in such denominations as the Representative may request on behalf of the Underwriters at least one (1) business day before the Closing Date, to the respective accounts of the several Underwriters, which delivery shall with respect to the Shares, be made through the facilities of the Depository Trust Company's Deposit or Withdrawal at Custodian ("<u>DWAC</u>") system.

(c) It is understood that the Representative has been authorized, for its own account and the accounts of the several Underwriters, to accept delivery of and receipt for, and make payment of the purchase price for, the Shares the Underwriters have agreed to purchase. The Representative, individually and not as the Representative of the Underwriters, may (but shall not be obligated to) make payment for any Securities to be purchased by any Underwriter whose funds shall not have been received by the Representative by the Closing Date, for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations under this Agreement.

***5.***  ***Covenants.*** 

(a) The Company covenants and agrees with the Underwriters as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall prepare the Final Prospectus in a form approved by the Representative and file such
Final Prospectus pursuant to Rule 424(b) under the Securities Act not later than the Commission's close of business on the second business
day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During the period beginning on the date hereof and ending on the later of the Closing Date or such date
as determined by the Representative the Final Prospectus is no longer required by law to be delivered in connection with sales by an underwriter
or dealer (the " <u>Prospectus Delivery Period</u> "), prior to amending or supplementing the Registration Statement, including
any Rule 462 Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, the Company shall furnish to the Representative
for review and comment a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment
or supplement to which the Representative reasonably objects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) From the date of this Agreement until the end of the Prospectus Delivery Period, the Company shall promptly
advise the Representative in writing (A) of the receipt of any comments of, or requests for additional or supplemental information from,
the Commission, (B) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment
or supplement to the Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, (C) of the time and
date that any post-effective amendment to the Registration Statement becomes effective and (D) of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending its use or the use of the
Time of Sale Disclosure Package, the Final Prospectus or any Issuer Free Writing Prospectus, or of any proceedings to remove, suspend
or terminate from listing or quotation the Ordinary Shares from any securities exchange upon which it is listed for trading or included
or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall
enter any such stop order at any time during the Prospectus Delivery Period, the Company will use its reasonable efforts to obtain the
lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules
424(b), 430A, 430B or 430C as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made
by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or
164(b) of the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon
it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange
Act, as now and hereafter amended, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated
by the provisions hereof, the Time of Sale Disclosure Package, the Registration Statement and the Final Prospectus. If during the Prospectus
Delivery Period any event occurs the result of which would cause the Final Prospectus (or if the Final Prospectus is not yet available
to prospective purchasers, the Time of Sale Disclosure Package) to include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period
it is necessary or appropriate in the opinion of the Company or its counsel or the Representative or counsel to the Underwriters to amend
the Registration Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers,
the Time of Sale Disclosure Package) to comply with the Securities Act, the Company will promptly notify the Representative, allow the
Representative the opportunity to provide reasonable comments on such amendment, prospectus supplement or document, and will amend the
Registration Statement or supplement the Final Prospectus (or if the Final Prospectus is not yet available to prospective purchasers,
the Time of Sale Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission
or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If at any time during the Prospectus Delivery Period there occurred or occurs an event or development the result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or any Prospectus or included or would include, when taken together with the Time of Sale Disclosure Package, an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall take or cause to be taken all necessary action to qualify the Securities for sale under
the securities laws of such jurisdictions as the Representative reasonably designates and to continue such qualifications in effect so
long as required, except that the Company shall not be required in connection therewith to qualify as a foreign corporation or as a dealer
in securities in any jurisdiction in which it is not so qualified, to execute a general consent to service of process in any state or
to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Company will furnish to the Underwriters and counsel to the Underwriters copies of the Registration
Statement, each Prospectus, any Issuer Free Writing Prospectus, and all amendments and supplements to such documents, in each case as
soon as available and in such quantities as the Underwriters may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Company will make generally available to its shareholders as soon as practicable, but in any event
not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited)
covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Company, whether or not the transactions contemplated hereunder are consummated or this
 Agreement is terminated, will pay or cause to be paid all expenses relating to the offering, including, without limitation, (A) all
 filing fees and expenses relating to the registration of the Securities with the Commission, (B) all FINRA public offering filing
 fees, (C) all fees and expenses relating to the listing of the Ordinary Shares on Nasdaq, (D) all fees, expenses, and disbursements
 relating to the registration or qualification of the Securities under the "blue sky" securities laws of such states and
 other jurisdictions as the Representative may reasonably designate (including, without limitation, all filing and registration fees,
 and the reasonable fees and disbursements of the Company's "blue sky" counsel) unless such filings are not
 required in connection with the Company's proposed Nasdaq listing, (E) all fees, expenses and disbursements relating to the
 registration, qualification or exemption of the Securities under the securities law of such foreign jurisdiction as the
 Representative may reasonably designate, (F) the costs of all mailing and printing of the offering documents, (G) transfer and/or
 stamp taxes, if any, payable upon the transfer of Securities from the Company to the Representative, (H) the fees and expenses of
 the Company's counsel and accountants, and (I) a maximum of $190,000 (" <u>Accountable Expense Allowance</u> ") for
 fees and expenses including "road show," background checks, diligence, and reasonable legal fees and disbursements for
 the Representative's counsel (the " <u>Accountable Expenses</u> ") and up to $12,900 for
 clearing agent fees. Notwithstanding the foregoing, any advance previously paid by the Company to the Representative, which the
 Company and the Representative acknowledge is in the amount of [$100,000] (the " <u>Advance</u> "), shall be applied
 towards the Accountable Expense Allowance set forth herein; provided that the Representative will reimburse the Company for any
 remaining portion of the Advance to the extent such amount of the Advance was not used for the Accountable Expenses actually
 incurred by the Representative in the offering. If this Agreement is terminated, the Company will reimburse the Representative for
 reasonable fees and disbursements of counsel incurred by the Underwriters in connection with their investigation, preparing to
 market and marketing the Shares or in contemplation of performing its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Company intends to apply the net proceeds from the sale of the Securities to be sold by it hereunder
for the purposes set forth in the Registration Statement, the Time of Sale Disclosure Package and the Final Prospectus under the heading
"Use of Proceeds".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company has not taken and will not take, directly or indirectly, during the Prospectus Delivery Period,
any action designed to or which might reasonably be expected to cause or result in, or that has constituted, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Company represents and agrees that, unless it obtains the prior written consent of the Representative
and each Underwriter, it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing
Prospectus; provided that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing
prospectuses included in **Schedule III**. Any such free writing prospectus consented to by the Company and the Representative is hereinafter
referred to as a " <u>Permitted Free Writing Prospectus</u>." The Company represents that it has treated or agrees that it
will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and has
complied or will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission
filing where required, legending and record-keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent
of the Representative (such consent not be unreasonably withheld or delayed), it will not, for a period of 180 days from the commencement
of sales of the Ordinary Shares on the Nasdaq (the " <u>Lock-Up Period</u> "), (i) offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable
or exchangeable for shares of the Company; (ii) file or caused to be filed any registration statement with the Commission relating to
the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company;
(iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv)
enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of issued share capital of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled
by delivery of shares of the Company or such other securities, in cash or otherwise. The restrictions contained in the preceding sentence
shall not apply to (i) the Ordinary Shares to be sold hereunder, (ii) the issuance by the Company of Ordinary Shares upon the exercise
of a share option or warrant or the conversion of a security outstanding on the date hereof, which is disclosed in the Registration Statement,
the Time of Sale Disclosure Package and the Final Prospectus, the terms of which option, warrant or other outstanding convertible security
are not thereafter amended, (iii) the adoption of an equity incentive plan, the grant of options and/or restricted share grants thereunder,
and the filing of a registration statement on Form S-8 at least ninety (90) days after
the Closing Date; provided, however, that any sales by parties to the Lock-Up Agreements (as defined in Section 6(i)) shall be subject
to the Lock-Up Agreements and (iv) issuance of securities in connection with an acquisition or a strategic relationship; provided that
none of such securities shall be saleable in the public market until the expiration of the Lock-Up Period described above unless otherwise
approved by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) To engage and maintain, at its expense, a registrar and transfer agent for the Ordinary Shares (if other
than the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) To use its reasonable best efforts to maintain the listing of the Ordinary Shares on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) To not take, directly or indirectly, any action designed to cause or result in, or that has constituted
or might reasonably be expected to constitute, under the Exchange Act or otherwise, the stabilization or manipulation of the price of
any securities of the Company to facilitate the sale or resale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) The Company further agrees that, in addition to the expenses payable pursuant to Section 5(a)(viii), on
the Closing Date, it shall pay to the Representative, by deduction from the net proceeds of the offering contemplated herein, a non-accountable
expense allowance equal to one percent (1%) of the gross proceeds received by the Company from the sale of the Shares ; provided, however,
that in the event that the Offering is terminated, the Company agrees to reimburse the Underwriters pursuant to Section 5(a)(viii) and
Section 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) If, from the date of the listing of the Shares of the Company on Nasdaq until the 12-month anniversary
following the consummation of the offering(but no longer than three years from the commencement of sales of the offering), the
Company or any of its subsidiaries decides to raise funds in the U.S. by means of a public offering (including through an at-the-market
facility) or a private placement or any other capital-raising financing of equity, equity-linked or debt securities using an underwriter
or placement agent, Bancroft Capital, LLC (or any affiliate designated by the Representative) shall have the first right to act as sole
book-running manager, sole underwriter or sole placement agent for such financing (the " <u>Right of First Refusal</u> "). Each
of the transactions described in the foregoing sentence is a " <u>Subject Transaction</u> " and the rights granted to the Representative
in this Section 5(xvii) are individually and collectively the " <u>Right of First Refusal</u> ".

The Company shall notify the Representative of its intention to pursue a Subject Transaction, including the material terms thereof, by providing written notice thereof by email, registered mail or overnight courier service addressed to the Representative. If the Representative fails to exercise the Right of First Refusal with respect to any Subject Transaction within five (5) business days after the mailing of such written notice, then the Representative shall have no further claim or right with respect to the Subject Transaction. The Representative may elect, in its sole and absolute discretion, not to exercise its Right of First Refusal with respect to any Subject Transaction; provided that any such election by the Representative shall not adversely affect the Representative's Right of First Refusal with respect to any other Subject Transaction during the one (1) year period agreed to above. If the Representative does not elect to exercise the Right of First Refusal and the material terms of the Subject Transaction are subsequently materially modified as to scope and nature, then the Company shall resubmit the proposed modified terms of the Subject Transaction in writing to the Representative, and the Representative shall have five (5) business days after receipt of such written notice to advise the Company of its election to participate in the proposed transaction.

The Representative's Right of First Refusal is subject to the Company's right of "termination for cause," which shall include the Representative's material failure to provide the underwriting services contemplated in this Underwriting Agreement. The Company's exercise of its right of "termination for cause" eliminates any obligation with respect to the Right of First Refusal.

***6.***  ***Conditions of the Underwriter's Obligations.*** 

The respective obligations of the several Underwriters hereunder to purchase the Shares are subject to the accuracy, as of the date hereof and at all times through the Closing Date (as if made on the Closing Date), of and compliance with all representations, warranties and agreements of the Company contained herein, the performance by the Company of its obligations hereunder and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If filing of the Final Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing
Prospectus, is required under the Securities Act or the Rules and Regulations, the Company shall have filed the Final Prospectus (or such
amendment or supplement) or such Issuer Free Writing Prospectus with the Commission in the manner and within the time period so required
(without reliance on Rule 424(b)(8) or 164(b) under the Securities Act); the Registration Statement shall remain effective; no stop order
suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462 Registration Statement, or any amendment
thereof, nor suspending or preventing the use of the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus or any Issuer
Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened
by the Commission; any request of the Commission or the Representative for additional information (to be included in the Registration
Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, any Issuer Free Writing Prospectus or otherwise)
shall have been complied with to the satisfaction of the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Ordinary Shares shall be approved for listing on Nasdaq, and satisfactory evidence thereof shall have
been provided to the Representative and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and
arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Representative shall not have reasonably determined, and advised the Company, that the Registration
Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, or any amendment thereof or supplement thereto,
or any Issuer Free Writing Prospectus, contains an untrue statement of fact which, in the reasonable opinion of the Representative, is
material, or omits to state a fact which, in the reasonable opinion of the Representative, is material and is required to be stated therein
or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the Closing Date, there shall have been furnished to the Representative on behalf of the Underwriters
the opinion and negative assurance letters of Loeb & Loeb LLP, U.S. securities counsel to the Company, related to the Company and
the Shares, dated the Closing Date, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the Closing Date, there shall have been furnished to the Representative on behalf of the Underwriters
the opinion and negative assurance letters of Ogier, Cayman Islands to the Company, related to the Company and the Shares, dated the Closing
Date, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the Closing Date, there shall have been furnished to the Representative on behalf of the Underwriters
the opinion and negative assurance letters of David Fong & Co., Solicitors and China Commercial Law Firm, Hong Kong and PRC counsel,
respectively to the Company, related to the Company and the Shares, dated the Closing Date, as applicable, and addressed to the Underwriters,
in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Underwriters shall have received a letter from SRCO, C.P.A., Professional Corporation, on the date
hereof and on the Closing Date, addressed to the Underwriters, confirming that it is independent public accountants within the meaning
of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of accountants under Rule
2-01 of Regulation S-X of the Commission, and confirming, as of the date of each such letter (or, with respect to matters involving changes
or developments since the respective dates as of which specified financial information is given in the Registration Statement, the Time
of Sale Disclosure Package and the Final Prospectus, as of a date not prior to the date hereof or more than five (5) days prior to the
date of such letter), the conclusions and findings of said firm with respect to the financial information and other matters required by
the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the Closing Date, there shall have been furnished to the Underwriters a certificate, dated the Closing
Date and addressed to the Underwriters, signed by the chief executive officer and the chief financial officer of the Company, in their
capacity as officers of the Company, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in this Agreement that are qualified by materiality
or by reference to any Material Adverse Effect are true and correct in all respects, and all other representations and warranties of the
Company in this Agreement are true and correct, in all material respects, as if made at and as of the Closing Date, and the Company has
complied in all material respects with all the agreements and satisfied all the conditions on its part required to be performed or satisfied
at or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No stop order or other order (A) suspending the effectiveness of the Registration Statement or any part
thereof or any amendment thereof, (B) suspending the qualification of the Securities for offering or sale, or (C) suspending or preventing
the use of the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus or any Issuer Free Writing Prospectus, has been issued,
and no proceeding for that purpose has been instituted or, to their knowledge, is contemplated by the Commission or any state or regulatory
body; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) There has been no occurrence of any event resulting or reasonably likely to result in a Material Adverse
Effect during the period from and after the date of this Agreement and prior to the Closing Date.

On the Closing Date, there shall have been furnished to the Underwriters a certificate, dated the Closing Date and addressed to the Underwriters, signed by the Company's secretary to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that the Company's Memorandum and Articles attached to such certificate is true and complete, has
not been modified and is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that each of its subsidiaries' memorandum and articles of association, or charter documents attached
to such certificate is true and complete, has not been modified and is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) that the resolutions of the Company's board of directors relating to this offering attached to such
certificate are in full force and effect and have not been modified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company and each of its subsidiaries is in good standing accompanied by the relevant Certificates
of Good Standing dated the Closing Date.

The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On or before the date hereof, the Representative shall have received duly executed lock-up agreements,
substantially in the forms of **Exhibit A** hereto (each a " <u>Lock-Up Agreement</u> "), by and between the Representative
and each of the parties specified in **Schedule IV.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company shall have furnished to the Representative and its counsel such additional documents, certificates
and evidence as the Representative and its counsel may have reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company shall deliver or cause the Shares to be delivered by the Company to the Representative at
the Closing Date, which shares shall be delivered via The Depository Trust Company Deposit or Withdrawal at Custodian system for the accounts
of the several Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) On the date hereof and the Closing Date, there shall have been furnished to the Underwriters certificates
of good standing for the Company and its subsidiaries, as applicable, dated on or as close to the aforesaid dates as practicable, in customary
form reasonably acceptable to the Representative.

If any condition specified in this Section 6 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Representative by notice to the Company at any time at or prior to the Closing Date, and such termination shall be without liability of any party to any other party, except that Section 5(a)(viii), Section 7 and Section 8 shall survive any such termination and remain in full force and effect.

***7.***  ***Indemnification and Contribution*** .

(a) The Company agrees to indemnify, defend and hold harmless each Underwriter, its affiliates, and the respective controlling persons, directors, officers, members, shareholders, agents and employees, and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any losses, claims, damages or liabilities to which such Underwriter or such person may become subject, under the Securities Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein not misleading (ii) an untrue statement or alleged untrue statement of a material fact contained in the Time of Sale Disclosure Package, any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act ("<u>Written Testing-the-Waters Communications</u>"), any Prospectus, the Final Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, or the Marketing Materials or in any other materials used in connection with the offering of the Securities (including any Shareholder Shares), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (iii) in whole or in part, any inaccuracy in the representations and warranties of the Company contained herein, or (iv) in whole or in part, any failure of the Company to perform its obligations hereunder or under law, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or defending against such loss, claim, damage, liability or action; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Time of Sale Disclosure Package, any Written Testing-the-Waters Communications, any Prospectus, the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, in reliance upon and in conformity with written information furnished to the Company by such Underwriter specifically for use in the preparation thereof, which written information is described in Section 7(f).

(b) Each Underwriter, severally and not jointly, will indemnify, defend and hold harmless the Company, its affiliates, directors, officers and employees, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any losses, claims, damages or liabilities to which the Company may become subject, under the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such Underwriter), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus, or any amendment or supplement thereto or any Issuer Free Writing Prospectus in reliance upon and in conformity with written information furnished to the Company by such Underwriter specifically for use in the preparation thereof, which written information is described in Section 7(f), and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with evaluating, investigating, and defending against any such loss, claim, damage, liability or action. The obligation of each Underwriter to indemnify the Company (including any controlling person, director or officer thereof) shall be limited to the amount of the underwriting discount applicable to the Shares (including any Shareholder Shares) to be purchased by such Underwriter hereunder actually received by such Underwriter.

(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof, but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to any indemnified party except to the extent such indemnifying party has been materially prejudiced by such failure. In case any such action shall be brought against any indemnified party, and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of the indemnifying party's election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; *provided*, *however*, that if (i) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (ii) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party), or (iii) the indemnifying party has not in fact employed counsel reasonably satisfactory to the indemnified party to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, the indemnified party shall have the right to employ a single counsel to represent it in any claim in respect of which indemnity may be sought under subsection (a) or (b) of this Section 7, in which event the reasonable fees and expenses of such separate counsel shall be borne by the indemnifying party or parties and reimbursed to the indemnified party as incurred.

The indemnifying party under this Section 7 shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is a party or could be named and indemnity was or would be sought hereunder by such indemnified party, unless such settlement, compromise or consent (a) includes an unconditional release of such indemnified party from all liability for claims that are the subject matter of such action, suit or proceeding and (b) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless
an indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or (b) above, (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other
from the offering and sale of the Shares or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault
of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the
Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from
the offering (before deducting expenses) received by the Company bear to the total underwriting discount received by the Underwriters,
in each case as set forth in the table on the cover page of the Final Prospectus. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or the Underwriters and the parties' relevant intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Underwriters agree
that it would not be just and equitable if contributions pursuant to this subsection (d) were to be determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in the first sentence of this
subsection (d). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first
sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending against any action or claim that is the subject of this subsection (d). Notwithstanding the
provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount of the of the underwriting
discount applicable to the Shares to be purchased by such Underwriter hereunder actually received by such Underwriter. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The Underwriters' respective obligations to contribute as provided
in this Section 7 are several in proportion to their respective underwriting commitments and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Company under this Section 7 shall be in addition to any liability that the Company
may otherwise have and the benefits of such obligations shall extend, upon the same terms and conditions, to each person, if any, who
controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act; and the obligations
of each Underwriter under this Section 7 shall be in addition to any liability that each Underwriter may otherwise have and the benefits
of such obligations shall extend, upon the same terms and conditions, to the Company and their officers, directors and each person who
controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of this Agreement, each Underwriter severally confirms, and the Company acknowledges, that
there is no information concerning such Underwriter furnished in writing to the Company by such Underwriter specifically for preparation
of or inclusion in the Registration Statement, the Time of Sale Disclosure Package, any Prospectus, the Final Prospectus or any Issuer
Free Writing Prospectus, other than the statement set forth in the last paragraph on the cover page of the Prospectus, the marketing and
legal names of each Underwriter, and the statements set forth in the "Underwriting" section of the Registration Statement,
the Time of Sale Disclosure Package, and the Final Prospectus only insofar as such statements relate to the amount of selling concession
and re-allowance, if any, or to stabilization and related activities that may be undertaken by such Underwriter.

***8.***  ***Representations and Agreements to Survive Delivery*** .

 ****

All representations, warranties, and agreements of the Company contained herein or in certificates delivered pursuant hereto, including, but not limited to, the agreements of the several Underwriters and the Company contained in Section 5(a)(viii) and Section 7 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the several Underwriters or any controlling person thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery of, and payment for, the Shares to and by the Underwriters hereunder.

***9.***  ***Termination of this Agreement*** .

(a) The Representative shall have the right to terminate this Agreement by giving notice to the Company as hereinafter specified at any time at or prior to the Closing Date, if in the discretion of the Representative, (i) there has occurred any material adverse change in the securities markets or any event, act or occurrence that has materially disrupted, or in the opinion of the Representative, will in the future materially disrupt, the securities markets or there shall be such a material adverse change in general financial, political or economic conditions or the effect of international conditions on the financial markets in the Cayman Islands, Hong Kong, the PRC, or the United States is such as to make it, in the judgment of the Representative, inadvisable or impracticable to market the Shares or enforce contracts for the sale of the Shares (ii) trading in the Company's Ordinary Shares shall have been suspended by the Commission or Nasdaq or trading in securities generally on the Nasdaq Stock Market, the NYSE or the NYSE MKT shall have been suspended, (iii) minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on the Nasdaq Stock Market, the NYSE or NYSE American, by such exchange or by order of the Commission or any other governmental authority having jurisdiction, (iv) a banking moratorium shall have been declared by the Cayman Islands, Hong Kong, the PRC, the United States, federal or state authorities, (v) there shall have occurred any attack on, outbreak or escalation of hostilities or act of terrorism involving the Cayman Islands, Hong Kong, the PRC, the United States, or any jurisdiction that the Company has operations and assets or any declaration by the Cayman Islands, Hong Kong, the PRC, the United States, or any jurisdiction that the Company has operations and assets of a national emergency or war, any substantial change or development involving a prospective substantial change in the Cayman Islands, Hong Kong, the PRC, the United States, or any jurisdiction that the Company has operations and assets or other international political, financial or economic conditions or any other calamity or crisis, or (vi) the Company suffers any loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, or (vii) in the judgment of the Representative, there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in the Registration Statement, the Time of Sale Disclosure Package or the Final Prospectus, any material adverse change in the assets, properties, condition, financial or otherwise, or in the results of operations, business affairs or business prospects of the Company and its subsidiaries, whether or not arising in the ordinary course of business. Any such termination shall be without liability of any party to any other party except that the provisions of Section 5(a)(viii) and Section 7 hereof shall at all times be effective and shall survive such termination.

(b) If the Representative elects to terminate this Agreement as provided in this Section 9, the Company and the other Underwriters shall be notified promptly by the Representative by telephone, confirmed by letter.

(c) If this Agreement is terminated pursuant to any of its provisions, the Company shall not be under any liability to any Underwriter, and no Underwriter shall be under any liability to the Company, except that (y) subject to a maximum reimbursement of $190,000, the Company will reimburse the Representative only for all actual, accountable out-of-pocket expenses (including the reasonable fees and disbursements of Sichenzia Ross Ference Carmel LLP, its counsel) reasonably incurred by the Representative in connection with the proposed purchase and sale of the Shares or in contemplation of performing their obligations hereunder and (z) no Underwriter who shall have failed or refused to purchase the Shares agreed to be purchased by it under this Agreement, without some reason sufficient hereunder to justify cancellation or termination of its obligations under this Agreement, shall be relieved of liability to the Company, or to the other Underwriters for damages occasioned by its failure or refusal.

***10.***  ***Substitution of Underwriters*** .

 ****

If any Underwriter or Underwriters shall default in its or their obligations to purchase Shares hereunder on the Closing Date and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed ten percent (10%) of the total number of Shares to be purchased by all Underwriters on such Closing Date, the other Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters shall so default and the aggregate number of Shares with respect to which such default or defaults occur is more than ten percent (10%) of the total number of Shares to be purchased by all Underwriters on such Closing Date and arrangements satisfactory to the remaining Underwriters and the Company for the purchase of such Shares by other persons are not made within forty-eight (48) hours after such default, this Agreement shall terminate.

If the remaining Underwriters or substituted Underwriters are required hereby or agree to take up all or part of the Shares of a defaulting Underwriter or Underwriters on such Closing Date as provided in this Section 10, (i) the Company shall have the right to postpone such Closing Date for a period of not more than five (5) full business days in order to permit the Company to effect whatever changes in the Registration Statement, the Final Prospectus, or in any other documents or arrangements, which may thereby be made necessary, and the Company agrees to promptly file any amendments to the Registration Statement or the Final Prospectus which may thereby be made necessary, and (ii) the respective numbers of Shares to be purchased by the remaining Underwriters or substituted Underwriters shall be taken as the basis of their underwriting obligation for all purposes of this Agreement. Nothing herein contained shall relieve any defaulting Underwriter of its liability to the Company or any other Underwriter for damages occasioned by its default hereunder. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part of any non-defaulting Underwriters or the Company, except that the obligations with respect to expenses to be paid or reimbursed pursuant to Section 5(a)(viii) and Section 7 and Sections 9 through 17, inclusive, shall not terminate and shall remain in full force and effect.

***11.***  ***Notices*** .

 ****

All notices and communications hereunder shall be in writing and mailed or delivered or by telephone or telegraph if subsequently confirmed in writing, (a) if to the Representative, Bancroft Capital, LLC, 501 Office Center Drive, Suite 130, Fort Washington, PA 19034S, Attention: Jason Diamond, jdiamond@bancroft4vets.com and Attention: Robert Malin, rmalin@bancroft4vets.com, and to Sichenzia Ross Ference Carmel LLP, 1185 Avenue of the Americas, 31st Floor, New York, NY 10036, Attention: Benjamin Tan, Esq., (b) if to the Company, to the Company's agent for service as such agent's address appears on the cover page of the Registration Statement with a copy to Loeb & Loeb LLP, 2206-19 Jardine House, 1 Connaught Place, Central, Hong Kong SAR, Attention: Lawrence S. Venick, Esq.

***12.***  ***Persons Entitled to Benefit of Agreement*** .

 ****

This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 7. Nothing in this Agreement is intended or shall be construed to give to any other person, firm or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained. The term "successors and assigns" as herein used shall not include any purchaser, as such purchaser, of any of the Shares from any Underwriters.

***13.***  ***Absence of Fiduciary Relationship*** .

 ****

The Company acknowledges and agrees that: (a) each Underwriter has been retained solely to act as underwriter in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company and any Underwriter, has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Underwriter has advised or is advising the Company on other matters; (b) the price and other terms of the Shares set forth in this Agreement were established by the Company following discussions and arms-length negotiations with the Underwriters and each of the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c) it has been advised that the Underwriters and their affiliates are engaged in a broad range of transactions that may involve interests that differ from those of the Company and that no Underwriter has any obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship. Underwriters have no obligation to disclose, or account to the Company for, any of such additional financial interests; and (d) it has been advised that each Underwriter is acting, in respect of the transactions contemplated by this Agreement, solely for the benefit of such Underwriter, and not on behalf of the Company. 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 fiduciary duty.

***14.***  ***Amendments and Waivers*** .

 ****

No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Representative. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

***15.***  ***Partial Unenforceability*** .

 ****

The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision.

***16.***  ***Governing Law*** .

 ****

This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

***17.***  ***Submission to Jurisdiction*** .

 ****

The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. THE COMPANY (ON BEHALF OF ITSELF AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS), AND THE UNDERWRITERS HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE REGISTRATION STATEMENT, THE TIME OF SALE DISCLOSURE PACKAGE, ANY PROSPECTUS AND THE FINAL PROSPECTUS.

***18.***  ***Entire Agreement.*** 

 ****

This Agreement, together with the exhibits and schedules thereto and the Prospectus contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules. Notwithstanding anything herein to the contrary, the engagement letter dated April 9, 2025 (the "<u>Engagement Letter</u>") between the Company and the Representative shall continue to be effective during their terms and the terms therein shall continue to survive and be enforceable by the Representative, provided that, in the event of a conflict between the terms and conditions of this Agreement and the Engagement Letter and its amendment, the terms and conditions of this Agreement shall control.

***19.***  ***Counterparts.*** 

This Agreement may be executed and delivered (including by facsimile transmission or electronic mail) in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.

[*Signature Page Follows*]

Please sign and return to the Company the enclosed duplicates of this letter whereupon this letter will become a binding agreement among the Company and the several Underwriters in accordance with its terms.

Very truly yours,

---

| |
|:---|
| **GA SAI TONG ENTERPRISE LIMITED** |
| Name: |
| Title: |

---

Confirmed as of the date first above-mentioned by<br> the Representative of the several Underwriters.

---

| |
|:---|
| **Bancroft Capital, LLC** |
| Name: |
| Title: |

---

[*Signature page to Underwriting Agreement*]

**SCHEDULE I**

---

| | |
|:---|:---|
| Name | Number of<br> Ordinary<br> Shares To be<br> Purchased |
| Bancroft Capital, LLC | [ ] |
| Total | [ ] |

---

**SCHEDULE II**

**Time of Sale Disclosure Package**

**SCHEDULE III**

**Issuer Free Writing Prospectus**

**SCHEDULE IV**

**Lock-Up Parties**

**Final Term Sheet**

---

| | |
|:---|:---|
| Issuer: | Ga Sai Tong Enterprise Limited (the "<u>Company</u>") |
| Symbol: | GST |
| Securities: | [ ] Class A Ordinary Shares, par value $0.0001 per share (the "Ordinary Shares"), of the Company. |
| Public Offering Price: | $[ ] per Ordinary Share. |
| Underwriting Discount (7%): | $[ ] |
| Non-accountable Expense Allowance (1%): | $[ ] |
| Trade Date: | [ ] |
| Settlement Date: | [ ] |
| Underwriter: | Bancroft Capital, LLC |

---

**EXHIBIT A** 

**Form of Lock-Up Agreement**

[ ], 2025

Bancroft Capital, LLC

501 Office Center Drive, Suite 130

Fort Washington, PA 19034

As Representative of the several Underwriters named on Schedule 1 to the Underwriting Agreement referenced below

Ladies and Gentlemen:

The undersigned understands that Bancroft Capital, LLC (the "**Representative**"), proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Ga Sai Tong Enterprise Limited, a Cayman Islands exempted company with limited liability (the "**Company**") providing for the public offering (the "**Public Offering**") of Class A ordinary shares, par value $0.0001 per share, of the Company (the "**Ordinary Shares**").

To induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending One Hundred and Eighty (180) days from the date the Ordinary Shares commence trading on the Nasdaq (the "**Lock-Up Period**"), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities. Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; <u>provided</u> that no filing under Section 13 or Section 16(a) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or other public announcement shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned is a corporation, partnership, limited liability company or other business entity, (i) any transfers of Lock-Up Securities to another corporation, partnership or other business entity that controls, is controlled by or is under common control with the undersigned or (ii) distributions of Lock-Up Securities to members, partners, shareholders, subsidiaries or affiliates (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) (d) or (e), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lockup agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 13 or Section 16(a) of the Exchange Act or other public announcement shall be required or shall be voluntarily made during the Lock-Up Period; (f) the receipt by the undersigned from the Company of Ordinary Shares upon the vesting of restricted share awards or share units or upon the exercise of options to purchase the Company's Ordinary Shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus provided always that the adoption of any equity incentive plan, the grant of options and/or restricted share grants thereunder, and the filing of a registration statement on Form S-8 occur at least ninety (90) days after the Closing Date (as defined in the Underwriting Agreement) (the "**Plan Shares**") or the transfer or withholding of Ordinary Shares or any securities convertible into Ordinary Shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, <u>provided</u> that if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Ordinary Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, <u>provided further</u>, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the transfer of Lock-Up Securities pursuant to agreements described in the Pricing Prospectus under which the Company has the option to repurchase such securities or a right of first refusal with respect to the transfer of such securities, <u>provided</u> that if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of Ordinary Shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report describing the purpose of the transaction; (h) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities, <u>provided</u> that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such public announcement or filing shall include a statement to the effect that no transfer of Lock-Up Securities may be made under such plan during the Lock-Up Period; (i) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, <u>provided</u> that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and <u>provided further</u>, that any filing under Section 13 or Section 16(a) of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law; and (j) the transfer of Lock- Up Securities pursuant to a bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders of the Ordinary Shares involving a change of control (as defined below) of the Company after the closing of the Public Offering and approved by the Company's board of directors; <u>provided</u> that in the event that the tender offer, merger, consolidation or other such transaction is not completed, the Lock-Up Securities owned by the undersigned shall remain subject to the restrictions contained in this lock-up agreement. For purposes of clause (j) above, "change of control" shall mean the consummation of any bona fide third party tender offer, merger, amalgamation, consolidation or other similar transaction the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and 13d- 5 of the Exchange Act) of a majority of total voting power of the voting shares of the Company. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any issuer-directed or "friends and family" securities that the undersigned may purchase in the Public Offering; (ii) the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two (2) business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned understands that, if the Underwriting Agreement is not executed by [●], 2025 or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Ordinary Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

---

| |
|:---|
| Very truly yours, |
| (Name - Please Print) |
| (Signature) |
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |
| Address: |

---

## Exhibit 3.1

**Exhibit 3.1**

Date: 15 January 2025

**Companies Act (Revised)** <br> **Company Limited by Shares** 

**memorandum of association<br> OF<br> Ga Sai Tong Enterprise Limited**

![](ex3-1_001.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Memorandum of Association**

**of**

**Ga Sai Tong Enterprise Limited**

1 The name of the Company is Ga Sai Tong Enterprise Limited.

2 The Registered Office of the Company shall be at the offices of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed in that behalf under the Banks and Trust
Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed in that behalf under the Companies Management
Act (Revised).

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The share capital of the Company is USD50,000.00 divided into 450,000,000 Class A Ordinary Shares of par value USD0.0001 each and 50,000,000 Class B Ordinary Shares of par value USD0.0001 each. Subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

9 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

We, the subscriber to this memorandum of association, wish to be formed into a company pursuant to this memorandum; and we agree to take the number of shares in the capital of the Company shown opposite our name in the table below.

Dated 15 January 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and address of Subscriber** | &nbsp;&nbsp;**Number of shares taken** | &nbsp;&nbsp;**Signature** |
| &nbsp;&nbsp; Ogier Global Subscriber (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | &nbsp;&nbsp;1 Class B Ordinary Share | &nbsp;&nbsp; <br> Per:__________________<br> Name:<br> Authorised Signatory |
| &nbsp;&nbsp;**Witness to above signature** | &nbsp;&nbsp; <br>____________________<br> Name:<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator | &nbsp;&nbsp; <br>____________________<br> Name:<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator |

---

Date: 15 January 2025

**Companies Act (Revised)** 

**Company Limited By Shares**

**ARTICLES OF ASSOCIATION**

**OF**

**GA SAI TONG ENTERPRISE LIMITED**

![](ex3-1_001.jpg)

**Contents**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 5 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 6 |
| **2** | **Shares** | **6** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 6 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 7 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 7 |
| Trusts not recognised | Trusts not recognised | 7 |
| Security interests | Security interests | 7 |
| Rights of Shares | Rights of Shares | 8 |
| Power to vary class rights | Power to vary class rights | 8 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 9 |
| No bearer Shares or warrants | No bearer Shares or warrants | 9 |
| Treasury Shares | Treasury Shares | 9 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 9 |
| Register of Members | Register of Members | 10 |
| Annual Return | Annual Return | 10 |
| **3** | **Share certificates** | **10** |
| Issue of share certificates | Issue of share certificates | 10 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 11 |
| **4** | **Lien on Shares** | **11** |
| Nature and scope of lien | Nature and scope of lien | 11 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 12 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 12 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 12 |
| Application of proceeds of sale | Application of proceeds of sale | 13 |
| **5** | **Calls on Shares and forfeiture** | **13** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 13 |
| Time when call made | Time when call made | 14 |
| Liability of joint holders | Liability of joint holders | 14 |
| Interest on unpaid calls | Interest on unpaid calls | 14 |
| Deemed calls | Deemed calls | 14 |
| Power to accept early payment | Power to accept early payment | 14 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 14 |
| Notice of default | Notice of default | 15 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 15 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 15 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 15 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 16 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 16 |

---

i

---

| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **17** |
| Form of Transfer | Form of Transfer | 17 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 17 |
| Suspension of transfers | Suspension of transfers | 18 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 18 |
| Notice of refusal to register | Notice of refusal to register | 18 |
| **7** | **Transmission of Shares** | **18** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 18 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 18 |
| Indemnity | Indemnity | 19 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 19 |
| **8** | **Alteration of capital** | **19** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 19 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 20 |
| Reducing share capital | Reducing share capital | 20 |
| **9** | **Conversion, redemption and purchase of own Shares** | **21** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 21 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 21 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 21 |
| No conversion rights | No conversion rights | 22 |
| **10** | **Meetings of Members** | **22** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 22 |
| Power to call meetings | Power to call meetings | 22 |
| Content of notice | Content of notice | 23 |
| Period of notice | Period of notice | 24 |
| Persons entitled to receive notice | Persons entitled to receive notice | 24 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 24 |
| **11** | **Proceedings at meetings of Members** | **25** |
| Quorum | Quorum | 25 |
| Lack of quorum | Lack of quorum | 25 |
| Chairman | Chairman | 25 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 26 |
| Accommodation of Members at Virtual Meeting | Accommodation of Members at Virtual Meeting | 26 |
| Security | Security | 26 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 26 |
| Method of voting | Method of voting | 27 |
| Taking of a poll | Taking of a poll | 27 |
| Chairman's casting vote | Chairman's casting vote | 27 |
| Written resolutions | Written resolutions | 27 |
| Sole-Member Company | Sole-Member Company | 29 |
| **12** | **Voting rights of Members** | **29** |
| Right to vote | Right to vote | 29 |
| Rights of joint holders | Rights of joint holders | 30 |
| Representation of corporate Members | Representation of corporate Members | 30 |
| Member with mental disorder | Member with mental disorder | 30 |
| Objections to admissibility of votes | Objections to admissibility of votes | 31 |

---

ii

---

| | | |
|:---|:---|:---|
| Form of proxy | Form of proxy | 31 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 32 |
| Voting by proxy | Voting by proxy | 33 |
| **13** | **Number of Directors** | **33** |
| **14** | **Appointment, disqualification and removal of Directors** | **34** |
| First Directors | First Directors | 34 |
| No age limit | No age limit | 34 |
| Corporate Directors | Corporate Directors | 34 |
| No shareholding qualification | No shareholding qualification | 34 |
| Appointment of Directors | Appointment of Directors | 34 |
| Board's power to appoint Directors | Board's power to appoint Directors | 34 |
| Removal of Directors | Removal of Directors | 35 |
| Resignation of Directors | Resignation of Directors | 35 |
| Termination of the office of Director | Termination of the office of Director | 35 |
| **15** | **Alternate Directors** | **36** |
| Appointment and removal | Appointment and removal | 36 |
| Notices | Notices | 37 |
| Rights of alternate Director | Rights of alternate Director | 37 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 37 |
| Status of alternate Director | Status of alternate Director | 37 |
| Status of the Director making the appointment | Status of the Director making the appointment | 38 |
| **16** | **Powers of Directors** | **38** |
| Powers of Directors | Powers of Directors | 38 |
| Directors below the minimum number | Directors below the minimum number | 38 |
| Appointments to office | Appointments to office | 38 |
| Provisions for employees | Provisions for employees | 39 |
| Exercise of voting rights | Exercise of voting rights | 39 |
| Remuneration | Remuneration | 39 |
| Disclosure of information | Disclosure of information | 40 |
| **17** | **Delegation of powers** | **40** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 40 |
| Local boards | Local boards | 41 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 42 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 42 |
| Borrowing Powers | Borrowing Powers | 42 |
| Corporate Governance | Corporate Governance | 43 |
| **18** | **Meetings of Directors** | **43** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 43 |
| Calling meetings | Calling meetings | 43 |
| Notice of meetings | Notice of meetings | 43 |
| Use of technology | Use of technology | 43 |
| Quorum | Quorum | 43 |
| Chairman or deputy to preside | Chairman or deputy to preside | 44 |
| Voting | Voting | 44 |
| Recording of dissent | Recording of dissent | 44 |
| Written resolutions | Written resolutions | 44 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 45 |
| **19** | **Permissible Directors' interests and disclosure** | **45** |
| **20** | **Minutes** | **45** |
| **21** | **Accounts and audit** | **46** |
| Auditors | Auditors | 46 |

---

iii

---

| | | |
|:---|:---|:---|
| **22** | **Record dates** | **46** |
| **23** | **Dividends** | **47** |
| Source of dividends | Source of dividends | 47 |
| Declaration of dividends by Members | Declaration of dividends by Members | 47 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 47 |
| Apportionment of dividends | Apportionment of dividends | 48 |
| Right of set off | Right of set off | 48 |
| Power to pay other than in cash | Power to pay other than in cash | 49 |
| How payments may be made | How payments may be made | 49 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 50 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 50 |
| **24** | **Capitalisation of profits** | **50** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 50 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 51 |
| **25** | **Share Premium Account** | **51** |
| Directors to maintain share premium account | Directors to maintain share premium account | 51 |
| Debits to share premium account | Debits to share premium account | 51 |
| **26** | **Seal** | **51** |
| Company seal | Company seal | 51 |
| Duplicate seal | Duplicate seal | 51 |
| When and how seal is to be used | When and how seal is to be used | 52 |
| If no seal is adopted or used | If no seal is adopted or used | 52 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 52 |
| Validity of execution | Validity of execution | 52 |
| **27** | **Indemnity** | **53** |
| Release | Release | 53 |
| Insurance | Insurance | 54 |
| **28** | **Notices** | **54** |
| Form of notices | Form of notices | 54 |
| Electronic communications | Electronic communications | 54 |
| Persons entitled to notices | Persons entitled to notices | 55 |
| Persons authorised to give notices | Persons authorised to give notices | 56 |
| Delivery of written notices | Delivery of written notices | 56 |
| Joint holders | Joint holders | 56 |
| Signatures | Signatures | 56 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 57 |
| Date of giving notices | Date of giving notices | 57 |
| Saving provision | Saving provision | 57 |
| **29** | **Authentication of Electronic Records** | **57** |
| Application of Articles | Application of Articles | 57 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 58 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 58 |
| Manner of signing | Manner of signing | 59 |
| Saving provision | Saving provision | 59 |
| **30** | **Transfer by way of continuation** | **59** |
| **31** | **Winding up** | **60** |
| Distribution of assets in specie | Distribution of assets in specie | 60 |
| No obligation to accept liability | No obligation to accept liability | 60 |
| **32** | **Amendment of Memorandum and Articles** | **60** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 60 |
| Power to amend these Articles | Power to amend these Articles | 60 |

---

iv

**Companies Act (Revised)**

**Company Limited by Shares**

**Articles of Association**

**of**

**Ga Sai Tong Enterprise Limited**

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Affiliate** means in respect of a person or entity, any other person or entity that, directly or indirectly (including through one or more intermediaries), controls, is controlled by, or is under common control with, such person or entity, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, a trust solely for the benefit of any of the foregoing, a company, partnership or entity wholly owned by one or more of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" in this definition shall mean the ownership, directly or indirectly, of securities possessing more than fifty percent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, securities having such power only by reason of the happening of a contingency not within the reasonable control of such partnership, corporation, natural person or entity), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Class A Ordinary Share** means the class A ordinary shares of US$ US$0.0001 par value each of the Company, which have the rights set forth in these Articles;

**Class B Ordinary Share** means the class B ordinary shares of US$ US$0.0001 par value each of the Company, which have the rights set forth in these Articles;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

**General Meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a General Meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value for that Share and any premium payable in respect
of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has not been
fully paid or credited as paid in money or money's worth;

**Register of Members** means the register of Members maintained in accordance with the Act and includes (except where otherwise stated) any branch or duplicate register of the Members;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a General Meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.15; and

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any General Meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Cayman Islands as known
by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless
there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the
act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes
the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company, trust, partnership, joint venture,
association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect
to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where the Company's
registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing or reproducing words
in a visible form, but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record
is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be
construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of any person attending a meeting, such person's
presence at a general meeting of Members (or any meeting of the holders of any class of Shares), which may be satisfied by means of such
person or, if a corporation or other non-natural person, its duly authorized representative (or, in the case of any Member, a proxy which
has been validly appointed by such Member in accordance with these Articles), being: (a) physically present at the meeting; or (b) in
the case of any meeting at which Electronic Communication Facilities are permitted in accordance with these Articles, including any Virtual
Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The headings in these Articles are intended for convenience only and shall not affect the interpretation
of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

---

| | |
|:---|:---|
| 2 | Shares |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Act and these Articles about the redemption and purchase of the Shares,
the Directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over
or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions as they may decide. No Share
may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise.

2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, options, warrants or convertible securities or securities of similar nature
conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.6 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Security interests**

2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Rights of Shares**

2.9 Subject to Article 2.1, the Memorandum and any Special Resolution to the contrary and without prejudice
to any special rights conferred thereby on the holders of any other Shares or class of Shares, Class A Ordinary Shares and Class B Ordinary
Shares shall carry equal rights and rank pari passu with one another in all respects other than as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Voting Rights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend,
speak and vote at general meetings of the Company. Holders of shares of Class A Ordinary Shares and Class B Ordinary Shares shall, at
all times, vote together as a single class on all matters submitted to a vote for Members' consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general
meetings of the Company; whereas, each Class B Ordinary Share shall be entitled to ten (10) votes on all matters subject to the vote at
general meetings of the Company.

**Power to vary class rights**

2.10 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares of that class consent in writing to
the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of
the Members holding the issued Shares of that class.

2.11 For the purpose of Article 2.10(b), all the provisions of these Articles relating to general meetings
apply, mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons holding, or representing
by proxy, not less than one third of the issued Shares of the class.

2.12 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

2.13 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**No bearer Shares or warrants**

2.14 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.15 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.16 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

2.17 The Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

2.18 Nothing in Article 2.17 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

2.19 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

2.20 The Directors shall keep or cause to be kept a register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal register
of Members and updated within such number of days of any amendment having been made to such branch register as may be required by the
Act.

2.21 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of Members
may be maintained in accordance with section 40B of the Act.

**Annual Return**

2.22 The Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. If the Directors
resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share, the Directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine for every certificate after the first,
several certificates each for one or more of that Member's Shares.

3.2 Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to
which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed under seal or executed in such other
manner as the Directors determine.

3.3 Every certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act (to the extent applicable).

3.4 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons
and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

4.1 The Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered in
the name of a Member (whether solely or jointly with others). The lien is for all monies payable to the Company by the Member or the Member's
estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

4.2 At any time the Board may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen (14) Clear Days after that notice is deemed to be given under these
Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The Lien Default Shares may be sold in such manner as the Board determines.

4.5 To the maximum extent permitted by law, the Directors shall incur no personal liability to the Member
concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may authorise any person to execute an instrument of transfer
of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

4.7 The title of the transferee of the Lien Default Shares shall not be affected by any irregularity or invalidity
in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

4.9 Notwithstanding the provisions of Article 4.8, such person shall remain liable to the Company for all
monies which, at the date of sale, were presently payable by him to the Company in respect of those Lien Default Shares. That person shall
also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that
sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce payment without any allowance for
the value of the Lien Default Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon surrender to the Company of that certificate
for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board may make calls on the Members in respect of any monies unpaid
on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days'
notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required
by the notice.

5.2 Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part
and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments
in whole or in part.

5.3 A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer registered as Member
in respect of those Shares.

**Time when call made**

5.4 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.

**Liability of joint holders**

5.5 Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls
in respect of the Share.

**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become due and payable the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

5.8 The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held
by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors may make arrangements on the issue of Shares to distinguish
between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If a call remains unpaid after it has become due and payable the Directors may give to the person from
whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will
be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10 is not complied with, the Directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other monies payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
Board may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share
in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the Board determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the Directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the Directors may authorise some person
to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for
all monies which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a Director or the Secretary shall be conclusive
evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the
application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity
of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

6 Transfer of Shares

**Form of Transfer**

6.1 Subject to the following Articles about the transfer of Shares, and provided that such transfer complies
with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares to another person by completing an instrument
of transfer in a common form or in a form prescribed by the Designated Stock Exchange (if such Shares are listed on the Designated Stock
Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the Register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where the Shares of any class in question are not listed on or subject to the rules of any Designated
Stock Exchange, the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid
Up or on which the Company has a lien. The Directors may also, but are not required to, decline to register any transfer of any such Share
unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate (if any) for the
Shares to which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the
transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be payable,
or such lesser sum as the Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

6.4 The registration of transfers may, on 14 Clear Days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register of Members closed at such times and for such periods as the
Directors may, in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not
be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.5 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.6 If the Directors refuse to register a transfer of any Shares of any class not listed on a Designated Stock
Exchange, they shall within one month after the date on which the instrument of transfer was lodged with the Company send to each of the
transferor and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect
of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

7.4 That person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If the person elects to become the holder of the Share, he must give notice to the Company to that effect.
For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.

7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument of
transfer.

7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify
the Company and the Directors against any loss or damage suffered by the Company or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall
be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed
to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares
without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding to be determined by the
Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer
of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of
the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
in respect of the sale.

**Reducing share capital**

8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

9 Conversion, redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member
holding those redeemable Shares, on the terms and in the manner its Directors determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights
attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of
the Company on the terms and in the manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in
the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment
in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares
or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than
the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's name
is removed from the register of Members with respect to the Shares the subject of the redemption or purchase.

**No conversion rights**

9.5 Class A Ordinary Shares shall not be convertible into Class B Ordinary Shares.

9.6 Class B Ordinary Shares shall not be convertible into Class A Ordinary Shares.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required by the applicable Designated Stock Exchange Rules) be
obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Board, in accordance
with these Articles.

10.2 All general meetings other than annual general meetings shall be called extraordinary general meetings.

**Power to call meetings**

10.3 The Directors may call a general meeting at any time.

10.4 If there are insufficient Directors to constitute a quorum and the remaining Directors are unable to agree
on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing additional Directors.

10.5 The Directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

10.6 The requisition must be in writing and given by one or more Members who together hold at least ten per
cent of the rights to vote at such general meeting.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged
to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

10.8 Should the Directors fail to call a general meeting within 21 Clear Days' from the date of receipt
of a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

10.9 Without limitation to the foregoing, if there are insufficient Directors to constitute a quorum and the
remaining Directors are unable to agree on the appointment of additional Directors, any one or more Members who together hold at least
five per cent of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified
in the notice of meeting which shall include as an item of business the appointment of additional Directors.

10.10 If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication
Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of
the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock Exchange
Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

10.12 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend
and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

10.13 At least five (5) Clear Days' notice must be given to Members for any general meeting.

10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of
the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of all those who have a right
to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors (if appointed).

10.16 The Board may determine that the Members entitled to receive notice of, attend and vote at a meeting are
those persons entered on the register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

10.18 In addition, where a notice of meeting is published on a website proceedings at the meeting shall not
be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to which
the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members holding Shares that represent not less than
one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present at the meeting within fifteen minutes of the time appointed for the meeting,
or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to
such other time or place as is determined by the Directors. If a quorum is not present at the meeting within fifteen minutes of the time
appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director
is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.

**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting
despite their attendance being virtual if adequate facilities are available to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In addition to any measures which the Board may be required to take due to the location or venue of the
meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to
ensure the security of a meeting including, without limitation, the searching of any person attending the meeting and the imposing of
restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry to, or eject from,
a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided
to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise called by Members pursuant
to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during the meeting at the discretion
of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should a meeting be adjourned for more than 7 Clear Days, whether because of a lack of quorum or otherwise,
Members shall be given at least 7 Clear Days' notice of the date, time and place of the adjourned meeting and the general nature of the
business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

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

**Chairman's casting vote**

11.12 In the case of an equality of votes, the Chairman of the meeting shall be entitled to a second or casting
vote.

**Written resolutions**

11.13 Without limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing without
holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice of the resolution as if the same were
being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by which the resolution must be passed if it
is not to lapse, being a period of 7 days beginning with the date that the notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of 5 days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 7 days beginning with the date that notice of it is first given.

11.15 If all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution may
be passed as soon as the required majority have signified their agreement to the resolution, without any minimum period of time having
first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent shall be in writing or
given by Electronic Record and shall otherwise be given to the Company in accordance with Article 28 (*Notices*) prior to the written
resolution taking effect.

11.16 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

11.17 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

**Sole-Member Company**

11.18 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Subject to the following, unless their Shares carry no right to vote, or unless a call or other amount
presently payable has not been paid, all Members are entitled to vote at a general meeting, and all Members holding Shares of a particular
class of Shares are entitled to vote at a meeting of the holders of that class of Shares. Unless otherwise required under the Act or by
these Articles, holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions
submitted to vote by the Members.

12.2 Members may vote in person or by proxy.

12.3 On a poll, each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to vote
at general meetings of the Company, and each Class B Ordinary Share shall be entitled to ten (10) votes on all matters subject to vote
at general meetings of the Company. A fraction of a Class A Ordinary Share shall entitle its holder to an equivalent fraction of one (1)
vote, and a fraction of a Class B Ordinary Share shall entitle its holder to an equivalent fraction of ten (10) votes.

12.4 No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in
the same way.

**Rights of joint holders**

12.5 If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders
tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of Members shall be accepted
to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.6 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

12.7 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

12.8 The authorisation may be for any period of time, and must be delivered to the Company before the commencement
of the meeting at which it is first used.

12.9 The Directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

12.10 Where a duly authorised representative is present at a meeting that Member is deemed to be present in
person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A corporate Member may revoke the appointment of a duly authorised representative at any time by notice
to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before
the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

12.12 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Cayman
Islands or elsewhere) in matters concerning mental disorder may vote, by that Member's receiver, *curator bonis* or other person
authorised in that behalf appointed by that court.

12.13 For the purpose of the preceding Article, evidence to the satisfaction of the Directors of the authority
of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the
adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means.
In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned
meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be
final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

12.16 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer,
secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence which they consider necessary to determine the
validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with Article 12.16.

12.19 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.18 will affect
the validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject to the following Articles, the Directors may, in the notice convening any meeting or adjourned
meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be
deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting
to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the
Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment
of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by
the Directors) must be delivered so that it is received by the Company before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Cayman Islands specified in the notice convening the meeting or in any
form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an
Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address
for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at
his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When two or more valid but differing appointments of proxy are delivered or received in respect of the
same Share for use at the same meeting and in respect of the same matter, the one which is last validly delivered or received (regardless
of its date or of the date of its execution) shall be treated as replacing and revoking the other or others as regards that Share. lf
the Company is unable to determine which appointment was last validly delivered or received, none of them shall be treated as valid in
respect of that Share.

12.23 The Board may at the expense of the Company send forms of appointment of proxy to the Members by post
(that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise (with or without provision for their return
by pre-paid post) for use at any general meeting or at any separate meeting of the holders of any class of Shares, either blank or nominating
as proxy in the alternative any one or more of the Directors or any other person. lf for the purpose of any meeting invitations to appoint
as proxy a person or one of a number of persons specified in the invitations are issued at the Company's expense, they shall be
issued to all (and not to some only) of the Members entitled to be sent notice of the meeting and to vote at it. The accidental omission
to send such a form of appointment or to give such an invitation to, or the non-receipt of such form of appointment by, any Member entitled
to attend and vote at a meeting shall not invalidate the proceedings at that meeting

**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall not confer any further right to speak at
the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not less than one person provided however that the Company may by
Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number
of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles
about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall be
required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may be to fill
a vacancy or as an additional Director.

14.6 A remaining Director may appoint a Director even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed the maximum (if one is set); and any such appointment
shall be invalid.

14.8 For so long as Shares are listed on a Designated Stock Exchange, the Directors shall include at least
such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require as determined
by the Board.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint a person to be a Director pursuant to these
Articles, the Board shall have power at any time to appoint any person who is willing to act as a Director, either to fill a vacancy or
as an addition to the existing Board, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance
with these Articles.

14.10 An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Each Director whose term of office expires shall be eligible for re-election at a meeting of the Members or re-appointment
by the Board.

**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of the other Directors (not being less than two in number) to vacate
office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such Director);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from meetings of Directors for a continuous period
of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another Director, to act in his place as an alternate
Director. No appointment shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be given to the appointing Director and not to
the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee
of the Directors at which the appointing Director is not personally present, and generally to perform all the functions of the appointing
Director in his absence. An alternate Director, however, is not entitled to receive any remuneration from the Company for services rendered
as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by notice delivered to the Board or to the registered
office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were a Director of the Company, would cause his office
as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of the Director appointing him.

15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and these Articles the business of the Company shall
be managed by the Directors who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf the number of Directors is less than the minimum prescribed in accordance with these Articles, the
remaining Director or Directors shall act only for the purposes of appointing an additional Director or Directors to make up such minimum
or of convening a general meeting of the Company for the purpose of making such appointment. lf there are no Director or Directors able
or willing to act, any two Members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed
shall hold office (subject to these Articles) only until the dissolution of the annual general meeting next following such appointment
unless he is re-elected during such meeting.

**Appointments to office**

16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the Directors may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in writing to holding that office.

16.10 A Director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit of any persons employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation
or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the Shares in any body corporate held or owned by
the Company in such manner in all respects as it thinks fit (including, without limitation, the exercise of that power in favour of any
resolution appointing any Director as a Director of such body corporate, or voting or providing for the payment of remuneration to the
Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as Director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business
including attendance at Directors' meetings.

16.14 Until otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
Directors) shall be entitled to such remuneration by way of fees for their services in the office of Director as the Directors may determine.

16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction
to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee consisting of one or more persons who
need not be Members. Persons on the committee may include non-Directors so long as the majority of those persons are Directors. For so
long as Shares are listed on a Designated Stock Exchange, any such committee shall be made up of such number of Independent Directors
as required from time to time by the Designated Stock Exchange Rules or otherwise required by applicable law.

17.2 The delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

17.5 For so long as the Shares are listed on a Designated Stock Exchange, the Board shall, if required by the
Designated Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance committee.
Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles.
Each of the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three
Directors (or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The committees
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The Board may establish any local or divisional board or agency for managing any of the affairs of the
Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be
managers or agents, and may fix their remuneration.

17.7 The Board may delegate to any local or divisional board, manager or agent any of its powers and authorities
(with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to
act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the Directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets both present and future and uncalled capital, or any part thereof, and to issue debentures and other
securities, whether outright or as collateral security for any debt, liability or obligation of the Company or its parent undertaking
(if any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company, which shall be intended
to set forth the guiding principles and policies of the Company and the Board on various corporate governance related matters as the Board
shall determine by resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors
if requested to do so by a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally or by word of mouth or given in writing
or by Electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address,
at his last known address). A Director may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

18.5 A Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business at a meeting of Directors shall be two unless the Directors
fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke
any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest in office taking precedence if more than
one is present), shall preside at all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within
five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall
choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting shall be decided by a majority of votes. If votes are equal
the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding a meeting if all Directors sign a document
or sign several documents in the like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be
as effective as if it had been passed at a meeting of the Directors duly convened and held; and it shall be treated as having been passed
on the day and at the time that the last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a
Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated office or were
not entitled to vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or
alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein provided the Director discloses to his fellow directors the nature and extent of any
material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted
and he may be counted in the quorum at any meeting of the Directors at which any such contract or transaction or proposed contract or
transaction shall come before the meeting for consideration.

---

| | |
|:---|:---|
| 20 | Minutes |

---

20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board and of any such Officer's remuneration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors, a committee of the Board, the Company
or the holders of any class of shares or debentures, and all orders, resolutions and proceedings of such meetings.

20.2 Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were
held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

21.2 The books of account shall be kept at the registered office of the Company and shall always be open to
inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and begin on 1 January in each year.

**Auditors**

21.4 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

21.5 At any general meeting convened and held at any time in accordance with these Articles, the Members may,
by Ordinary Resolution, remove the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary
Resolution, at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

21.7 The Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Company.

22 Record dates

22.1 Except to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend
is payable or distributable to the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding
that the date may be a date prior to that on which the resolution is passed.

22.2 If the resolution does so specify, the dividend shall be payable or distributable to the persons registered
as the holders of those Shares at the close of business on the specified date in accordance with their respective holdings so registered,
but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

22.3 The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions
of realised capital profits or offers or grants made by the Company to the Members.

23 Dividends

**Source of dividends**

23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend final dividends in accordance with the
respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such
dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the Directors in the dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the Directors may pay dividends on Shares which
confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to
dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares all dividends shall be declared and paid
according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount Paid Up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the
value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that
purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other
person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record and
the bank account nominated may be the bank account of another person. For the purposes of Article 23.10(b), subject to any applicable
law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share
or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge
to the Company.

23.12 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the register of Members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the
Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or
not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if
any.

24.2 The amount resolved to be capitalised must be appropriated to the Members who would have been entitled
to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in
either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member or as that
Member directs. The Directors may resolve that any Shares issued to the Member in respect of Partly Paid Up Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

25.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the
redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

---

| | |
|:---|:---|
| 26 | Seal |

---

**Company seal**

26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method
or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify each existing or former Director (including
alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business
or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or
Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's
own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred
to in paragraph (a) is or was interested.

---

| | |
|:---|:---|
| 28 | Notices |

---

**Form of notices**

28.1 Save where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules, any notice
to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the Designated Stock Exchange Rules and to any other rules which the Company is bound
to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by publishing that notice or
other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access to the notice or document on a website (instead
of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided that,
if the notice or document is published on that website for a part, but not all of, the publication period, the notice or document shall
be treated as being published throughout that period if the failure to publish that notice of document throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. For the purposes of this
Article 28.4 "publication period" means a period of not less than twenty-one days, beginning on the day on which the notification
referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any notice or other document to be given to a Member may be given by reference to the register of Members
as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within
any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules
and/or the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice
or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or Director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

28.10 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;(A) Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp;(B) By leaving it at the Member's registered address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp;(C) By posting it by prepaid post to the street or postal address of that recipient | &nbsp;&nbsp;48 hours after the date it was posted |
| &nbsp;&nbsp;(D) By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;48 hours after the date it was sent |
| &nbsp;&nbsp;(E) By publication on a website | &nbsp;&nbsp;24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company,
shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the Cayman Islands to deregister the Company in
the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

31.3 The Directors are authorised to present a winding up petition

31.4 The Directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

Dated 15 January 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and address of Subscriber** | &nbsp;&nbsp;**Number of shares taken** | &nbsp;&nbsp;**Signature** |
| &nbsp;&nbsp; Ogier Global Subscriber (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | &nbsp;&nbsp;1 Class B Ordinary Share | &nbsp;&nbsp; <br> Per:__________________<br> Name:<br> Authorised Signatory |
| &nbsp;&nbsp;**Witness to above signature** | &nbsp;&nbsp; <br>____________________<br> Name: Chelsea Ebanks<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator | &nbsp;&nbsp; <br>____________________<br> Name: Chelsea Ebanks<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **GA SAI TONG ENTERPRISE LIMITED** | **D** **+852 3656 6054** |
| **GA SAI TONG ENTERPRISE LIMITED** | **E** **nathan.powell@ogier.com** |
| **GA SAI TONG ENTERPRISE LIMITED** |  |
| **GA SAI TONG ENTERPRISE LIMITED** | Reference: NMP/JTC/511879.00001 |

---

September 19, 2025

Dear Sirs

**GA SAI TONG ENTERPRISE LIMITED (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of 1,300,000 Class A Ordinary Shares of US$0.0001 par value each (as defined in below) (the **Offering Shares**), together with an underwriter's over-allotment option for a period of 45 days from the date of the closing of the Offering for the underwriters to purchase additional Class A Ordinary Shares in the amount representing fifteen percent (15%) of the Offering Shares sold in the Offering (collectively, the **IPO Shares**).

We are furnishing this opinion as Exhibit 5.1 and Exhibit 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined in below). The headings herein are for convenience only and do not affect the construction of this opinion.

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of
 the Company dated 15 January 2025 issued by the Registrar of Companies of the Cayman Islands
 (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the memorandum and articles of association
 of the Company as adopted on incorporation (respectively, the **Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate of good standing dated
 September 8, 2025 issued by the Registrar in respect of the Company (the **Good Standing Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the register of directors of the Company
 as provided to us on 8 September 2025 (the **Register of Directors**);

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ogier**<br> Providing advice on British Virgin Islands, <br> Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | &nbsp;&nbsp;**Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li | &nbsp;&nbsp;Cecilia Li<br> Rachel Huang\*\*<br> Yuki Yan\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup><br>| &nbsp;&nbsp;\* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page **2** of **4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the register of members of the Company
 as provided to us on 8 September 2025 (the **Register of Members**, together with the
 Register of Directors, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of the written resolutions
 of the sole director of the Company dated 8 September 2025 approving among others, the Company's
 filing of the Registration Statement and issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a certificate dated September 19, 2025 as
 to certain matters of fact signed by the sole director of the Company (the **Director's Certificate**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Registration Statement.

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by
 us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copy documents examined by us
 (whether in facsimile, electronic or other form) conform to the originals and those originals
 are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures, seals, dates, stamps
 and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Good Standing Certificate,
 the Director's Certificate and the Registers is accurate and complete as at the date of this
 opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all copies of the Registration Statement
 are true and correct copies and the Registration Statement conform in every material respect
 to the latest drafts of the same produced to us and, where the Registration Statement has
 been provided to us in successive drafts marked-up to indicate changes to such documents,
 all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no invitation has been or will be
 made by or on behalf of the Company to the public in the Cayman Islands to subscribe for
 any shares of the Company and none of the shares have been offered or issued to residents
 of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Company is, and after the allotment
 and issuance of the IPO Shares will be, able to pay its liabilities as they fall due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there is no provision of the law of
 any jurisdiction, other than the Cayman Islands, which would have any implication in relation
 to the opinions expressed herein.

Page **3** of **4**

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated
 as an exempted company with limited liability and is validly existing and in good standing
 with the Registrar.

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorised share capital of the
 Company is US$50,000 divided into 450,000,000 class A ordinary shares of par value US$0.0001
 each (the **Class A Ordinary Shares**) and 50,000,000 class B ordinary shares of par value
 US$0.0001 each (the **Class B Ordinary Shares**).

**Corporate Authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has taken all requisite
 corporate action to authorise the issuance and sale of the IPO Shares under the Registration
 Statement.

**Valid Issuance of IPO Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The IPO Shares to be offered and issued
 by the Company as contemplated by the Registration Statement have been duly authorised for
 issue and when:

&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) issued by the Company against payment
 in full of the consideration therefor in accordance with the terms set out in the Registration
 Statement and the Memorandum and Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such issuance of IPO Shares have been
 duly registered in the Company's register of members as fully paid shares,

will be validly issued, fully paid and non-assessable.

**Registration Statement - Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The statements contained in the Registration
 Statement in the section headed "*Cayman Islands Taxation* ", in so far as
 they purport to summarise the laws or regulations of the Cayman Islands, are accurate in
 all material respects and that such statements constitute our opinion.

4 Limitations and Qualifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws
 of the Cayman Islands, and we have not, for the purposes of this opinion, made any investigation
 of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity,
 or effect of references in the Documents to statutes, rules, regulations, codes or judicial
 authority of any jurisdiction other than the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion
 expressly provides otherwise, as to the commercial terms of, or the validity, enforceability
 or effect of the Registration Statement, the accuracy of representations, the fulfilment
 of warranties or conditions, the occurrence of events of default or terminating events or
 the existence of any conflicts or inconsistencies among the Registration Statement and any
 other agreements into which the Company may have entered or any other documents.

Page **4** of **4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in respect of the Company must be filed with
 the Registrar of Companies in the Cayman Islands, together with payment of annual filing
 fees. A failure to file annual returns and pay annual filing fees may result in the Company
 being struck off the Register of Companies, following which its assets will be vest in the
 Financial Secretary of the Cayman Islands and will be subject to disposition or retention
 for the benefit of the public of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 In **good standing** means only that
 as of the date of this opinion the Company is up-to-date with the filing of its annual returns
 and payment of annual fees with the Registrar of Companies. We have made no enquiries into
 the Company's good standing with respect to any filings or payment of fees, or both, that
 it may be required to make under the laws of the Cayman Islands other than the Companies
 Act.

5 Governing law of this opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed
 in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated
 in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis
 of, the laws and practice in the Cayman Islands at the date of this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Unless otherwise indicated, a reference
 to any specific Cayman Islands legislation is a reference to that legislation as amended
 to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforcement of Civil Liabilities*", "*Taxation*" and "*Legal Matters*" of the Registration Statement. In giving such consent, we do not believe that we are "experts" within the meaning of such term used in the Securities Act or the rules and regulations of the Commission issued thereunder with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

This opinion may be used only in connection with the offer and sale of the IPO Shares and while the Registration Statement is effective.

Yours faithfully

**Ogier**

## Exhibit 10.1

**Exhibit 10.1**

<u>Dated the day of [ ] 202_</u>

**GA SAI TONG ENTERPRISE LIMITED** 

and

**[ ]**

**EMPLOYMENT AGREEMENT**

**FOR**

**EXECUTIVE OFFICER**

**THIS AGREEMENT** is made on the day of [ ] 202_.

**BETWEEN**:

(1) **GA SAI TONG ENTERPRISE LIMITED**, a company incorporated
in Cayman Islands with limited liability with registered office at 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands (the
" **Company** "); and

(2) **[ ]**, of [address] (the "**Executive Officer** ").

**NOW IT IS HEREBY AGREED** as follows:-

**1.** **DEFINITION AND INTERPRETATION** 

1.1. In this Agreement, unless the context otherwise requires,
the following words and expressions shall have the following meanings:-

---

| | |
|:---|:---|
| **"Agreement"** | this service agreement, as may be amended or modified from time to time; |
| **"Appointment"** | the appointment of [ ] as an Executive Officer of the Company pursuant to Clause 2; |
| **"Board"** | the board of directors for the time being of the Company or the directors present at any meeting of the Board duly convened and held and includes a duly authorised committee thereof; |
| **"Business"** | all the business and affairs carried on from time to time by the Group or by any of the companies within the Group; |
| **"Cayman Islands"** | the Cayman Islands; |
| **"Compensation"** | shall have the meaning ascribed thereto in the Clause 5.1; |
| **"Compensation Committee"** | the compensation committee of the Board; |
| **"Confidential Information"** | (i) all information, know-how and records (in whatever form held) including (without prejudice to the generality of the foregoing) all formulae, designs, specifications, drawings, data, manuals and instructions and all customer lists, sales information, business plans and forecasts and all technical or other expertise and all computer software and all financial accounting and tax records, correspondence, orders and enquiries that are confidential or not generally known in any way in connection with the Group or any business of the Group, or trade secrets of the Group; (ii) any confidential information or trade secrets of the clients or prospective clients of the Group, or (iii) the confidential or proprietary information of any third party received by the Group and for which the Group has confidential obligations; |

---

---

| | |
|:---|:---|
| **"Corporate Status"** | the capacity of the Executive Director with respect to the Company and the services performed by the Executive Director in that capacity; |
| **"Group"** | the Company and its subsidiaries from time to time and a member of the Group shall be construed accordingly; |
| **"HK$"** | Hong Kong Dollars, the lawful currency of Hong Kong, with an exchange rate of US$1 = HK$7.80; |
| **"Hong Kong"** | Hong Kong Special Administrative Region |
| **"Listing Date"** | the day on which the shares of the Company first commence trading on the Nasdaq; |
| **"Nasdaq"** | National Association of Securities Dealers; |
| **"Proceedings"** | any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative or investigative, whether formal or informal, including a proceeding initiated by the Executive Director pursuant to Clause 14 to enforce his rights hereunder; and |
| **"United States"** | the United States of America. |

---

1.2. Reference to Clauses, are references to clauses of this Agreement.

1.3. In this Agreement, words importing the singular include the
plural and vice versa, words importing one gender include every gender and references to a person include any public body and body corporate,
unincorporated associations and partnership (whether or not having separate legal personality).

1.4. The headings to the Clauses of this Agreement are for convenience
only and shall not affect the construction in this Agreement.

1.5. In this Agreement (save as otherwise expressly stated herein),
references, express or implied, to any statues or statutory provision or any rule or regulation (whether or not having the force of law)
shall be construed as references to the same as respectively amended, varied, modified, consolidated or re-enacted from time to time
(whether before or after the date of this Agreement) and to any subordinate legislation made under such statutory provision and reference
to sections of consolidating legislation shall, wherever necessary or appropriate in the context, be construed as including references
to the sections of the previous legislation from which the consolidating legislation has been prepared.

**2.** **APPOINTMENT** 

2.1. The Executive Officer was appointed as a director of the Company on [ ] and designated as [ ] of the Company
on [ ]. This Agreement serves to regulate the employment relationship between the Company and the Executive Officer from the Listing Date.
For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the director and [ ] on [ ].

2.2. The Company shall employ the Executive Officer and the Executive Officer shall diligently and faithfully
serve the Company as an executive officer pursuant to the terms and conditions of this Agreement and subject to the articles of association
of the Company, the Nasdaq Stock Market LLC Rules (to the extent applicable) and other applicable laws and regulations.

**3.** **TERM** 

3.1. Subject to Clause 6, the Appointment shall be for an initial fixed term of 3 years commencing from the
Listing Date with immediate effect. Upon expiration of the 3-year term, the Agreement shall be automatically extended for successive 3-year
terms unless either party gives the other party a prior written notice to terminate the Appointment prior to the expiration of such 3-year
term or unless terminated earlier pursuant to the terms of this Agreement.

3.2. The Executive Officer represents and warrants that he is not bound by or subject to any court order, agreement,
arrangement or undertaking which in any way restricts or prohibits him from entering into this Agreement or from performing his duties
hereunder.

**4.** **EXECUTIVE OFFICER'S DUTIES AND SERVICES** 

4.1. The Executive Officer hereby undertakes with the Company that during the term of this Agreement, he shall
use his best endeavours to carry out his duties faithfully and diligently under this Agreement.

4.2. Without prejudice to the generality of Clause 4.1, the Executive Officer shall during the term of this
Agreement:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge
of duties of his office as an executive officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his office
in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable
and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the
best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept
such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with
the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation
to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his powers and obligations as an executive officer of the Company and use his best
endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of
the Group, whether in the United States, Hong Kong, the Cayman Islands, or elsewhere; (c) the Nasdaq Stock Market LLC Rules; (d) the memorandum
and articles of association of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933;
and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities
from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation
to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

4.3. The Executive Officer shall carry out his duties and exercise his powers jointly with any other executive
officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require
the Executive Officer to cease performing any of his duties or exercising any of his power under this Agreement.

**5.** **REMUNERATION** 

5.1. Upon the effective date of this Agreement and during the term of this Agreement, the Executive Officer
shall receive a monthly remuneration of US$[ ] (approximately HK$[ ]) which shall accrue on a day to day basis payable in arrears on the
last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Executive Officer
shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the
date of termination (the "**Compensation** ").

5.2. The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant
to its terms of reference after the Listing Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee
(when applicable) and approved by the Board duly convened pursuant to the articles of association of the Company.

5.3. *In case the Executive Officer is based in Hong Kong*, the Executive Officer will receive the benefit
of a contribution from the Company to the mandatory provident fund, in which the Executive Officer is required by statue to participate,
of 5% of the monthly salary, maximum up to HK$1,500 (equivalent to US$192.3) per month. The Executive Officer is required to make the
same contribution and may contribute more if the Executive Officer so wish.

5.4. Payment of the Compensation may be made by the Company and/or by any member of the Group and if by more
than one company in such proportions as the Board in its absolute discretion may from time to time think fit.

5.5. The Executive Officer shall be reimbursed for all reasonable expenses (including expenses of entertainment,
subsistence and travelling) properly incurred by him in the performance of his duties in accordance with this Agreement.

**6.** **TERMINATION** 

6.1. The Company shall be entitled to terminate the Appointment forthwith without any notice or payment in
lieu of notice or other compensation to the Executive Officer prior to the expiry of the term of the Appointment by notice in writing
and upon such determination the Executive Officer shall not be entitled to any bonus or any payment whatsoever (other than such Compensation
actually accrued due and payable) or to claim any compensation or damages for or in respect of or by reason of such determination, if
the Executive Officer shall at any time:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commit any serious or persistent breach whether willful or not of any of the provisions herein (and to
the extent that such breach is capable of remedy shall fail to remedy such breach within 30 days after written warning given by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be guilty of any act of negligence or dishonesty to the detriment of the Group, misconduct or willful
default or neglect in the discharge of his duties hereunder (and to the extent that such breach is capable of remedy shall fail to remedy
such breach within 30 days after written warning given by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) become bankrupt or have a receiving order made against him or suspend payment of his debts or compound
with or make any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) become a lunatic or of unsound mind or become a patient for any purpose of any statute relating to mental
health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) become permanently incapacitated by illness or other like causes so as to prevent the Executive Officer
from performing his duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) be guilty of conduct tending to bring himself or any member of the Group into disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) be convicted or plead guilty to a felony or any crime involving moral turpitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) refuse to carry out any reasonable or lawful order given to him by the Board during the term of his Agreement
or fail to diligently and faithfully attend to his duties hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) improperly divulge to any unauthorised person any Confidential Information or any other business secret
or details of the organisation, business or clientele of the Group.

6.2. The Executive Officer may terminate this Agreement by giving to the Company not less than three (3) months'
prior notice in writing. The Company may terminate this Agreement by giving to the Executive Officer not less than three (3) months'
prior notice in writing or payment in lieu of notice at any time after the date of this Agreement, in which case, the Executive Officer
shall be entitled to severance payments to the extent expressly required by the applicable law of the jurisdiction where the Executive
Officer is based.

6.3. If the Company becomes entitled pursuant to Clause 6.1 above to terminate the Appointment, it shall be
entitled (but without prejudice to its right subsequently to the termination of the Appointment on the same or any other ground) to suspend
the Appointment of the Executive Officer without payment of the Compensation, in full or in part, to the extent permitted by law.

6.4. On the termination of the Appointment howsoever arising, the Executive Officer shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) forthwith deliver to the Company all Confidential Information, books, records, correspondence, accounts,
documents, papers, materials, credit cards (if any) and other property of or relating to the business of the Group which may then be in
his possession or under his power or control and all copies thereof or extracts therefrom made by or on behalf of the Executive Officer
shall be and remain the property of the Group and shall forthwith be delivered up to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not at any time thereafter represent himself to be connected with the Group.

6.5. The Appointment of the Executive Officer under this Agreement shall terminate automatically in the event
of his ceasing to be an executive officer of the Company for whatever reason whether by virtue of a resolution passed by the members of
the Company in general meeting to remove him as an executive officer or otherwise.

6.6. Termination for whatever reason shall not relieve the parties of their obligations arising or accrued
prior to the termination of the Appointment or of obligations which expressly or by necessary implication continue after termination of
the Appointment, including Clauses 6.4 and 7.

6.7. No delay or forbearance by the Company in exercising any such right of termination shall constitute a
waiver of that right.

**7.** **CONFIDENTIALITY** 

7.1. The Executive Officer shall not, and shall procure that none of his associates shall, either during or
after the termination or expiry of the Appointment without limit in point of time, except as required in the performance of his duties
in connection with the employment or pursuant to applicable law:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) divulge or communicate to any person except to those of the officials of the Group whose province is to
know the same in the proper course of their duties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use, take away, conceal or destroy for his own purpose or for any purpose other than that of the Group
or for the advantage of any person other than the Group or to the detriment of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) through any failure to exercise all due care and diligence cause any unauthorised disclosure of,

any Confidential Information (including without limitation), relating to the dealings, organisation, business, finance, transactions or any other affairs of the Group or its suppliers, agents, distributors, clients or customers; or in respect of which any company within the Group is bound by an obligation of confidence to any third party, but so that these restriction shall cease to apply to any information or knowledge which may (otherwise than through the default of the Executive Officer or his associates) become available to the public generally or otherwise required by law or any applicable rules or regulations to be disclosed.

7.2. Since the Executive Officer may obtain in the course of the Appointment by reason of services rendered
for or offices held in any other member of the Group knowledge of the trade secrets or other Confidential Information of such company,
the Executive Officer hereby agrees that he will at the request and cost of the Company or such other member of the Group enter into a
direct agreement or undertaking with such company whereby he will accept restrictions corresponding to the restrictions herein contained
(or such of them as may be appropriate in the circumstances) in relation to such products and services and such area and for such period
as such company may reasonably require for the protection of its legitimate interest.

7.3. All notes, memoranda, records and writings made by the Executive Officer in relation to the financial
statements and accounts of the Group, the Business or concerning any of its dealings or affairs or the dealings of affairs of any clients
or customers of the Group shall be and shall remain the property of the Group and shall be handed over by him to the Company (or to such
other member of the Group as the case may require) from time to time on demand of the Company and in any event upon his leaving the service
of the Company and the Executive Officer shall not retain any copy thereof.

7.4. The covenants in each paragraph of Clause 7 are independent of each other and are not to be construed
restrictively by reference to one another.

**8.** **ANNUAL LEAVE** 

The Executive Officer shall (in addition to public and statutory holidays and sick leave) be entitled to [ ] working days paid annual leave in each year during the term of this Agreement to be taken at such time or times as the Board may approve.

 ****

The Executive Officer's common leave year runs from 1 January to 31 December, and the Executive Officer may carry forward no more than [ ] unused paid annual leave of his current entitlement to be taken on or before 31st March of the following common leave year.

**9.** **AGREEMENT OF INDEMNITY** 

The Company agrees to indemnify the Executive Officer as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the exceptions contained in Clause 10(a) below, if the Executive Officer was or is a party
or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of the Executive
Officer's Corporate Status, the Executive Officer shall be indemnified by the Company against all expenses and liabilities incurred
or paid by the Executive Officer in connection with such Proceeding (referred to herein as "**Indemnifiable Expenses** "
and "**Indemnifiable Liabilities**," respectively, and collectively as "**Indemnifiable Amounts** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the exceptions contained in Clause 10(b) below, if the Executive Officer was or is a party
or is threatened to be made a party to any Proceeding by or in the right of the Company, to procure a judgment in its favor by reason
of the Executive Officer's Corporate Status, the Executive Officer shall be indemnified by the Company against all Indemnifiable
Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement, the Executive Officer shall be deemed to have acted in good faith in conducting
the Company's affairs as an executive officer of the Company, if the Executive Officer: (i) exercised or used the same degree of
diligence, care, and skill as an ordinarily prudent man would have exercised or used under the circumstances in the conduct of her own
affairs; or (ii) took, or omitted to take, an action in reliance upon advise of counsels or other professional advisors for the Company,
or upon statements made or information furnished by other directors, officers or employees of the Company, or upon a financial statement
of the Company provided by a person in charge of its accounts or certified by a public accountant or a firm of public accountants, which
the Executive Officer had reasonable grounds to believe to be true.

**10.** **EXCEPTIONS TO INDEMNIFICATION** 

Executive Officer shall be entitled to indemnification under Clauses 9(a) and 9(b) above in all circumstances other than the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If indemnification is requested under Clause 9(a) and it has been adjudicated finally by a court or arbitral
body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen,
(i) the Executive Officer failed to act in good faith and in a manner the Executive Officer reasonably believed to be in or not opposed
to the best interests of the Company, (ii) the Executive Officer had reasonable cause to believe that the Executive Officer's conduct
was unlawful, or (iii) the Executive Officer's conduct constituted willful misconduct, fraud, dishonesty or knowing violation of
law, then the Executive Officer shall not be entitled to payment of Indemnifiable Amounts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If indemnification is requested under Clause 9(b) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection
with the subject of the Proceeding out of which the claim for indemnification has arisen, the Executive Officer failed to act in good
faith and in a manner the Executive Officer reasonably believed to be in or not opposed to the best interests of the Company, the Executive
Officer shall not be entitled to payment of Indemnifiable Expenses hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that the Executive
Officer is liable to the Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification
has arisen, including, without limitation, a claim that the Executive Officer received an improper benefit or improperly took advantage
of a corporate opportunity, the Executive Officer shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to
such claim, issue or matter.

**11.** **WHOLLY OR PARTLY SUCCESSFUL** 

Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that the Executive Officer is, by reason of the Executive Officer's Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Executive Officer shall be indemnified in connection therewith. If the Executive Officer is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Executive Officer against those Expenses reasonably incurred by the Executive Officer or on the Executive Officer's behalf in connection with each successfully resolved claim, issue or matter. For purposes of this clause, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

**12.** **ADVANCES AND INTERIM EXPENSES** 

The Company may pay to the Executive Officer all Indemnifiable Expenses incurred by the Executive Officer in connection with any Proceeding, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding, if the Executive Officer furnishes the Company with a written undertaking, to the satisfaction of the Company, to repay the amount of such Indemnifiable Expenses advanced to the Executive Officer in the event it is finally determined by a court or arbitral body of competent jurisdiction that the Executive Officer is not entitled under this Agreement to indemnification with respect to such Indemnifiable Expenses.

**13.** **PROCEDURE FOR PAYMENT OF INDEMNIFIABLE AMOUNTS** 

The Executive Officer shall submit to the Company a written request specifying the Indemnifiable Amounts, for which the Executive Officer seeks payment under Clause 9 hereof and the Proceeding of which has been previously notified to the Company and approved by the Company for indemnification hereunder. At the request of the Company, the Executive Officer shall furnish such documentation and information as are reasonably available to the Executive Officer and necessary to establish that the Executive Officer is entitled to indemnification hereunder. The Company shall pay such Indemnifiable Amounts within thirty (30) days of receipt of all required documents.

**14.** **REMEDIES OF EXECUTIVE OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RIGHT TO PETITION COURT. In the event that the Executive Officer makes a request for payment of Indemnifiable
Amounts under Clauses 9, 11-13 above, and the Company fails to make such payment or advancement in a timely manner pursuant to the terms
of this Agreement, the Executive Officer may petition the appropriate judicial authority to enforce the Company's obligations under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BURDEN OF PROOF. In any judicial proceeding brought under Clause 14 (a) above, the Company shall have
the burden of proving that the Executive Officer is not entitled to payment of Indemnifiable Amounts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EXPENSES. The Company agrees to reimburse the Executive Officer in full for any Expenses incurred by the
Executive Officer in connection with investigating, preparing for, litigating, defending or settling any action brought by the Executive
Officer under Clause 14 (a) above, or in connection with any claim or counterclaim brought by the Company in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) VALIDITY OF AGREEMENT. The Company shall be precluded from asserting in any Proceeding, including, without
limitation, an action under Clause 14 (a) above, that the provisions of this Agreement are not valid, binding and enforceable or that
there is insufficient consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) FAILURE TO ACT NOT A DEFENSE. The failure of the Company (including its Board of Directors or any committee
thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable
Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Clause 14(a)
above.

**15.** **PROCEEDINGS AGAINST COMPANY** 

Except as otherwise provided in this Agreement, the Executive Officer shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by the Executive Officer against the Company, any entity which it controls, any director or officer thereof, or any third party, unless the Company has consented to the initiation of such Proceeding. This clause shall not apply to counterclaims or affirmative defenses asserted by the Executive Officer in an action brought against the Executive Officer.

**16.** **INSURANCE** 

The Company will obtain and maintain a policy or policies of director and officer liability insurance, of which the Executive Officer will be named as an insured, providing the Executive Officer with coverage for Indemnifiable Amounts and/or Indemnifiable Expenses in accordance with said insurance policy or policies ("**D&O Insurance**"); provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive Officer agrees that, while the Company has valid and effective D&O Insurance, and except
as provided in Clause 16(c), Clauses 9-15 of this Agreement shall not apply, and the Company's indemnification obligation to the
Executive Officer under this Agreement shall be deemed fulfilled by virtue of purchasing and maintaining such insurance policy or policies,
in accordance with the terms and conditions thereof and subject to exclusions stated thereon. The Executive Officer agrees that the Company
shall have no obligation to challenge the decisions made by the insurance carrier(s) ()"**Insurance Carrier**") relating
to any claims made under such insurance policy or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive Officer agrees that the Company's indemnification obligation to the Executive Officer
under Clause 16(a) shall be deemed discharged and terminated, in the event the Insurance Carrier refused payment for any Proceedings against
the Executive Officer due to the acts or omissions of the Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Executive
Officer for the Indemnifiable Amounts and Indemnifiable Expenses, to the extent that any Proceedings are coverable by D&O Insurance,
but in excess of the policy amount, in accordance with Clauses 9-15 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Executive
Officer to the extent that the Executive Officer has liability that would be part of the D&O Insurance deductible, if there is any;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) While the D&O Insurance is valid and effective, this Clause 16 states the entire and exclusive remedy
of the Executive Officer with respect to the indemnification obligation of the Company to the Executive Officer under this Agreement.

**17.** **WAIVER** 

17.1. Time is of the essence in this Agreement but no failure or delay on the part of either party to exercise
any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by either party of any
power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy by that party.

17.2. The remedies provided herein are cumulative and are not exclusive of any remedies provided by law.

**18.** **ENTIRE AGREEMENT** 

18.1. This Agreement constitutes the entire agreement between the parties hereto in relation to the subject
matter hereof and shall be in substitution for and supersedes all and any previous service agreements, arrangements or undertakings entered
into between any member of the Group and the Executive Officer. Any terms of employment previously in force between any such member of
the Group and the Executive Officer, whether or not on a legal or formal basis, shall be deemed to have been cancelled or terminated with
effect from the effective date of this Agreement.

18.2. The Executive Officer hereby acknowledges that he has no claim of any kind against any member of the Group
and without prejudice to the generality of the foregoing he further acknowledges that he has no claim for damages against any member of
the Group for the termination of any previous service agreements, arrangements or undertakings (if any) for the purpose of entering into
this Agreement.

**19.** **NOTICES** 

19.1. All notices, requests, demands, consents or other communications to or upon the parties under or pursuant
to this Agreement shall be in writing and sent to the relevant party at such party's address or facsimile number set out below (or
at such other address or facsimile number as such party may hereafter specify to the other party) and shall be deemed to have been duly
given or made:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a communication by letter five (5) business days (if overseas) or two (2) business days
(if local) after dispatch or, if such letter is delivered by hand, on the day of delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a communication by facsimile, when sent provided that the transmission is confirmed by
a transmission report.

The Company:

Address: Ga Sai Tong Enterprise Limited Fifth Floor of Kam Lung Commercial Centre No. 2 Hart Avenue, Kowloon, Hong Kong <br>Facsimile no.: +852 2981-1688

The Executive Officer:

Address: [ ] <br> Email: [ ]

**20.** **ASSIGNMENT** 

This Agreement shall be binding upon and enure to the benefit of each party hereto and its successors and assigns and personal representatives (as the case may be), provided always that the Executive Officer may not assign his obligations and liabilities under this Agreement.

**21.** **RELATIONSHIP** 

None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the parties for any purpose.

**22.** **AMENDMENT** 

This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.

**23.** **SEVERABILITY** 

Any provision of this Agreement which is prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties to the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.

**24.** **LAW AND JURISDICTION** 

This Agreement shall be governed by and construed in all respects in accordance with the laws of the Hong Kong and the parties hereby submit to the non-exclusive jurisdiction of the courts of the Hong Kong.

*[The reminder of this page is internationally left blank]*

**IN WITNESS** whereof this Agreement has been executed the day and year first above written.

 **<u>The
Company</u>**
**SIGNED** by [ ]) for and on
behalf of) **GA SAI TONG ENTERPRISE
LIMITED**)) in the presence of:-)
**The Executive Officer**
**SIGNED** by [ ])) in
the presence of:-)

## Exhibit 10.2

**Exhibit 10.2**

**<u>INDEPENDENT DIRECTOR AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR AGREEMENT** (this "Agreement"), dated as of [ ], 202_, is by and between **Ga Sai Tong Enterprise Limited**, a company incorporated under the laws of the Cayman Islands (the "Company"), and [ ], an individual (the "Director") and shall become effective on the effective date of the registration statement of the Company's initial public offering (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, the Company desires to appoint the Director to serve on the Company's board of directors (the "Board") and the Director desires to accept such appointment to serve on the Board; and

**WHEREAS**, the Director may be appointed to serve as a member or chair of one or more committees of the Board.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the foregoing and the Director's services to the Company as a member of the Board, as a member of such committees of the Board to which the Director may be appointed from time to time and as chair of one or more committees to which the Director may be appointed in such capacity from time to time, and intending to be legally bound hereby, the Company and the Director hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Term.** The Company hereby appoints the Director, and the Director hereby accepts such appointment by the Company, for the purposes and upon the terms and conditions contained in this Agreement. The term of such appointment shall commence on the Effective Date and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current Memorandum and Articles of Association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "Expiration Date"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Compensation**. Upon the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration of US$[ ] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the Effective Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Independence.** The Director acknowledges that appointment to the Board is contingent upon the Board's determination that the Director is "independent" with respect to the Company in accordance with applicable listing standards of the National Association of Securities Dealers (Nasdaq) and any other applicable rules, and that the Director may be removed from the Board in the event that the Director does not maintain such independence. The Director acknowledges and agrees that the acceptance, directly or indirectly, of any consulting, advisory, or other compensatory fee, other than for Board service, from the Company or any subsidiary thereof will impair the Director's independence, and the Director agrees not to accept any such fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Duties.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, attending all required meetings of the Board or applicable committees thereof, executive sessions of the independent directors, reviewing filing reports and other corporate documents as requested by the Company, providing comments and opinions as to business matters as requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conflicts of Interest/A</u>p<u>plicable Law</u>. In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Corporate Opportunities</u>. Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentialit</u>y. The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "Confidential Information"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Code of Business Conduct and Ethics</u>. The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Ex** **penses**. Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Indemnity**. The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit A hereto (the "Indemnification Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Withholding**. The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Recitals**. The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Validity**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Headings and Captions**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Neutral Construction**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Miscellaneous**. This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **GA SAI TONG ENTERPRISE LIMITED** | **GA SAI TONG ENTERPRISE LIMITED** |
| By: |  |
| Name: | Wai Kit, Ng |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| **DIRECTOR** |
| Name: |

---

*Signature Page to Independent Director Agreement*

<u>EXHIBIT A</u>

INDEMNIFICATION AGREEMENT<br> (Attached)

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "Agreement"), dated as of [ ], 202_, is by and between **GA SAI TONG ENTERPRISE LIMITED**, a company incorporated under the laws of the Cayman Islands (the "Company") and [ ] (the "Indemnitee") and shall become effective on the effective date of the registration statement of the Company's initial public offering (the "Effective Date").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "Board") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "Constituent Documents"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Change in Control</u>" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; 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) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "Enterprise") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&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) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Voting Securities</u>" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notification and Defense of Claims**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Determination of Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Indemnification</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;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&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) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "Standard of Conduct Determination") shall be made 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 no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "Notification Date") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&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) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&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) no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; 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;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(b).

(f) <u>Presumptions and Defenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; 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;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "Other Indemnity Provisions"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Indemnitee, to the email address set forth on the signature page hereto.

(b) if to the Company: Ga Sai Tong Enterprise Limited <br> Fifth Floor of Kam Lung Commercial Centre<br> No. 2 Hart Avenue, Kowloon, Hong Kong

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **GA SAI TONG ENTERPRISE LIMITED** | **GA SAI TONG ENTERPRISE LIMITED** |
| By: |  |
| Name: | Wai Kit, Ng |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| **INDEMNITEE** | **INDEMNITEE** |
| Name: | [ ] |
| Email: | [ ] |

---

 

*Signature Page to Indemnification Agreement*

## Exhibit 10.3

**Exhibit 10.3**

Re: Fifth Floor of Kam Lung Commercial Centre

To: French Fries Creativeworks Limited

The Tenant has principally agreed to extend the lease according to the terms as below, subject to the actual Tenancy Agreement. You shall sign and stamped this letter and fax to us to confirm the extension on or before September 12, 2025.

Terms

&nbsp;&nbsp;&nbsp;&nbsp;1. The term shall be two years from November 1, 2025 to October 31, 2027

&nbsp;&nbsp;&nbsp;&nbsp;2. The monthly rent shall be HK$30,000, excluding management fee, rate, utility fees and other disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;3. The existing three months rent and management fee deposit of HK$111, 750 shall be converted into the new Tenancy Agreement's
deposit. The remaining amount of HK$14,400 shall be used to deduct the rent of the first month of the Tenancy Agreement (i.e. November
2025)

&nbsp;&nbsp;&nbsp;&nbsp;4. The Tenant shall be responsible for maintenance of the air-conditioning during the Tenancy. If the air-conditioners required to be
changed, the Tenant shall be responsible.

&nbsp;&nbsp;&nbsp;&nbsp;5. The management company has the right to adjust the management fee during the Tenant. The management company shall notify all landlords
and tenants in writing one month before the adjustment and the Tenant shall pay the adjusted management fee afterwards.

&nbsp;&nbsp;&nbsp;&nbsp;6. The rate of the property shall be determined by the notification by the Rate and Valuation Department of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Tenant shall be responsible for the legal fee and disbursement of this agreement of HK$2,500.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Tenant shall apply for water and electricity meters.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Tenant confirm that he is aware it is not permitted to leave any belongings in the public area.

&nbsp;&nbsp;&nbsp;&nbsp;10. The Tenant shall be responsible to purchase the Premise's property insurance and responsibility insurance.

&nbsp;&nbsp;&nbsp;&nbsp;11. The Tenant shall be responsible for maintaining the water pipe inside the Premise.

&nbsp;&nbsp;&nbsp;&nbsp;12. The Tenant shall arrange for cleaning and garbage removal and ensure cleanliness of the public area.

&nbsp;&nbsp;&nbsp;&nbsp;13. The Tenant shall submit detail design prior to renovation to the Landlord for approval and allow management company to take photos
and follow up.

&nbsp;&nbsp;&nbsp;&nbsp;14. The Tenant must not assign the Tenancy through agents or social media without approval from the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;15. Mr. Lam shall sign personal guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;16. The exact location of the Premises is determined in the picture.

&nbsp;&nbsp;&nbsp;&nbsp;17. The Tenant is aware the podium of the 5<sup>th</sup> floor needs to be used for cleaning of the building's external walls and
other maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;18. The Tenant shall be responsible for using removal films or tapes to seal the gaps between the steel window frame and concrete wall
to stop odour.

If you accept the aforementioned terms, please sign and stamp this letter and fax to our company by September 12, 2025.

---

| |
|:---|
| */s/ Guardian Property Management Limited* |
| Guardian Property Management Limited |
| September 3, 2025 |

---

Dated the 27<sup>th</sup> day of September 2023

TENANCY AGREEMENT

of

Fifth Floor of Kam Lung Commercial Centre,

No.2 Hart Avenue, Kowloon, Hong Kong

AN AGREEMENT made the 27th day of September, Two Thousand and Twenty Three

BETWEEN the parties more particularly described and set out in the First Schedule hereto.

WHEREBY IT IS AGREED as follows: -

1. The Landlord shall let and the Tenant shall take ALL THAT premises more particularly described in the Second Schedule hereto (hereinafter called "the said Premises" or) on an "as is" basis as at the time of the commencement of the term of tenancy hereinafter referred to in its present decorative repair and condition Together with the use in common with the Landlord and all others having the like right of the entrances staircases landings, passages and lavatories (if any) in the Building of which the said premises from part which is more particularly described in the Second Schedule hereto (hereinafter called "the Building") And together with the use in common as aforesaid of the lift service in the Building (if any and whenever the same shall be operated) for the term and at the rent more particularly set out in the Third Schedule hereto And together with the furniture, fixtures, fittings equipment and household effects (if any) now thereat particulars whereof are set out in the Fifth Schedule hereto (hereinafter called "the said furniture")

2. The Tenant to the intent that the obligations may continue throughout the term of tenancy hereby agrees with the Landlord in manner following, that is to say: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To pay the rent, the government rates and management fee, if any, at the times and
in manner aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay and discharge punctually during the term of tenancy hereby created all service
and/or maintenance charges (if any) payable by the owner or occupier of the Premises pursuant to or by virtue of the Deed of Mutual Covenant
in respect of the Building and all charges for air-conditioning, electricity, water, gas, telephone service and all other outgoings of
non-capital nature now or at any time hereafter consumed by the Tenant and chargeable in respect of the Premises and to pay all necessary
deposits for the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To pay and discharge all rates taxes assessments duties charges impositions and
outgoings of a recurring nature whatsoever now or hereafter to be imposed or charged by the Government of the Hong Kong SAR or other lawful
authority on the said Premises or upon the owner or occupier in respect thereof(Property Tax excluded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To observe such house rules as may from time to time be established by the Management
Committee of the Building for the purpose of the proper management and control of the said Premises and the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) To obey and comply with all ordinances, regulation, by-laws,
rule and requirements of any Governmental or other competent authority relating to the use and occupation of the said Premises the conduct
and carrying on of the Tenant's business on or in the said Premises or to any other act, deed, matter or thing done, permitted, suffered
or omitted therein or thereon by the Tenant or any employee, agent or licensee of the Tenant and to notify the Landlord forthwith in
writing of any notice received from any utility statutory or public authority concerning or in respect of the said Premises or any services
supplied thereto and in particular to observe at all times all statutory regulations governing fire prevention within the said Premises
and to observe perform and comply with all directions given by the Fire Services Department, Food and Environmental Hygiene Department,
Environmental Protection Department or other competent authority in connection with the said Premises or any part thereof and the storage
of goods therein and to indemnify the Landlord against all actions costs claims and demands in respect of any breach or non-observance
of any of the foregoing covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To use the said Premises as **commercial office only** and
for no other purpose whatsoever Provided that the Tenant shall obtain all necessary licences, permits and/or approvals required by any
Governmental or other competent authorities in connection with such use and the Landlord does not warrant that the said Premises are
fit to be used for such purpose or any particular purpose(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not to use the said Premises or any part thereof or permit
them to be used for any illegal or immoral purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not to do or permit to be done in or upon the said Premises or any part thereof
anything which may be or become a nuisance inconvenience damage or disturbance to the Landlord or to any of the tenants or occupiers of
the Building and of the neighbouring or adjacent premises or buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not to use the said Premises or any part thereof as sleeping quarters or as domestic
premises within the meaning of any ordinance for the time being in force or to allow any person to remain on the said Premises overnight
unless with the Landlord's prior consent in writing. Such consent shall only be given to enable the Tenant to post watchman to look after
the said Premises provided that the names of the watchmen are first registered with the Landlord prior to its giving such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At the Tenant's own expenses to keep all the interior of the said Premises including
the flooring and interior plaster or other finishing materials or rendering to walls, floor and ceilings and all sanitary water apparatus
and the Landlord's fixtures therein including all doors, windows, electrical installations and writings and the said furniture in proper
repair and conditions and deliver up the same to the Landlord at the expiration or sooner determination of the term
in proper repair and condition (fair wear and tear and latent defects excepted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To take all reasonable precautions to protect the interior of the said Premises
against damage by storm, typhoon or the like threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not to do or permit to be done anything whereby the policy or policies of insurance,
if any, on the said Premises or the contents thereof and the Building itself may become void or voidable or whereby the rate of premium
thereon may be increased Provided That if as a result of any such act, deed, matter or thing done permitted or suffered by the Tenant,
any such policy or policies of insurance shall become void or voidable or the premium thereon shall be increased, the Landlord shall be
entitled to at his option either to terminate this Agreement or to continue the same upon compensation by the Tenant to the Landlord for
all reasonable losses or damages the Landlord may suffer in consequence of the breach of this term and that the Tenant shall also repay
to the Landlord all sums paid by way of increased premium and all reasonable expenses incurred by the Landlord in or about any renewal
of such policy or policies rendered necessary by a breach of this term and upon such other terms and conditions as the Landlord may, at
this discretion think fit to impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To keep in good clean tenantable condition all the drains and pipes in the said
Premises and to pay to the Landlord on demand all reasonable costs incurred by the Landlord in cleansing and clearing any of the drains
pipes sanitary or water apparatus choked or stopped up owing to careless or negligent use thereof by the Tenant or his employees, servants,
workmen, licensees, customers or any persons authorized by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To repair and amend in a proper and workmanlike manner any defect within a reasonable
time, for which the tenant is responsible hereunder except a structural defect or capital nature for which the Landlord is responsible,
in the interior of the said Premises, if any, of which notice in writing shall have been given to the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To replace all broken or damaged windows, doors and fixtures
of and in the said Premises due to the negligence or default of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To repair or replace if so required by the appropriate company or authority under
the terms of the Electricity Supply Ordinance or any statutory modification or re-enactment thereof or any Orders in Council or Regulations
made thereunder by duly authorised contractor statutory undertaking or authority as the case may be all the electrical wiring installations
and fittings within the said Premises and the wiring from the Tenant's meter or meters to and within the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To maintain at the expenses of Tenant all such toilets and water apparatus (located
with the said Premises or elsewhere if used by the Tenant his employees invitees and licensees exclusively) in good clean and tenantable
state and in proper repair and condition at all times during the said term of tenancy to the satisfaction of the Landlord and in accordance
with the Regulations of the Public Health or other Government Authority concerned and to pay on demand to the Landlord the cost incurred
by the Landlord in cleansing and clearing any of the drains choked or stopped up owing to the negligence or careless use by the Tenant
or his employees invitees or licenses Provided always if the Landlord shall at any time employ a cleaning service in respect of other
toilets and water apparatus in the Building then the Tenant shall use the same cleaning service to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To permit the Landlord and his agents with or without workmen and others and with
or without tools and appliances at all reasonable times with prior appointment being made to enter the said Premises and any part thereof
to view the state of repair and condition thereof and to take inventories of the fixtures fittings and equipment therein. The Tenant shall
upon receipt of any notice from the Landlord specifying any defect or want of repair (which the Tenant is liable to repair) found in the
said Premises repair and make good the same and if the Tenant shall fail to do so within thirty (30) days from the date of such notice
as aforesaid the Tenant shall permit the Landlord to enter upon the said Premises for the purpose of carrying out such repairs and the
Tenant shall pay the Landlord's reasonable cost of carrying out any such repairs or work and in connection with any such notice as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Not to keep or store or cause or permit or suffer to be kept or stored any arms
ammunition gun-powder salt-petre petrol kerosene or other explosive or combustible substance or hazardous or unlawful goods in any part
of the said Premises and not at any time during the term to allow the said Premises or any part thereof to be used in any way entailing
a fine forfeiture or penalty against the Landlord under any law for the time being in force in Hong Kong Special Administrative Region
("Hong Kong")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Not to do or suffer any act which shall amount to a breach or non-observance of
any of the terms conditions and covenants contained in the Government Lease and/or Conditions under which the Landlord holds the said
Premises from the Government or contained in the Deed of Mutual Covenant and the Management Agreement (if any) in respect of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Not without the previous consent in writing of the Landlord which consent shall
not be unreasonably withheld to make or permit any alterations in or additions to the said Premises or any part thereof or to any of the
fixtures nor pull down alter or remove any portions of the partitions or fittings
thereof nor make any alterations in the architectural features or facings or to electrical wiring installments thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Not to cut maim or injure or cause suffer or permit to be cut maimed or injured
any doors windows walls joists cement concrete columns beams girders floor slabs or any other part of the fabric of the said Premises
without the prior consent of the Landlord which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Not to encumber obstruct or permit to be encumbered or obstructed with any boxes,
packaging, merchandise, rubbish or other articles or obstructions of any kind or nature any of the entrances, exits, staircases, landings,
passages save in spaces designated for disposal of lifts, rubbish lifts lobbies or other parts of the Building not included in the said
Premises. In addition to any other remedies which the Landlord may have hereunder, the Landlord, his servants or agents may without any
prior notice to the Tenant remove any such obstruction and dispose of the same as he may think fit without incurring any liability therefor
and the Tenant shall on demand pay to the Landlord all costs and expenses incurred in such removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Not to produce or permit or suffer to be produced any loud
music or excessive noise (including sound produced by broadcasting or any apparatus or equipment capable of producing, reproducing, receiving
or recording sound) so as to create a nuisance or annoyance to the occupants of the Building or neighbouring Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Not to assign, underlet or otherwise part with the possession of the said premises
or any part thereof in any way whether by way of sub-letting, lending, sharing or other means nor permit or suffer any arrangement or
transaction whereby any person or persons not named as a party to this Agreement obtains the use or possession of the said premises or
any part thereof irrespective of whether any rental or other consideration is given for such use or possession and in the event of any
such transfer, sub-letting, sharing, assignment or parting with the possession of the Premises (whether for monetary consideration or
not) this Agreement shall absolutely determine and the Tenant shall forthwith surrender the said Premises to the Landlord with vacant
possession on notice to that effect from the Landlord. The Tenant shall be personal to the Tenant and without in any way limiting the
generality of the foregoing the following acts and events shall, unless approved in writing by the Landlord, be deemed to be breaches
of this clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of the Tenant which is a partnership the taking in or one or more new
partners whether on the death or retirement of an existing partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of the Tenant who is an individual (including a sole surviving partner or a partnership
tenant) the death insanity or disability of that individual to the intent that no right to use, possess, occupy or enjoy the said premises
or any part thereof shall vest in the executors, administrators, personal representatives, next of kin, trustee or committee of any such
individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the case of a Tenant which is a corporation any take-over, reconstruction, amalgamation,
merger, voluntary liquidation or change in the person or persons who owns or own a majority of its voting shares or who otherwise has
or have effective control thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The giving by the Tenant of a power of attorney or similar
authority whereby the donee of the power obtains the right to use, possess, occupy or enjoy the said premises or any part thereof or
does in fact use, possess, occupy or enjoy the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The change of the Tenant's business/trade name without the
previous written consent of the Landlord which consent the Landlord may give or withhold at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) To permit the Landlord during the two months immediately
preceding the determination of the tenancy hereby created to affix and retain without interference upon any external part of the said
Premises a notice for reletting or selling the same and the Tenant shall permit persons with written authority from the Landlord of their
agents at all reasonable time of the day with prior appointment being made to enter and view the said Premises or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To fully indemnify the Landlord against all claims, demands,
actions and legal proceedings whatsoever make upon the Landlord in respect of any damage loss or injury to any person or property whatsoever
caused by or through or in any way owing to activities in the said premises or the defective or damaged conditions of the said Premises
or any part thereof for the repair of which the Tenant is responsible hereunder or caused by the negligence of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) At the expiration or sooner determination of the term quietly
to yield up to the Landlord the said Premises and all fixtures fittings decorations partitions improvements and additions thereto and
the said furniture in good tenantable and substantial repair and condition Provided That the Tenant shall if so required by the Landlord
at the Tenant's own costs and expenses remove all fixtures fittings partitions, additions, floor coverings, wall finishes, false ceilings,
electrical installations and wiring, erections and alterations made or installed upon or in the said Premises whether by the Tenant or
by the previous occupier of the said Premises and taken over by the Tenant and to re-instate restore and make good any damage caused
by such removal or re-instatement and to restore the said Premises to its original condition acceptable to the Landlord on or before
the expiration or sooner determination of the term Provided that the Tenant's obligations relating to the removal or re-instatement under
this Clause may be modified or varied by the Landlord notifying the Tenant in writing that the Landlord proposes without payment or any
compensation to retain all or any of the said fixtures, fittings, additions, partitions, floor coverings, erections and alterations which
the Tenant is otherwise liable hereunder to remove but subject to this proviso, the Tenant shall re-instate restore and make good the
said Premises or any part thereof requiring to be-instated restored or made good and in the event of the Tenant failing so to do the
tenant shall on demand pay to the Landlord the cost of such reinstatement restoration or making good AND Provided further that if after
the Tenant has vacated the said Premises any personal property, trade fixtures and fittings and additions therein and thereto of the
Tenant ("the Tenant's property) remain in or on the said Premises the same shall be deemed to be abandoned and the Landlord may
remove, sell or otherwise dispose of the Tenant's said Premises and the Tenant shall indemnify the Landlord against any liability incurred
including liability to any third party whose property is sold or disposed of by him and against any damage occasioned to the property
and any loss caused by or related to the presence of the Tenant's property in or on the said Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) To effect and maintain throughout the Term insurance cover
in respect of the Tenant's obligations with a reputable insurance company to the satisfaction of the Landlord and to produce to the Landlord,
as and when so required by the Landlord, the policy of such insurance together with the receipt for the last payment of premium and a
certificate from the relevant insurance company that the policy is fully paid up and in all respects valid and subsisting, in default
of which the Landlord shall be entitled (but not obliged) at the Tenant's expenses to effect such insurance cover. The policy of such
insurance shall be in the name of the Tenant and endorsed to show the interest of the Landlord in the Property and the Building and shall
be in such amount as the Landlord may from time to time stipulate and shall contain a clause to the effect that the insurance cover thereby
effected and the terms and conditions thereof shall not be cancelled modified or restricted without the prior written consent of the
Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) To observe and perform all covenants term and conditions
contained in the Government Lease or Conditions (as the case may be) and the Deed of Mutual Covenant (if any) relating to the building
of which the said Premises forms part and shall indemnify and keep the Landlord indemnified directly or indirectly from and against all
loss and damage, liabilities, costs, charges and claim that may be suffered or incurred by the Landlord as a result of or in connection
with any omission or neglect by the Tenant his agents,
servants, contractor, employees and visitors to the said Premises.

3. The Landlord hereby agrees with the Tenant as follows: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That the Tenant paying the rent hereby reserved and performing and observing the
agreements stipulations and conditions hereinbefore contained shall have quiet possession and enjoyment of the said Premises during the
term without any interruption by the Landlord or any person lawfully claiming through under or in trust for him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay the government rent, Property Tax and outgoings of capital and non-recurring
nature if any in respect of the said Premises during the said term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the expense of the Landlord, to keep on good repair and condition of the main
structure main walls, water and gas pipes, electricity supply cables and wires and all common areas and facilities of the Building Provided
that the Landlord's liability hereunder shall not be deemed to have arisen unless and until notice in writing of any want of repair shall
have been previously given by the relevant government authorities or the Management Committee if any or the Tenant to the Landlord.

4. PROVIDED ALWAYS THAT IT IS HEREBY AGREED as follows: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the rent hereby reserved or any part thereof shall be
unpaid for fifteen (15) days after the same shall have become payable (whether formally demanded or not) or if the Tenant shall fail
or neglect to perform or observe any of the agreements stipulations and conditions herein contained and on his part to be performed or
observed provided that if the Tenant shall fail to rectify the same within 14 days upon receipt of the Landlord's notice in writing or
if the Tenant shall become bankrupt or being a corporation shall go into voluntary liquidation or, if any, petition shall be filed for
the bankruptcy or winding up of the Tenant or if the Tenant shall otherwise become insolvent or enter into any composition or arrangement
with his creditors or shall suffer his goods or chattels to be levied in execution then and in any of the said cases, it shall be lawful
for the Landlord at any time thereafter to re-enter upon the said Premises or any part thereof in the name of the whole and thereupon
this Agreement shall absolutely determine and the deposit paid hereunder shall be forfeited to the Landlord as and for liquidated damages
and not as penalty but without prejudice to any right of action of the Landlord in respect of any breach of the Tenant's agreements stipulations
and conditions herein contained and a written notice served by the Landlord on the Tenant or left at the said Premises to the effect
that the Landlord thereby exercises the power of re-entry hereinbefore contained shall be a full and sufficient exercise of such power.
All costs and expenses incurred by the Landlord in demanding the rent and other charges shall be repaid by the Tenant and shall be
recoverable from him as a debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of Part V of the Landlord and Tenant (Consolidation) ordinance Cap.7
and for the purpose of this Agreement the rent in respect of the said Premises shall be deemed to be in arrears if not paid at the time
and in the manner stipulated as aforesaid. All reasonable costs and expenses for and incidental to distraint shall be paid by the Tenant
and is recoverable from the Tenant as a debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Tenant shall on the signing hereof deposits with the Landlord the sum specified
in the Fourth Schedule hereto ("the Deposit") to secure the due observance and performance by the Tenant of agreements stipulations
terms and conditions herein contained and on the Tenant's part to be observed and performed. The Deposit shall be retained by the Landlord
throughout the said term free of any interest to the Tenant with power for the Landlord, without prejudice to any other right or remedy
hereunder to deduct therefrom the amount of any costs expenses loss or damage sustained by the Landlord as the result of any non-observance
or non-performance by the Tenant of any agreements stipulations terms or conditions. In the event of any deduction as aforesaid, the Tenant
shall deposit with the Landlord the amount by which the said deposit may have been deducted and if the Tenant shall fail so to do within
14 days upon receipt of the Landlord's notice in writing the Landlord shall forthwith be entitled to re-enter on the said Premises or
any part thereof in the name of the whole and to determine this Agreement in which event the deposits may be forfeited to the Landlord
without prejudice to any other right of the Landlord hereunder. Subject as aforesaid, the said deposits of the said Premises shall be
refunded to the Tenant by the Landlord within thirty days after the expiration or sooner determination of this Agreement and the delivery
of vacant possession to the Landlord and after settlement of the last outstanding claim by the Landlord against the Tenant for any arrears
of rent rates and other charges and for any breach, non-observance or non-performance of any of the said agreements, stipulations, obligations
terms or conditions and on the part of the Tenant to be observed and performed whichever is the later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Acceptance of rent by the Landlord shall not be deemed to operate as a waiver by
the Landlord of any right to proceed against the Tenant in respect of any breach by the Tenant of his obligations herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No condoning excusing or overlooking by the Landlord of any default breach or non-observance
or non-performance by the Tenant at any time or times of any of the Tenant's obligations herein contained shall operate as a waiver of
the Landlord's right herein in respect of any continuing or subsequent default breach or non-observance or non-performance or so as to
defeat of effect in any way the rights and remedies
of the Landlord hereunder in respect of any such continuing or subsequent default or breach and no waiver by the Landlord shall be inferred
from or implied by anything done or omitted by the Landlord unless expressed in writing and signed by the Landlord. Any consent given
by the Landlord shall operate as a consent only for the particular matter to which it relates and it shall in no way be considered as
waiver or release of any of the provisions hereof nor shall it be construed as dispensing with the necessary of obtaining the specific
written consent of the specific written consent of the Landlord in the future unless expressly so provided,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the purpose of this Agreement any act default or omission of the agents employees
servants invitees visitors and licensees of the Tenant shall be deemed to be default or omission of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All notice under this Agreement shall be in writing. Any notice to the Tenant shall
be sufficiently served if left addressed to the Tenant at the said Premises or sent to the Tenant by registered post or left at the Tenant's
last known address (or its registered office if it is a company or corporation) in Hong Kong and any notice to the Landlord shall be sufficiently
served if delivered to the Landlord personally or sent to the Landlord by registered post or left at the Landlord's last known address
(or its registered office if it is a company or Corporation) in Hong Kong.

5. Unless due to the act, omission or request of the Landlord, the Landlord shall not in any circumstances be liable to the Tenant or any other person whomsoever: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of any loss or profit or business or loss of life or damage or injury
to person or property or property sustained by the Tenant or any other person or any disruption or inconvenience suffered by the Tenant
or any other person caused by or through or in any way owing to any defect in or breakdown of the lifts escalators and air-conditioning
system (if any) condenser, water supply system (if any), electric power and water supplies, or any other services provided by the said
building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In respect of any loss of profit or business or loss of life or loss or damage or
injury to person or property sustained by the Tenant or any other person or any disruption or inconvenience suffered by the Tenant or
any other person caused by or through or in any way owing to the escape of fumes, smoke, fire, odours or any other substance or thing
or the overflow of water from anywhere within the said building or the leakage or overflow of water into the said building or any part
thereof from anywhere outside the said building (whether the overflow or leakage is from pipes, drains, water tanks, water apparatus,
sprinkler system or other from of prevention or control apparatus) or the decoration or fitting out of any part of the said building carried
out by the Landlord or any other tenants or occupiers of the said
building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In respect of any loss of profit or of business or loss of life or loss or damage
or injury to person or property sustained by the Tenant or any other person or any disruption or inconvenience suffered by the Tenant
or any other person unless the same is caused by the willful default of the Landlord or the landlord is otherwise liable for the same;

Nor shall the rent and other charges hereinbefore mentioned or any part thereof abate or cease to be payable on account of any of the foregoing. The Tenant shall fully indemnify the Landlord against all claims, demands, actions and legal proceedings whatsoever made upon the Landlord in respect of any damage or injury to any person whomsoever caused by or through or in any way owing to the escape of fumes, smoke, fire, odours or any other substance or thing or the overflow of water from the said premises caused by the act, omission or neglect of the Tenant or the defective condition of the said premises.

6. The Tenant hereby expressly declares that no fine premium or key money or any other consideration has been paid by the Tenant and any person on behalf of the Tenant to the Landlord in connection with obtaining this tenancy.

7. At any time when the Tenant is two or more persons such expressions include all or either or any such persons and obligations expressed or implied to be made by or with any of them shall be deemed to be made by or with such persons jointly and severally.

8. No warranty express or implied is given by the Landlord that the said Premises are fit or otherwise permitted by the relevant authorities to used for the purposes which the Tenant shall used the Premises for; the Tenant shall not have any claim whatsoever against the Landlord and shall forthwith ceased to use the Premises for such purpose if and whenever the Landlord and/or the Tenant shall be required ordered or demanded by the relevant authorities to cease to use the Premises for such purpose and the Tenant hereby agrees that he will at his own expenses apply for any requisite licence or licences permit or permits from all governmental or public authorities in respect of the carrying on of the Tenant's business therein and shall execute and comply with all Ordinances, Regulations, Orders, Notices or Rules made by all competent governmental or public authorities in connection with the conduct of such business by the Tenant in the said Premises AND the Tenant hereby further agrees to indemnify the Landlord in respect of any breach by the Tenant of this Clause.

9. The Landlord will give no warranty or undertaking whatsoever in respect of the legality of any structure, construction or partitioning of the said Premises or any part thereof.

10. The Landlord will give no representation, warranty or undertaking as regards the state, condition, quality, fitness for any purpose or use in respect of the Landlord's fixtures and fitting.

11. The fixtures and furniture (if any) included in the rent set forth in but not limited to the Fifth Schedule hereto should be kept in good, clean and substantial repair and condition and property preserved and painted and so to maintain the same at the expense of the Tenant and deliver up the same in good working condition to the Landlord at the expiration or sooner determination of the term hereby created in the like condition.

12. If at any time during the Term the Landlord shall assign the said Premises subject to and with the benefit thereof to an assignee, the Tenant hereby expressly agrees that the Landlord can transfer to said assignee the Deposit (less any deduction which the Landlord may make according to the provisions of this Agreement and the said deposit or the balance thereof after the said deduction shall hereinafter be referred to as "the Remaining Deposit") for the time being held by the Landlord provided that a notice containing particulars of the same and an undertaking duly signed by the said assignee to refund to the Tenant the Remaining Deposit in accordance with the terms and conditions under this Agreement shall have been served on the Tenant and the Landlord shall be absolutely discharged and exonerated from the Landlord's obligation to refund the Remaining Deposit to the Tenant and the Tenant shall waive all his rights and claims hereunder against the Landlord in respect of the Remaining Deposit.

13. All costs and disbursements (including stamp duty) for the preparation and the signing of this Agreement shall be borne and paid by the Landlord and the Tenant in equal shares.

14. It is further agreed by the parties hereto that the additional terms and conditions contained in the Sixth Schedule hereto shall form part of this Agreement and be observed and performed by the parties hereto.

15. This Agreement shall be governed by and construed according to the law of Hong Kong.

16. No person other than the parties to this Agreement will have any right under the Contracts (Rights of Third Parties) Ordinance (Cap.623) to enforce or enjoy the benefit of any of the provisions of this Agreement. Application of the Contracts (Rights of Third Parties) Ordinance (Cap.623) is hereby expressly excluded.

17. In this Agreement if the context permits or requires words importing the singular number shall include the plural number and vice versa and words importing the masculine feminine or neuter gender shall include the other of them.

---

| | |
|:---|:---|
|  | **<u>THE FIRST SCHEDULE ABOVE REFERRED TO</u>** |
| Landlord: | TAK SZE INVESTMENT COMPANY LIMITED whose registered office is situated at Flat B, 8th Floor, Derrick Industrial Building, 49-51 Wong Chuk Hang Road, Wong Chuk Hang, Hong Kong |
| Tenant: | FRENCH FRIES CREATIVEWORKS LIMITED whose registered office is situate at 5th Floor, Kam Lung Commercial Centre, 2 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong |

---

---

| | |
|:---|:---|
|  | **<u>THE SECOND SCHEDULE ABOVE REFERRED TO</u>** |
| Premises: | ALL THOSE premises known as FIFTH FLOOR of KAM LUNG COMMERCIAL CENTRE, No.2 Hart Avenue, Kowloon, erected on KOWLOON INLAND LOT NO.11000 (as shown coloured Pink on the Plan attached hereto) |

---

---

| | |
|:---|:---|
|  | **<u>THE THIRD SCHEDULE ABOVE REFERRED TO</u>** |
| Term: | **TWO (2) YEARS** commencing on the **1<sup>st</sup> day of November 2023** and expiring on **the** **31<sup>st</sup> day of October 2025** (both days inclusive)** |
| Rent: | HONG KONG DOLLARS THIRTY FOUR THOUSAND AND EIGHT HUNDRED ONLY (HK$34,800.00) (exclusive of management fees, rates, government rent, air-conditioning charges, water, gas and electricity charges and all other outgoings) payable in advance before the 1st day of each and every month without any deduction whatsoever to the Landlord |
|  | The first monthly rent shall be paid on the signing of this Agreement. |

---

---

| | |
|:---|:---|
| **<u>THE FOURTH SCHEDULE ABOVE REFERRED TO</u>** | **<u>THE FOURTH SCHEDULE ABOVE REFERRED TO</u>** |
| Deposit: | (i) Rental Deposit |
|  | HONG KONG DOLLARS ONE HUNDRED FOUR THOUSAND AND FOUR HUNDRED ONLY (HK$104,400.00); |
|  | (ii) Management Fee Deposit |
|  | HONG KONG DOLLARS SEVEN THOUSAND THREE HUNDRED AND FIFTY ONLY (HK$7,350.00) |

---

**<u>THE FIFTH SCHEDULE ABOVE REFERRED TO</u>**

"the said furniture"

One (1) air-conditioner with separate on-off switch

**<u>THE SIX SCHEDULE ABOVE REFERRED TO</u>**

Additional Terms and Conditions

&nbsp;&nbsp;&nbsp;&nbsp;19. Condition of the said Premises: The Tenant hereby declares that he has inspected and is fully satisfied with and accepts in all respects
the existing state, condition and finishes of the said Premises. The said Premises are let and will be let to the Tenant on an "as
is" basis. The Landlord will deliver the Premises in the same state, condition and repair which the immediate outgoing licensee/occupier
delivers to the Landlord. The Landlord shall not be required to do any work or repair to such state and condition of the said Premises
and the Tenant shall take the said Premises in such state and condition and shall raise no objection whatsoever in relation thereto

&nbsp;&nbsp;&nbsp;&nbsp;20. The Tenant shall be responsible for maintenance of the air-conditioning during the Tenancy. If the air-conditioners required to be
changed, the Tenant shall be responsible.

&nbsp;&nbsp;&nbsp;&nbsp;21. The management company has the right to adjust the management fee during the Tenant. The management company shall notify all landlords
and tenants in writing one month before the adjustment and the Tenant shall pay the adjusted management fee afterwards.

&nbsp;&nbsp;&nbsp;&nbsp;22. The rate of the property shall be determined by the notification by the Rate and Valuation Department of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;23. The Tenant shall be responsible for the legal fee and disbursement of this agreement of HK$2,500.

&nbsp;&nbsp;&nbsp;&nbsp;24. The Tenant shall apply for water and electricity meters.

&nbsp;&nbsp;&nbsp;&nbsp;25. The Tenant confirm that he is aware it is not permitted to leave any belongings in the public area.

&nbsp;&nbsp;&nbsp;&nbsp;26. The Tenant shall be responsible to purchase the Premise's property insurance and responsibility insurance.

&nbsp;&nbsp;&nbsp;&nbsp;27. The Tenant shall be responsible for maintaining the water pipe inside the Premise.

&nbsp;&nbsp;&nbsp;&nbsp;28. The Tenant shall arrange for cleaning and garbage removal and ensure cleanliness of the public area.

&nbsp;&nbsp;&nbsp;&nbsp;29. The Tenant shall submit detail design prior to renovation to the Landlord for approval and allow management company to take photos
and follow up.

&nbsp;&nbsp;&nbsp;&nbsp;30. The Tenant must not assign the Tenancy through agents or social media without approval from the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;31. Mr. Lam shall sign personal guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;32. The exact location of the Premises is determined in the picture.

&nbsp;&nbsp;&nbsp;&nbsp;33. The Tenant is aware the podium of the 5<sup>th</sup> floor needs to be used for cleaning of the building's external walls and
other maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;34. The Tenant shall be responsible for using removal films or tapes to seal the gaps between the steel window frame and concrete wall
to stop odour.

---

| | |
|:---|:---|
| SIGNED by Cheng Tak Ming, its director for and on behalf <br> of the Landlord whose signature is verified by | */s/ Tak Sze Investment Company Limited* |

---

---

| | |
|:---|:---|
| RECEIVED the day and year first) |  |
| above written of and from the Tenant) |  |
| the sum of HONG KONG) |  |
| DOLLARS ONE HUNDRED) | HK$111,750.00 |
| ELEVENTHOUSAND SEVEN) | */s/ Tak Sze Investment* |
| HUNDRED AND FIFTY ONLY) | *Company Limited* |
| HK$lll,750.00 of which being) |  |
| transfer of the rental deposit and the) |  |
| management fee deposit held under the) |  |
| existing Tenancy Agreement dated 1st) |  |
| November 2021 in respect of the) |  |
| Premises being the Deposit above) |  |
| expressly to be paid by the Tenant to) |  |
| the Landlord) | the Landlord |

---

---

| | |
|:---|:---|
| SIGNED by, its director for and on behalf <br> of the Tenant in the presence of | */s/ French Fries Creativeworks Limited* |

---

![](ex10-3_001.jpg)

## Exhibit 10.4

**Exhibit 10.4**

Re: Tenancy of Second Floor of Kam Lung Commercial Centre

Landlord: Tak Sze Investment Limited

Tenant: Wonderful Concept Investment Limited

&nbsp;&nbsp;&nbsp;&nbsp;1. Hereby both parties agree to
extend the Tenancy for 3 months according to the Tenancy Agreement dated August 9, 2022 (i.e. extend from September 15, 2025 to December
15, 2025). The monthly rent shall be adjusted from HK$44,100 to HK$41,500 starting from September 16, 2025. The adjusted rent does not
include management fee, rate, utility fee and other disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;2. The deposit and other terms
shall follow the Tenancy Agreement dated August 9, 2022 and shall remain effective.

Landlord

---

| |
|:---|
| Tak Sze Investment Limited |
| */s/ Tak Sze Investment Limited* |

---

Tenant

---

| |
|:---|
| Wonderful Concept Investment Limited |
| */s/ Wonderful Concept Investment Limited* |

---

Dated the 9<sup>th</sup> day of August, 2022

**TENANCY AGREEMENT**

of

Second Floor of Kam Lung Commercial Centre, <br> No.2 Hart Avenue, Kowloon, Hong Kong

AN AGREEMENT made the 9th day of August, Two Thousand and Twenty Two

BETWEEN the parties more particularly described and set out in the First Schedule hereto.

WHEREBY IT IS AGREED as follows: -

1. The Landlord shall let and the Tenant shall take ALL THAT premises more particularly described in the Second Schedule hereto (hereinafter called "the said Premises" on an "as is" basis as at the time of the commencement of the term of tenancy hereinafter referred to in its present decorative repair and condition Together with the use in common with the Landlord and all others having the like right of the entrances staircases landings, passages and lavatories (if any) in the Building of which the said premises from part which is more particularly described in the Second Schedule hereto (hereinafter called "the Building") And together with the use in common as aforesaid of the lift service in the Building (if any and whenever the same shall be operated) for the term and at the rent more particularly set out in the Third Schedule hereto And together with the furniture, fixtures, fittings equipment and household effects (if any) now thereat particulars whereof are set out in the Fifth Schedule hereto (hereinafter called "the said furniture")

2. The Tenant to the intent that the obligations may continue throughout the term of tenancy hereby agrees with the Landlord in manner following, that is to say: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To pay the rent, the government rates and management fee, if any, at the times and in manner aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay and discharge punctually during the term of tenancy hereby created all service and/or maintenance
charges (if any) payable by the owner or occupier of the Premises pursuant to or by virtue of the Deed of Mutual Covenant in respect of
the Building and all charges for air-conditioning, electricity, water, gas, telephone service and all other outgoings of non-capital nature
now or at any time hereafter consumed by the Tenant and chargeable in respect of the Premises and to pay all necessary deposits for the
same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To pay and discharge all rates taxes assessments duties charges impositions and outgoings of a recurring
nature whatsoever now or hereafter to be imposed or charged by the Government of the Hong Kong SAR or other lawful authority on the said
Premises or upon the owner or occupier in respect thereof (Property Tax excluded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To observe such house rules as may from time to time be established by the Management Committee of the
Building for the purpose of the proper management and control of the said Premises and the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To obey and comply with all ordinances, regulation, by-laws, rule and requirements of any
 Governmental or other competent authority relating to the use and occupation of the said Premises the conduct and carrying on of the
 Tenant's business on or in the said Premises or to any other act, deed, matter or thing done, permitted, suffered or omitted therein
 or thereon by the Tenant or any employee, agent or licensee of the Tenant and to notify the Landlord forthwith in writing of any
 notice received from any utility statutory or public authority concerning or in respect of the said Premises or any services
 supplied thereto and in particular to observe at all times all statutory regulations governing fire prevention within the said
 Premises and to observe perform and comply with all directions
 given by the Fire Services Department, Food and
 Environmental Hygiene Department, Environmental Protection Department or other competent authority in connection with
 the said Premises or any part thereof and the storage of goods therein and to indemnify the Landlord against all actions costs
 claims and demands in respect of any breach or non-observance of any of the foregoing covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To use the said Premises as **commercial office only** and for no other purpose whatsoever Provided that the Tenant shall obtain all necessary licences, permits and/or approvals required by
any Governmental or other competent authorities in connection with such use and the Landlord does not warrant that the said Premises
are fit to be used for such purpose or any particular purpose(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not to use the said Premises or any part thereof or permit them to be used for any illegal or immoral
purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not to do or permit to be done in or upon the said Premises or any part thereof anything which may be
or become a nuisance inconvenience damage or disturbance to the Landlord or to any of the tenants or occupiers of the Building and of
the neighbouring or adjacent premises or buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not to use the said Premises or any part thereof as sleeping
quarters or as domestic premises within the meaning of any ordinance for the time being in force or to allow any person to remain on
the said Premises overnight unless with the Landlord's prior consent in writing. Such consent shall only be given to enable the Tenant
to post watchman to look after the said Premises provided that the names of the watchmen are first registered with the Landlord prior
to its giving such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G) At the Tenant's own expenses to keep all the interior of the
said Premises including the flooring and interior plaster or other finishing materials or rendering to walls, floor and ceilings and
all sanitary water apparatus and the Landlord's fixtures therein including all doors, windows, electrical installations and writings
and the said furniture in proper repair and conditions and deliver up the same to the Landlord at the expiration or sooner determination
of the term in proper repair and condition (fair wear and tear and latent defects excepted).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To take all reasonable precautions to protect the interior of the said Premises against damage by storm,
typhoon or the like threats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not to do or permit to be done anything whereby the policy or policies of insurance, if any, on the said
Premises or the contents thereof and the Building itself may become void or voidable or whereby the rate of premium thereon may be increased
Provided That if as a result of any such act, deed, matter or thing done permitted or suffered by the Tenant, any such policy or policies
of insurance shall become void or voidable or the premium thereon shall be increased, the Landlord shall be entitled to at his option
either to terminate this Agreement or to continue the same upon compensation by the Tenant to the Landlord for all reasonable losses or
damages the Landlord may suffer in consequence of the breach of this term and that the Tenant shall also repay to the Landlord all sums
paid by way of increased premium and all reasonable expenses incurred by the Landlord in or about any renewal of such policy or policies
rendered necessary by a breach of this term and upon such other terms and conditions as the Landlord may, at this discretion think fit
to impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To keep in good clean tenantable condition all the drains and pipes in the said Premises and to pay to the
Landlord on demand all reasonable costs incurred by the Landlord in cleansing and clearing any of the drains pipes sanitary or water apparatus
choked or stopped up owing to careless or negligent use thereof by the Tenant or his employees, servants, workmen, licensees, customers
or any persons authorized by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To repair and amend in a proper and workmanlike manner any defect within a reasonable time, for which the
tenant is responsible hereunder except a structural defect or capital nature for which the Landlord is responsible, in the interior of
the said Premises, if any, of which notice in writing shall have been given to the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To replace all broken or damaged windows, doors and fixtures of and in the said Premises due to the negligence
or default of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To repair or replace if so required by the appropriate company
or authority under the terms of the Electricity Supply Ordinance or any statutory modification or re-enactment thereof or any Orders
in Council or Regulations made thereunder by duly authorised contractor statutory undertaking or authority as the case may be all the
electrical wiring installations and fittings within the said Premises and the wiring from the Tenant's meter or meters to and within
the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To maintain at the expenses of Tenant all such toilets and water apparatus (located with the said Premises
or elsewhere if used by the Tenant his employees invitees and licensees exclusively) in good clean and tenantable state and in proper
repair and condition at all times during the said term of tenancy to the satisfaction of the Landlord and in accordance with the Regulations
of the Public Health or other Government Authority concerned and to pay on demand to the Landlord the cost incurred by the Landlord in
cleansing and clearing any of the drains choked or stopped up owing to the negligence or careless use by the Tenant or his employees invitees
or licenses Provided always if the Landlord shall at any time employ a cleaning service in respect of other toilets and water apparatus
in the Building then the Tenant shall use the same cleaning service to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To permit the Landlord and his agents with or without workmen
and others and with or without tools and appliances at all reasonable times with prior appointment being made to enter the said Premises
and any part thereof to view the state of repair and condition thereof and to take inventories of the fixtures fittings and equipment
therein. The Tenant shall upon receipt of any notice from the Landlord specifying any defect or want of repair (which the Tenant is liable
to repair) found in the said Premises repair and make good the same and if the Tenant shall fail to do so within thirty (30) days from
the date of such notice as aforesaid the Tenant shall permit the Landlord to enter upon the said Premises for the purpose of carrying
out such repairs and the Tenant shall pay the Landlord's reasonable cost of carrying out any such repairs or work and in connection with
any such notice as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Not to keep or store or cause or permit or suffer to be kept
or stored any arms ammunition gun-powder salt-petre petrol kerosene or other explosive or combustible substance or hazardous or unlawful
goods in any part of the said Premises and not at any time during the term to allow the said Premises or any part thereof to be used
in any way entailing a fine forfeiture or penalty against the Landlord under any law for the time being in force in Hong Kong Special
Administrative Region ("Hong Kong")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Not to do or suffer any act which shall amount to a breach
or non-observance of any of the terms conditions and covenants contained in the Government Lease and/or Conditions under which the Landlord
holds the said Premises from the Government or contained in the Deed of Mutual Covenant and the Management Agreement (if any) in respect
of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Not without the previous consent in writing of the Landlord
which consent shall not be unreasonably withheld to make or permit any alterations in or additions to the said Premises or any part thereof
or to any of the fixtures nor pull down alter or remove any portions of the partitions or fittings thereof nor make any alterations in
the architectural features or facings or to electrical wiring installments thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Not to cut maim or injure or cause suffer or permit to be
cut maimed or injured any doors windows walls joists cement concrete columns beams girders floor slabs or any other part of the fabric
of the said Premises without the prior consent of the Landlord which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Not to encumber obstruct or permit to be encumbered or obstructed
with any boxes, packaging, merchandise, rubbish or other articles or obstructions of any kind or nature any of the entrances, exits,
staircases, landings, passages save in spaces designated for disposal of lifts, rubbish lifts lobbies or other parts of the Building
not included in the said Premises. In addition to any other remedies which the Landlord may have hereunder, the Landlord, his servants
or agents may without any prior notice to the Tenant remove any such obstruction and dispose of the same as he may think fit without
incurring any liability therefor and the Tenant shall on demand pay to the Landlord all costs and expenses incurred in such removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Not to produce or permit or suffer to be produced any loud music or excessive noise (including sound produced
by broadcasting or any apparatus or equipment capable of producing, reproducing, receiving or recording sound) so as to create a nuisance
or annoyance to the occupants of the Building or neighbouring Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Not to assign, underlet or otherwise part with the possession of the said premises or any part thereof in
any way whether by way of sub-letting, lending, sharing or other means nor permit or suffer any arrangement or transaction whereby any
person or persons not named as a party to this Agreement obtains the use or possession of the said premises or any part thereof irrespective
of whether any rental or other consideration is given for such use or possession and in the event of any such transfer, sub-letting, sharing,
assignment or parting with the possession of the Premises (whether for monetary consideration or not) this Agreement shall absolutely
determine and the Tenant shall forthwith surrender the said Premises to the Landlord with vacant possession on notice to that effect from
the Landlord. The Tenant shall be personal to the Tenant and without in any way limiting the generality of the foregoing the following
acts and events shall, unless approved in writing by the Landlord, be deemed to be breaches of this clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of the Tenant which is a partnership the taking
in or one or more new partners whether on the death or retirement of an existing partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of the Tenant who is an individual (including a sole surviving partner or a partnership tenant)
the death insanity or disability of that individual to the intent that no right to use, possess, occupy or enjoy the said premises or
any part thereof shall vest in the executors, administrators, personal representatives, next of kin, trustee or committee of any such
individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the case of a Tenant which is a corporation any take-over, reconstruction,
amalgamation, merger, voluntary liquidation or change in the person or persons who owns or own a majority of its voting shares or who
otherwise has or have effective control thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The giving by the Tenant of a power of attorney or similar authority whereby the donee of the power obtains
the right to use, possess, occupy or enjoy the said premises or any part thereof or does in fact use, possess, occupy or enjoy the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The change of the Tenant's business/trade name without the previous written consent of the Landlord which
consent the Landlord may give or withhold at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) To permit the Landlord during the two months immediately preceding the determination of the tenancy hereby
created to affix and retain without interference upon any external part of the said Premises a notice for reletting or selling the same
and the Tenant shall permit persons with written authority from the Landlord of their agents at all reasonable time of the day with prior
appointment being made to enter and view the said Premises or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To fully indemnify the Landlord against all claims, demands,
actions and legal proceedings whatsoever make upon the Landlord in respect of any damage loss or injury to any person or property whatsoever
caused by or through or in any way owing to activities in the said premises or the defective or damaged conditions of the said Premises
or any part thereof for the repair of which the Tenant is responsible hereunder or caused by the negligence of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) At the expiration or sooner determination of the term quietly
to yield up to the Landlord the said Premises and all fixtures fittings decorations partitions improvements and additions thereto and
the said furniture in good tenantable and substantial repair and condition Provided That the Tenant shall if so required by the Landlord
at the Tenant's own costs and expenses remove all fixtures fittings partitions, additions, floor coverings, wall finishes, false ceilings,
electrical installations and wiring, erections and alterations made or installed upon or in the said Premises whether by the Tenant or
by the previous occupier of the said Premises and taken over by the Tenant and to re-instate restore and make good any damage caused
by such removal or re-instatement and to restore the said Premises to its original condition acceptable to the Landlord on or before
the expiration or sooner determination of the term Provided that the Tenant's obligations relating to the removal or re-instatement under
this Clause may be modified or varied by the Landlord notifying the Tenant in writing that the Landlord proposes without payment or any
compensation to retain all or any of the said fixtures, fittings, additions, partitions, floor coverings, erections and alterations which
the Tenant is otherwise liable hereunder to remove but subject to this proviso, the Tenant shall re-instate restore and make good the
said Premises or any part thereof requiring to be-instated restored or made good and in the event of the Tenant failing so to do the
tenant shall on demand pay to the Landlord the cost of such reinstatement restoration or making good AND Provided further that if after
the Tenant has vacated the said Premises any personal property, trade fixtures and fittings and additions therein and thereto of the
Tenant ("the Tenant's property) remain in or on the said Premises the same shall be deemed to be abandoned and the Landlord may
remove, sell or otherwise dispose of the Tenant's said Premises and the Tenant shall indemnify the Landlord against any liability incurred
including liability to any third party whose property is sold or disposed of by him and against any damage occasioned to the property
and any loss caused by or related to the presence of the Tenant's property in or on the said Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) To effect and maintain throughout the Term insurance cover
in respect of the Tenant's obligations with a reputable insurance company to the satisfaction of the Landlord and to produce to the Landlord,
as and when so required by the Landlord, the policy of such insurance together with the receipt for the last payment of premium and a
certificate from the relevant insurance company that the policy is fully paid up and in all respects valid and subsisting, in default
of which the Landlord shall be entitled (but not obliged) at the Tenant's expenses to effect such insurance cover. The policy of such
insurance shall be in the name of the Tenant and endorsed to show the interest of the Landlord in the Property and the Building and shall
be in such amount as the Landlord may from time to time stipulate and shall contain a clause to the effect that the insurance cover thereby
effected and the terms and conditions thereof shall not be cancelled modified or restricted without the prior written consent of the
Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) To observe and perform all covenants term and conditions contained
in the Government Lease or Conditions (as the case may be) and the Deed of Mutual Covenant (if any) relating to the building of which
the said Premises forms part and shall indemnify and keep the Landlord indemnified directly or indirectly from and against all loss and
damage, liabilities, costs, charges and claim that may be suffered or incurred by the Landlord as a result of or in connection with any
omission or neglect by the Tenant his agents, servants, contractor, employees and visitors to the said Premises.

3. The Landlord hereby agrees with the Tenant as follows: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That the Tenant paying the rent hereby reserved and performing and observing the agreements stipulations
and conditions hereinbefore contained shall have quiet possession and enjoyment of the said Premises during the term without any interruption
by the Landlord or any person lawfully claiming through under or in trust for him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay the government rent, Property Tax and outgoings of capital and non-recurring nature if any in respect
of the said Premises during the said term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the expense of the Landlord, to keep on good repair and condition of the main structure main walls,
water and gas pipes, electricity supply cables and wires and all common areas and facilities of the Building Provided that the Landlord's
liability hereunder shall not be deemed to have arisen unless and until notice in writing of any want of repair shall have been previously
given by the relevant government authorities or the Management Committee if any or the Tenant to the Landlord.

4. PROVIDED ALWAYS THAT IT IS HEREBY AGREED as follows: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the rent hereby reserved
or any part thereof shall be unpaid for fifteen (15) days after the same shall have become payable (whether formally demanded or not)
or if the Tenant shall fail or neglect to perform or observe any of the agreements stipulations and conditions herein contained and on
his part to be performed or observed provided that if the Tenant shall fail to rectify the same within 14 days upon receipt of the Landlord's
notice in writing or if the Tenant shall become bankrupt or being a corporation shall go into voluntary liquidation or, if any, petition
shall be filed for the bankruptcy or winding up of the Tenant or if the Tenant shall otherwise become insolvent or enter into any composition
or arrangement with his creditors or shall suffer his goods or chattels to be levied in execution then and in any of the said cases,
it shall be lawful for the Landlord at any time thereafter to re-enter upon the said Premises or any part thereof in the name of the
whole and thereupon this Agreement shall absolutely determine and the deposit paid hereunder shall be forfeited to the Landlord as and
for liquidated damages and not as penalty but without prejudice to any right of action of the Landlord in respect of any breach of the
Tenant's agreements stipulations and conditions herein contained and a written notice served by the Landlord on the Tenant or left at
the said Premises to the effect that the Landlord thereby exercises the power of re-entry hereinbefore contained shall be a full and
sufficient exercise of such power. All costs and expenses incurred by the Landlord in demanding the rent and other charges shall be repaid
by the Tenant and shall be recoverable from him as a debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of Part V of the Landlord and Tenant (Consolidation) ordinance Cap.7 and for the purpose
of this Agreement the rent in respect of the said Premises shall be deemed to be in arrears if not paid at the time and in the manner
stipulated as aforesaid. All reasonable costs and expenses for and incidental to distraint shall be paid by the Tenant and is recoverable
from the Tenant as a debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Tenant shall on the signing hereof deposits with the Landlord the sum specified in the Fourth Schedule
hereto ("the Deposit") to secure the due observance and performance by the Tenant of agreements stipulations terms and conditions
herein contained and on the Tenant's part to be observed and performed. The Deposit shall be retained by the Landlord throughout the said
term free of any interest to the Tenant with power for the Landlord, without prejudice to any other right or remedy hereunder to deduct
therefrom the amount of any costs expenses loss or damage sustained by the Landlord as the result of any non-observance or non-performance
by the Tenant of any agreements stipulations terms or conditions. In the event of any deduction as aforesaid, the Tenant shall deposit
with the Landlord the amount by which the said deposit may have been deducted and if the Tenant shall fail so to do within 14 days upon
receipt of the Landlord's notice in writing the Landlord shall forthwith be entitled to re-enter on the said Premises or any part thereof
in the name of the whole and to determine this Agreement in which event the deposits may be forfeited to the Landlord without prejudice
to any other right of the Landlord hereunder. Subject as aforesaid, the said deposits of the said Premises shall be refunded to the Tenant
by the Landlord within thirty days after the expiration or sooner determination of this Agreement and the delivery of vacant possession
to the Landlord and after settlement of the last outstanding claim by the Landlord against the Tenant for any arrears of rent rates and
other charges and for any breach, non-observance or non-performance of any of the said agreements, stipulations, obligations terms or
conditions and on the part of the Tenant to be observed and performed whichever is the later.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Acceptance of rent by the Landlord shall not be deemed to
operate as a waiver by the Landlord of any right to proceed against the Tenant in respect of any breach by the Tenant of his obligations
herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No condoning excusing or overlooking by the Landlord of any
default breach or non-observance or non-performance by the Tenant at any time or times of any of the Tenant's obligations herein contained
shall operate as a waiver of the Landlord's right herein in respect of any continuing or subsequent default breach or non-observance
or non-performance or so as to defeat of effect in any way the rights and remedies of the Landlord hereunder in respect of any such continuing
or subsequent default or breach and no waiver by the Landlord shall be inferred from or implied by anything done or omitted by the Landlord
unless expressed in writing and signed by the Landlord. Any consent given by the Landlord shall operate as a consent only for the particular
matter to which it relates and it shall in no way be considered as waiver or release of any of the provisions hereof nor shall it be
construed as dispensing with the necessary of obtaining the specific written consent of the specific written consent of the Landlord
in the future unless expressly so provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the purpose of this Agreement any act default or omission
of the agents employees servants invitees visitors and licensees of the Tenant shall be deemed to be default or omission of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All notice under this Agreement shall be in writing. Any notice
to the Tenant shall be sufficiently served if left addressed to the Tenant at the said Premises or sent to the Tenant by registered post
or left at the Tenant's last known address (or its registered office if it is a company or corporation) in Hong Kong and any notice to
the Landlord shall be sufficiently served if delivered to the Landlord personally or sent to the Landlord by registered post or left
at the Landlord's last known address (or its registered office if it is a company or Corporation) in Hong Kong.

5. Unless due to the act, omission or request of the Landlord, the Landlord shall not in any circumstances be liable to the Tenant or any other person whomsoever: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of any loss or profit or business or loss of life or damage or injury to person or property
or property sustained by the Tenant or any other person or any disruption or inconvenience suffered by the Tenant or any other person
caused by or through or in any way owing to any defect in or breakdown of the lifts escalators and air-conditioning system (if any) condenser,
water supply system (if any), electric power and water supplies, or any other services provided by the said building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In respect of any loss of profit or business or loss of life
or loss or damage or injury to person or property sustained by the Tenant or any other person or any disruption or inconvenience suffered
by the Tenant or any other person caused by or through or in any way owing to the escape of fumes, smoke, fire, odours or any other substance
or thing or the overflow of water from anywhere within the said building or the leakage or overflow of water into the said building or
any part thereof from anywhere outside the said building (whether the overflow or leakage is from pipes, drains, water tanks, water apparatus,
sprinkler system or other from of prevention or control apparatus) or the decoration or fitting out of any part of the said building
carried out by the Landlord or any other tenants or occupiers of the said building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In respect of any loss of profit or of business or loss of life or loss or damage or injury to person or
property sustained by the Tenant or any other person or any disruption or inconvenience suffered by the Tenant or any other person unless
the same is caused by the willful default of the Landlord or the landlord is otherwise liable for the same;

Nor shall the rent and other charges hereinbefore mentioned or any part thereof abate or cease to be payable on account of any of the foregoing. The Tenant shall fully indemnify the Landlord against all claims, demands, actions and legal proceedings whatsoever made upon the Landlord in respect of any damage or injury to any person whomsoever caused by or through or in any way owing to the escape of fumes, smoke, fire, odours or any other substance or thing or the overflow of water from the said premises caused by the act, omission or neglect of the Tenant or the defective condition of the said premises.

6. The Tenant hereby expressly declares that no fine premium or key money or any other consideration has been paid by the Tenant and any person on behalf of the Tenant to the Landlord in connection with obtaining this tenancy.

7. At any time when the Tenant is two or more persons such expressions include all or either or any such persons and obligations expressed or implied to be made by or with any of them shall be deemed to be made by or with such persons jointly and severally.

8. No warranty express or implied is given by the Landlord that the said Premises are fit or otherwise permitted by the relevant authorities to used for the purposes which the Tenant shall used the Premises for; the Tenant shall not have any claim whatsoever against the Landlord and shall forthwith ceased to use the Premises for such purpose if and whenever the Landlord and/or the Tenant shall be required ordered or demanded by the relevant authorities to cease to use the Premises for such purpose and the Tenant hereby agrees that he will at his own expenses apply for any requisite licence or licences permit or permits from all governmental or public authorities in respect of the carrying on of the Tenant's business therein and shall execute and comply with all Ordinances, Regulations, Orders, Notices or Rules made by all competent governmental or public authorities in connection with the conduct of such business by the Tenant in the said Premises AND the Tenant hereby further agrees to indemnify the Landlord in respect of any breach by the Tenant of this Clause.

9. The Landlord will give no warranty or undertaking whatsoever in respect of the legality of any structure, construction or partitioning of the said Premises or any part thereof.

10. The Landlord will give no representation, warranty or undertaking as regards the state, condition, quality, fitness for any purpose or use in respect of the Landlord's fixtures and fitting.

11. The fixtures and furniture (if any) included in the rent set forth in but not limited to the Fifth Schedule hereto should be kept in good, clean and substantial repair and condition and property preserved and painted and so to maintain the same at the expense of the Tenant and deliver up the same in good working condition to the Landlord at the expiration or sooner determination of the term hereby created in the like condition.

12. If at any time during the Term the Landlord shall assign the said Premises subject to and with the benefit thereof to an assignee, the Tenant hereby expressly agrees that the Landlord can transfer to said assignee the Deposit (less any deduction which the Landlord may make according to the provisions of this Agreement and the said deposit or the balance thereof after the said deduction shall hereinafter be referred to as "the Remaining Deposit") for the time being held by the Landlord provided that a notice containing particulars of the same and an undertaking duly signed by the said assignee to refund to the Tenant the Remaining Deposit in accordance with the terms and conditions under this Agreement shall have been served on the Tenant and the Landlord shall be absolutely discharged and exonerated from the Landlord's obligation to refund the Remaining Deposit to the Tenant and the Tenant shall waive all his rights and claims hereunder against the Landlord in respect of the Remaining Deposit.

13. All costs and disbursements (including stamp duty) for the preparation and the signing of this Agreement shall be borne and paid by the Landlord and the Tenant in equal shares.

14. It is further agreed by the parties hereto that the additional terms and conditions contained in the Sixth Schedule hereto shall form part of this Agreement and be observed and performed by the parties hereto.

15. This Agreement shall be governed by and construed according to the law of Hong Kong.

16. No person other than the parties to this Agreement will have any right under the Contracts (Rights of Third Parties) Ordinance (Cap.623) to enforce or enjoy the benefit of any of the provisions of this Agreement. Application of the Contracts (Rights of Third Parties) Ordinance (Cap.623) is hereby expressly excluded.

17. In this Agreement if the context permits or requires words importing the singular number shall include the plural number and vice versa and words importing the masculine feminine or neuter gender shall include the other of them.

---

| | |
|:---|:---|
|  | <u>THE FIRST SCHEDULE ABOVE REFERRED TO</u> |
| Landlord: | TAK SZE INVESTMENT COMPANY LIMITED whose registered office is situated at Flat B, 8th Floor, Derrick Industrial Building, 49-51 Wong Chuk Hang Road, Wong Chuk Hang, Hong Kong |
| Tenant: | WONDERFUL CONCEPT INVESTMENT LIMITED whose registered office is situated at 2nd Floor, Kam Lung Commercial Centre, 2 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong |
|  | <u>THE SECOND SCHEDULE ABOVE REFERRED TO</u> |
| Premises: | ALL THOSE premises known as SECOND FLOOR of KAM LUNG COMMERCIAL CENTRE, No.2 Hart Avenue, Kowloon, erected on KOWLOON INLAND LOT N0.11000 (as shown coloured Pink on the Plan attached hereto) |
|  | <u>THE THIRD SCHEDULE ABOVE REFERRED TO</u> |
| Term: | THREE (3) YEARS commencing on the 16th day of September 2022 and expiring on the 15th day of September 2025 (both days inclusive) |
| Rent: | HONG KONG DOLLARS FORTY FOUR THOUSAND AND ONE HUNDRED ONLY (HK$44,100.00) (exclusive of management fees, rates, government rent, air-conditioning charges, water, gas and electricity charges and all other outgoings) payable in advance before the 1st day of each and every month without any deduction whatsoever to the Landlord |
|  | The first monthly rent shall be paid on the signing of this Agreement. |

---

---

| | |
|:---|:---|
|  | **<u>THE FOURTH SCHEDULE ABOVE REFERRED TO</u>** |
| Deposit: (i) | Rental Deposit |
|  | HONG KONG DOLLARS ONE HUNDRED THIRTY TWO THOUSAND AND THREE HUNDRED ONLY (HK$132,300.00); |
| (ii) | Management Fee Deposit |
|  | HONG KONG DOLLARS FOURTEEN THOUSAND TWO HUNDRED AND EIGHTY ONLY (HK$14,280.00) |

---

**<u>THE FIFTH SCHEDULE ABOVE REFERRED TO</u>**

"the said furniture"

Two (2) air-conditioners with separate on-off switch

THE SIXTH SCHEDULE ABOVE REFERRED TO

Additional Terms and Conditions

&nbsp;&nbsp;&nbsp;&nbsp;1. Condition of the said Premises

The Tenant hereby declares that he has inspected and is fully satisfied with and accepts in all respects the existing state, condition and finishes of the said Premises. The said Premises are let and will be let to the Tenant on an "as is" basis. The Landlord will deliver the Premises in the same state, condition and repair which the immediate outgoing licensee/occupier delivers to the Landlord. The Landlord shall not be required to do any work or repair to such state- and condition of the said Premises and the Tenant shall take the said Premises in such state and condition and shall raise no objection whatsoever in relation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;2. Rent-Free Period

The Tenant shall be entitled to occupy the said Premises rent-free for ONE (1) month from 1st October 2024 to 31st October 2024 Provided that the Tenant shall pay management fee, government rent, utility charges and other outgoings in accordance with the provisions of this tenancy during the said rent-free period Provided further that there is no outstanding Rent, management fee, rates and government rent as at 30th September 2024 and under no circumstances shall the Tenant be in any way released from its obligations hereunder to pay the Rent, management fee, rates, government rent and utility charges in accordance with the provisions of this tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Tenant shall be responsible
for maintenance of the air-conditioning during the Tenancy. If the air-conditioners required to be changed, the Tenant shall be responsible.

&nbsp;&nbsp;&nbsp;&nbsp;4. The management company has
the right to adjust the management fee during the Tenant. The management company shall notify all landlords and tenants in writing one
month before the adjustment and the Tenant shall pay the adjusted management fee afterwards.

&nbsp;&nbsp;&nbsp;&nbsp;5. The rate of the property shall
be determined by the notification by the Rate and Valuation Department of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Tenant shall be responsible
for the legal fee and disbursement of this agreement of HK$2,500.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Tenant shall apply for
water and electricity meters.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Tenant confirm that he
is aware it is not permitted to leave any belongings in the public area.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Tenant shall be responsible
to purchase the Premise's property insurance and responsibility insurance.

&nbsp;&nbsp;&nbsp;&nbsp;10. The Tenant shall be responsible
for maintaining the water pipe inside the Premise.

&nbsp;&nbsp;&nbsp;&nbsp;11. The Tenant shall arrange for
cleaning and garbage removal and ensure cleanliness of the public area.

&nbsp;&nbsp;&nbsp;&nbsp;12. The Tenant shall submit detail
design prior to renovation to the Landlord for approval and allow management company to take photos and follow up.

&nbsp;&nbsp;&nbsp;&nbsp;13. The Tenant must not assign
the Tenancy through agents or social media without approval from the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;14. Mr. Lam shall sign personal
guarantee.

![](ex10-4_001.jpg)

---

| | |
|:---|:---|
| SIGNED by Cheng Tak Choi, its director for and on behalf <br> of the Landlord whose signature is verified by | */s/ Tak Sze Investment Company Limited* |

---

---

| | |
|:---|:---|
| RECEIVED the day and year first above written of and from the Tenant the sum of Hong Kong Dollars One Hundred Forty Six Thousand Five Hundred and Eighty Only (of which HK$140,280.00 be transferred from the deposit held by the Landlord under the previous Tenancy Agreement made between the parties hereto dated 16<sup>th</sup> September 2019) being the Deposit above expressly to be paid by the Tenant to the Landlord | HK$146,580.00<br> */s/ Tak Sze Investment Company Limited* The Landlord |

---

---

| | |
|:---|:---|
| SIGNED by <br> Its solde director for and on behalf of the <br> Tenant in the presence of | */s/ Wonderful Concept Investment Limited* |

---

## Exhibit 10.5

**Exhibit 10.5**

An Agreement made on 19<sup>th</sup> May, 2025

BETWEEN the Landlord whose name, address or registered office and description are set out in Part I of the First Schedule hereto (hereinafter called "the Landlord" which expression shall where the context admits include its successors and assigns) and the Tenant whose name, address or registered office and description are set out in Part II of the First Schedule hereto (hereinafter called "the Tenant").

WHEREBY IT IS HEREBY MUTUALLY AGREED as follows :-

1. The Landlord shall let and the Tenant shall take all that the premises more particularly described in the Second Schedule hereto (hereinafter called "the premises") Together with the use in common with the Landlord and all others having the like rights of such of the entrances, exits, staircases, landings, passages and lavatories (if any) and the lift service (if any and whenever the same shall be operating) in the building of which the premises form part (hereinafter called "the Building") for the term set out in Part III of the First Schedule hereto ("the Term") at the rent set out in Part IV of the First Schedule hereto the first of such payments to be paid on the signing of this Agreement.

2. The Tenant to the intent that the obligations may continue throughout the Term hereby agrees with the Landlord as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;(a) To pay the rent at the time and in the manner aforesaid without any deduction whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay (in the event that the rent expressed to be payable by the Tenant hereunder shall be exclusive
of rates as stated in Part IV of the First Schedule hereto) rates assessed by the Government of the HKSAR from time to time in respect
of the premises.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To pay and discharge punctually gas, electricity, te1epf.one and water charges, meter rents and all necessary
deposits for such supplies and all outgoings of an annual or recurring nature which at any time during the Term shall be or become payable
in respect of the premises and the Government Rent (in the event that the rent expressed to be payable by the Tenant hereunder shall be
exclusive of Government Rent as stated in Part lV of the First Schedule hereto) save and except only the Property Tax.

&nbsp;&nbsp;&nbsp;&nbsp;(d) To pay and discharge punctually all costs, charges and expenses for the service, management and maintenance of the premises (save and except those of a capital nature)
 payable by the owner or occupier of the premises pursuant to or by virtue of the Deed of Mutual Covenant and Management Agreement
 (if any) relating to the premises (in the event that the rent expressed to be payable by the Tenant hereunder shall be exclusive of
 management fee as stated in Part IV of the First Schedule hereto).

&nbsp;&nbsp;&nbsp;&nbsp;(c) To keep the whole of the interior non-structural parts of the
premises including without limitation all doors, windows, skylights, locks, hinges, bolts, ceilings, floors, water pipes, water closets,
electrical installations and wirings and all the Landlord's fixtures therein in tenantable repair and condition throughout the term hereby
created (fair wear and tear, inherent and latent defects excepted) and in such repair and condition to yield them up at the expiration
or the sooner determination of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;(f) To use maintain and keep the window type / split type air-conditioners of the premises in a reasonable
and proper manner and shall at the Tenant's own costs be responsible for their biannual cleaning, checking, maintenance and repair and
for replacement of any defective air-conditioners (unless caused by the Landlord's act, default or negligence). Upon expiration or sooner
determination of the Term, the Tenant shall be required to deliver the said air-conditioners to the Landlord in a good and tenantable
repair condition (fair wear and tear, inherent and latent defects excepted) at the Tenant's own costs to the reasonable satisfaction of
the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;(g) To keep at the expense of the Tenant the lavatories and water apparatus used exclusively by the Tenant
in a good, clean and tenantable repair and condition at all times during the Term to the satisfaction of the Landlord and of the Department
of Health or other Government authorities concerned.

&nbsp;&nbsp;&nbsp;&nbsp;(h) To repair or replace any electrical installations and apparatus and any wirings of and in the premises
if the same become dangerous or if so reasonably required by the Landlord or by the appropriate electricity supply company or by any Government
Authority. The Tenant shall not install or permit to be installed any electrical installations and apparatus within the premises the total
power consumption of which shall exceed that allowed for the premises and shall permit the Landlord and/or the Landlord's agent to test the Tenant's wiring in the premises at
 any time after reasonable notice has been given to the Tenant by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;(i) To paint and whitewash the internal parts of the premises or any part thereof whenever required by the
Government Authorities so to do.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not to cut, maim or injure or permit or suffer to be cut, maimed or injured any doors, windows, walls, beams, structural members or any part of the fabric of the premises or any of
 the plumbing or sanitary apparatus or installation included therein.

&nbsp;&nbsp;&nbsp;&nbsp;(k) To reimburse the Landlord the cost of replacing all broken or damaged windows and/or glass panels of and
in the premises if the same be broken or damaged by the negligence of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;(l) To pay to the Landlord on demand all costs incurred by the Landlord in cleansing or clearing any of the
drains, pipes or sanitary or plumbing apparatus choked or stopped up owing to the careless or improper use or neglect by the Tenant or
any agent, servant, licensee or visitor of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;(m) To permit the Landlord and/or the Landlord's agents at all reasonable times and upon reasonable prior
notice (except in case of emergency) to enter and view the state of repair of the premises and to give or leave notice in writing upon
the premises for the Tenant of all defects and wants of repair found in the premises for which the Tenant is responsible hereunder and
the Tenant shall upon receipt of such notice repair and make good such defects or wants of repair within reasonable time. If the Tenant
shall not after the service of such notice proceed diligently with the execution of such repairs within reasonable times the Landlord
and/or the Landlord's agent may enter upon the premises and execute such repairs and the cost thereof shall be a debt due from the Tenant
to the Landlord and be forthwith recoverable by action.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not without the prior written consent of the Landlord (such consent shall not be unreasonably withheld)
to make or permit to be made any alterations or additions (whether of structural nature or otherwise) to the premises or the external
walls of the premises or any part thereof or erect, install, remove or alter any fixture, partitioning or other erection or installation
in the premises or any part thereof including in particular the fixtures, machinery, meters and switchboards in the
 premises or in the transformer room thereof or without the like consent to flake or permit or suffer to be made alterations in or
 additions to the electrical wiring and installations or to install or permit or suffer to be installed any equipment, apparatus or
 machinery which imposes a weight on any part of the flooring in excess of that for which it is designed or which requires any
 additional electrical main wiring or which consumes electricity not metered through the Tenant's separate meter Provided that if
 such consent shall be granted by the Landlord it shall in any event be subject to the condition that the Tenant shall not cause any
 damage to the premises or any part thereof in addition to such other reasonable conditions as the Landlord may in its absolute
 discretion impose and subject to the approval of the Buildings Department or other Government Authorities (if necessary) and the
 Tenant shall :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) forthwith at the request of the Landlord make good any such wall, partition, fixture, installation or
other part injured cut or maimed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) forthwith at the request of the Landlord demolish and remove any alteration or addition made in breach
of this Agreement and restore the premises to their previous condition at the Tenant's own cost and expense to the satisfaction of the
Landlord; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if required by the Landlord, at the expiration or sooner determination of the Term at the Tenant's own
cost reinstate and restore the premises to the plan and design as if such addition or alteration (or such of them as may be specified
by the Landlord) had not been made and make good all damage thereto to the satisfaction of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;(0) To use the premises only for commercial purpose but no warranty
as to fitness of the premises for the specific use as aforesaid is given or deemed to be given by the Landlord. The Tenant shall satisfy
itself or shall be deemed to have satisfy itself that the premises are suitable for the purpose for which they are to be used and the
Tenant shall be responsible for obtaining all necessary permits and/or licences from the appropriate Government Authorities for the user
of the premises and shall at all time comply with all rules and regulations laid down by such
authorities for giving such permits and shall indemnify the Landlord from and against all proceedings, actions, fines, damages, claims
and demands whatsoever which may arise as a result of the non-compliance by the Tenant of such rules and regulations or any of them.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Not to carry on any business or undertaking on the premises which is now or may at any time
 hereafter be declared to be offensive under the Public Health and Municipal Services Ordinance or any enactment amending the same or
 substituted thereof and to conduct therein only such business or undertaking which is duly authorized, licensed or approved by the
 competent Government authorities and to comply in all respects with the conditions, terms and regulations relating to such business
 or undertaking or imposed on the grant of licence in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Not to do or permit to be done in or upon the premises or any part thereof anything which may be or
 become a nuisance annoyance, damage or disturbance to the Landlord or the tenants or occupiers of other portions of the Building or
 of other property in the neighbourhood or anywise against the laws or regulations of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Not to use the premises or allow or permit or suffer the same to be used for any illegal or immoral
 purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Not to keep or store or cause, permit or suffer to be kept or stored any arms, ammunition,
 gun-powder, unlawful goods, saltpeter, kerosene or other inflammable explosive or combustible substances or hazardous goods on or in
 any part of the premises or do or cause to be done or suffer or permit any act, deed, matter or thing whatsoever which shall amount
 to a breach or non-observance of the covenants, terms and conditions under which the premises are held from the Government.

&nbsp;&nbsp;&nbsp;&nbsp;(t) To take all reasonable precautions to protect the interior of the premises against damage by storm,
 flood, typhoon or the like.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Not to do or permit or suffer to be done anything which may render the policy of insurance of the
 premises and/or the Building against fire, explosion, storm, tempest or other risks or perils void or voidable or which may render
 the premium for such insurance liable to increase and the Tenant shall indemnify the Landlord against
such increased premium as shall have been brought about or caused by his act or default.

&nbsp;&nbsp;&nbsp;&nbsp;(v) To be wholly responsible for and to indemnify the Landlord against any loss damage or injury caused to
any person whomsoever or any property whatsoever whether directly or indirectly through the defective or damaged condition of any part
of the interior of the premises or any fittings fixtures wiring or piping therein for the repair of which the Tenant is responsible hereunder
or through or in and way owing to the spread of fire or smoke or the leakage or overflow of water including rain storm or sea water from
the premises or any part thereof or through the act default or neglect of the Tenant its employees servants agents licensees or customers.

&nbsp;&nbsp;&nbsp;&nbsp;(w) To effect and maintain throughout the Term insurance cover in respect of the Tenant's obligations with
a reputable insurance company to the satisfaction of the Landlord and to produce to the Landlord within 30 days from signing of this Agreement
the policy of such insurance together with the receipt for the first payment of premium and a certificate from the relevant insurance
company that the policy is fully paid up and in all respects valid and subsisting, in default of which the Landlord shall be entitled
(but not obliged) at the Tenant's expense to effect such insurance cover. The policy of such insurance shall be in the name of the Tenant
and endorsed to show the interest of the Landlord and shall be in such amount as the Landlord shall from time to time stipulate and shall
contain a clause to the effect that the insurance cover thereby effected and the terms and conditions thereof shall not be cancelled modified
or restricted without the prior written consent of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;(x) To be wholly responsible for any loss or damage to property within the premises including without limitation
all furniture fixtures fittings goods chattels samples personal effects contents and stock and to effect with a reputable insurance company
adequate insurance cover for the same in their full replacement value against all risks including without limitation those risks perils
or under circumstances for which the Landlord's liability is expressly or impliedly excluded under this Agreement. The Tenant undertakes
to produce and make available to the Landlord as and when so required by the Landlord the policy of
such insurance together with the receipt for the last payment of premium and a certificate from the relevant insurance company that the
policy is fully paid up and in all respects valid and subsisting.

&nbsp;&nbsp;&nbsp;&nbsp;(y) Not to use or
permit or suffer to be used the premises or any part thereof as sleeping quarters or otherwise as domestic premises within the meaning
of the Landlord and Tenant (Consolidation) Ordinance or similar legislation for the time being in force and not to allow any person to
remain on the premises overnight except (with the Landlord's prior written consent) the Tenant's night watchman.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Not to keep or permit or su.'fer to be kept any animals or pets inside the premises and to
 take all such steps and precautions to the satisfaction of the Landlord to prevent the premises or any part thereof from becoming
 infested by termites, rats, mice, cockroaches or any other pests or vermin.

&nbsp;&nbsp;&nbsp;&nbsp;(aa) Not to place or store or permit so to be done any dust bins, garbage-cans, furniture, chattels,
 packing cases, boxes, goods or any other articles or things or cause obstruction in the staircases, landings corridors passage ways
 or common parts of the Building or in any place which is not hereby exclusively let to the Tenant or to use or cause to be used the
 same for the purpose of drying laundry or hanging anything therein or thereon.

&nbsp;&nbsp;&nbsp;&nbsp;(bb) Not to overload the lifts (if any) in the Building in excess of their maximum capacity and to be
 responsible for any damage caused by any breach of this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Not to assign, transfer, sublet or otherwise part with possession of the premises or any part
 thereof to any person, firm or body corporate in any way whether by way of subletting, lending, sharing or other means whereby any
 person not a party to this Agreement obtains the use or possession of the premises or any part thereof irrespective of whether any
 rental or other consideration is given for such use or possession and in the event of any such transfer, subletting, sharing,
 assignment or parting with the possession of the premises (whether for monetary consideration or not) this Agreement shall at the
 discretion of the Landlord determine and the Tenant shall forthwith vacate the premises on notice to that effect from the Landlord.
 The tenancy hereby created shall
be personal to the Tenant named in this Agreement and without in any way limiting the generality of the foregoing, the following acts
and events shall, unless approved in writing by the Landlord (which approval the Landlord may give or withhold at its absolute discretion
without assigning any reason therefor), be deemed to be breaches of this Clause :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of a tenant which is a partnership, the taking in of one or more new partners whether on the
death or retirement of an existing partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of a tenant who is an individual (including a sole proprietor or a sole surviving partner
of a partnership tenant) the death, insanity or other disability of that individual, to the intent that no right to use, possess, occupy
or enjoy the premises or any part thereof shall vest in the executors, administrators, personal representatives, next of kin, trustee
or committee of any such individual or the admission of new partner or partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the case of a tenant which is a corporation any take-over reconstruction amalgamation merger voluntary
liquidation or change in the person or persons who owns or own a majority of its voting shares or who otherwise has or have effective
control thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The change of the Tenant's business name without the prior written consent of the Landlord (such consent
shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;(dd) To obey, comply with and indemnify the Landlord against the breach of all ordinances, regulations,
 by-laws, rules and requirements of any Government or other competent authority relating to the conduct and carrying on of the
 Tenant's activities at the premises or any other act, deed, matter or thing done, permitted, suffered or omitted therein or thereon
 by the Tenant or any agent, servant, licensee or visitor of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;(ee) To observe and perform and not to do or cause or permit or suffer to be done any act, deed, matter
 or thing whatsoever in contravention of any terms, covenants and conditions contained in the Government Lease or (as the case may
 be) the Conditions of Sale, Exchange or Regrant under which the premises are held
from the Government or (as the case may be) in the Deed of Covenant, Deed of Mutual Covenant or Deed of Covenant and Grant or any other
deed affecting the premises.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) To be wholly responsible for and to indemnify the Landlord against any proceedings, actions, claims
 or demands whatsoever by any person for any loss, damage, injury or loss of business caused to any person whomsoever or any property
 whatsoever whether directly or indirectly through the defective or damaged condition of any part of the interior of the premises or
 any fittings, fixtures or wiring therein for the repair of which the Tenant is responsible hereunder or through or in any way owing
 to the spread of fire or smoke or the leakage or overflow of water including storm or rain water or leakage of electric current or
 the escape of any substance or anything or the dropping or falling of any article, object or material whatsoever including cigarette
 ends, glass or tiles from the premises or any part thereof or through the act, default or neglect of the Tenant, his agents,
 servants, licensees or visitors and the Landlord shall not be under any liability whatsoever to the Tenant or to any person
 whomsoever in respect of any loss, damage, injury or loss of business sustained by the Tenant his servants, agents, licensees or
 visitors caused by, thi'ough or in any way owing to the spread of fire or smoke or leakage or overflow of water including storm or
 rain water or leakage of electric current or the escape of any substance or anything or the dropping or falling of any article,
 object or material whatsoever including cigarette ends, glass or tiles from any premises situate in the Building or in the
 neighbourhood or arising from the act neglect or default of the tenants or occupiers of any other parts of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;(gg) To allow at all reasonable times within three (3) calendar months immediately preceding the
 expiration of the Term the prospective tenants and/or buyers to inspect the premises and allow the Landlord to exhibit where the
 Landlord shall think fit a notice indicating that the premises are to be let or sold and such other information in connection
 therewith as the Landlord shall desire, which notice the Tenant shall not deface or conceal.

3. The Landlord hereby agrees with the Tenant as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;(a) That the Tenant paying the rent hereby reserved and all other charges, payments and outgoings payable
hereunder and observing and performing the terms, covenants and conditions herein contained and on his part to be observed and performed
may peacefully hold and enjoy the premises during the Term without any intemiption by the Landlord or any person lawfully claiming under
or in trust for it.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay the Government Rent, rates and management fee (in the event that the rent expressed to be payable
by the Tenant hereunder shall be inclusive of Government Rent, rates and/or management fee as stated in Part IV of the First Schedule
hereto) and Property Tax in respect of the premises which are now or may hereafter during the Term be imposed by any Government or other
competent authority.

4. IT IS HEREBY EXPRESSLY AGREED as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Tenant shall pay to the Landlord a sum set out in Part V of the First Schedule hereto on or before
the signing of this Agreement as a security deposit (hereinafter called "the Deposit") for the due performance and observance
of the terms, covenants and conditions on the part of the Tenant herein contained. At the expiration of the Term or the sooner determination
of the same, if the Tenant shall have paid all rent and all other charges, payments and outgoings payable hereunder and if there shall
be no breach of any of the terms, covenants and conditions on the Tenant's part to be observed and performed the Deposit shall be returned
to the Tenant without any interest thereon within thirty (30) days from the date of delivery of vacant possession of the premises by the
Tenant to the Landlord and after full settlement of all outstanding charges and other payments in respect of the premises payable by the
Tenant. In the event of any breach or non-observance or non-performance of any of the terms, covenants or conditions contained in this
Agreement on the part of the Tenant, the Landlord shall be entitled to terminate this Agreement and to forfeit the Deposit absolutely
without prejudice to the Landlord's rights to claim damages and other remedies against the Tenant for such breach or non-observance or
non-performance. Notwithstanding the foregoing, the Landlord may in such event elect not to terminate this Agreement and forfeit
the Deposit but to deduct from the Deposit the amount of any loss, damage, costs or expenses sustained by the Landlord as a result of
any breach, non-observance or non-performance by the Tenant of any of the terms, covenants or conditions of this Agreement but without
prejudice to the Landlord's right of action against the Tenant for damages in excess thereof in which event the Tenant shall, as a condition
precedent to the continuation of the tenancy, deposit with the Landlord the amount so deducted and, if the Tenant shall fail so to do,
the Landlord shaI1 forthwith be entitled to re-enter on the premises and to determine this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) If the rent and/or any other charges payments and outgoings payable by the Tenant hereunder or any part
thereof shall be in arrears for fifteen (15) days (whether the same shall have been formally demanded or not) or if the Tenant (being
an individual or sole proprietor or partnership) shall commit an act of bankruptcy or shall have its Business Registration cancelled or
(being a corporation) shall go into liquidation (either voluntary or otherwise) or a petition shall be filed for the winding up of the
Tenant or the Tenant shall otherwise become insolvent or shall make any composition or arrangement with creditors or suffer any prosecution
in respect of the non-payment of any money due to the Hong Kong Government or shall suffer any execution to be levied on the premises
or otherwise on the Tenant's goods or effects or if the Tenant persistently fails to pay the rent hereby stipulated as and when the same
falls due then and in any of the said cases the Landlord shall be entitled at any time thereafter to re-enter upon the premises or any
part thereof in the name of the whole and thereupon this Agreement shall absolutely determine and the Deposit shall be absolutely forfeited
to the Landlord but without prejudice to the Landlord's rights to claim damages and other reliefs against the Tenant for any loss or damage
sustained by the Landlord AND a written notice served by the Landlord on the Tenant or left at the premises to the effect that the Landlord
exercises the power of re-entry hereinbefore contained shall notwithstanding any statutory or common law provision to the contrary be
a full and sufficient exercise of such power without actual entry on the part of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
anything hereinbefore contained in the event of default in payment of rent and/or any other charges payments and outgoings on the date
on which the same falls due for payment, the Tenant shall further pay to the Landlord on demand interest on the amount in arrears at the
rate of two percent (2%) per month calculated from the date on which the same became due for payment until the date of payment as liquidated
damages and not as penalty provided that the demand and/or receipt by the Landlord of interest pursuant to this provision shall be without
prejudice to and shall not affect the right of the Landlord to exercise any other right or remedy hereof (including the right of re-entry)
exercisable under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purpose
of this Agreement, any act, default or omission of' the agents, servants, licensees and visitors of the Tenant shall be deemed to
be the act default or omission of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purpose of Part III of the Landlord and Tenant (Consolidation) Ordinance and for the purpose of this Agreement, the rent payable in respect of the premises shall be deemed to be in arrear if not paid in advance at the time and in the manner hereinbefore provided. All costs of and incidental to the demand for rent, distraint or any legal action for the recovery of rent and any other sums due hereunder shall be recoverable from the Tenant as a debt.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Landlord shall be entitled to treat non-payment of rates (if applicable) and of any other
 charges and payments payable by the Tenant hereunder or any part thereof in all respects as non-payment of rent under this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(g) It is hereby expressly
agreed and declared that in the event of any breach of any terms, covenants or conditions on the part of the Tenant herein contained,
the Landlord shall not by acceptance of rent or by any other act whatsoever or by any omission be deemed to have waived any such breach
of terms, covenants or conditions notwithstanding any rule of law or equity to the contrary and that no consent to or waiver of any breach
shall be binding on the Landlord unless the same is in writing under the hand of the Landlord.

---

| | | |
|:---|:---|:---|
| 5 | (a) | At the expiration or sooner determination of the Term, to yield up and deliver vacant possession of the premises to the Landlord together with the Landlord's fixtures and fittings in good clean and tenantable repair and condition (fair wear and tear excepted) and thereupon to surrender to the Landlord all keys leading to all parts of the premises and to remove at the Tenant's expense all fixtures, fittings, additions, signs, partitions, floor coverings, wall finishes, false ceilings, electrical installations and wirings, erections, and alterations made or installed upon or in the premises whether by the Tenant or by the previous occupiers of the premises and taken over by the Tenant and whether with or without the Landlord's consent and to re-instate the premises to the satisfaction of the Landlord and make good and repair in a proper and workmanlike manner any damage caused by such removal or re-instatement Provided that the Tenant's obligations relating to removal or re-instatement under this Clause may be modified or varied by the Landlord notifying the Tenant in writing that the Landlord requires the Tenant, without payment of any compensation, to retain all or any of the said fixtures, fittings, additions, signs, partitions, floor coverings, erections and alterations which the Tenant is otherwise liable hereunder to remove or at the discretion of the Landlord, to reinstate the premises to a bare shell condition and in the event of the Tenant failing so to do the Tenant shall on demand pay to the Landlord the costs of such re-instatement restoration or making good. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) A certificate issued by the Landlord as to whether the Tenant has defaulted under sub-clause (a) of this
Clause and the amount of damages suffered by the Landlord resulting therefrom shall (in the absence of manifest error) be conclusive and
binding on the parties hereto.

6. In the event of the premises or any part thereof at any time during the Term being rendered or becoming inaccessible or unfit for occupation or use or subject to a closure order for any reason whatsoever (not attributable to the act or default of the Tenant) then the rent hereby reserved or a fair proportion thereof according to the nature and extent of the damage sustained shall be suspended and cease to be payable until the premises shall again be rendered accessible or fit for occupation and use or until the premises cease to be subject to the closure order Provided that (a) the date of expiration of the Term shall not be postponed; (b) the Landlord may but is not obliged to repair or reinstate the premises; and (c) if the premises are not reinstated and rendered accessible or fit for occupation and use in the meantime, either the Landlord or Tenant may at any time after 3 months from the occurrence of such event rendering the premises inaccessible or unfit for occupation or use, give to the other of them notice in writing to determine this tenancy and thereupon the same and everything herein contained shall cease to have effect as from the date of the occurrence of such event rendering the premises inaccessible or unfit for occupation but without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of the stipulations terms and conditions herein contained or of the Landlord its respect of the rent payable hereunder prior to the coming into effect of the cessation to pay rent.

7. Subject to Clause 20 hereof, the premises will be handed over to the Tenant on an existing "as is" basis. The Tenant declares and confirms that the Tenant has duly inspected and is fully satisfied with and accepts in all respects the existing state condition and finishes of the premises and/or the Building and shall not make any objection or raise any requisition whatsoever thereto or in connection therewith. The Landlord makes no warranty or representation as regards the state condition and finishes of the premises and/or the Building or the fixtures fittings installations structures decorations and erections therein or thereto (if any) or whether there are any unauthorized or illegal structures or works or alterations within or appertaining to the premises and/or the Building. In this connection, the Tenant hereby waives any right to claim against the Landlord for and the Landlord shall have no liability whatsoever to the Tenant or to any other person in respect of any loss damage or cost which the Tenant or any other person may suffer or incur as a result thereof. If it should be found, after the taking over of possession by the Tenant, that any installations, structures, alterations, fittings and finishes, openings, partitions or appurtenances of, in or appertaining to the premises were illegal or unauthorized, whether the same existed before or after the taking over of possession by the Tenant, the Tenant shall forthwith upon Request by the Landlord or by any competent parties, bodies or authorities restore, reinstate, dismantle, rectify or remedy the same or other render and make the same legal or duly authorized, and shall indemnify and keep the Landlord indemnified against any loss, costs, and expenditure suffered or incurred by the Landlord as a Tesult of the Tenant's failure to observe and perform this clause. Upon giving reasonable notice to the Tenant, the Landlord shall also be entitled to enter upon the premises during reasonable hours to effect such remedy or to make and reach such arrangement or agreement with the relevant parties or authorities so as to remove the illegal or unauthorized elements. In such event, the Tenant shall also reimburse and indemnify and keep the Landlord indemnified against any claim by any third parties and any loss, costs, fees and other expenses suffered or incurred by the Landlord in effecting such remedy or in making or reaching such arrangement or agreement or as a result or in consequence thereof.

8. The Landlord shall not be in any way liable to the Tenant, his agents, servants, licensees, visitors of any person claiming any right, title or interest under the Tenant for any loss, damage or injury or loss of business which may be sustained by the Tenant or by any such person on account of the defective or damaged condition of the premises or the Landlord's fixtures therein or any part thereof or of any lift in the Building and in particular the Landlord shall not be responsible to the Tenant or any such person for any damage caused by, through or in anywise owing to any typhoon, leakage of water or electric current from the water pipes, electric wiring or cable situated upon or in anyway connected with the premises and the Tenant shall make good the same by payment or otherwise and indemnify the Landlord against all actions, proceedings, claims and demands made upon the Landlord in respect of any such loss, damage or injury and all costs and expenses incidental thereto unless the same shall result from the breach by the Landlord of one or more obligations hereby imposed after notice requiring compliance shall have been given and there shall not have been compliance within a reasonable time.

9. It is hereby further agreed that if at any time during the continuance of this Agreement the Government Rent, rates and management fee imposed in respect of the premises shall be increased, every such increase shall be borne by the Tenant (in the event that the rent expressed to be payable by the Tenant hereunder shall be exclusive of Government Rent, rates and management fee as stated in Part IV of the First Schedule hereto).

10. It is hereby declared that no premium, construction money, key money or any other consideration of a similar nature has been paid or given to the Landlord by the Tenant or other person or persons authorised by him for the possession of the premises or for the granting of the Term.

11. All legal costs and expenses incurred by the Landlord (on a solicitor and own client basis) in demanding payment of rent and/or any other legal proceedings taken by the Landlord against the Tenant as a result of default of payment of rent or any other amount payable by the Tenant or the breach by the Tenant of any terms, covenants and conditions herein contained shall be recoverable from the Tenant as a debt or be deductible by the Landlord from the Deposit held by the Landlord hereunder but without prejudice to the Landlord's right of action against the Tenant for damages in excess thereof.

12. Any notice required to be served hereunder shall be in writing and shall be deemed to be sufficiently served and given on the Tenant if sent to him by prepaid registered post or left addressed to him at or on the premises or at his last known address or registered office in Hong Kong and shall be sufficiently served and given on the Landlord if sent to him by prepaid registered post at the address given herein or any other address which the Landlord may notify to the Tenant from time to time.

13. This Agreement sets out the full agreement reached between the parties hereto and no other representations have been made or warranties given relating to the Landlord, the Tenant, the premises or the Building and if any such representation or warranty has been made, given or implied the same is hereby waived.

14. It is hereby declared that in this Agreement words importing the singular number only shall include the plural and vice versa; words importing masculine gender shall include the feminine and neuter genders; words importing persons shall include corporations; and where there are two (2) or more individuals included in the expression "the Tenant" the liabilities, covenants, conditions and stipulations expressed or implied to be made by or with the Tenant shall be deemed to be made by or with such individuals jointly and severally.

15. (a) All stamp duty payable on this Agreement under the Stamp Duty Ordinance (Chapter 117) shall be paid by the Tenant solely.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party shall bear its own solicitors' costs and disbursements
of and incidental to the preparation and completion to this Tenancy Agreement.

l6. Time shall be of the essence of this Agreement in every respect.

17. The parties hereto expressly agree the Contracts (Rights of Third Parties) Ordinance (Cap.623) shall not apply to this Tenancy Agreement.

l8. If at any time during the Term (a) the Landlord shall intend to sell, refurbish, renovate, re-develop, demolish or rebuild the premises or any part(s) thereof either alone or in conjunction with other premises (which shall be sufficiently evidenced by a certified copy of the resolution of its Board of Directors to that effect), or (b) the shareholder(s) of the Landlord or its holding company shall intend to sell the share capital of the Landlord or its holding company or any part thereof (which shall be sufficiently evidenced by a certified copy of the resolution of the shareholder(s) of the Landlord or its holding company, as the case may be, to that effect), then in any of such events the Landlord or its assigns or successors in title shall be entitled at any time during the Term to terminate this Agreement by giving to the Tenant not less than six (6) calendar months' notice in writing ("such notice") such notice to expire on any day, and immediately upon the expiry of such notice this Agreement shall be terminated and the Tenant shall not be entitled to claim against the Landlord or its assigns or successors in title for any compensation, but such termination shall be without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of any of the terms and conditions herein contained.

19. The Tenant agrees that NG WAI LAM (@'jg) (holder of Hong Kong Identity Card No.Z039382(8)) will give and execute a Deed of Guarantee to the Landlord to secure the performance and observance of this Tenancy Agreement by the Tenant.

20. The Tenant acknowledges that NG WAI LAM (@'}g) ("the existing tenant") and the Tenant are related parties and agrees that the Tenant will make arrangements with the existing tenant for the delivery of possession of the premises and the Landlord shall assume no responsibility in respect thereof. The Teiiant agrees that possession of the premises shall be deemed to be delivered to the Tenant upon the commencement date and the Tenant shall accept the then condition finishes fixtures and fittings of the premises so delivered by the existing tenant to the Tenant.

**<u>THE FIRST SCHEDULE ABOVE REFERRED TO</u>**

<u>Part I</u>

<u>Landlord</u> : JOY CLASSIC LIMITED whose registered office is situate at 8<sup>th</sup> Floor, V. Heun Building, No.138 Queen's Road Central, Hong Kong.

<u>Part II</u>

---

| | |
|:---|:---|
| <u>Tenant</u> : | AKAI HONOO CAPITAL LIMITED with a business name of g (B.R. No.68892726) whose registered office is situate at 5<sup>th</sup> Floor, Po Cheong Commercial Building, 29 Prat Avenue, Tsim Sha Tsui, Kowloon. |

---

<u>Part III</u>

<u>Term</u> : Commencing from the 1" day of May 2025 and expiring on the 15" day of August 2027 (both days inclusive).

<u>Part IV</u>

---

| | |
|:---|:---|
| <u>Rent</u> : | HONG KONG DOLLARS TWENTY SIX THOUSAND AND THREE HUNDRED ONLY (HK$26,300.00) per calendar month exclusive of Government Rent, rates and management fees to be paid in advance without any deduction whatsoever on the 1st day of each and every calendar month. |

---

<u>Part V</u>

---

| | |
|:---|:---|
| <u>Deposit</u> : | HONG KONG DOLLARS NINETY FOUR THOUSAND FIVE HUNDRED AND TWENTY FOUR ONLY (HK$94,524.00) (equivalent to 3 months' rent, Government Rent, rates and management fees). |

---

<u>THE SECOND SCHEDULE ABOVE REFERRED TO</u>

("the premises")

5 Floor together with the Flat Roof appurtenant thereto, Po Cheong Commercial Building, No.29 Prat Avenue, Kowloon, Hong Kong.

AS WITNESS the hands of the parties hereto the day and year first above written.

Landlord

*/s/ Joy Classic Limited*

Joy Classic Limited

Tenant

*/s/ Akai Honoo Capital Limited*

Akai Honoo Capital Limited

---

| |
|:---|
| RECEIVED on or before the day and year first above |
| written of and from the Tenant the sum of HONG |
| KONG DOLLARS NINETY FOUR THOUSAND |
| FIVE HUN DRED AND TWENTY FOUR ONLY |
| being the deposit money above expressed to be paid |
| by the Tenant to the Landlord. |
| */s/ Joy Classic Limite* |

---

## Exhibit 10.6

**Exhibit 10.6**

Our Ref.

---

| | |
|:---|:---|
| To | Wonderful Concept Investment Limited |
| Address | 2/F Kam Lung Commercial Centre |
|  | No. 2 Hart Avenue |
|  | Kowloon |
| Date | 16 June 2021 |

---

---

| | |
|:---|:---|
| Important Notice: | &nbsp;&nbsp;This Facility Letter sets out the terms and conditions upon which the Bank would provide general banking facilities to you. Each of the persons who countersigns this Facility Letter is advised to read and understand this Facility Letter carefully and to seek independent legal advice before accepfing this Facility Letter. |

---

Dear Sirs,

Re: Banking Facilities under the Small and Medium Enterprises Financing Guarantee Scheme (the "Scheme") operated by HKMC Insurance Limited (HKMC")

With reference to our discussion, we, Bank of Communications (Hong Kong) Limited (the "Lender" or the "Bank"), are pleased to grant the following facilities as indicated (collectively, the "Facilities" or each, a "Facility") to you (the "Borrower") under the Scheme subject to the Terms and Conditions for Banking Facilities (as amended by the Bank from time to time) (hereafter referred to as the **'Terms** and Conditions for Banking Facilities") and the terms and conditions stated below.

Clause 1 (Definitions and interpretation) of the Terms and Conditions for B<u>anking</u> Facilities shall apply to this Facility Letter.

1. Facilities

---

| | |
|:---|:---|
| (a) Facility of Non-Revolving Nature: | (a) Facility of Non-Revolving Nature: |
| Type(s) of Facility | **Principal** Amount |
| Instalment Loan (BComEASY B-interest Loan) | HKDIO,000,000.00 |

---

2. Pricing
 and Conditions

<u>Instalment Loan BComEASY B-interest Loanl</u>

<u>Interest Rate</u>:

At 2.60% p.a. over one (1) month HIBOR as determined by the Bank on the commencement date of each month ("interest **period**") commencing from the first drawdown date

Note

(1) If
the first day of an interest period falls on a non-Business Day or on a date when 1 month HIBOR is not available, 1 month HIBOR for that
interest period shall be the 1 month HIBOR as determined by us for the immediately preceding date when such rate was available.

(2) The
interest rate for each interest period shall be fixed on the commencement date of such interest period.

<u>Default Interest Rate</u>:

At 4.25% p.a. over HKD Best Lending Rate

<u>Repayment</u>:

(a) For
a maximum term of 84 months from the first drawdown date (subject to confirmation).

(b) Principal
and interest shall be repaid monthly commencing from the one month after the first drawdown date until full repayment,

BANK OF COMMUNICATIONS

Our Ref.

TO Wonderful Concept Investment Limited

(c) The
 outstanding balance of the principal and all accrued interest shall be repaid in full on
 the last installment payment date. If the last installment payment date falls on a non-Business
 Day, such date shall fall on the date immediately preceding such non-Business Day.

The Lender will advise the Borrower of the monthly installment amount(s) under separate letter (subject to ductuation).

<u>Prcoavment</u>:

Prepayment of the Facility of Non-Revolving Nature shall be allowed subject to the following conditions:-

(a) You
 may prepay the Facilities in whole or in part upon one month's prior written notice to us
 or upon payment of one month's interest in lieu of notice.

(b) Any
 partial prepayment shall be in a minimum of HKD <u>50.000.00</u> and must be paid on an installment
 payment date.

(c) If
 prepayment is made within <u>the first vear</u> from the date of advancement, a prepayment
 fee equal to <u>3 00% on the amount prepaid</u> shall **be charged.** If prepayment is
 made within the second year from the date of advancement, a prepayment fee equal to <u>2.00% on the amoimt ureoaid</u> shall be charged. If prepayment is made within the third year from
 the date of advancement, a prepayment fee equal to <u>1.00% on the amount prepaid</u> shall
 be charged.

 

*<u>Remarks;</u>*

*(i)* *The Facility shall be used%r the purpose set out in paragraph 4.1(a) of this Facility Letter.* 

*(ii)* *Security over the business installations, equipment or other asset purchased by the Borrower with proceeds of the Facilities is required (ifapplicable).* 

*(iii)* *The Borrower does not require Single Upfront Guarantee Fee to be financed bv the Lender.* 

**<u>Further provision(</u>**

(a) You
 hereby irrevocably agree, declares and undertakes that the Instalment Loan is to be utilized
 for the general working capital of the Borrower, but in any event shall not be utilized (in
 whole or in part, in any form or manner or by any means whatsoever) for purchasing the securities,
 financial invesDnent and/ or settlement of the purchase **price** (or any part thereof)
 of, or investment in, any property(ies) or real estate, failing which shall constitute an
 Event of Default and the Facilities together with accrued interest, default interest and
 all other monies payable (if any) shall become due and payable immediately(whether demanded
 or not).

(b) Throughout
 the life of the Facilities, you confirm and undertake to transfer and maintain the MPF service
 to the Bank.

3. Conditions
 Precedent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Our
 obligation to make the Facilities available to you is subject to the condition that we have
 received the following documents in form and substance satisfactory to us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) this
Facility Letter duly accepted by you, the Guarantor(s) (as defined below) and the Security Provider(s) (as defined below) (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the
prescribed application form (the **"Application Form")** duly filled in and executed by the Borrower and the Guarantor(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all
the security documents required under this Facility Letter duly executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) certified
extract of board resolutions (and shareholders' resolutions where appropriate) from the relevant parties (where the relevant parties
are limited companies) approving the execution of the Application Form, the terms of this Facility Letter, the Terms and Conditions for
B <u>anking</u> Facilities, the security documents herein referred to and other condition precedent documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a
true, complete and up-to-date copy, certified by a director, of each of the following documents of the Borrower, if the Borrower is a
limited company incorporated in Hong Kong :-

— Certificate of Incorporation

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 2 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

![](ex10-6_001.jpg)

Our Ref.

TO Wonderful Concept Investment Limited

Current Business Registration Certificate covering the **Starting** Date (hereinafter defined)

— Articles of association

— Register of directors

— Register of shareholders

Hong Kong identity cards or passports of each director and shareholder-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a
true, complete and up-to-date copy, certified by a director, of each of the following documents of the shareholder of the Borrower, if
any shareholder of the Borrower is an oveneas company:-

— Certificate of Incorporation

— Certificate of Incumbency (if applicable)

— Register of directors, including the name (English and, if available, Chinese) and the number of identification document of each director

— Register of shareholders/members, including the name (English and, if available, Chinese) of each shareholder, the nuiriber of identification document and the shareholding of each shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a
 true and complete copy, certified by a director, of the identity card or other identification
 document (e.g. copy of a passport) of each director and shareholder of the Borrower. For
 any shareholder(s) who is/are not Guarantor(s), if a copy of the identity card or identity
 document is not available, the Form of Additional Information on Borrower and Related Entity(ies)
 (Form No.SFGSl03) duly completed and signed in respect of each such shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (where
 applicable) a true, complete and up-to-date copy, certihed by a Certified Public Accountant
 or practicing lawyer, of each of the following documents, if the Guarantor(s) (as defined
 below) holds equity interest in the Borrower via an overseas company:-

Certificate of Incumbency or Register of shareholders/members contai<u>ning</u> at least the information of the Guarantor(s) (as defined below) including his full name and equity interest;

---

| | |
|:---|:---|
| (,) | a true and complete copy, certified by a director, of the latest Annual Return (Form NARI) filed with the Companies Registry, together with the filed Forms NM1, NM2, NSC1, NSC11, NSCI9, NSC20, NDB1, ND2A and ND2B, if any; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a true and complete copy,
 certified by a director, of Form 1(a) or Form l(c) of the Business Registration Office or the Business Registration Search Report,
 if the Borrower is sole proprietorship, parbiership or unincorporated body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "Notification
 of Result" (the **"Notification *of* Result")** (if applicable)
 duly issued by HKMCI in relation to your application under the Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a
 direct debit authorization in the Lender's standard form duly executed by the Borrower to
 authorize the Lender to debit the Borrower's account maintained with the Lender for the repayment
 of the indebtedness under the Facilities;

(,) the Sharing of Credit Data — Customer Coosent Form duly accepted and executed by the Borrower (applicable to CCRA Qualifying Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if
 the Borrower is a company, its latest available audited financial statements and (in case,
 as of the date of the application under the Scheme, the Borrower has not yet had any audited
 financial statements since its incorporation or the year-end date of its latest available
 financial statements was older than 18 months) its management accounts with year-end date
 not older than 12 months as of the date of application certified by a director of the Borrower;

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 3 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |
| LC●PDt10029s(v.202101) - (SFGS-related) Facility = tSFGS with SA) (Eng) - HK Limited | LC●PDt10029s(v.202101) - (SFGS-related) Facility = tSFGS with SA) (Eng) - HK Limited |

---

Our Ref.

To Wonderful Concept Investment Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if
 the Borrower is a sole-proprietorship, partnership or unincorporated body, its management
 accounts with year-end date not older than 12 months as at the date of application under
 the Scheme certified by the sole-proprietor, a partner or member of the governing body (as
 the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The
 BComEASY B-interest Account Terms & Conditions dulyaccepted by you, the Guarantor(s)
 and the Security Provider(s) (as defined below) (if any) (applicable to BComEASY B-interest
 Loan only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such
 other documents as the Lender and/or HKMCI may consider necessary for the purpose of processing
 the applications under the Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such
 other documents as we may request including those as may be required to evidence any licenses,
 authorizations, consents or approvals necessary for the performance by the Borrower, the
 Guarantor(s) and the Security Provider(s) of **their** respective obligations under this
 Facility Letter and the security or condition precedent documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the
Single Upfront Guarantee Fee (as defined in the Deed for the Scheme (as amended from time N q- **,"HKMCI Deed"))** to **be frilly settled** upnn drawdnwn_ of thg Facility of Won-Revn!ving

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The
 security documents required under this Facility Letter are as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Deed of Guarantee duly executed by HKMCI in favour of the Lender in respect of the Facilities
 to be granted to you under this Facility Letter (the **"HKMCI Guarantee");** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 irrevocable, unconditional and legally binding guarantee for all monies executed by NG WAI **LAM**, being the individual(s) holding or beneficially entitled to more than 50% of
 the issued share capital or equity interest of the Borrower (the **"Guarantor(s)")** in favour of the Lender in relation to the Facilities (on a joint and several basis if more
 than one Guarantor) (the **"Personal Guarantee");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the proceeds of the Facilities are to be used for acquiring business installations, equipment
 or other asset specified in the Application Form or Facility Letter, the owner of such assets
 (the **"Security Provider(s)")** shall execute security documents in favour
 of the Lender over (without limitation) such business installations, equipment or other asset
 (the **"Charge");** and

The Charge and the Security Deed shall collectively be referred to as the "Security".

For the avoidance of doubt, all the above security documents and guarantees shall secure the Facilities, all existing facilities granted by the Lender to the Borrower and any future facilities to be granted by the Lender to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The
 Borrower shall, on request, produce for our inspection the originals of any documents supplied
 by it to us in connection with its credit application.

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 4 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

Our Ref.

To Wonderful Concept Investment Limited

4. Drawtag

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Subject
 to the Lender's satisfaction of the fulfillnients of all the conditions precedent and the
 terms of this Facility Letter, the Bonower may make drawing(s) on any Business Day (excluding
 a Saturday) under the cautioned Facilities available to the Borrower provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Facilities shall be used solely

() (i) for the purpose of acquisition of assets to facilitate the business operations of the Borrower; 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;(x) (ü)
 for the purpose of general working capital for the business operations of the Borrower; or

() (iii) if applicable, for the purpose of financing the Single Upfront Guarantee Fee; or

() (iv) for refinancing facilities guaranteed under the Scheme or Special Loan Guarantee Scheme offered by the Hong Kong Government through the Trade and Industry Department, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Lender is satisfied that, during the period starting 6 months before the date when the Borrower
 submitted its application for the Facilities, and ending on the Starting Date of such Facilities,
 (i) the facilities to be refinanced have not been more than 7 days overdue and (ii) it has
 no credit concerns regarding the Borrower's ability to perform its obligations (such as there
 has during that period been no demand for payment or repayment served on the Borrower, payment
 default, debt-restructuring or enforcement action against the Borrower) in respect of the
 facilities to be refinanced, so that the Lender considers it appropriate, and consistent
 with the IOMCI Deed and the Operating Procedures as annexed to the HKMCI Deed **("Operating Procedures"),** that the Facilities should be made available for tilts purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the facilities being refinanced were for the acquisition of assets and were guaranteed under
 the Scheme, security must be provided to the Lender over such assets, and such security shall
 be deemed to be a security over assets acquired using the proceeds of the Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) the
 commenceiiient date of the availability period (in case of a Facility of a revolving nature)
 / the first drawdown date of the Facility (in case of a Facility of a non-revolving nature)
 (the **"Starting Date")** shall fall within 60 days from the date of the Notification
 of Result, or such other **time as HKMCI may** agree **in writing;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) we
 have received your Utilization Request for the Facilities at least 2 Business Days before
 each proposed drawdown date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 representations and warranties made by the Borrower, the Guarantor(s) and the Security Provider(s)
 under this Facility Letter and the security documents to which it is a party shall be true,
 correct and complete as if made with reference to the facts and circumstances then existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 information and documents submitted to the Lender in relation to the Facilities are true,
 correct and complete as at the date of submission of such information and all original documents
 are authentic and all copy documents are complete and conform to the originals (as the case
 may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Borrower has no Outstanding Default as at the date of the submission of the Application Form.

**"Outstanding Defaulf'** means failure to repay a loan, interest or other payments, or any part thereof accordance with the relevant facility and the indebtedness remains outstanding for

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 5 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

Our Ref.

To Wonderful Concept Investment Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sixty-one
 (61) days or more after the relevant repayment date as evidenced by the latest report issued
 by any credit information provider(s) made available to the Lender and which is issued not
 earlier than **thirty (30)** days prior to the date of the Application Fom; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) thirty-one
 (31) days or more afïer the relevant repayment date in respect of (i) any facilità
 granted by the Lender and (ü) any facility granted by other financial institucions which
 the Lender is aware of(by whatever means).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no
 default has occurred or will occur as a result of the drawing made by the Borrower under
 the Facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 notice of petition for bankruptcy or winding up against you has been issued or is likely
 to be issued on or before a drawdown date of the Facilities or will occur as a result of
 a drawing made by you under the Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 For
 avoidance of doubt, except for paragraph 4.1(a)(iv) of this Facility Letter, the Borrower
 shall not use the Facilities, whether in whole or in part, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) paying,
 repaying, restructuring or repackaging all or any part of **any** loan, credit facility
 or **payment** obligation (including any loan referred as a "classified loan"
 by the Hong Kong Monetary Authority from time to time) of the Borrower, its Subsidiaries
 or its Related Entities; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) financing
 and/or re-financing the acquisition of any business installation, machinery, equipment or
 other assets that was in the ownership, control or possession of the Borrower, its Subsidiaries
 and/or its Related Entities (whether as owner or otherwise) on or at any time before the
 date on which an application for the Facilities is received by the Lender.

**"Subsidiaries"** has the same meaning given to it in s. 15 of the Companies Ordinance.

"Related **Enfities",** unless the context otherwise requires, shall be construed so that a person (A), being a sole proprietor, partnership or company, and another person {B), being a sole proprietor, partnership or company, are Related Entities of each other if any one or more persons, individually or jointly, directly or indirectly, hold, beneficially own or control 30% or more of the business interest in each of A and B.

For the purpose of the foregoing, **"business interest"** in relation to a company means the shares or equity interest of such company, and in relation to a partnership means the aggregate or overall rights or entitlements to participate in a distribution of profits of such partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The
 Lender is entitled to forthwith suspend the Facilities and prohibit further amount to be
 drawn under the Facilities if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Borrower has failed to pay any amount payable which is due and payable on a repayment date
 in relation to a Facility of a non-revolving nature), and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 there is any outstanding amount overdue in excess of 30 days after a repayment date in relation
 to a Facility of a revolving nature, and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 petition for bankruptcy or liquidation has been presented or may, to our knowledge, be presented
 against the Borrower.

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 6 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

Our Ref.

To Wonderful Concept Investment Lioiited

5. Faes
 and Exoenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 A
 handling charge of HKD <u>50,000.00</u> shall be payable by you upon acceptance of this Facility
 Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 If
 your credit application is withdrawn for whatever reason or no drawdown has been made within
 months after your acceptance of this Facility Letter, we reserve the right to levy a h <u>andling</u> charge of HKD-which shall be payable by you on demand.

6. Other
 Condiäons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Notwithstanding
 any contrary provision herein contained, we reserve the overriding right to demand immediate
 repayment of all outstanding indebtedness, liabilities and/or obligations (including interest
 and default interest thereon) due, owing or incurred by you (actual or contingent) to us
 under or in respect of the Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Upon
 our request, the Borrower shall within a reasonable time deliver to us its latest audited
 financial statements duly certified by an auditor (if the Borrower is a company) or its latest
 management accounts including a certified statement of financial position and statement of
 comprehensive income (for a sole- proprietorship, partnership or unincorporated body).

7. Lender's
 Rights

We reserve our rights under Clause 5.2 (Loan-to-Value Ratio) of the Terms and Conditions for Banking Facilities to request top up at any time and to dispose of security should the request be unsatisfied within the time required and upon the prior approval of HKMCI.

8. JM_E
 Financing Gnarantee Scheme

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 You
 shall duly complete, sign and deliver to us the Application Form and any other form(s) as
 prescribed by **HKMCI** fiom time to time under the Scheme and provide the documents as
 required **by HKMCI** from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The
 Borrower declares that the Facilities are not concurrently covered under any other loan guanntee
 scheme provided by the Trade and Industry Department of the HKSAR Government or any other
 credit protection contract, scheme or arrangement (in Hong Kong or otherwise) protecting
 the Lender from the risk of default of a borrower or borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 In
 case of refinancing facilities, the Borrower confirms and deolares that, during the period
 starling 6 months before the Borrower submitted its application for the **Facilities and** ending on the Starling Date of such Facilitics, (i) the faoilities to be refinanced have
 not been more than 7 days overdue, (ü) there is no credit concerne on its ability to
 perform its obligations (such as there has during that period been no demand for payment
 or repayment served on it, payment default, debt-restructuring or enforcement action against
 it) in respect of the facilities to be refinanced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The
 Borrower further declares that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is a company, sole proprietorship, partnership or unincorporated body of persons which has
 a business operation in Hong Kong and remains registered under the Business Registration
 Ordinance (Chapter 310 of the Laws of Hong Kong);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 is not carrying on the business of a lender or otherwise providing funds available for borrowing
 in any way;

(c) it
 is not an afbliate of the Lender

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 7 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

Our Ref.

To Wonderful Concept Investment Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it
 is not a company or corporation which has any of its shares listed on The Stock Exchange
 of **Hong** Kong Limited (whether on its Main Board or the Growth Enterprise Market) or
 any similar exchange in or outside Hong Kong; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) its
 business has been in operation for at least one year in Hong Kong as at the date of submission
 of the Application Form.

**\*affiliate",** in relation to a Lender, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 company which controls the Lender or one over which the Lender has control or any company
 which is under the control of the same person as the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 person who controls the Lender and any partner of such person, and, where either such person
 is an individual, any relative of such individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 director of the Lender or of any company referred to in paragraph (a) above and any relative
 of any such director; *oz* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 partner of the Lender and, where such partner is an individual, any relative of such individual.

"control", in relation to a company, means the power of a person to secure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 means of the holding of shares or the possession of voting power in or in relation to such
 or any other company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 virtue of any powers conferred by the articles of association or other document regulating
 such or any other company that the affairs of such company are conducted in accordance with
 the wishes of such person.

**"relative",** in relation to an individual, means the spouse, parent, child, brother, sister, brother-in-law, father-in-law, mother-in-law, sister-in-law, daughter-in-law, son-in-law, aunt, cousin, uncle, niece, nephew, grandfather or grandmother of the individual, and for the purposes of this definition, an adopted child shall be regarded as a child both of the natural parents and the adoptive parents and a step-child as the child both of the natural parents and any step-parents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Subject
 to our overriding right of de <u>man</u> d in clause 6.1 of this Facility Letter, all outstanding
 principal, accrued interests and any other monies owing under the Facilities must be repaid
 in full, without demand, on the date falling months from the Starting Date as set out in
 clause 4.1(b), or on the last Business Day of the guarantee period as specified in the HKMG
 Guarantee, whichever is the earliest. For the avoidance of doubt, the actual period of the
 HKMCI Guarantee shall be subject to early expiry, termination, revocation or discharge under
 the terms and conditions of the Scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 The
 Borrower, the Guarantor(s) and the Security Provider(s) jointly and severally undertake to
 comply with all provisions of the HKMCI Deed and the Operating Procedures insofar as they
 relate to them and acknowledge that HKMCI's rights, including its right of subrogation, shall
 at all times rank in priority to the rights and remedies, if any, of the Guarantor(s) and
 the Security Provider(s). The Borrower, the Guarantor(s) and the Security Provider(s) further
 jointly and severally UNDERTAKE in favour of each of the Lender and HKMCI that they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 not exercise in any manner or to any extent any of their rights or remedies against the Borrower
 or any of the Guarantor(s) and the Security Provider(s) or in relation to any security or
 including any right of subrogation, indemnity or contribution which it has or may have in
 law or equity or under, pursuant to or in connection with any security or guarantee or otherwise,
 unless and until HKMCI has fully and unconditionally recovered the amounts paid by HKMCI
 under the HKMCI Guarantee or unless and until HKMCI otherwise consents in writing, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 not assert against HKMCI any right of contribution or any analogous rights or remedies.

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 8 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

Our Ref. : 01320210506000024809-546-I0007-SFGS

To Wonderful Concept Investment Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Each
 of the Borrower, the Guarantor(s) and the Security Provider(s) gives its legally binding
 representations, warranties and undertakings in favour the Lender as set out in the attached
 Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 The
 Borrower consents to permit representatives and appointed agents of HKMCI, to the extent
 related to the HKMCI Guarantee, to inspect its books, records, accounts and any other information
 relating to its business, whether in paper, electronic or any other form or medium, at the
 request of HKMCI. The Borrower shall also procure that any individual who is a signatory
 of the Application Form or any other individual whose personal data may otherwise be included
 in the loan file relating to the Facilities shall give a written consent to permit disclosure
 of personal data to HKMCI for the purpose of the Facilities and the HKMCI Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 The
 Borrower consents that the Lender (at any time on or after the failure by the Borrower to
 pay or repay on any repayment date of the Facilities (or, as the case may be, other due date)
 all or any part of any amount due and payable under the Facilities in accordance with the
 terms thereof and subject to such failure remaining outstanding) may make a Repayment Demand,
 and so that (without limitation to the provisions specified below) on the making by the Lender
 of such Repayment Demand

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to any obligation of the Borrower in respect of any outstanding trade or documentary
 letter of credit, there shall become immediately due and payable by the Borrower (in discharge
 of the Borrower's obligations under the relevant Facilities) an aggregate amount equal to
 the maximum aggregate amount then payable by the Lender (whether or not subject to the passage
 of time or the satisfaction of any condition) under such trade or documentary letter of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Borrower's leasing or hire under any finance lease or hire purchase contact shall terminate
 and there shall become immediately due and payable by the Borrower such amounts as are consistent
 with prevailing market practice in respect of such leases or contracts on the termination
 of the leasing or hire thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 relation to any factoring or other receivables purchase facility or other financial transaction
 which is not a loan or overdraft otherwise specifically referred herein), there shall become
 immediately (or as soon thereañer as possible) due and payable by the Borrower in
 respect thereof such amounts as are consistent with prevailing market practice in respect
 of the default of a seller of factored or purchased debts or (as the case may be) other counterparty
 or principal obligor thereunder (or, if there shall not be a prevailing market practice,
 consistent with the Lender's relevant internal risk and credit policies),

(unless the relevant amount(s) shall for any reason have become due and payable prior to the making by the Lender of such Repayment Demand).

"Repayment Demand" means a demand which is made pursuant to this clause 8.9 requiring that all amounts outstanding hereunder and all obligations (actual or contingent) of the Borrower hereunder shall become immediately due and payable in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 The
 Borrower undertakes that it shall not during the Guarantee Period as specified in the tlKMCI
 Guarantee, sell, sub-lease, charge, part with possession of or otherwise deal with (whether
 in whole or in part) any business installations and equipment arid/or other assets to be
 acquired with any of the proceeds of the relevant Facilities without the prior written consent
 of the Lender, and, if the foregoing has not been complied with, the Borrower shall ensure
 that all the proceeds or sums realised or generated as a result shall be paid direct to the
 Lender for application in or towards payment and discharge of the indebtedness (which shall
 be reduced by the relevant amount accordingly).

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 9 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

Our Ref.

To Wonderful Concept Investment Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 The
 Borrower undertakes not to do or permit to be done anything which would prejudice or jeopardize
 the rights of the Lender or HKMCI, or both, **in respect** of **the** Facilities. In
 particular, the Borrower undertakes at all times promptly disclose to the Lender all material
 facts and information which may in **any** way affect the rights, interest, obligations
 or liabilities of HKMCI **under** the Scheme, the HKMCI Deed and make available to HKMCI **or its appointed agents,** free of charge, all documents, records and information in
 connection with the rights, interest, obligations or liabilities of HKMCI thereunder, including
 all documents and information submitted by the Borrower to the Lender. The Borrower acknowledges
 and accepts that HKMCI shall have the right to obtain, free of charge, and make copies of
 any of such materials. The Borrower shall procure each Guarantor, each Security Provider
 and each parmer (where the Borrower is a partnership) to grant (or authorise the Lender to
 grant) any requisite right of **access,** inspection, copying or similar rights to HKMCI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 The
 Borrower undertakes not to create, or permit to be created or subsist, any subsequent security
 ranking in priority to or *part passu* with any security that may be given to or held
 by the Lender for the Facilities (whether exclusively or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 The
 Borrower shall on request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do
 anything which may be necessary or desirable to enable the Lender to comply with the Lender's
 obligations to HKMCI, in particular the Lender's compliance with the terms and conditions
 set out in the Operating Procedures, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnify
 the Lender against any liability towards HKMCI (and all costs and expenses incurred in connection
 therewith) arising from anything done or omitted to be done in connection with the Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 No
 person other than the Bank and HKMCI will have any right under the Contracts (Rights of Third
 Parties) Ordinance (Cap. 623) to enforce or to enjoy the benefit of any of the provision
 of the **HKMCI** Deed and the Operating Procedures.

9. BComEASY
 B-interest Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 You **shall** maintain a BComEASY B-interest Account (A/C No. **382546102225801)** with
 the **Bank** on the terms **and** conditions set out in the BComEASY B-interest Account **Terms & Conditions attached** hereto. Interest at a preferential interest rate will
 accrue on the BComEASY B-interest Account as provided in the BComEASY B-interest Account
 Terms & Conditions which Account shall be used as the settlement account for all payments
 and repayments by you in relation to the BComEASY B-interest Loan. We may debit the BComEASY
 B-interest Account at any time and from time to time for all or any of the installment **payments,** interest, fees, charges, commissions, costs, valuation fees, insurance premium, **government** rents, expenses and other **sums due** and **payable by** you in relation to the
 BComEASY B- interest **Loan.** 

10. Application
 of Monies Received by the Lender

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The
 Borrower acknowledges, accepts and agrees that the Lender is entitled to apply all monies
 received by it in relation to the Facilities, including monies received by it from realizing,
 enforcing or perfecting any security given to the Lender, in accordance with the Operating
 Procedures issued by HKMCI in relation to the Scheme for the time being in force.

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 10 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

Our Ref.

To Wonderful Concept Investment Limited

11. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 In the event of any inconsistency among the Terms and Conditions for Banking Facilities,
 the Security and the HKMCI Deed, the HKMCI Deed shall prevail over the Terms and Conditions
 for Banking Facilities and the Security. In the event of any inconsistency between the Terms
 and Conditions for Banking Facilities and the Security, the Terms and Conditions for Banking
 Facilities shall prevail over the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 We
 may have considered a credit report on you, the Guarantor(s) and/or the Security Provider(s)
 (if applicable) from the credit reference agency in considering your application; should
 there be any data access and correction request, please directly contact the Consumer Relations
 Department of TransUnion Ltd. at 2577 1816.

12. Date
 of Review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Notwithstanding
 anything contained herein, we reserve the overriding right at ow sole and absolute discretion
 to vary or amend the terms and conditions of the Facility of Non-Revolving Nature at any
 time to be effective forthwith by notice to you.

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Page 11 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

Our Ref.

To Wonderful Concept Investment Limited

Please signify your acceptance of this offer by signing and returning to us this Facility Letter on or before <u>28 Julv 2021</u> failing which this offer shall automatically lapse. Further, if the conditions precedent and security doc<u>»m</u>ents listed above are not provided to us to our satisfaction on or before <u>2 August 2021,</u> the Facilities will not be available to you.

Yours faithfully,

**For Bank of Communications (Hong Kong) Limited**

*/s/ Bank of Communications (Hong Kong) Limited*

 

After due and careful consideration of the contents of this Facility Letter, we accept the captioned Facilities and agree to be bound by the terms and conditions set out herein and in particular but without limitation, we represent, warrant, declare, undertake and agree that for so long as any part of the principal amount under any of the Facilities or interest thereon remain outstanding or you remain under any obligation to grant any of the Facilities hereunder, each of the representations, warranties, agreements and undertakings set out in this Facility Letter is correct and shall be complied with in all respects. We further confirm and acknowledge that we are fully aware of our respective rights and obligations under the Scheme.

The Bank oiay provide each individual guarantor or surety with a copy of this facility letter, a copy of any formal demand for overdue payment that is sent to me/us if I/we fail to settle any overdue amount following customary reminder, and upon request by the guarantor or surety, a copy of the latest statement of account provided to me/us, if any.

For and on behalf of

Wonderful Concept Investment Limited

 

*/s/ Wonderful Concept Investment Limited*

 

 

Schedule A

REPRESENTATIONS AND COVENANTS

1. Representations

The representations and warranties set out in Clause 1.1 *(Status) to* Clause 1.15 *(Compliance)* of this Schedule A are to be made by the Borrower as of the date of the relevant Facility Letter and the Borrower is to acknowledge expressly that the Lender is to enter into the Facility Letter in reliance on all those representations and warranties. In addition, the Borrower is to acknowledge expressly that each of the representations and warranties set out in Clause 1.1 *‹Status)* to Clause 1.8 *(Claims Part Passu),* Clause 1.10 *{No Immunity)* to Clause 1.15 *{Compliance)* shall be deemed to be repeated by the Borrower by reference to the facts and circumstances then existing on each date on which a Drawdown is made under the relevant Facility and on each date on which any amount is payable by the Borrower under the relevant Facility.

1.1 Status

The Borrower makes all those representations and warranties relating to its status as an eligible borrower as set out in the Guarantee Product Eligibility Criteria.

1.2 Governing
 Law and Judgments

In any proceedings taken in its jurisdiction of incorporation or establishment in relation to the Facility Letter, the choice of Hong Kong law as the governing law of the Facility Letter and any judgment obtained in Hong Kong against it with respect to the Facility Letter will be recognised and enforced.

1.3 Binding
 Obligations

The obligations expressed to be assumed by it in the Facility Letter are legal and valid obligations binding on it and enforceable against it in accordance with the terms thereof.

1.4 Execution
 of the Facility Letter

Its execution of the Facility Letter, its exercise of its rights and performance of its obligations thereunder and the transactions contemplated thereby do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contravene
 any agreement, mortgage, bond or other instrument or treaty to which it is a party or which
 is binding upon it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conflict
 with its articles of association or any other constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conflict
 with any applicable law or regulation.

It has the power to enter into the Facility Letter and all corporate and other action required to authorise the execution of the Facility Letter and the performance of its obligations thereunder has been duly taken. No limit on its powers will be exceeded as a result of the borrowing or other assumption of obligations, or any grant of security or giving of indemnities, contemplated by the Facility Letter.

1.5 No
 Material Proceedings

No litigation, arbitration, administrative proceedings or labour controversy before any court, tribunal, arbitrator or other relevant authority is current or, to the knowledge and belief of a senior officer of it, pending or threatened against it which would have a Material Adverse Effect, save for any such legal proceedings commenced by a third party which are frivolous or

1.6 No
 Material Adverse Change

Since the date of its most recent financial statements (or audited financial statements in the case where the Borrower is a limited company), there has been no material adverse change in the business or financial condition of it.

1.7 Validity
 and Admissibility in Evidence

All acts, conditions and things required to be done, fulfilled and performed and all authorisations (governmental or otherwise) required to be obtained in order (a) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations in the Facility Letter, (b) to ensure that its obligations in the Facility Letter are legal, valid, binding and enforceable and (c) to make the Facility Letter admissible in evidence in its jurisdiction of incorporation or establishment have been done, fulfilled, perforzried and obtained and in full force and effect.

1.8 Claims
 Parl Passu

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, the claims of the Lender against it under the Facility Letter rank at least part passu with claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatory preferred by law applying to companies generally.

1.9 No
 Filing or Stamp Taxes

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, it is not necessary that the Facility Letter be filed, recorded or enrolled with any oourt or other authority in such jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Facility Letter or the transactions contemplated by the Facility Letter.

1.10 No
 Immunity

In any proceedings taken in the jurisdiction of incorporation or establishment of it in relation to the Facility Letter, it will not be entitled to claim for it or any of its assets immunity from suit, execution, attachment or other legal process.

1.11 No
 Winding-up

It has not taken any corporate action nor have any other steps been taken or legal prooeedings (save for any such legal proceedings commenced by a third **party** which **are** (i) frivolous or vexatious or (ii) which are being contested in good faith by appropriate proceedings and against which **adequate** reserves are **maintained and,** in each **case,** are unconditionally discharged or **dismissed** within 180 (one **hundred and eighty** days) been **started** or threatened against it for its winding-up, dissolution, administration or reorganisation (whether by voluntary arrangement, **scheme of arrangement or otherwise)** or for **the** appointment of a liquidator, receiver, administrator, administrative receiver, compulsory or interim manager, conservator, custodian, trustee or similar officer of it or of any or all of its assets or revenues.

1.12 Written
 Information

All material written information supplied by the Borrower is true, complete and **accurate** in all material respects as at the date it was given and is not misleading in any respect.

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Schedule A — Page 2 of 4 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

1.13 Solvency

It is able to pay its debts as they fall due and has not commenced negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or made a general assignment for the benefit of or a composition with its creditors.

It has filed or caused to be filed all tax returns which are required to be filed by it and has paid all taxes shown to be due and payable by it on such returns or any assessment received by it, save for taxes which arc being contested in good faith by appropriate proceedings and in respect of which adequate reserves have been set aside by it.

1.15 Compliance

It is, to the knowledge and belief of a senior o&cer of it, in compliance with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities save those which are not material to its business and the effect of such non-compliance is not significantly adverse to it.

2. Covenants

2.1 Maintenance
 of Legal Validity

The Borrower shall promptly obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws of its jurisdiction of incorpomtion or establishment to enable it to lawfully enter into and perform its obligations under the Facility Letter and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of the Facility Letter.

2.2 Notification
 of Events of Default

The Borrower shall promptly infonn the Lender after it becomes aware of the occurrence of any default or event of default under the Facility Letter or of any event which might reasonably be expected to have a Material Adverse Effect.

2.3 Claims
 Pari Passu

Subject to Clause 2.13 below, the Borrower shall ensure that at all times the claims of the Lender against it under the Facility Letter rank and continue to rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatorily preferred by law applying to companies generally.

2.4 Taxes

The Borrower shall duly and punctually file all tax returns when due and pay and discharge all taxes prior to the date on which penalties are attached thereto except for such taxes which are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside and payment of which can be lawfully withheld.

2.5 Information

The Borrower shall promptly deliver to the Lender copies of all its audited and unaudited financial statements and such other reports and information relating to the Borrower as the Lender may reasonably request from time to time.

2.6 Maintenance
 of Records

The Borrower shall maintain all books of records and accounting records with respect to itself and its business in good order.

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Schedule A — Page 3 of 4 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

2.7 Inspection

The Borrower shall, upon reasonable prior written notice from the Lender and during normal with its officers and advisors as the Lender may reasonably request.

2.8 Use
 of Proceede

The Borrower shall apply the Facility solely for the acquisition of assets (such as industrial or commercial properties, machinery and equipment, but excluding residential properties) to facilitate its business operations or of general working capital for its business operations and/or such other purposes as may be specified in the Operating Procedures and applicable to the relevant Guarantee Product.

2.9 Compliance

The Borrower shall comply in all respects with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities if failure to comply with such requirements would (either individually or in aggregate) have a Material Adverse Effect.

2.10 Insurance

The Borrower shall maintain insurances on and in relation to its business and assets, in each case, with reputable underwriters or insurance companies against such risks and to such extent as is usual for companies **carrying** on a business such as that carried on by the Borrower and is commercially available.

2.11 Business

The Borrower shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 has power to own its assets and carry on business as conducted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y) it
 has good title (free from any restrictions or onerous covenants) to all of the assets required
 for carrying on its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it
 has obtained or effected all authorisations, approvals, consents, exemptions, filings, licenses,
 notarisations, permits and registrations which are required in connection with its business,
 and that all such authorisations, approvals, consents, exemptions, filings, licenses, notarisations,
 permits and registmtions are in full force and effect, except where the failure to obtain
 or effect the same or, as the case may be, the cessation of the force and effect of the same
 would not reasonably be expected to, have a Material Adverse Effect.

2.12 Obligations

Without prejudice to the performance of the Borrower's other obligations under the Facility Letter, the Borrower shall perform all its obligations under all of the material agreements or

2.13 Security
 and Further Assurance

3. Definitions

In this Schedule A, "Material Adverse Effect" means (a) a material adverse effect on the business, assets, operations or condition (financial or otherwise) of the Borrower; (b) a material impairment of the ability of the Borrower to perform any of its obligations under the Facility Letter; or (c) a material impairment of the rights of, or benefits available to, the Lender under the Facility Letter.

**Bank of Communications (Hong Kong) Limited**

---

| | |
|:---|:---|
| Bank of Communications (Hong Kong) Limited (A wholly owned subsidiary of Bank of Communications Co., Ltd.) |  |
| 20 Pedder Street, Central, Hong Kong |  |
| T +832-28419611 F +852-28106993 | Schedule A — Page 4 of 4 |
| www.hk.bankcomm.com |  |
| SINCE 1908 ' YOUR WEALTH MANAGEMENT BANK |  |

---

## Exhibit 10.7

**Exhibit 10.7**

13th January,2022

<u>Confidential</u>

WONDERFUL CONCEPT INVESTMENT LIMITED

2/F

KAM LUNG COMMERCIAL CENTRE <br> NO 2 HART AVENUE

TSIM SHA TSUI KLN

Dear Sirs,

Re: Non-revolving term loan Facility <br> Borrower: WONDERFUL CONCEPT INVESTMENT LIMITED (the "Borrower") <br>   <u>under SME Financinq Guarantee Scheme ("SFGS")</u>

We, The Bank of East Asia, Limited (the "Bank"), are pleased to offer you the following loan facility subject to the terms and conditions hereunder.

---

| | |
|:---|:---|
| Facility: | Non-revolving term loan facility with a maximum loan amount of HKD4,907,000.- |
| Purpose: | Primarily for paying wages and rents by the Borrower. In addition to paying wages and rents, the Borrowers can use the proceeds from the Facility to meet imminent needs in working capital. |
| Drawdown: | Subject to availability of the Bank's funds. |
| Interest: | Interest shall be calculated at the rate of an equivalent interest rate of 2.5% per annum below the prime lending rate for Hong Kong Dollars quoted by the HKMC from time to time will be charged. |
| Interest Payment: | Interest accrued shall be payable monthly in arrears. |
| Overdue Interest: | Any arrears of payment due under this letter will be subject to a charge of overdue interest calculated at 5% over the loan interest rate. A minimum charge of HKD100.- will be applied to each overdue payment for term loan facility. |

---

Page 1 of 22

---

| | |
|:---|:---|
|  | Please note that the overdue interests and charges are subject to change from time to time at the discretion of the Bank. |
| Repayment: | Subject to the Bank's overriding right of repayment on demand, principal amount repayable by 96 monthly instalments commencing one month from the drawdown date and the dates falling on successive monthly intervals thereafter until the Final Maturity Date in accordance with the following repayment schedule:- |

---

---

| | |
|:---|:---|
| Instalment no. | Amount of each instalment |
| 1<sup>st</sup>- 96<sup>th</sup> instalment | Principal plus interest |

---

---

| | |
|:---|:---|
|  | The instalment amount shall vary as the interest rate changes. All amounts (including any remaining balance of principal, accrued interest and any other sums) outstanding on the Final Maturity Date shall be fully repaid on that date. |
| Borrower: | WONDERFUL CONCEPT INVESTMENT LIMITED |
| Lender: | The Bank of East Asia, Limited |
| Guarantee: | The facility granted under this letter is subject to: |

---

(a) a guarantee for HKD4,907,000.- issued by the HKMC Insurance Limited ("HKMC I") under the SME Financing Guarantee Scheme (the "Scheme") in favour of the Bank in respect of the facility granted under this letter subject to the terms and conditions of the Deed dated 24<sup>th</sup> December, 2010 and First Amendment Deed dated 21"! March, 2012 for the Scheme entered into between the HKMC I and the Bank; and

(b) the guarantee of NG WAI LAM (the **"Guarantor(s)")** for HKD4,907,000.- plus interest and other charges relating to the liabilities of the Borrower. Where the Guarantor(s) is/are composed of more than one person, their liabilities shall be joint and several.

Page 2 of 22

Availability: The facility granted under this letter shall not be available for drawing unless and until:

(a) all the necessary formalities specified by the HKMC I under the Scheme are completed;

(b) the HKMC I has issued a guarantee pursuant to the Scheme in favour of the Bank in respect of the facility granted hereunder (the "HKMC I Guarantee");

(c) the completion of all the documents mentioned herein and all necessary formalities specified by the Bank, and safe receipt by the Bank of the following documents duly completed and signed by the relevant parties:

● This letter;

● Board resolution of Borrower;

● Guarantee;

● Notice to Guarantor(s) in relation to the Guarantee;

● Application Form by the Borrower to the HKMCI;

● Such other documents as the Bank may request including without limitation to those as may be required to evidence any and all licences, authorizations, consents or approvals necessary for the performance by the Borrower and/or the Guarantor(s) of their respective obligations under this letter.

---

| | |
|:---|:---|
|  | The Bank shall have the right to cancel any undrawn balance of the facility granted under this letter if the Borrower defaults in repayment of any amount due under this letter or breaches any of the terms and conditions hereunder; |
| Payment due on Non-banking day. | Payment due on a non-banking day shall be paid on the next succeeding banking day unless such banking day shall fall in the next calendar month when it shall be made on the immediately preceding banking day. Banking day refers to a day on which commercial banks are generally open for business in Hong Kong (other than a Saturday) in the normal manner. |
| Declarations, Warranties and Undertakings: | The Borrower declares, represents, warrants and undertakes to the Bank as follows |

---

(a) The Borrower is and Will Gontinue to be duly registered for carrying a business in Hong Kong under the Business Registration Ordinance and has been in operation since 25th January,2018;

Page 3 of 22

(b) The Borrower is not and shall not be an affiliate of the Bank (definition of "affiliate" is given in the Appendix 2 hereto);

(c) The Borrower is not and shall not be carrying on the business of a lender;

(d) The Borrower is not a company or corporation which has its shares listed on The Stock Exchange of Hong Kong Limited (whether on the Main Board or GEM) or similar exchanges in or outside Hong Kong;

(e) The proceeds of the drawing(s) under this letter will be used solely for the purposes permitted under this letter meeting general business and/or operational expenses;

(f) The Borrower shall not use the proceeds of the drawing(s) under this letter or any part thereof, directly or indirectly, in paying, repaying, restructuring or repackaging any loans, credit facility or payment obligations (including loans that are referred to as "classified loans" by Hong Kong Monetary Authority), of the Borrower, its subsidiaries or related entities, and/or in financing and/or re-financing the acquisition of any business installation, machinery, equipment or other asset that was in the ownership, control or possession of the Borrower, its subsidiaries or related entities (whether as owner or otherwise) on or at any time before the date on which the application for the facility granted under this letter is received by the Bank;

(g) The Borrower shall not have outstanding default with any authorized institution as defined in the Banking Ordinance as at the date of signing of the Application for the SME Financing Guarantee to be submitted to the HKMCI SME Financing Guarantee Scheme Unit of the HKMCI, whereas "default" is defined as failure to repay a loan, interest or other payments, or any part thereof, in accordance with the relevant facility and the indebtedness remains outstanding for 31 days or more after the due date;

(h) The Borrower shall upon the request of the HKMCI or the Bank permit representatives of the HKMCI to inspect the books, records, accounts and any other information relating to its business, whether in the paper, electronic or any other form or medium;

(i) The Borrower shall not do or permit to be done anything which would prejudice or jeopardise the rights of the Bank or HKMC I, or both, in respect of the facility granted under this letter;

Page 4 of 22

(j) The Borrower and the Guarantor(s) shall keep the Bank and the HKMCI informed of any change of address or other pertinent particulars recorded with the Bank;

(k) The Borrower and the Guarantor(s) shall deliver to the Bank any information including but not limited to audited accounts, bank statements and income proof as the Bank may from time to time reasonably request;

(l) No event of default as is referred to in the section entitled "Events of Default" hereof nor any other condition event or act which with the giving of notice or lapse of time or both would constitute such event has occurred;

(m) The Borrower and any of the following parties have no relationship with the directors or employees (within the meaning of Section 83 of the Banking Ordinance) of The Bank of East Asia Group:

● Shareholders and directors of the Borrower, in the case of a limited company,

● Sole proprietor or any of the partners of the Borrower, in the case of an unlimited company

● Any of the Guarantor(s)

● Any of the security provider(s) in respect of the facility granted under this letter

---

| | |
|:---|:---|
|  | The Borrower shall notify the Bank promptly in writing if the Borrower or any of the above parties become so related; |
| (n) | The Borrower shall not create, or permit to be created or subsist, any subsequent security ranking in priority to or pari passu with any security that may be given to or held by the Bank for the facility granted under this letter (whether exclusively or otherwise); |
| (o) | The Borrower shall not at any time when any amount remains outstanding hereunder sell, sub-lease, charge, part with possession of or otherwise deal with (whether in whole or in part) any business installations and equipment and/or other assets referred to in the Application Form to the HKMCI or this letter as to be acquired with any of the proceeds of the facility granted under this letter without the prior written consent of the Bank, and, if the foregoing has not been complied with, the Borrower shall ensure that all the proceeds or sums realized or generated as a result shall be paid direct to the Bank for application in or towards payment and discharge of the facility granted under this letter; |

---

Page 5 of 22

(p) The Bank reserves the sole and absolute right to (i) prescribe any conditions subject to which it provides any services and/or the Facility; (ii) refuse to take any instruction, to provide any services and/or the Facility or to act on any instruction; and (iii) take any actions (including but not limited to the recourse to the Borrower, the guarantor(s) or the security provider(s) or suspension, termination or closure of the Facility / relevant account(s)) to ensure its compliance with any anti-money laundering, counter-terrorist financing, sanctions, embargo or other similar requirements, other applicable laws, rules, regulations, guidelines, requests and/or recommendations. The Bank will not be liable for any loss caused in whole or in part by any actions/matters which may delay or prevent the processing of any instructions relating to this facility letter and the Facility due to the Bank's fulfillment of any anti-money laundering, counter-terrorist financing, sanctions, embargo or other similar requirements under applicable laws and regulations.

(q) The Borrower shall fully indemnify the Bank for any cost, loss or liability incurred by the Bank as a result of any actions taken by the Bank in connection with the fulfillment of any anti-money laundering, counter-terrorist financing, sanctions, embargo or other similar requirements under applicable laws and regulations.

(r) The Borrower shall, and shall ensure and procure that each member of its group shall:

(i) comply in all respects with all applicable laws, ordinances, rules and regulations (including but not limited to not using the Bank's accounts in dealings of proceeds from tax evasion);

(ii) file or cause to be filed all tax returns required to be filed in all jurisdictions in which it is situated or carries on business or otherwise is subject to taxation; and

(iii) pay all taxes shown to be due and payable on such returns or any assessments made against it.

Page 6 of 22

(s) The Borrower represent(s), declare(s) and
 undertake(s) to the Bank that the utilization of any Facility or use of Facility proceeds drawn under this letter do not and will
 not conflict with any law or regulation applicable to the Borrower (including without limitation those in force in the People's
 Republic of China). The above representation and declaration are deemed to be made by the Borrower by reference to the facts then
 existing during the period where the Facility or any part thereof remain outstanding.

(t) The Borrower declare(s) and undertake(s) to the Bank that there was no termination of banking relationship at other bank(s) due to past unsatisfactory performance except for notices to such effect have been given directly or indirectly to the Bank.

---

| | |
|:---|:---|
|  | The Borrower further represents warrants and undertakes to the Bank in the terms as set out in Appendix 1 hereto. |
| Suspension and Termination: | In the event of occurrence of any event of default as referred to in defined in the section entitled "Events of Default" hereof, the Bank shall be entitled to suspend or terminate the facility granted under this letter and demand immediate payment of the balance thereof together with interest, charges and all other sums payable hereunder. Upon suspension or termination of the facility granted under this letter, no drawing may be made by the Borrower under any of the facility granted under this letter. |
| Events of Default:<br>(a) | The Borrower fails to pay on the due date to the Bank any sum (including but not limited to any principal repayment and interest payment) that the Borrower is obliged to pay hereunder; or |
| (b) | The Borrower fails to observe or perform any of the terms and conditions hereunder; or |
| (c) | The Borrower or the Guarantor(s) becomes insolvent/bankrupt or goes into liquidation or any liquidator or receiver is or has been appointed over all or a substantial portion of the business or assets of the Borrower or the Guarantor(s); or |
| (d) | The Borrower or any of the Guarantor(s) appears either to be unable to pay or to have no reasonable prospect of being able to pay any debt within the meaning of the Bankruptcy Ordinance (Cap.6) or has a receiving order against it; or |

---

Page 7 of 22

---

| | | |
|:---|:---|:---|
|  | (e) | There occurs, in the opinion of the Bank, a material adverse change in the financial condition of the Borrower or the Guarantor(s) or there occurs, in the opinion of the Bank, any situation which has materially and adversely affected or would materially and adversely affect the ability of the Borrower or the Guarantor(s) to perform any or all of its obligation hereunder; or |
|  | (f) | Resolutions are passed or orders are made for winding up of the Borrower other than for the purposes of and followed by a reconstruction or amalgamation or reorganisation the terms of which shall have first been approved by the Bank; or |
|  | (g) | Any indebtedness of the Borrower or the Guarantor(s) becomes due before its stated maturity or when called, or the Borrower or the Guarantor(s) defaults under, or commits a breach of, any instrument or agreement relating to any such indebtedness or guarantee; or |
|  | (h) | Any step is taken by any person for the purpose of a reconstruction, amalgamation, reorganisation, merger or take-over involving the Borrower or the Guarantor(s) (except for a merger or take-over on terms approved by the Bank before that step is taken); or |
|  | (i) | Any representation, warranty or statement made by the Borrower hereunder is not complied with or is or proves to be incorrect or misleading in any material respect when made, repeated or deemed to be repeated. |
| Other Conditions: | (a) | The Borrower's consent is hereby given for the Bank and the HKMC I access to all information concerning the facility granted under this letter and other related purposes and authorize the Bank to disclose the Borrower's information to such parties, including but not limited to credit reference agency, as is necessary for verification of the information provided by the Borrower, checking the creditworthiness of the Borrower and enforcement of any terms and conditions hereunder; |
|  | (b) | The Bank shall be entitled to, at its absolute discretion, assign or transfer any or all of its right and obligations in relation to the facility granted under this letter to any other party and disclose on confidential basis such information about the Borrower and the Guarantor(s) and the facility granted under this letter to a potential assignee or participant as the Bank may consider appropriate without notice to the Borrower and the Guarantor(s); |

---

Page 8 of 22

(c) The Bank may at any time without prior notice to the Borrower apply the credit balance on any account which the Borrower and the Guarantor(s) maintains with the Bank, in or towards discharging the Borrower's and the Guarantor(s)' liabilities in respect of the facility granted under this letter;

(d) The Borrower and the Guarantor(s) shall sign or execute such other documents as may from time to time be requested by the Bank in connection with the facility granted under this letter;

(e) Interest on the facility granted under this letter and all other charges shall be subject to variation from time to time at the Bank's absolute discretion;

(f) The Bank shall at its absolute discretion take such action as it deems fit to enforce these terms and conditions including without limitation to the employment of debt collection agencies to collect any sums owing to the Bank and the Borrower shall indemnify the Bank in full for all reasonable costs and expenses including legal fees and the charges of any debt collection agencies incurred by the Bank in respect of any such enforcement action;

(g) The Borrower shall forthwith on demand reimburse the Bank all out of pocket expenses (including but not limited to legal fees and disbursements) incurred by the Bank in connection with the facility granted under this letter including, without limitation, the negotiation, preparation, execution and/or enforcement of this letter and other relevant documents as specified in section entitled "Availability" hereof;

(i) The Bank reserves the right to amend any of the terms and conditions of this letter at any time upon notice to the Borrower and the Guarantor(s);

Page 9 of 22

(j) Each of the terms and conditions hereunder is severable and distinct from the others and, if one or more of such terms and conditions is or becomes illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining terms and conditions shall not be affected or impaired in any way;

(k) No relaxation, forbearance or indulgence by the Bank in enforcing any of the terms and conditions hereunder or the granting of time hereunder shall prejudice, affect or restrict any of the rights and powers of the Bank hereunder. No failure or delay on the part of the Bank to exercise any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Bank of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy, nor shall the giving by the Bank of any consent to any act or thing which by the terms and conditions hereunder requires such consent prejudice the Bank's right to withhold or give consent to the doing of any other similar act or thing. The rights and remedies provided hereunder are cumulative and are not exclusive of any rights or remedies provided by law or in equity, by statute or otherwise;

(l) The Borrower agrees that the Bank may from time to time provide to the Guarantor(s), any person who has given or who proposes to give a guarantee or a third party security to secure any of the Borrower's liabilities hereunder a copy of the contract evidencing the obligations to be guaranteed or secured or a summary thereof, copies of any formal demand for overdue payment which may be sent to the Borrower, and copies of the latest statements of account provided to the Borrower.

(m) Without prejudice to the Bank's rights as set out in this facility letter, the Bank may revise or vary the terms applicable to the Facility if there is any (i) material adverse change or deterioration in respect of the financial condition or position of the Borrower or the guarantor(s) or the security provider(s) at any time as determined by the Bank at its sole and absolute discretion or (ii) downgrade of the credit rating of the Borrower or the guarantor(s) or the security provider(s) as announced by any credit rating agency from time to time.

Page 10 of 22

(n) If for any reason (including but not limited to insolvency, breach of fiduciary or statutory duties, fulfillment of any anti-money laundering, counter-terrorist financing or other similar requirements under any applicable law and regulations, or any other similar event) (i) any payment to the Bank (whether in respect of the obligations and/or indebtedness of any of the Borrower, the guarantor(s) and the security provider(s) or any security for those obligations and/or indebtedness or otherwise) is avoided, reduced or required to be restored, or (ii) any discharge, compromise or arrangement (whether in respect of the obligations and/or indebtedness of any of the Borrower, the guarantor(s) and the security provider(s) or any security for those obligations and/or indebtedness or otherwise) given or made wholly or partly on the basis of any payment, security or other matter is avoided, reduced or required to be restored, then (a) the liability of each of the Borrower, the guarantor(s) and the security provider(s) shall continue (or be deemed to continue) as if the payment, discharge, compromise or arrangement had not occurred, and (b) the Bank shall be entitled to recover the value or amount of that payment or security from each of the Borrower, the guarantor(s) and the security provider(s), as if the payment, discharge, compromise or arrangement had not occurred.

(O) The Bank would not process and would reject any transaction which may violate or breach any sanctions, anti-money laundering or counter-terrorist financing laws, regulations, rules, guidelines and procedures promulgated by the United Nations, the European Union, the United States, the United Kingdom, Hong Kong and all other jurisdictions to which the Bank is subject or have impact on the Bank. The Bank will not be liable for any claims, losses, damages, costs or expenses suffered by any party in connection with such transactions.

Page 11 of 22

(p) Any release, discharge or settlement between the Borrower, the guarantor(s), the security provider(s) and the Bank shall be conditional upon no security, disposition or payment to the Bank by the Borrower, the guarantor(s) and the security provider(s) being void, set aside, ordered to be refunded, retained or held on suspense pursuant to any enactment or applicable law relating to bankruptcy, liquidation, administration or insolvency or any enactment or applicable law relating to anti-money laundering or anti-terrorism financing or other similar requirements or for any other reason whatsoever and if the aforesaid condition shall not be fulfilled, the Bank shall be entitled to enforce this facility letter and the Security Documents subsequently as if such release, discharge or settlement had not occurred and any such payment had not been made.

(q) No person other than the Borrower or the Bank will have any right under the Contracts (Rights of Third Parties) Ordinance (Gap. 623 of the Laws of Hong Kong) to enforce or enjoy the benefit of any of the provisions and the terms and conditions set out in this facility letter.

---

| | |
|:---|:---|
| Set-off: | The Bank may at any time without notice, notwithstanding any settlement of account or other matter whatsoever, combine or consolidate all or any of the Borrower's then existing account(s) with the Bank (of any nature or description whatsoever and whether subject to notice or not) and set-off or transfer any sum standing to the credit thereof in or towards satisfaction of any liabilities of the Borrower to the Bank under this letter or otherwise, whether such liabilities be present or future, matured or unmatured, actual or contingent, primary or collateral and several or joint and where such combination, set-off or transfer requires the conversion of one currency into another, such conversion shall be calculated at the Bank's spot buying rate of exchange (as conclusively determined by the Bank) for the currency for which the Borrower is liable against the existing currency so converted. Further in so far as any liabilities of the Borrower to the Bank is contingent or future, the Bank's liability to make payment of any sum standing to the credit of any account of the Borrower shall to the extent necessary to cover any such liabilities be suspended until the happening of the contingency or future event. |
| Indemnity: | The Borrower shall indemnify the Bank against all losses, liabilities, damages, costs and expenses incurred by it arising out of or in connection with the execution or performance of the terms and conditions hereof and against all actions, proceedings, claims, demands, costs, charges and expenses which may be incurred, sustained or arise in respect of the non-performance or non-observance of any of the undertakings and agreements on the part of the Borrower herein contained or in respect of any matter or things done or omitted relating in any way whatsoever to this letter. |

---

Page 12 of 22

---

| | |
|:---|:---|
| Conclusive Evidence: | The Bank's calculation of the amount due and payable by the Borrower under this letter at any time shall (save for manifest error) be conclusive and binding on the Borrower. |
| Entire Agreement: | This letter constitutes the entire agreement of the Bank and the Borrower and supersedes any previous expressions of intent or understanding in respect of this transaction. |
| Overriding Right of Repayment: | Notwithstanding anything contained herein to the contrary, all amounts, interest and any other sum owing under this letter will be subject to the Bank's customary overriding right of repayment upon demand and the Bank hereby reserves the unfettered right of terminating the facility granted under this letter at any time without notice. |
|  | Without prejudice to the foregoing and any other provision of this letter, if the Borrower shall fail to pay to the Bank on the due date any sum (including but not limited to any principal repayment and interest payment) that the Borrower is obliged to pay hereunder, all amounts, interest any other sum or liabilities (including future or contingent liabilities) payable by the Borrower to the Bank hereunder or under any other financial transaction between the Borrower and the Bank shall become immediately due and payable in full. |
| Expiry or Termination of HKMC I Guarantee: | Notwithstanding anything contained herein to the contrary, all amounts, interest and any other sum owing under this letter shall become immediately due and payable upon the expiry or termination of the HKMCI Guarantee for any reason |
| Governing Law and Jurisdiction: | This letter, all documents involved and the rights and obligations of the Bank, the Borrower and the Guarantor(s) hereunder shall be governed by the laws of the Hong Kong |
| " ' " | Special Administrative Region and each of the parties hereto hereby submits to the non-exclusive jurisdiction of the Hong Kong Courts. The Borrower acknowledges that the Bank and the HKMCI reserve the right to take any actions deemed appropriate against the Borrower. |

---

Page 13 of 22

Please confirm your acceptance of the terms and conditions outlined above by signing as indicated and returning the enclosed duplicate of this letter to Mr. Ralf Au Yeung of Mongkok Business Centre at 2/F, 638-640 Nathan Road, Mongkok no later than 12th February,2022, failing which our offer of the facility granted under this letter will automatically lapse. Notwithstanding the foregoing, the Bank shall be entitled to cancel any undrawn balance of the facility granted under this letter by giving notice to the Borrower at any time subject to its sole and absolute discretion.

Should you have any query or require any further information in this connection, please do not hesitate•to contact our Mr. Ralf Au Yeung of Mongkok Business Centre on 3609 2966.

Yours faithfully,

For and on behalf of

The Bank of East Asia, Limited

*/s/ The Bank of East Asia, Limited*

Page 14 of 22

We agree and accept the terms and conditions contained in this letter.

We agree and acknowledge that the Bank is entitled (but under no obligations), immediately after the Facility is utilised, to sell, transfer and assign the Facility, related guarantees and security (if any) in favour of The Hong Kong Mortgage Corporation Limited.

We hereby authorize BEA to debit our account for each instalment and interest payable thereunder together with any late charge for overdue instalment payments and any other charges incurred.

/s/ Wonderful Concept Investment Limited

Borrower: Wonderful Concept Investment Limited

Date: 17 Jan 2022

I/We agree and accept the terms and conditions contained in this letter.

I/We agree and acknowledge that the Bank is entitled (but under no obligations), immediately after the Facility is utilised, to sell, transfer and assign the Facility, related guarantees and security (if any) in favour of The Hong Kong Mortgage Corporation Limited.

Page 15 of 22

**Appendix 1**

**REPRESENTATIONS AND COVENANTS**

**1.1** **Status** 

The Borrower makes all those representations and warranties relating to its status as an eligible borrower as set out in the Guarantee Product Eligibility Criteria (as set out in the Operating Procedures for the HKMC Insurance Limited's financing guarantee scheme for small and medium sized enterprises ("Operating Procedures").

**1.2** **Governing Law and Judgments** 

In any proceedings taken in its jurisdiction of incorporation or establishment in relation to this letter, the choice of Hong Kong law as the governing law of this letter and any judgment obtained in Hong Kong against it with respect to this letter will be recognised and enforced.

**1.3** **Binding Obligations** 

The obligations expressed to be assumed by it in this letter are legal and valid obligations binding on it and enforceable against it in accordance with the terms thereof.

**1.4** **Execution of this letter** 

The Borrower's execution of this letter, its exercise of its rights and performance of its obligations thereunder and the transactions contemplated thereby do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contravene any agreement, mortgage, bond or other instrument
or treaty to which it is a party or which is binding upon it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conflict with its memorandum and articles of association or
any other constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conflict with any applicable law or regulation.

The Borrower has the power to enter into this letter and all corporate and other action required to authorise the execution of this letter and the performance of its obligations thereunder has been duly taken. No limit on its powers will be exceeded as a result of the borrowing or other assumption of obligations, or any grant of security or giving of indemnities, contemplated by this letter.

Page 16 of 22

1.5 No Material Proceedings

No litigation, arbitration, administrative proceedings or labour controversy before any court, tribunal, arbitrator or other relevant authority is current or, to the knowledge and belief of a senior officer of it, pending or threatened against it which would have a material adverse effect, save for any such legal pfoceedings commenced by a third party which are frivolous or vexatious, have no reasonable cause of action or which are being contested in good faith by appropriate proceedings and against which adequate reserves are maintained.

**1.6** **No Material** Adverse Change

Since the date of its most recent financial statements (or audited financial statements in the case where the Borrower is a limited company), there has been no material adverse change in the business or financial condition of it.

1.7 Validity and Admissibility in Evidence

All acts, conditions and things required to be done, fulfilled and performed and all authorisations (governmental or otherwise) required to be obtained in order (a) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations in this letter, (b) to ensure that its obligations in this letter are legal, valid, binding and enforceable and (c) to make this letter admissible in evidence in its jurisdiction of incorporation or establishment have been done, fulfilled, performed and obtained and in full force and effect.

1.8 Claims Pari Passu

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, the Bank's claims against the Borrower under this letter rank at least pari passu with claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatory preferred by law applying to companies generally.

**1.9** **No Filing or Stamp** Taxes

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, it is not necessary that this letter be filed, recorded or enrolled with any court or other authority in such jurisdiction or that any stamp, registration or similar tax be paid on or in relation to this letter or the transactions contemplated by this letter.

1.10 No Immunity

In any proceedings taken in the jurisdiction of incorporation or establishment of it in relation to this letter, the Borrower will not be entitled to claim for it or any of its assets immunity from suit, execution, attachment or other legal process.

Page 17 of 22

1.11 No Winding-up

The Borrower has not taken any corporate action nor have any other steps been taken or legal proceedings (save for any such legal proceedings commenced by a third party which are (i) frivolous or vexatious or (ii) which are being contested in good faith by appropriate proceedings and against which adequate reserves are maintained and, in each case, are unconditionally discharged or dismissed within 180 (one hundred and eighty) days) been started or threatened against it for its winding-up, dissolution, administration or reorganisation (whether by voluntary arrangement, scheme of arrangement or otherwise) or for the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory or interim manager, conservator, custodian, trustee or similar officer of it or of any or all of its assets or revenues.

1.12 Written Information

All material written information supplied by the Borrower is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect.

1.13 Solvency

The Borrower is able to pay its debts as they fall due and has not commenced negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or made a general assignment for the benefit of or a composition with its creditors.

1.14 Taxes

The Borrower has filed or caused to be filed all tax returns which are required to be filed by it and has paid all taxes shown to be due and payable by it on such returns or any assessment received by it, save for taxes which are being contested in good faith by appropriate proceedings and in respect of which adequate reserves have been set aside by it.

1.15 Compliance

The Borrower is, to the knowledge and belief of a senior officer of it, in compliance with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities save those which are not material to its business and the effect of such non-compliance is not significantly adverse to it.

Page 18 of 22

2. Covenants

2.1 Maintenance of Legal Validity

The Borrower shall promptly obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws of its jurisdiction of incorporation or establish ment to enable it to lawfully enter into and perform its obligations under this letter and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of this letter.

2.2 Notification of Events of Default

The Borrower shall promptly inform the Bank after it becomes aware of the occurrence of any default or event of default under this letter or of any event which might reasonably be expected to have a material adverse effect.

2.3 Claims Pari Passu

Subject to Clause 2.13 below, the Borrower shall ensure that at all times the claims of the Bank against it under this letter rank and continue to rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatorily preferred by law applying to companies generally.

2.4 Taxes

The Borrower shall duly and punctually file all tax returns when due and pay and discharge all taxes prior to the date on which penalties are attached thereto except fo r such taxes which are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside and payment of which can be lawfully withheld.

2.5 Information

The Borrower shall promptly deliver to the Bank copies of all its audited and unaudited financial statements and such other reports and information relating to the Borrower as we may reasonably request from time to time.

2.6 Maintenance of Records

The Borrower shall maintain all books of records and accounts with respect to itself and its business in good order.

Page 19 of 22

2.7 "inspection

The Borrower shall, upon reasonable prior written notice from the Bank and during normal working hours, permit and arrange for the Bank or its other authorized representatives to inspect all financial records and books of accounts and discuss the Borrower's business affairs with its officers and advisors as the Bank may reasonably request.

2.8 Use of Proceeds

Proceeds from the Facility shall be used to pay wages and rents by the Borrower. In addition to paying wages and rents, the Borrower can use the proceeds from the Facility to meet imminent needs in working capital.

Proceeds from the Facility must not be used, whether in whole or in part, for paying, repaying, restructuring or repackaging all or any part of any loan, credit facility or payment obligation of the Borrower, its subsidiaries or its related entities to the Bank, including any SFGS guaranteed facilities granted to the Borrower by the Bank.

2.9 Compliance

The Borrower shall comply in all respects with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities if failure to comply with such requirements would (either individually or in aggregate) have a material adverse effect.

2.10 Insurance

The Borrower shall maintain insurances on and in relation to its business and assets, in each case, with reputable underwriters or insurance companies against such risks and to such extent as is usual for companies carrying on a business such as that carried on by the Borrower and is commercially available.

2.11 Business

The Borrower shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has power to own its assets and carry on business as conducted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has good title (free from any restrictions or onerous covenants) to all of the assets required for carrying on its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has obtained or effected all authorisations, approvals, consents, exemptions, filings, licenses,
 notarisations, permits and registrations which are required in connection with its business, and that all such authorisations,
 approvals, consents, exemptions, filings, licenses, notarisations, permits and registrations are in full force and effect, except
 where the failure to obtain or effect the same or, as the case may be, the cessation of the force and
effect of the same would not reasonably be expected to, have a material adverse effect.

Page 20 of 22

2.12 Obligations

Without prejudice to the performance of the Borrower's other obligations under this letter, the Borrower shall perform all its obligations under all of the material agreements or contracts to which it is a party.

2.13 Security and Further Assurance

If by the terms of this letter, security is to be given by the Borrower in favour of the Bank, the Borrower shall ensure that each security document confers valid security, of the type which such security document purports to create, in favour of the Bank, over each asset, right and benefit expressed to be subject to such security and ensure that the Bank enjoys the priority which such security is expressed to have. The Borrower shall promptly execute all documents and do all things that the Bank reasonably specifies for the purpose of enabling it to exercise its rights under each security document or preserving the priority and effectiveness of such security.

**3.** **Reliance and Repeated** Representation

The representations and warranties set out in Clause 1.1 *(Status)* to Clause 1.15 *(Compliance)* of this Appendix are to be made by the Borrower as of the date of this letter and the Borrower acknowledges expressly that the Bank enters into this letter in reliance on all these representations and warranties. In addition, the Borrower acknowledges expressly that each of the representations and warranties set out in Clause 1.1 *(StatUs)* to Clause 1.8 (C/aims *Pari Passu),* Clause 1.10 *(No Immunity)* to Clause 1.15 *(Compliance)* of this Appendix shall be deemed to be repeated by the Borrower by reference to the facts and circumstances then existing on each date on which a drawdown is made under the facility granted in this letter and on each date on which any amount is payable by the Borrower under the facility granted in this letter.

Page 21 of 22

**Appendix 2**

**DEFINITION OF AFFILIAT E**

"affiliate", in relation to the Bank means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any company which controls the Bank or one over which the Bank has control or any company which is
under the control of the same person as the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any person who controls the Bank and any partner of such person, and, where either such person is an
individual, any relative of such individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any director of the Bank or of any company referred to in paragraph (a) above and any relative of any such director;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any partner of the Bank and, where such partner is an individual, any relative of such individual.

"control" in relation to a company, means the power of a person to secure :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by means of the holding of shares or the possession of voting power in or in relation to such or any
other company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by virtue of any powers conferred by the articles of association or other document regulating such or
any other company,

that the affairs of such company are conducted in accordance with the wishes of such person.

**"relative',** in relation to an individual, means the spouse, parent, child, brother, sister, brother-in-law, father-in-law, mother-in-law, sister-in-law, daughter-in-law, son-in-law, aunt, cousin, uncle, niece, nephew, grandfather or grandmother of the individual, and for the purposes of this definition, an adopted child shall be regarded as a child both of the natural parents and the adoptive parents and a stepchild as the child of both the natural parents and any step parents.

Page 22 of 22

## Exhibit 10.8

**Exhibit 10.8**

22nd November, 2022

<u>Confidential</u>

WONDERFUL CONCEPT INVESTMENT LIMITED

2/F

KAM LUNG COMMERCIAL CENTRE

NO 2 HART AVENUE

TSIM SHA TSUI KLN

Dear Sirs,

---

| | |
|:---|:---|
| **Re:** | **Non-revolving term loan Facility** |
|  | Borrower: WONDERFUL CONCEPT INVESTMENT LIMITED **(the "Borrower")** |
| | **under SME Financinq Guarantee Scheme ("SFGS")** |

---

We, The Bank of East Asia, Limited (the "Bank"), are pleased to offer you the following loan facility subject to the terms and conditions hereunder.

---

| | |
|:---|:---|
| Facility: | Non-revolving term loan facility with a maximum loan amount of HKD4,000,000.- |
| Purpose: | Primarily for paying wages and rents by the Borrower. In addition to paying wages and rents, the Borrowers can use the proceeds from the Facility to meet imminent needs in working capital. |
| Drawdown: | Subject to availability of the Bank's funds. |
| Interest: | Interest shall be calculated at the rate of an equivalent interest rate of 2.5% per annum below the prime lending rate for Hong Kong Dollars quoted by the HKMC from time to time will be charged. |
| Interest Payment: | Interest accrued shall be payable monthly in arrears. |
| Overdue Interest: | Any arrears of payment due under this letter will be subject to a charge of overdue interest calculated at 5% over the loan interest rate. A minimum charge of HKD100.- will be applied to each overdue payment for term loan facility. |
|  | Please note that the overdue interests and charges are subject to change from time to time at the discretion of the Bank. |

---

Page 1 of 22

---

| | |
|:---|:---|
| Repayment: | Subject to the Bank's overriding right of repayment on demand, principal amount repayable by 120 unequal monthly instalments commencing one month from the drawdown date and the dates falling on successive monthly intervals thereafter until the Final Maturity Date in accordance with the following repayment schedule:- |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Instalment no. | &nbsp;&nbsp;Amount of each instalment |
| &nbsp;&nbsp;1<sup>st</sup> - 12'^ instalment | &nbsp;&nbsp;Interest only |
| &nbsp;&nbsp;13'<sup>h</sup> - 120<sup>th</sup> instalment | &nbsp;&nbsp;Principal plus interest |

---

The instalment amount shall vary as the interest rate changes. All amounts (including any remaining balance of principal, accrued interest and any other sums) outstanding on the Final Maturity Date shall be fully repaid on that date.

---

| | |
|:---|:---|
| Borrower: | WONDERFUL CONCEPT INVESTMENT LIMITED |
| Lender: | The Bank of East Asia, Limited |
| Guarantee: | The facility granted under this letter is subject to: |

---

(a) a guarantee for HKD4,000,000.- issued by the HKMC Insurance Limited ("HKMCI") under the SME Financing Guarantee Scheme (the "Scheme") in favour of the Bank in respect of the facility granted under this letter subject to the terms and conditions of the Deed dated 24'<sup>h</sup> December, 2010 and First Amendment Deed dated 21<sup>st</sup> March, 2012 for the Scheme entered into between the HKMCI and the Bank; and

(b) the guarantee of NG WAI LAM (the **"Guarantor(s)")** for HKD4,000,000.- plus interest and other charges relating to the liabilities of the Borrower. Where the Guarantor(s) is/are composed of more than one person, their liabilities shall be joint and several.

Page 2 of 22

Availability: The facility granted under this letter shall not be available for drawing unless and until:

(a) all the necessary formalities specified by the HKMCI under the Scheme are completed;

(b) the HKMCI has issued a guarantee pursuant to the Scheme in favour of the Bank in respect of the facility granted hereunder (the "HKMCI Guarantee");

(c) the completion of all the documents mentioned herein and all necessary formalities specified by the Bank, and safe receipt by the Bank of the following documents duly completed and signed by the relevant parties:

● This letter;

● Board resolution of Borrower;

● Guarantee;

● Notice to Guarantor(s) in relation to the Guarantee;

● Application Form by the Borrower to the HKMCI;

● Such other documents as the Bank may request including without limitation to those as may be required to evidence any and all licences, authorizations, consents or approvals necessary for the performance by the Borrower and/or the Guarantor(s) of their respective obligations under this letter.

---

| | |
|:---|:---|
|  | The Bank shall have the right to cancel any undrawn balance of the facility granted under this letter if the Borrower defaults in repayment of any amount due under this letter or breaches any of the terms and conditions hereunder; |
| Paymentdue on Non-banking day: | Payment due on a non-banking day shall be paid on the next succeeding banking day unless such banking day shall fall in the next calendar month when it shall be made on the immediately preceding banking day. Banking day refers to a day on which commercial banks are generally open for business in Hong Kong (other than a Saturday) in the normal manner. |
| Declarations, Warranties and Undertakings: | The Borrower declares, represents, warrants and undertakes to the Bank as follows : |

---

(a) The Borrower registered is and for carrying will a business
in Hong Kong continue to be duly under the Business Registration Ordinance and has been in operation since 25th January,2018;

Page 3 of 22

(b) The Borrower is not and shall not be an affiliate of the Bank (definition of "affiliate"
is given in the Appendix 2 hereto);

(c) The Borrower is not and shall not be carrying on the business of a lender;

(d) The Borrower is not a company or corporation which has its shares listed on The
Stock Exchange of Hong Kong Limited (whether on the Main Board or GEM) or similar exchanges in or outside Hong Kong;

(e) The proceeds of the drawing(s) under this letter will be used solely for the purposes
permitted under this letter meeting general business and/or operational expenses;

(f) The Borrower shall not use the proceeds of the drawing(s) under
this letter or any part thereof, directly or indirectly, in paying, repaying, restructuring or repackaging any loans, credit facility
or payment obligations (including loans that are referred to as "classified loans" by Hong Kong Monetary Authority), of the
Borrower, its subsidiaries or related entities, and/or in financing and/or re-financing the acquisition of any business installation,
machinery, equipment or other asset that was in the ownership, control or possession of the Borrower, its subsidiaries or related entities
(whether as owner or otherwise) on or at any time before the date on which the application for the facility granted under this letter
is received by the Bank;

(g) The Borrower shall not have outstanding default with any authorized institution as defined in the Banking Ordinance as at the date of signing of the Application for the SME Financing Guarantee to be submitted to the HKMCI SME Financing Guarantee Scheme Unit of the HKMCI, whereas "default" is defined as failure to repay a loan, interest or other payments, or any part thereof, in accordance with the relevant facility and the indebtedness remains outstanding for 31 days or more after the due date;

(h) The Borrower shall upon the request of the HKMCI or the Bank permit representatives of the HKMCI to
inspect the books, records, accounts and any other information relating to its business, whether in the paper, electronic or any other
form or medium;

Page 4 of 22

(i) The Borrower shall not do or permit to be done anything which would prejudice
or jeopardise the rights of the Bank or HKMCI, or both, in respect of
the facility granted under this letter;

(j) The Borrower and the Guarantor(s) shall keep the Bank and the HKMCI informed of
any change of address or other pertinent particulars recorded with the Bank;

(k) The Borrower and the Guarantor(s) shall deliver to the Bank any information including
but not limited to audited accounts, bank statements
and income proof as the Bank may from time to time reasonably request;

(l) No event of default as is referred to in the
section entitled "Events of Default" hereof nor any other condition event or act which with the giving of notice or lapse
of time or both would constitute such event has occurred;

(m) The Borrower and any of the following parties have no relationship
with the directors or employees (within the meaning of Section 83 of the Banking Ordinance) of The Bank of East Asia Group:

● Shareholders and directors of the Borrower, in the case of a limited company,

● Sole proprietor or any of the partners of the Borrower, in the case of an unlimited
company

● Any of the Guarantor(s)

 The Borrower shall notify the Bank promptly in writing if the Borrower or any of the above parties become so related;

(n) The Borrower shall not create, or permit to be created or subsist, any subsequent
security ranking in priority to or pari passu with any security that may be given to or held by the Bank for the facility granted under
this letter (whether exclusively or otherwise);

(o) The Borrower shall not at any time when any amount
remains outstanding hereunder sell, sub-lease, charge, part with possession of or otherwise deal with (whether in whole or in part) any
business installations and equipment and/or other assets referred to in the Application Form to the HKMCI or this letter as to be acquired
with any of the proceeds of the facility granted
under this letter without the prior written consent of the Bank, and, if the foregoing has not been complied with, the Borrower
shall ensure that all the proceeds or sums realized or generated as a result shall be paid direct to the Bank for application in or
towards payment and discharge of the facility granted under this letter;

Page 5 of 22

(p) The Bank reserves the sole and absolute right to (i) prescribe any conditions subject to
 which it provides any services and/or the Facility; (ii) refuse to take any instruction, to provide any services and/or the Facility
 or to act on any instruction; and (iii) take any actions (including but not limited to the recourse to the Borrower, the
 guarantor(s) or the security provider(s) or suspension, termination or closure of the Facility / relevant account(s)) to ensure its
 compliance with any anti-money laundering, counter-terrorist financing, sanctions, embargo or other similar requirements, other
 applicable laws, rules, regulations, guidelines, requests
and/or recommendations. The Bank will not be liable for any loss caused in whole or in part by any actions/matters which may delay or
prevent the processing of any instructions relating to this facility letter and the Facility due to the Bank's fulfillment of any anti-money
laundering, counter-terrorist financing, sanctions, embargo or other similar requirements under applicable laws and regulations.

(q) The Borrower shall fully indemnify the Bank for any cost, loss or liability incurred
by the Bank as a result of any actions taken by the Bank in connection with the fulfillment of any anti-money laundering, counter-terrorist
financing, sanctions, embargo or other similar requirements under applicable laws and regulations.

(r) The Borrower shall, and shall ensure and procure that each member of its group shall:

(i) comply in all respects with all applicable laws, ordinances, rules and regulations
(including but not limited to not using the Bank's accounts in dealings of proceeds from tax evasion);

(ii) file or cause to be filed all tax returns required to be filed in all jurisdictions
in which it is situated or carries on business or otherwise is subject to taxation; and

Page 6 of 22

(iii) pay all taxes shown to be due and payable on such returns or
any assessments made against it.

(s) The Borrower represent(s), declare(s) and undertake(s) to the
Bank that the utilization of any Facility or use of Facility proceeds drawn under this letter do not and will not conflict with any law
or regulation applicable to the Borrower (including without limitation those in force in the People's Republic of China). The above representation
and declaration are deemed to be made by the Borrower by reference to the facts then existing during the period where the Facility or
any part thereof remain outstanding.

---

| | |
|:---|:---|
| (t) | The Borrower declare(s) and undertake(s) to the Bank that there was no termination of banking relationship at other bank(s) due to past unsatisfactory performance except for notices to such effect have been given directly or indirectly to the Bank. |
| The Borrower further represents warrants and undertakes to the Bank in the terms as set out in Appendix 1 hereto. | The Borrower further represents warrants and undertakes to the Bank in the terms as set out in Appendix 1 hereto. |

---

---

| | |
|:---|:---|
| Suspension and Termination: | In the event of occurrence of any event of default as referred to in defined in the section entitled "Events of Default" hereof, the Bank shall be entitled to suspend or terminate the facility granted under this letter and demand immediate payment of the balance thereof together with interest, charges and all other sums payable hereunder. Upon suspension or termination of the facility granted under this letter, no drawing may be made by the Borrower under any of the facility granted under this letter. |

---

(a) The Borrower fails to pay on the due date to the Bank any sum
(including but not limited to any principal repayment and interest payment) that the Borrower is obliged to pay hereunder; or

(b) The Borrower fails to observe or perform any of the terms and
conditions hereunder; or

(c) The Borrower or the Guarantor(s) becomes insolvent/bankrupt
or goes into liquidation or any liquidator or receiver is or has been appointed over all or a substantial portion of the business or
assets of the Borrower or the Guarantor(s); or

Page 7 of 22

(d) The Borrower or any of the Guarantor(s) appears either to be unable to pay or
to have no reasonable prospect of being able to pay any debt within the meaning of the Bankruptcy Ordinance (Cap.6) or has a receiving
order against it; or

(e) There occurs, in the opinion of the Bank, a
 material adverse change in the financial condition of the Borrower or the Guarantor(s) or there occurs, in the opinion of the Bank,
 any situation which has materially and adversely affected or would materially and adversely affect the ability of the Borrower or
 the Guarantor(s) to perform any or all of its obligation hereunder; or

(f} Resolutions are passed or orders are made for winding up of the Borrower other than for the purposes of and followed by a reconstruction or amalgamation or reorganisation the terms of which shall have first been approved by the Bank; or

(g) Any indebtedness of the Borrower or the Guarantor(s) becomes due before its stated
maturity or when called, or the Borrower or the Guarantor(s) defaults under, or commits a breach of, any instrument or agreement relating
to any such indebtedness or guarantee; or

(h) Any step is taken by any person for the purpose of a reconstruction, amalgamation,
reorganisation, merger or take-over involving the Borrower or the Guarantor(s) (except for a merger or take-over on terms approved by
the Bank before that step is taken); or

(i) Any representation, warranty or statement made by the Borrower hereunder is not
complied with or is or proves to be incorrect or misleading in any material respect when made, repeated or deemed to be repeated.

---

| | | |
|:---|:---|:---|
| Other Conditions: | (a) | The Borrower's consent is hereby given for the Bank and the HKMCI access to all information concerning the facility granted under this letter and other related purposes and authorize the Bank to disclose the Borrower's information to such parties, including but not limited to credit reference agency, as is necessary for verification of the information provided by the Borrower, checking the creditworthiness of the Borrower and enforcement of any terms and conditions hereunder; |

---

Page 8 of 22

(b) The Bank shall be entitled to, at its absolute discretion, assign or transfer
any or all of its right and obligations in relation to the facility granted under this letter to any other party and disclose on confidential
basis such information about the Borrower and the Guarantor(s) and the facility granted under this letter to a potential assignee or participant
as the Bank may consider appropriate without notice to the Borrower and the Guarantor(s);

(c) The Bank may at any time without prior notice to the Borrower apply the credit
balance on any account which the Borrower and the Guarantor(s) maintains with the Bank, in or towards discharging the Borrower's and the
Guarantor(s)' liabilities in respect of the facility granted under this letter;

(d) The Borrower and the Guarantor(s) shall sign or execute such other documents as
may from time to time be requested by the Bank in connection with the facility granted under this letter;

(e) Interest on the facility granted under this letter and all other charges shall
be subject to variation from time to time at the Bank's absolute discretion;

(f) The Bank shall at its absolute
discretion take such action as it deems fit to enforce these terms and conditions including without limitation to the employment
of debt collection agencies to collect any sums owing to the Bank and the Borrower shall indemnify the Bank in full for all reasonable
costs and expenses including legal fees and the charges of any debt collection agencies incurred by the Bank in respect of any such enforcement
action;

(g) The Borrower shall forthwith on demand reimburse the Bank all out of pocket expenses
(including but not limited to legal fees and disbursements) incurred by the Bank in connection with the facility granted under this letter
including, without limitation, the negotiation, preparation, execution and/or enforcement of this letter and other relevant documents
as specified in section entitled "Availability" hereof;

(h) Charges / pledges or encumbrance of any kind already in existence or coming into
existence any time in the future in relation to any real or personal properties wheresoever situate and whatever nature created or to be

extend to secure the liabilities of the Borrower under the facility granted under this letter;

Page 9 of 22

(i) The Bank reserves the right to
amend any of the terms and conditions of this letter at any time upon notice to the Borrower and the Guarantor(s);

(j) Each of the terms and conditions hereunder is severable and
distinct from the others and, if one or more of such terms and conditions is or becomes illegal, invalid or unenforceable, the legality,
validity and enforceability of the remaining terms and conditions shall not be affected or impaired in any way;

(k) No relaxation, forbearance or indulgence by the Bank in enforcing any of the terms
and conditions hereunder or the granting of time hereunder shall prejudice, affect or restrict any of the rights and powers of the Bank
hereunder. No failure or delay on the part of the Bank to exercise any power, right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise by the Bank of any power, right or remedy preclude any other or further exercise thereof or the
exercise of any other power, right or remedy, nor shall the giving by the Bank of any consent to any act or thing which by the terms and
conditions hereunder requires such consent prejudice the Bank's right to withhold or give consent to the doing of any other similar act
or thing. The rights and remedies provided hereunder are cumulative and are not exclusive of any rights or remedies provided by law or
in equity, by statute or otherwise;

(l) The Borrower agrees that the Bank may from time to time provide to the Guarantor(s),
any person who has given or who proposes to give a guarantee or a third party security to secure any of the Borrower's liabilities hereunder
a copy of the contract evidencing the obligations to be guaranteed or secured or a summary thereof, copies of any formal demand for overdue
payment which may be sent to the Borrower, and copies of the latest statements of account provided to the Borrower.

Page 10 of 22

(m) Without prejudice to the Bank's
rights as set out in this facility letter, the Bank may revise or vary the terms applicable to the Facility if there is any (i)
material adverse change or deterioration in respect of the financial condition or position of the Borrower or the guarantor(s) or the
security provider(s) at any time as determined by the Bank at its sole and absolute discretion or (ii) downgrade of the credit rating
of the Borrower or the guarantor(s) or the security provider(s) as announced by any credit rating agency from time to time.

(n) If for any reason (including but not limited to insolvency, breach of fiduciary
or statutory duties, fulfillment of any anti-money laundering, counter-terrorist financing or other similar requirements under any applicable
law and regulations, or any other similar event) (i) any payment to the Bank (whether in respect of the obligations and/or indebtedness
of any of the Borrower, the guarantor(s) and the security provider(s) or any security for those obligations and/or indebtedness or otherwise)
is avoided, reduced or required to be restored, or (ii) any discharge, compromise or arrangement (whether in respect of the obligations
and/or indebtedness of any of the Borrower, the guarantor(s) and the security provider(s) or any security for those obligations and/or
indebtedness or otherwise) given or made wholly or partly on the basis of any payment, security or other matter is avoided, reduced or
required to be restored, then (a) the liability of each of the Borrower, the guarantor(s) and the security provider(s) shall continue
(or be deemed to continue) as if the payment, discharge, compromise or arrangement had not occurred, and (b) the Bank shall be entitled
to recover the value or amount of that payment or security from each of the Borrower, the guarantor(s) and the security provider(s), as
if the payment, discharge, compromise or arrangement had not occurred

(o) The Bank would not process and would reject any transaction which may violate or
breach any sanctions, anti-money laundering or counter-terrorist financing laws, regulations, rules, guidelines and procedures promulgated
by the United Nations, the European Union, the United States,
the United Kingdom, Hong Kong and all other jurisdictions to which the Bank is subject or have impact on the Bank. The Bank
will not be liable for any claims, losses, damages, costs or expenses suffered by any party in connection with such
transactions.

Page 11 of 22

(p) Any release, discharge or settlement
between the Borrower, the guarantor(s), the security provider(s) and the Bank shall be conditional upon no security, disposition
or payment to the Bank by the Borrower, the guarantor(s) and the security provider(s) being void, set aside, ordered to be refunded,
retained or held on suspense pursuant to any enactment or applicable law relating to bankruptcy, liquidation, administration or insolvency
or any enactment or applicable law relating to anti-money laundering or anti-terrorism financing or other similar requirements or for
any other reason whatsoever and if the aforesaid condition shall not be fulfilled, the Bank shall be entitled to enforce this facility
letter and the Security Documents subsequently as if such release, discharge or settlement had not occurred and any such payment had
not been made.

(q) No person other than the Borrower
or the Bank will have any right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong) to
enforce or enjoy the benefit of any of the provisions and the terms and conditions set out in this facility letter.

---

| | |
|:---|:---|
| Set-off: | The Bank may at any time without notice, notwithstanding any settlement of account or other matter whatsoever, combine or consolidate all or any of the Borrower's then existing account(s) with the Bank (of any nature or description whatsoever and whether subject to notice or not) and set-off or transfer any sum standing to the credit thereof in or towards satisfaction of any liabilities of the Borrower to the Bank under this letter or otherwise, whether such liabilities be present or future, matured or unmatured, actual or contingent, primary or collateral and several or joint and where such combination, set-off or transfer requires the conversion of one currency into another, such conversion shall be calculated at the Bank's spot buying rate of exchange (as conclusively determined by the Bank) for the currency for which the Borrower is liable against the existing currency so converted. Further in so far as any liabilities of the Borrower to the Bank is contingent or future, the Bank's liability to make payment of any sum standing to the credit of any account of the Borrower shall to the extent necessary to cover any such liabilities be suspended until the happening of the contingency or future event. |

---

Page 12 of 22

---

| | |
|:---|:---|
| Indemnity: | The Borrower shall indemnify the Bank against all losses, liabilities, damages, costs and expenses incurred by it arising out of or in connection with the execution or performance of the terms and conditions hereof and against all actions, proceedings, claims, demands, costs, charges and expenses which may be incurred, sustained or arise in respect of the non-performance or non-observance of any of the undertakings and agreements on the part of the Borrower herein contained or in respect of any matter or things done or omitted relating in any way whatsoever to this letter. |
| Conclusive Evidence: | The Bank's calculation of the amount due and payable by the Borrower under this letter at any time shall (save for manifest error) be conclusive and binding on the Borrower. |
| Entire Agreement: | This letter constitutes the entire agreement of the Bank and the Borrower and supersedes any previous expressions of intent or understanding in respect of this transaction. |
| Overriding Right of Repayment: | Notwithstanding anything contained herein to the contrary, all amounts, interest and any other sum owing under this letter will be subject to the Bank's customary overriding right of repayment upon demand and the Bank hereby reserves the unfettered right of terminating the facility granted under this letter at any time without notice. |
|  | Without prejudice to the foregoing and any other provision of this letter, if the Borrower shall fail to pay to the Bank on the due date any sum (including but not limited to any principal repayment and interest payment) that the Borrower is obliged to pay hereunder, all amounts, interest any other sum or liabilities (including future or contingent liabilities) payable by the Borrower to the Bank hereunder or under any other financial transaction between the Borrower and the Bank shall become immediately due and payable in full. |

---

Page 13 of 22

---

| | |
|:---|:---|
| Expiry or Termination of HKMCI Guarantee: | Notwithstanding anything contained herein to the contrary, all amounts, interest and any other sum owing under this letter shall become immediately due and payable upon the expiry or termination of the HKMCI Guarantee for any reason. |
| Governing Law and Jurisdiction: | This letter, all documents involved and the rights and obligations of the Bank, the Borrower and the Guarantor(s) hereunder shall be governed by the laws of the Hong Kong Special Administrative Region and each of the parties hereto hereby submits to the non-exclusive jurisdiction of the Hong Kong Courts. The Borrower acknowledges that the Bank and the HKMCI reserve the right to take any actions deemed appropriate against the Borrower. |

---

Please confirm your acceptance of the terms and conditions outlined above by signing as indicated and returning the enclosed duplicate of this letter to Ms. Teresa Ng of Enterprise Banking Department at 38/F, BEA Tower, Millennium City 5, 418 Kwun Tong Road, Kwun Tong no later than 21st December,2022, failing which our offer of the facility granted under this letter will automatically lapse. Notwithstanding the foregoing, the Bank shall be entitled to cancel any undrawn balance of the facility granted under this letter by giving notice to the Borrower at any time subject to its sole and absolute discretion.

Should you have any query or require any further information in this connection, please do not hesitate to contact our Ms. Teresa Ng of Enterprise Banking Department on 3608 0772.

Yours faithfully,

For and on behalf of

The Bank of East Asia, Limited

*/s/ The Bank of East Asia, Limited*

Page 14 of 22

We agree and accept the terms and conditions contained in this letter.

We agree and acknowledge that the Bank is entitled (but under no obligations), immediately after the Facility is utilised, to sell, transfer and assign the Facility, related guarantees and security (if any) in favour of The Hong Kong Mortgage Corporation Limited.

We hereby authorise BEA to debit our account for each instalment and interest payable thereunder together with any late charge for overdue instalment payments and any other charges incurred.

*/s/ Wonderful Concept Investment Limited*

Borrower: WONDERFUL CONCEPT INVESTMENT LIMITED

I/We agree and accept the terms and conditions contained in this letter.

I/We agree and acknowledge that the Bank is entitled (but under no obligations), immediately after the Facility is utilised, to sell, transfer and assign the Facility, related guarantees and security (if any) in favour of The Hong Kong Mortgage Corporation Limited.

Page 15 of 22

**Appendix 1**

**REPRESENTATIONS **AND COVENANTS**

**1.1** **Status** 

The Borrower makes all those representations and warranties relating to its status as an eligible borrower as set out in the Guarantee Product Eligibility Criteria (as set out in the Operating Procedures for the HKMC Insurance Limited's financing guarantee scheme for small and medium sized enterprises ("Operating Procedures").

**1.2** **Governing Law and Judgments** 

In any proceedings taken in its jurisdiction of incorporatipn or establishment in relation to this letter, the choice of Hong Kong law as the göverning law of this letter and any judgment obtained in Hong Kong against it with respect to this letter will be recognised and enforced.

**1.3** **Binding Obligations** 

The obligations expressed to be assumed by it in this letter are legal and valid obligations binding on it and enforceable against it in accordance with the terms thereof.

**1.4** **Execution of this letter** 

The Borrower's execution of this letter, its exercise of its rights and performance of its obligations thereunder and the transactions contemplated thereby do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contravene any agreement, mortgage, bond or other instrument or treaty to which it is a party or which
is binding upon it or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conflict with its memorandum and articles of association or any other constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conflict with any applicable law or regulation.

The Borrower has the power to enter into this letter and all corporate and other action required to authorise the execution of this letter and the performance of its obligations thereunder has been duly taken. No limit on its powers will be exceeded as a result of the borrowing or other assumption of obligations, or any grant of security or giving of indemnities, contemplated by this letter.

Page 16 of 22

**1.5** **No Material Proceedings** 

No litigation, arbitration, administrative proceedings or labour controversy before any court, tribunal, arbitrator or other relevant authority is current or, to the knowledge and belief of a senior officer of it, pending or threatened against it which would have a material adverse effect, save for any such legal proceedings commenced by a third party which are frivolous or vexatious, have no reasonable cause of action or which are being contested in good faith by appropriate proceedings and against which adequate reserves are maintained.

**1.6** **No Material Adverse Change** 

Since the date of its most recent financial statements (or audited financial statements in the case where the Borrower is a limited company), there has been no material adverse change in the business or financial condition of it.

**1.7** **Validity and Admissibility in Evidence** 

All acts, conditions and things required to be done, fulfilled and performed and all authorisations (governmental or otherwise) required to be obtained in order (a) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations in this letter, (b) to ensure that its obligations in this letter are legal, valid, binding and enforceable and (c) to make this letter admissible in evidence in its jurisdiction of incorporation or establishment have been done, fulfilled, performed and obtained and in full force and effect.

**1.8** **Claims Pari Passu** 

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, the Bank's claims against the Borrower under this letter rank at least pari passu with claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatory preferred by law applying to companies generally.

**1.9** **No Filing or Stamp Taxes** 

Under the laws of its jurisdiction of incorporation or establishment in force at the date hereof, it is not necessary that this letter be filed, recorded or enrolled with any court or other authority in such jurisdiction or that any stamp, registration or similar tax be paid on or in relation to this letter or the transactions contemplated by this letter.

**1.10** **No Immunity** 

In any proceedings taken in the jurisdiction of incorporation or establishment of it in relation to this letter, the Borrower will not be entitled to claim for it or any of its assets immunity from suit, execution, attachment or other legal process.

Page 17 of 22

**1.11** **No Winding-up** 

The Borrower has not taken any corporate action nor have any other steps been taken or legal proceedings (save for any such legal proceedings commenced by a third party which are (i) frivolous or vexatious or (ii) which are being contested in good faith by appropriate proceedings and against which adequate reserves are maintained and, in each case, are unconditionally discharged or dismissed within 180 (one hundred and eighty) days) been started or threatened against it for its winding-up, dissolution, administration or reorganisation (whether by voluntary arrangement, scheme of arrangement or otherwise) or for the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory or interim manager, conservator, custodian, trustee or similar officer of it or of any or all of its assets or revenues.

**1.12** **Written Information** 

All material written information supplied by the Borrower is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect.

**1.13** **Solvency** 

The Borrower is able to pay its debts as they fall due and has not commenced negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its indebtedness or made a general assignment for the benefit of or a composition with its creditors.

**1.14** **Taxes** 

The Borrower has filed or caused to be filed all tax returns which are required to be filed by it and has paid all taxes shown to be due and payable by it on such returns or any assessment received by it, save for taxes which are being contested in good faith by appropriate proceedings and in respect of which adequate reserves have been set aside by it.

**1.15** **Compliance** 

The Borrower is, to the knowledge and belief of a senior officer of it, in compliance with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities save those which are not material to its business and the effect of such non-compliance is not significantly adverse to it.

Page 18 of 22

**2.** **Covenants** 

**2.1** **Maintenance of Legal Validity** 

The Borrower shall promptly obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws of its jurisdiction of incorporation or establishment to enable it to lawfully enter into and perform its obligations under this letter and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of this letter.

**2.2**  **Notification of Events of** Default** 

The Borrower shall promptly inform the Bank after it becomes aware of the occurrence of any default or event of default under this letter or of any event which might reasonably be expected to have a material adverse effect.

**2.3** **Claims Pari Passu** 

Subject to Clause 2.13 below, the Borrower shall ensure that at all times the claims of the Bank against it under this letter rank and continue to rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors save those whose claims are mandatorily preferred by law applying to companies generally.

**2.4** **Taxes** 

The Borrower shall duly and punctually file all tax returns when due and pay and discharge all taxes prior to the date on which penalties are attached thereto except for such taxes which are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside and payment of which can be lawfully withheld.

**2.5** **Information** 

The Borrower shall promptly deliver to the Bank copies of all its audited and unaudited financial statements and such other reports and information relating to the Borrower as we may reasonably request from time to time.

**2.6** **Maintenance of Records** 

The Borrower shall maintain all books of records and accounts with respect to itself and its business in good order.

Page 19 of 22

**2.7** **Inspection** 

The Borrower shall, upon reasonable prior written notice from the Bank and during normal working hours, permit and arrange for the Bank or its other authorized representatives to inspect all financial records and books of accounts and discuss the Borrower's business affairs with its officers and advisors as the Bank may reasonably request.

**2.8** **Use of Proceeds** 

Proceeds from the Facility shall be used to pay wages and rents by the Borrower. In addition to paying wages and rents, the Borrower can use the proceeds from the Facility to meet imminent needs in working capital.

Proceeds from the Facility must not be used, whether in whole or in part, for paying, repaying, restructuring or repackaging all or any part of any loan, credit facility or payment obligation of the Borrower, its subsidiaries or its related entities to the Bank, including any SFGS guaranteed facilities granted to the Borrower by the Bank.

**2.9** **Compliance** 

The Borrower shall comply in all respects with the requirements of all applicable laws, rules and regulations and orders of governmental or regulatory authorities if failure to comply with such requirements would (either individually or in aggregate) have a material adverse effect.

**2.10** **Insurance** 

The Borrower shall maintain insurances on and in relation to its business and assets, in each case, with reputable underwriters or insurance companies against such risks and to such extent as is usual for companies carrying on a business such as that carried on by the Borrower and is commercially available.

**2.11**  **Business** 

The Borrower shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has power to own its assets and carry on business as conducted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has good title (free from any restrictions or onerous covenants) to all of the assets required for
carrying on its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has obtained or effected all authorisations, approvals, consents, exemptions, filings, licenses,
notarisations, permits and registrations which are
required in connection with its business, and that all such authorisations, approvals, consents, exemptions, filings, licenses, notarisations,
permits and registrations are in full force and effect, except where the failure to obtain or effect the same or, as the case may be,
the cessation of the force and effect of the same would not reasonably be expected to, have a material adverse effect.

Page 20 of 22

**2.12** **Obligations** 

Without prejudice to the performance of the Borrower's other obligations under this letter, the Borrower shall perform all its obligations under all of the material agreements or contracts to which it is a party.

**2.13** **Security and Further Assurance** 

If by the terms of this letter, security is to be given by the Borrower in favour of the Bank, the Borrower shall ensure that each security document confers valid security, of the type which such security document purports to create, in favour of the Bank, over each asset, right and benefit expressed to be subject to such security and ensure that the Bank enjoys the priority which such security is expressed to have. The Borrower shall promptly execute all documents and do all things that the Bank reasonably specifies for the purpose of enabling it to exercise its rights under each security

document or preserving the priority and effectiveness of such security.

**3.** **Reliance **and** Repeated **Representation** 

The representations and warranties set out in Clause 1.1 *(Status)* to Clause 1.15 (Comp/lance) of this Appendix are to be made by the Borrower as of the date of this letter and the Borrower acknowledges expressly that the Bank enters into this letter in reliance on all these representations and warranties. In addition, the Borrower acknowledges expressly that each of the representations and warranties set out in Clause 1.1(Staffs) to Clause 1.8 (C/aims *Pari Passu),* Clause 1.10 (/\/o *Immunity)* to Clause 1.15 *(Compliance)* of this Appendix shall be deemed to be repeated by the Borrower by reference to the facts and circumstances then existing on each date on which a drawdown is made under the facility granted in this letter and on each date on which any amount is payable by the Borrower under the facility granted in this letter.

Page 21 of 22

**Appendix 2**

**DEFINITION OF AFFILIATE**

"affiliate", in relation to the Bank means:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any company which controls the Bank or one over which the Bank has control or any company which is
under the control of the same person as the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;(b) any person who controls the Bank and any partner of such person, and, where either such person is an
individual, any relative of such individual;

&nbsp;&nbsp;&nbsp;&nbsp;(c) any director of the Bank or of any company referred to in paragraph (a) above and any relative of any
such director; or

&nbsp;&nbsp;&nbsp;&nbsp;(d) any partner of the Bank and, where such partner is an individual, any relative of such individual.

"control" in relation to a company, means the power of a person to secure :-

&nbsp;&nbsp;&nbsp;&nbsp;(a) by means of the holding of shares or the possession of voting power in or in relation to such or any
other company; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) by virtue of any powers conferred by the articles of association or other document regulating such or any other company,

that the affairs of such company are conducted in accordance with the wishes of such person.

**"relative',** in relation to an individual, means the spouse, parent, child, brother, sister, brother-in-law, father-in-law, mother-in-law, sister-in-law, daughter-in-law, son-in-law, aunt, cousin, uncle, niece, nephew, grandfather or grandmother of the individual, and for the purposes of this definition, an adopted child shall be regarded as a child both of the natural parents and the adoptive parents and a stepchild as the child of both the natural parents and any step parents.

Page 22 of 22

## Exhibit 14.1

**Exhibit 14.1**

**GA SAI TONG ENTERPRISE LIMITED**

**CODE OF CONDUCT AND ETHICS**

(Conditionally adopted by a board resolution dated<br> [\*], 2025 with effect from the effective date of the <br> registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| I. | Introduction | 1 |
| II. | Standards of Conduct | 1 |
| III. | Compliance with Laws, Rules and Regulations | 1 |
| IV. | Insider Trading | 2 |
| V. | Conflicts of Interest | 2 |
| VI. | No Loans to Executive Officers or Directors | 3 |
| VII. | Outside Directorships and Other Outside Activities | 3 |
| VIII. | Corporate Opportunities | 3 |
| IX. | Fair Dealing | 4 |
| X. | Customer Relationships | 4 |
| XI. | Supplier Relationships | 4 |
| XII. | Export Controls | 5 |
| XIII. | Gifts and Entertainment | 5 |
| XIV. | Government Business | 5 |
| XV. | Political Contributions | 6 |
| XVI. | Protection and Proper Use of Company Assets | 6 |
| XVII. | Use of Computers and Other Equipment | 6 |
| XVIII. | Use of Software | 7 |
| XIX. | Use of Electronic Communications | 7 |
| XX. | Confidentiality | 7 |
| XXI. | Recordkeeping | 7 |
| XXII. | Records on Legal Hold | 8 |
| XXIII. | Disclosure | 8 |
| XXIV. | Outside Communications | 8 |
| XXV. | Discrimination and Harassment | 9 |
| XXVI. | Health and Safety | 9 |
| XXVII. | Compliance Standards and Procedures | 9 |
| XXVIII. | General Compliance Guidelines | 11 |
| XXIX. | Amendment, Modification and Waiver | 11 |

---

-i-

**I. <u>Introduction</u>**

This Code of Conduct and Ethics (the "**Code**") summarizes the ethical standards and key policies that guide the business conduct of Ga Sai Tong Enterprise Limited (the "**Company**").

The purpose of this Code is to promote ethical conduct and deter wrongdoing. The policies outlined in this Code are designed to ensure that the Company's employees, including its officers (collectively referred to herein as "**employees**"), and members of its board of directors ("**directors**") act in accordance with not only the letter but also the spirit of the laws and regulations that apply to the Company's business. The Company expects its employees and directors to exercise good judgment to uphold these standards in their day-to-day activities and to comply with all applicable policies and procedures in the course of their relationship with the Company.

Employees and directors are expected to read the policies set forth in this Code and ensure that they understand and comply with them. All employees and directors are required to abide by the Code. The Code should also be provided to and followed by the Company's agents and representatives, including consultants. The Code does not cover every issue that may arise, but it provides general guidelines for exercising good judgment. Employees and directors should refer to the Company's other policies and procedures for implementing the general principles set forth below. Any questions about the Code or the appropriate course of conduct in a particular situation should be directed to the Company's Chief Executive Officer, Chief Financial Officer, Director of Human Resources or General Counsel, as appropriate. Any violations of laws, rules, regulations or this Code should be reported immediately. The Company will not allow retaliation against an employee or director for such a report made in good faith. Employees and directors who violate this Code will be subject to disciplinary action.

Each employee and director must sign the acknowledgement form at the end of this Code and return the form to the Company's Human Resources Department indicating that he or she has received, read, understood and agreed to comply with the Code. The signed acknowledgment form will be placed in the individual's personnel file.

**II. <u>Standards of Conduct</u>**

The Company expects all employees and directors to act with the highest standards of honesty and ethical conduct. The Company considers honest conduct to be conduct that is free from fraud or deception and is characterized by integrity. The Company considers ethical conduct to be conduct conforming to accepted professional standards of conduct. Ethical conduct includes the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, as discussed below.

**III. <u>Compliance with Laws, Rules and Regulations</u>**

Employees and directors must comply with all laws, rules and regulations applicable to the Company and its business, as well as applicable Company policies and procedures. Each employee and director must acquire appropriate knowledge of the legal requirements relating to his or her duties sufficient to enable him or her to recognize potential problems and to know when to seek advice from the Company's Chief Financial Officer or General Counsel. Violations of laws, rules and regulations may subject the violator to individual criminal or civil liability, as well as to discipline by the Company. These violations may also subject the Company to civil or criminal liability or the loss of business. Any questions as to the applicability of any law, rule or regulation should be directed to the Company's Chief Financial Officer or General Counsel.

**IV. <u>Insider Trading</u>**

The purpose of the Company's insider trading policy is to establish guidelines to ensure that all employees and directors comply with laws prohibiting insider trading. No employee or director in possession of material, non-public information may trade the Company's securities (or advise others to trade) from the time they obtain such information until after adequate public disclosure of the information has been made. Employees and directors who knowingly trade Company securities while in possession of material, non-public information or who tip information to others will be subject to appropriate disciplinary action up to and including termination. Insider trading is also a crime.

Employees and directors also may not trade in the shares of other companies about which they learn material, non-public information through the course of their employment or service with the Company.

Any questions as to whether information is material or has been adequately disclosed should be directed to the Company's Chief Financial Officer or General Counsel. Additional information regarding insider trading can be found in the Company's Insider Trading Policy.

**V. <u>Conflicts of Interest</u>**

A "conflict of interest" occurs when a person's private interest interferes in any way – or even appears to interfere – with the interests of the Company as a whole.

A conflict situation can arise when an employee 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 or director, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company. Loans to, or guarantees of obligations of, such persons are of special concern.

Conflicts of interest are prohibited as a matter of Company policy. The mere existence of a relationship with outside firms is not automatically prohibited. Nonetheless, conflicts of interest may not always be clear, so if a question arises, higher levels of management or the Company's Audit Committee should be consulted. Any employee or director who becomes aware of a conflict or a potential conflict should bring it to the attention of a supervisor, manager or other appropriate persons within the Company.

In certain exceptional circumstances, a situation involving a conflict of interest may be permitted. See Section XXVIII regarding waivers of this Code.

**VI. <u>No Loans to Executive Officers or Directors</u>**

It is the policy of the Company not to extend or maintain credit, to arrange for the extension of credit, or to renew an extension of credit, in the form of a personal loan to or for any director or executive officer of the Company. Any questions about whether a loan has been made to a director or executive officer in violation of this policy should be directed to the Company's Chief Executive Officer or Chief Financial Officer.

**VII. <u>Outside Directorships and Other Outside Activities</u>**

Although an employee's activities outside the Company are not necessarily a conflict of interest, a conflict could arise depending upon the employee's position with the Company and the Company's relationship with the other employer or activity. Outside activities may also be a conflict of interest if they cause, or are perceived to cause, an employee to choose between that interest and the interests of the Company.

An employee may not serve as a director, partner, employee of or consultant to, or otherwise work for or receive compensation for personal services from, any affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company or any other business entity that does or seeks to do business with the Company. In certain exceptional circumstances, an executive officer may be permitted to serve as a director of such an entity (but in no circumstances will an employee be permitted to serve as a director of a competitor of the Company). See Section XXVIII regarding waivers of this Code. Serving in such a capacity for a company that is not an affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company may be permitted, but such activities must be approved in advance by the employee's supervisor, the Human Resources Department and the Company's Chief Financial Officer.

Employees are encouraged to serve as a director, trustee or officer of non-profit organizations in their individual capacity and on their own time, but they must obtain prior approval from the Company's Chief Financial Officer to do so as a representative of the Company.

The guidelines in this Section VII are not applicable to directors that do not also serve in management positions within the Company.

**VIII. <u>Corporate Opportunities</u>**

Employees and directors are prohibited from:

● Personally taking for themselves opportunities that are discovered through the use of corporate property, information or position;

● Using corporate property, information or position for personal gain; and

● Competing with the Company.

In the interest of clarifying the definition of "Competing with the Company," if any member of the Board of Directors of the Company who is also a partner or employee of an entity that is a holder of the Company's Ordinary Shares, or an employee of an entity that manages such an entity (each, a "Fund"), acquires knowledge of an opportunity of interest for both the Company and such Fund other than in connection with such individual's service as a member of the Board of Directors (including, if applicable, such board member acquiring such knowledge in such individual's capacity as a partner or employee of the Fund or the manager or general partner of a Fund), then, provided that such director has acted in good faith, such an event shall be deemed not to be "Competing with the Company" under this Section VIII.

Employees and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so in a legal and ethical manner arises.

**IX. <u>Fair Dealing</u>**

The Company seeks to excel while operating fairly and honestly, never through unethical or illegal business practices. Each employee and director should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. No employee or director should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practices.

**X. <u>Customer Relationships</u>**

Employees must act in a manner that creates value for the Company's customers and helps to build a relationship based upon trust. The Company and its employees have provided products and services for many years and have built up significant goodwill over that time. This goodwill is one of our most important assets, and Company employees must act to preserve and enhance the Company's reputation.

**XI. <u>Supplier Relationships</u>**

The Company's suppliers make significant contributions to the Company's success. To create an environment where the Company's suppliers have an incentive to work with the Company, suppliers must be confident that they will be treated lawfully and in an ethical manner. The Company's policy is to purchase supplies based on need, quality, service, price and terms and conditions. The Company's policy is to select significant suppliers or enter into significant supplier agreements though a competitive bid process where possible. In selecting suppliers, the Company does not discriminate on the basis of race, color, religion, sex, national origin, age, sexual preference, marital status, medical condition, veteran status, physical or mental disability, or any other characteristic protected by applicable law. A supplier to the Company is generally free to sell its products or services to any other party, including Company competitors. In some cases where the products or services have been designed, fabricated, or developed to the Company's specifications, the agreement between the parties may contain restrictions on sales.

**XII. <u>Export Controls</u>**

The Company requires compliance with laws and regulations governing export controls in both the United States and in the countries where the Company conducts its business. A number of countries maintain controls on the destinations to which products may be exported. Some of the strictest export controls are maintained by the United States against countries that the U.S. government considers unfriendly or as supporting international terrorism. The U.S. regulations are complex and apply both to exports from the United States and to exports of products from other countries, when those products contain U.S.-origin components or technology. In some circumstances, an oral presentation containing technical data made to foreign nationals in the United States may constitute an export subject to control. Any questions about export control laws and regulations should be directed to the General Counsel.

**XIII. <u>Gifts and Entertainment</u>**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. A problem may arise if:

● The receipt by one of our employees of a gift or entertainment would compromise, or could reasonably be viewed as compromising, that person's ability to make objective and fair business decisions on behalf of the Company; or

● The offering by one of our employees of a gift or entertainment would appear to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships, or could reasonably be viewed as such an attempt.

Employees must use good judgment and ensure there is no violation of these principles. No gift or entertainment should be given or accepted by any Company employee, family member of an employee or agent unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe or payoff, (5) does not violate any laws or regulations and (6) is not one of a series of small gifts or entertainments that can be construed as part of a larger, expensive gift. Any questions about whether any gifts or proposed gifts are appropriate should be directed to the Company's Chief Financial Officer. You should also review the Company's Foreign Corrupt Practices Act Compliance Policy regarding the specific conditions for gifts and entertainment.

**XIV. <u>Government Business</u>**

Employees should understand that special requirements might apply when contracting with any governmental body (including national, state, provincial, municipal, or other similar governmental divisions on local jurisdictions). Because government officials are obligated to follow specific codes of conduct and laws, special care must be taken in government procurement. Some key requirements for doing business with government are:

● Accurately representing which Company products are covered by government contracts;

● Not improperly soliciting or obtaining confidential information, such as sealed competitors' bids, from government officials prior to the award of a contract; and

● Hiring present and former government personnel may only occur in compliance with applicable laws and regulations (as well as consulting the Company's Chief Financial Officer or General Counsel and the Human Resources Department).

When dealing with public officials, employees and directors must avoid any activity that is or appears illegal or unethical. Promising, offering or giving of favors, gratuities or gifts, including meals, entertainment, transportation, and lodging, to government officials in the various branches of U.S. government, as well as state and local governments, is restricted by law. Employees and directors must obtain pre-approval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate, before providing anything of value to a government official or employee. The foregoing does not apply to lawful personal political contributions.

In addition, the U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. Illegal payments to government officials of any country are strictly prohibited. Additional information regarding the Foreign Corrupt Practices Act can be found in the Company's Foreign Corrupt Practices Act Compliance Policy.

**XV. <u>Political Contributions</u>**

It is the Company's policy to comply fully with all local, state, federal, foreign and other applicable laws, rules and regulations regarding political contributions. The Company's funds or assets must not be used for, or be contributed to, political campaigns or political practices under any circumstances without the prior written approval of the Company's Chief Financial Officer and, if required, the Company's Board of Directors. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**XVI. <u>Protection and Proper Use of Company Assets</u>**

Theft, carelessness and waste have a direct impact on the Company's profitability. Employees and directors should protect the Company's assets and ensure their efficient use. All Company assets should be used for legitimate business purposes.

Company assets include intellectual property such as patents, trademarks, copyrights, business and marketing plans, engineering and manufacturing ideas, designs, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information is a violation of Company policy.

**XVII. <u>Use of Computers and Other Equipment</u>**

The Company strives to furnish employees with the equipment necessary to efficiently and effectively perform their jobs. Employees must care for that equipment and use it responsibly and only for Company business purposes. If employees use Company equipment at their home or off site, precautions must be taken to protect such Company equipment from theft or damage. Employees must immediately return all Company equipment when their employment relationship with the Company ends. While computers and other electronic devices are made accessible to employees to assist them to perform their jobs and to promote our interests, all such computers and electronic devices, whether used entirely or partially on the Company's premises or with the aid of the Company's equipment or resources, must remain fully accessible to the Company and will remain the sole and exclusive property of the Company.

Employees should not maintain any expectation of privacy with respect to any electronic communications made using Company equipment. To the extent permitted by applicable law, the Company retains the right to gain access to any such information, at any time, with or without your knowledge, consent or approval.

**XVIII. <u>Use of Software</u>**

All software used by employees to conduct Company business must be appropriately licensed. Employees should never make or use illegal or unauthorized copies of any software, whether in the office, at home, or on the road, since doing so may constitute copyright infringement and may expose the employee and the Company to potential civil and criminal liability. The Company's information technology department will inspect Company computers periodically to verify that only approved and licensed software has been installed. Any non-licensed/supported software will be removed.

**XIX. <u>Use of Electronic Communications</u>**

Employees must use electronic communication devices in a legal, ethical, and appropriate manner. Electronic communications devices include computers, e-mail, connections to the Internet, intranet and extranet and any other public or private networks, voice mail, video conferencing, facsimiles, telephones or future types of electronic communication. Employees may not post or discuss information concerning Company products or business on the Internet without the prior written consent of the Company's Chief Executive Officer or Chief Financial Officer. It is not possible to identify every standard and rule applicable to the use of electronic communications devices. Employees are therefore encouraged to use sound judgment whenever using any feature of the Company's communications systems.

**IV. <u>Confidentiality</u>**

Employees and directors should maintain the confidentiality of information entrusted to them by the Company or its affiliates, customers, partners, distributors and suppliers, except when disclosure is specifically authorized by the Company's Chief Executive Officer or Chief Financial Officer or required by law.

Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its affiliates, customers, partners, distributors and suppliers if disclosed. Any questions about whether information is confidential should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel.

**XX. <u>Recordkeeping</u>**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the transactions and matters to which they relate and must conform both to applicable legal requirements and to the Company's system of internal controls. All assets of the Company must be carefully and properly accounted for. The making of false or misleading records or documentation is strictly prohibited. Unrecorded funds or assets should not be maintained.

The Company complies with all laws and regulations regarding the preservation of records. Records should be retained or destroyed only in accordance with the Company's document retention policies. Any questions about these policies should be directed to the Company's Chief Financial Officer or General Counsel, as appropriate. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**XXII. <u>Records on Legal Hold</u>**

A legal hold suspends all document destruction procedures in order to preserve appropriate records under special circumstances, such as litigation or government investigations. The General Counsel determines and identifies what types of Company records or documents are required to be placed under a legal hold and will notify employees if a legal hold is placed on records for which they are responsible. Employees must not destroy, alter or modify records or supporting documents that have been placed under a legal hold under any circumstances. A legal hold remains effective until it is officially released in writing by the General Counsel. If an employee is unsure whether a document has been placed under a legal hold, such employee should preserve and protect that document while the Legal Department is contacted.

**XXIII**. **<u>Disclosure</u>**

The information in the Company's public communications, including filings with the Securities and Exchange Commission, must be full, fair, accurate, timely and understandable. All employees and directors are responsible for acting in furtherance of this policy. In particular, each employee and director is responsible for complying with the Company's disclosure controls and procedures and internal controls for financial reporting. Any questions concerning the Company's disclosure controls and procedures and internal controls for financial reporting should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

**XXIV. <u>Outside Communications</u>**

The Company has established specific policies regarding who may communicate information to the public, the press and the financial analyst communities:

● The Company's Chief Executive Officer, Chief Financial Officer and investor relations personnel are official spokespeople for financial matters.

● The Company's corporate communications personnel are official spokespeople for public comment, press, marketing, technical and other such information.

● All communications made to public audiences, including formal communications and presentations made to investors, customers or the press, require prior approval in accordance with the Company's established policies for such communications, including review by investor relations or corporate communications personnel, as applicable, with final review by the Company's Chief Executive Officer or Chief Financial Officer, who will ensure that all necessary review is undertaken.

These designees are the only people who may communicate externally on behalf of the Company. Employees and directors should refer all inquiries or calls from the press, from shareholders or from financial analysts to the investor relations department or the Company's Chief Financial Officer, who will see that the inquiry is directed to the appropriate authority within the Company.

Employees and directors may not publish or make public statements outside the scope of employment with or service to the Company that might be perceived or construed as attributable to the Company without preapproval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate. Any such statement must include the Company's standard disclaimer that the publication or statement represents the views of the specific author and not of the Company.

**XXV. <u>Discrimination and Harassment</u>**

The diversity of the Company's employees is a tremendous asset. We are firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. Examples include derogatory comments based on racial or ethnic characteristics and unwelcome sexual advances.

**XXVI. <u>Health and Safety</u>**

The Company strives to provide each employee with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy 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 should report to work in condition to perform their duties, free from the influence of illegal drugs or alcohol. The use or possession of illegal drugs in the workplace will not be tolerated.

**XXVII. <u>Compliance Standards and Procedures</u>**

No code of conduct and ethics can replace the thoughtful behavior of an ethical employee or director or provide definitive answers to all questions. Since the Company cannot anticipate every potential situation, certain policies and procedures have been put in place to help employees and directors approach questions or problems as they arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Designated Ethics Officer**

The Company's Chief Financial Officer has been designated as the Company's Ethics Officer with responsibility for overseeing and monitoring compliance with the Code. The Ethics Officer reports directly to the Chief Executive Officer with respect to these matters and also will make periodic reports to the Company's Audit Committee regarding the implementation and effectiveness of this Code as well as the policies and procedures put in place to ensure compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Seeking Guidance**

Employees and directors are encouraged to seek guidance from supervisors, managers or other appropriate personnel when in doubt about the best course of action to take in a particular situation. In most instances, questions regarding the Code should be brought to the attention of the Company's Director of Human Resources, General Counsel or Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting Violations**

If an employee or director knows of or suspects a violation of the Code, or of applicable laws and regulations, he or she must report it immediately to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate. If the situation warrants or requires it, the reporting person's identity will be kept anonymous to the extent legally permitted and practical.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. No Retaliation**

Any employee or director who observes possible unethical or illegal conduct is encouraged to report his or her concerns. Reprisal, threats, retribution or retaliation against any person who has in good faith reported a violation or suspected violation of law, this Code or other Company policies, or against any person who is assisting in any investigation or process with respect to such a violation, is prohibited.

Any employees involved in retaliation will be subject to serious disciplinary action by the Company. Furthermore, the Company could be subject to criminal or civil actions for acts of retaliation against employees who "blow the whistle" on U.S. federal securities law violations and other federal offenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Investigations**

Reported violations will be promptly investigated. The Board of Directors or its designated committee will be responsible for investigating violations and determining appropriate disciplinary action for matters involving members of the Board of Directors or executive officers. The Board of Directors or its designated committee may designate others to conduct or manage investigations on its behalf and recommend disciplinary action. Subject to the general authority of the Board of Directors to administer this Code, the Chief Financial Officer and the General Counsel will be jointly responsible for investigating violations (including the initiating of any such investigation) and determining appropriate disciplinary action for other employees, agents and contractors. The Chief Financial Officer and the General Counsel may designate others to conduct or manage investigations on their behalf and recommend disciplinary action. The Board of Directors reserves the right to investigate violations and determine appropriate disciplinary action on its own or to designate others to do so in place of, or in addition to, the Chief Financial Officer and the General Counsel. It is imperative that the person reporting the violation not conduct an investigation on his or her own. However, employees and directors are expected to cooperate fully with any investigation made by the Company into reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Discipline/Penalties**

Employees and directors who violate the laws or regulations governing the Company's business, this Code, or any other Company policy, procedure or requirement may be subject to disciplinary action, up to and including termination. Employees and directors who have knowledge of a violation and fail to move promptly to report or correct it, or who direct or approve violations, may also be subject to disciplinary action, up to and including termination.

Furthermore, violations of some provisions of this Code are illegal and may subject the employee or director to civil and criminal liability.

**XXVIII. <u>General Compliance Guidelines</u>**

We must all work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult to know if a violation has occurred. Since we cannot anticipate every situation that will arise, it is important that we 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 possible. To reach the right solutions, we 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, follow up on it.

● 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 manager. This is the basic guidance for all situations. In many cases, your manager will be more knowledgeable about the question, and will appreciate being brought into the decision-making process. Remember that it is your manager's responsibility to help solve problems.

● Seek help from Company resources. If you do not feel comfortable approaching your manager with your question, discuss it with your local Human Resources representative.

● You may report ethical violations in confidence and without fear of retaliation. If you find yourself in a situation that requires that your identity be kept confidential, your anonymity will be protected to the extent possible. The Company does not permit retaliation of any kind against employees for good faith reports of ethical violations.

● Always ask first, act later when confronted with an ethical issue: If you are unsure of what to do in any situation, seek guidance before you act.

**XXIX. <u>Amendment, Modification and Waiver</u>**

This Code may be amended or modified by the Board of Directors or a committee of the Board of Directors.

Any amendment or waiver of this Code for a director, executive officer or any financial or accounting officer at the level of the principal accounting officer or controller or above, may be made only by the Board of Directors, and must be promptly disclosed to shareholders if and as required by applicable law or the rules of the share exchange on which the Company's shares are traded. Waivers with respect to other employees or applicable contractors may be made only by the Company's Chief Executive Officer. Any waiver of this Code with respect to a conflict of interest transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act of 1933, as amended, must be approved in advance by the Company's Audit Committee.

\* \* \* \* \*

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Subsidiaries** | **Place of Incorporation** |
| Akai Honoo Capital Limited | Hong Kong |
| French Fries Creativeworks Limited | Hong Kong |
| Wonderful Concept Investment Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the use in this Registration Statement on Form F-1 of our report dated May 28, 2025, except for Notes 1 & 13, as to which the date is September 19, 2025 relating to the consolidated financial statements of Ga Sai Tong Enterprise Limited and its subsidiaries comprising the consolidated balance sheets as of December 31, 2024 and 2023 and the related consolidated statements of operations and comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024 and related notes.

We also consent to the reference to our Firm under the caption "Experts" in the Registration Statement.

*/s/ SRCO, C.P.A., Professional Corporation* 

CERTIFIED PUBLIC ACCOUNTANTS

Amherst, NY

September 19, 2025

## Exhibit 23.5

**Exhibit 23.5**

**Cundi Solution Limited**<br> Room 1520, 15<sup>th</sup> Floor,<br> Fortune Commercial Building<br> 362 Sha Tsui Road, Tusen Wan<br> New Territories, Hong Kong<br>

Date: September 19, 2025

**Ga Sai Tong Enterprise Limited**<br> Fifth Floor of Kam Lung Commercial Centre<br> No. 2 Hart Avenue, Kowloon, Hong Kong

**Re: Ga Sai Tong Enterprise Limited**

Dear Sirs/Madams,

We understand that Ga Sai Tong Enterprise Limited (the "Company") plans to file a registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our research reports and amendments thereto, in the Registration Statement and any amendments thereto, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

Yours faithfully,

For and on behalf of

Cundi Solution Limited

---

| |
|:---|
| */s/ Chan Suk Man* |
| Chan Suk Man |
| Executive Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**CHARTER OF THE AUDIT COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**GA SAI TONG ENTERPRISE LIMITED**

(Conditionally adopted by a board resolution dated [ ], 2025 with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Audit Committee of the Board of Directors (the "**Board**") of Ga Sai Tong Enterprise Limited (the "**Company**") shall be to:

● provide oversight of the Company's accounting and financial reporting processes and the audit of the Company's financial statements;

● assist the Board in monitoring (i) the integrity of the Company's financial statements, (ii) the Company's internal accounting and financial controls, (iii) the Company's compliance with legal and regulatory requirements, and (iv) the independent auditor's qualifications, independence and performance; and

● provide to the Board such information and materials as it may deem necessary to make the Board aware of significant financial matters that require the attention of the Board.

**MEMBERSHIP REQUIREMENTS**

The Audit Committee members will be appointed by, and will serve at the discretion of, the Board. The Audit Committee will consist of at least three (3) members of the Board. Members of the Audit Committee must meet the following criteria (as well as any additional criteria required by the rules of the NASDAQ Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NASDAQ, and (ii) the rules of the SEC;

● each member must not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three (3) years;

● each member must be financially literate as determined by the Board in accordance with applicable law; and

● at least one (1) member must have accounting or related financial management expertise, as the Board interprets such qualifications in its business judgment, by virtue of such member's past employment experience in finance or accounting, requisite professional certification in finance or accounting, or any other comparable experience or background that results in such individual's financial sophistication.

The Board may designate one (1) member of the Audit Committee as its chairperson. In the absence of that designation, the Audit Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES**

● The Audit Committee shall appoint and oversee the work of the independent auditors, approve the compensation of the independent auditors, and review and, if appropriate, discharge the independent auditors. In this regard, the independent auditors shall report directly to the Audit Committee, and the Audit Committee shall have the sole authority to approve the hiring and discharging of the independent auditors, all audit engagement fees and terms and all permissible non-audit engagements with the independent auditors.

● The Audit Committee shall pre-approve (or, where permitted under the rules of the SEC, subsequently approve) engagements of the independent auditors to render audit services and/or establish pre-approval policies and procedures for such engagements, provided that (i) such policies and procedures are detailed as to the particular services rendered, (ii) the Audit Committee is informed of each such service, and (iii) such policies and procedures do not include delegation to management of the Audit Committee's responsibilities under the Securities Exchange Act of 1934, as amended. The Audit Committee shall also pre-approve any non-audit services proposed to be provided to the Company by such independent auditors.

● The Audit Committee shall review the independence of the independent auditors, including (i) obtaining on a periodic basis a formal written statement from the independent auditors delineating all relationships between the independent auditors and the Company, consistent with Independence Standards Board Standard No. 1, (ii) maintaining an active dialogue with the independent auditors regarding any disclosed relationship or services that may impair the objectivity and independence of the independent auditors, and (iii) to the extent there are any such relationships, monitoring and investigating them and, if necessary, taking, or recommending to the Board that the Board take, appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall evaluate, at least annually, the independent auditors' qualifications, performance and independence, which evaluation shall include a review and evaluation of the lead partner of the independent auditors and consideration of whether there should be rotation of the lead audit partner or the auditing firm, and take appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall review, in consultation with the independent auditors, the annual audit plan and scope of audit activities and monitor such plan's progress.

● The Audit Committee shall (i) discuss and, as appropriate, review with management and the independent auditors the Company's annual financial statements and annual reports on Form 20-F, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations," (ii) discuss with the independent auditors any other matters required to be discussed by Statement on Auditing Standards No. 114, and (iii) recommend to the Board whether the audited financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations should be included in the Company's Form 20-F.

● The Audit Committee shall discuss with management and the independent auditors significant financial reporting issues raised and judgments made in connection with the preparation of the Company's financial statements, including the review of (i) major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles, (ii) major issues as to the adequacy of the Company's internal controls and any special audit steps adopted in light of material control deficiencies, (iii) analyses prepared by management and/or the independent auditors setting forth significant financial reporting issues raised and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements, (iv) the effect of regulatory and accounting initiatives, as well as off-balance sheet arrangements, on the Company's financial statements, and (v) the type and presentation of information to be included in earnings press releases, as well as any financial information and earnings guidance to be provided to analysts and rating agencies, including any proposed use of "pro forma" or "adjusted" non-GAAP information.

● The Audit Committee shall receive, review and discuss reports from the independent auditors on (i) the major critical accounting policies and practices to be used, (ii) significant alternative treatments of financial information within GAAP that have been discussed with management, (iii) ramifications of the use of such alternative disclosures and treatments, (iv) any treatments preferred by the independent auditors, and (v) other material written communications between the independent auditors and management, such as any management letter or schedule of unadjusted differences.

● The Audit Committee shall review on a regular basis with the Company's independent auditors any problems or difficulties encountered by the independent auditors in the course of any audit work, including management's response with respect thereto, any restrictions on the scope of the independent auditors' activities or on access to requested information, and any significant disagreements with management. The Audit Committee shall resolve any disagreements between management and the independent auditors regarding financial reporting.

● The Audit Committee shall discuss with management and the independent auditors any correspondence with regulators or governmental agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

● The Audit Committee shall discuss guidelines and policies with respect to risk assessment and risk management.

● The Audit Committee shall appoint the director of internal audit for the Company, approve the compensation of the director of internal audit and review and, if appropriate, discharge the director of internal audit. In this regard, the Audit Committee shall have the sole authority to approve the hiring and discharging of the director of internal audit.

● The Audit Committee shall discuss with the Company's general counsel legal matters that may have a material impact on the financial statements or the Company's compliance procedures.

● The Audit Committee shall review the adequacy and effectiveness of the Company's internal control policies and procedures on a regular basis, including the responsibilities, budget and staffing of the Company's audit function, as well as the need for any special audit procedures in response to material control deficiencies, through inquiry and discussions with the Company's independent auditors and management. In addition, the Audit Committee shall review the reports prepared by management, and attested to by the Company's independent auditors, assessing the adequacy and effectiveness of the Company's internal controls and procedures, prior to the inclusion of such reports in the Company's periodic filings as required under SEC rules. The Audit Committee shall review disclosure regarding the Company's internal controls that are required to be included in SEC reports.

● The Audit Committee shall establish procedures for receiving, retaining and treating complaints received by the Company regarding accounting, internal accounting controls or auditing matters and procedures for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

● The Audit Committee shall review, approve and monitor the portions of the Company's code of ethics applicable to its senior financial officers.

● The Audit Committee shall review and approve in advance any proposed related party transaction.

● The Audit Committee shall oversee compliance with the SEC requirements for disclosure of auditor's services and Audit Committee member qualifications and activities.

● The Audit Committee shall make regular reports to the Board, which reports shall include any issues that arise with respect to the quality or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the performance and independence of the Company's independent auditors.

● The Audit Committee shall set hiring policies with regard to employees and former employees of the Company's independent auditor.

● The Audit Committee shall review and reassess the adequacy and scope of this Charter annually and recommend any proposed changes to the Board for approval.

● At least annually, the Audit Committee shall evaluate its performance.

● The Audit Committee shall have the authority to engage independent counsel and other advisers, as it determines necessary to carry out its duties. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of (i) compensation to the independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest services for the Company, (ii) compensation to any advisers employed by the Audit Committee, and (iii) ordinary administrative expenses of the Audit Committee that are necessary or appropriate for carrying out its duties.

● Periodically, the Audit Committee shall meet separately with the Company's management, with internal auditors (or other personnel responsible for the internal audit function) and with the independent auditors.

● The Audit Committee may form subcommittees for any purpose that the Audit Committee deems appropriate and may delegate to such subcommittees such power and authority as the Audit Committee deems appropriate. The Audit Committee shall not delegate to a subcommittee any power or authority required by law, regulation or listing standard to be exercised by the Audit Committee as a whole.

● The Audit Committee will set its own schedule of meetings and will meet at least quarterly, with the option of holding additional meetings at such times as it deems necessary. The Audit Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

● The Audit Committee shall perform such other functions as assigned by law, the Company's articles of association or the Board.

**LIMITATION OF AUDIT COMMITTEE'S ROLE**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete, accurate and in accordance with GAAP and applicable rules and regulations. These are the responsibilities of management and the independent auditors.

It is recognized that the members of the Audit Committee are not full-time employees of the Company, that it is not the duty or responsibility of the Audit Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and that each member of the Audit Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which the Audit Committee receives information, and (ii) the accuracy of the financial and other information provided to the Audit Committee, in either instance absent actual knowledge to the contrary.

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**GA SAI TONG ENTERPRISE LIMITED** 

(Conditionally adopted by a board resolution dated [ ], 2025 with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of Ga Sai Tong Enterprise Limited (the "**Company**") shall be to:

● identify individuals qualified to become Board members consistent with criteria approved by the Board;

● recommend that the Board select the director nominees for the next annual meeting of shareholders;

● develop and recommend to the Board a set of Corporate Governance Guidelines; and

● oversee the evaluation of the Board and management.

**MEMBERSHIP REQUIREMENTS** 

The Committee members must be appointed and may be removed, with or without cause, by the Board. The Committee shall consist of at least three (3) members of the Board, each of whom must an independent director in accordance with (i) the Corporate Governance Standards of NASDAQ Capital Market, and (ii) the rules of the SEC. The Board may designate one (1) member of the Committee as its chairperson. In the absence of that designation, the Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES** 

● The Committee shall identify individuals qualified to become members of the Board and ensure that the Board has the requisite expertise and that its membership consists of persons with sufficiently diverse and independent backgrounds. The Committee shall also recommend to the Board the nominees for election to the Board at the next annual meeting of shareholders.

● The criteria to be used by the Committee in recommending directors and by the Board in nominating directors are as set forth in the Corporate Governance Guidelines.

● The Committee shall annually review the Board committee structure and recommend to the Board for its approval directors to serve as members of each committee.

● The Committee shall develop and recommend to the Board the Corporate Governance Guidelines. The Committee shall, from time to time as it deems appropriate, review and reassess the adequacy of such guidelines and recommend any proposed changes to the Board for approval.

● The Committee shall review the Company's Code of Conduct and Business Ethics, and shall, from time to time as deems appropriate, make any changes it deems necessary. Any changes will be recommended to the Board for its approval.

● The Committee shall oversee the annual self-evaluations of the Board and may assist the Board (and/or its other committees) in periodically reviewing the performance of the Company's officers.

● The Committee may make recommendations to the Board regarding governance matters, including, but not limited to, the Company's certificate of incorporation, bylaws, and the charters of the Company's other committees.

● The Committee shall report regularly to the Board regarding the activities of the Committee.

● The Committee shall at least annually perform an evaluation of the performance of the Committee.

● The Committee shall periodically review and reassess this Charter and submit any recommended changes to the Board for its consideration.

The Committee has the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Company's bylaws that are applicable to the Committee.

The Committee has sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms. The Committee has the authority to retain any other advisors that the Committee believes to be desirable and appropriate and has the authority to approve related fees and retention terms.

In addition to the duties and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities consistent with this Charter, the purposes of the Committee, and the Company's bylaws.

In fulfilling its responsibilities, the Committee has the authority to delegate any or all of its responsibilities to a subcommittee of the Committee.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE COMPENSATION COMMITTEE** 

**OF THE BOARD OF DIRECTORS OF**

**GA SAI TONG ENTERPRISE LIMITED** 

(Conditionally adopted by a board resolution dated [ ], 2025 with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Compensation Committee of the Board of Directors (the "**Board**") of Ga Sai Tong Enterprise Limited (the "**Company**") shall be to discharge the Board's responsibilities relating to compensation of the Company's directors and executive officers. The Compensation Committee has overall responsibility for evaluating and approving the Company's compensation plans, policies and programs. The Compensation Committee shall undertake the specific responsibilities and duties set forth in this Charter and such other duties as the Board may from time to time prescribe.

**MEMBERSHIP REQUIREMENTS** 

The Compensation Committee members will be appointed by the Board. The Compensation Committee shall consist of at least three (3) members of the Board. Members of the Compensation Committee must meet the following criteria (as well as any additional criteria required by the rules of the NASDAQ Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NASDAQ, and (ii) the rules of the SEC; and

● each member must (i) be a "Non-employee Director" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended, and (ii) satisfies the requirements of an "outside director" for purposes of Section 162(m) of the Internal Revenue Code.

The members of the Compensation Committee shall serve until such member's successor is duly elected and qualified or until such member's earlier resignation or removal. The members of the Compensation Committee may be removed, with or without cause, by a majority vote of the Board. The Board may designate one (1) member of the Compensation Committee as its chairperson.

**MEETINGS**

The Compensation Committee shall meet at least annually, and more often as it deems appropriate to fulfill the responsibilities set forth in this Charter. The Compensation Committee may establish its own schedule, which it shall provide to the Board in advance.

**AUTHORITY AND RESPONSIBILITIES**

● The Compensation Committee shall review and approve the corporate goals and objectives relevant to the Chief Executive Officer's and other executive officers' compensation.

● The Compensation Committee shall evaluate the performance of the Chief Executive Officer and other executive officers of the Company and, based on such evaluation, review and recommend to the full Board, the annual salary, bonus, stock options and other benefits, direct and indirect, of the Chief Executive Officer and other executive officers. The Chief Executive Officer may not be present during voting or deliberations on her compensation.

● The Compensation Committee shall review and recommend to the full Board compensation of directors, as well as director's and officer's indemnification and insurance matters.

● The Compensation Committee shall review and make recommendations to the Board with respect to the Company's incentive-compensation plans and equity-based plans, and oversee the activities of the individuals responsible for administering those plans.

● The Compensation Committee shall cause to be prepared, and then review and approve, the annual report on executive compensation for inclusion in the Company's proxy statement, pursuant to and in accordance with applicable rules and regulations of the SEC.

● The Compensation Committee shall retain or obtain the advice of a compensation consultant, if needed.

● The Compensation Committee shall report regularly to the Board including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such other matters as are relevant to the Compensation Committee's
discharge of its responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such recommendations as the Compensation Committee may deem
appropriate.

● The Compensation Committee shall maintain minutes or other records of meetings and activities of the Compensation Committee.

● The Compensation Committee shall review and reassess this Charter annually.

This above list of responsibilities is presented for illustrative purposes and is not intended to be exhaustive. The Compensation Committee may conduct additional activities as appropriate in light of changing business, legislative, regulatory, legal or other conditions. The Compensation Committee shall also fulfill other responsibilities delegated to it from time to time by the Board.

## Exhibit 99.4

**Exhibit 99.4**

![](ex99-4_001.jpg)

---

| | |
|:---|:---|
| Unit A, 12th Floor, China Overseas Building | 香港灣仔軒尼詩道139號 |
| 139 Hennessy Road, Wanchai, Hong Kong | 中國海外大廈12樓A室 |
| Tel : +852 2950 7800 | 電話 : +852 2950 7800 |
| Fax : +852 2950 7811 | 傳真 : +852 2950 7811 |

---

Date: September 19, 2025

**Ga Sai Tong Enterprise Limited**<br> Fifth Floor of Kam Lung Commercial Centre<br> No. 2 Hart Avenue, Kowloon, Hong Kong

**<u>Attn: the Board of Directors</u>**

Dear Sirs,

**<u>Re: Legal Opinion on Ga Sai Tong Enterprise Limited (the "Company")</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. We are the legal advisers to the Company (the "**Engagement**") as to the laws of the Hong
Kong Special Administrative Region of the People's Republic of China ()"**Hong Kong**") in connection with the Company's
registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement** "),
filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended), and the rules and
regulations promulgated thereunder (the "**Rules** "), relating to the initial public offering (the "**Offering** ")
by the Company of its Class A Ordinary Shares (the "**Ordinary Shares**") and listing of the Company's Ordinary Shares
on the Nasdaq Capital Market (the "**Nasdaq** "). We are qualified lawyers of Hong Kong and as such are qualified to issue
this opinion on the laws and regulations of Hong Kong effective as of the date hereof. We have been requested to provide our opinion on
the matters set forth below.

**<u>Applicable law</u>**

&nbsp;&nbsp;&nbsp;&nbsp;2. This opinion is confined solely to Hong Kong laws as applied by the Hong Kong courts as at the date of
this opinion. Accordingly, we express no opinion with regard to any system of law other than the Hong Kong laws as at the date hereof
as currently applied by the Hong Kong courts. This opinion is to be construed in accordance with the Hong Kong laws. In this opinion,
Hong Kong law means Hong Kong domestic law only and not its conflict of law rules. We do not undertake to advise you of any change in
facts or law relevant to this opinion or the opinions expressed herein after the date hereof.

**<u>Assumptions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;3. For the purpose of giving this opinion, we have examined the documents provided by Akai Honoo Capital
Limited, French Fries Creativework and Wonderful Concept Investment Limited (the "**HK Subsidiaries**") and obtained other
relevant documents as we deemed necessary or advisable for the purpose of rendering this opinion. Where certain facts were not independently
established and verified by us, we have relied upon statements issued or made by, among others, appropriate representatives of the Company
or the HK Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;4. Furthermore, we made due inquiries as to other facts and questions of law as we deem necessary when rendering
this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;5. Company searches conducted by us with the Companies Registry are limited in respect to the information
it produces. Also, the company searches do not determine conclusively whether or not an order has been made or a resolution has been passed
for the winding up of a company or for the appointment of a liquidator or other person to control the assets of a company as notice of
such matters might not be filed immediately and, once filed, might not appear immediately on a company's public file.

PARTNERS : DAVID L.K. FONG 方良佳律師，TIMOTHY C.K. KWAN 關智傑律師，HERMES H.C. SHIN 單浩銓律師 <br> CONSULTANT : MATTHEW H.C. WONG 黃漢柱律師 <br> SOLICITORS : BRUNO C.H. CHAN 陳震雄律師， PAMELA K.Y. NG 吳家宜律師

![](ex99-4_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. In rendering this opinion, we have, without any further enquiry or independent verifications, made the
following assumptions (the "**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All signatures, seals and chops are genuine, each signature
on behalf of a party thereto is that of a person duly authorized by such party to execute the same, all documents (the "**Documents** ")
submitted to us in relation to the Engagement as originals are authentic, and all documents submitted to us as certified or photostatic
copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the parties (other than the Company's subsidiary established in Hong Kong) to the Documents,
(a) if a legal person or other entity, is duly organized and is validly existing in good standing under the laws of its jurisdiction of
organization and/or incorporation; or (b) if an individual, has full capacity for civil conduct; each of them, has full power and authority
to execute, deliver and perform its/her/his obligations under such documents to which it is a party in accordance with the laws of its
jurisdiction of organization or incorporation or the laws that it/she/he is subject to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Documents remain in full force and effect on the date of this opinion and have not been revoked, amended
or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no revocation or termination
has occurred, with respect to any of such Documents after they were submitted to us for the purposes of this legal opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The accuracy and completeness of all factual representations, whether via oral or written instructions,
provided by the Company to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The information disclosed by the company searches referred to above is accurate and complete as at the
time of this opinion and conforms to records maintained by the Company and the companies involved. The search would not fail to disclose
any information which had been filed with or delivered to the Companies Registry but had not been processed at the time when the search
was conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The laws of jurisdictions other than Hong Kong which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The instructions and information provided by the Company to us are true and accurate to our best belief;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) There has been no change in the information contained in the latest records of Company and the companies
involved under the Companies Registry made up to the issuance of this opinion.

**<u>Opinions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;7. Subject to the Assumptions and the Qualifications (as defined below), we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company's subsidiary established in Hong Kong is validly existing and in good standing under
the laws of Hong Kong. The Company's subsidiary in Hong Kong is operating its businesses legally and had fully complied with the
Hong Kong Laws and is not facing any material legal proceedings or any material legal, governmental, arbitrative proceedings, actions,
decisions, demands or orders before any competent court, government agency or arbitration body in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hong Kong Courts may recognize and enforce judgments in civil and commercial matters by the Courts in
the mainland via the Mainland Judgments (Reciprocal Enforcement) Ordinance (Cap. 597) provided certain statutory requirements are satisfied.
Hong Kong Courts may also recognize and enforce judgments from courts in other jurisdictions in accordance to the Foreign Judgments (Reciprocal
Enforcement) Ordinance (Cap. 319) ()"**FJREO** "), the Foreign Judgments (Restriction on Recognition and Enforcement) Ordinance
(Cap. 46) and the common law principles. It is to be noted that probate and bankruptcy matters in relation to matrimonial matters would
not fall within the scope that the FJREO would cover;

![](ex99-4_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The statements set forth in the Registration Statement under the captions "Risk Factors",
"Regulations", "Enforcement of Civil Liabilities" in each case insofar as such statements purport to describe
or summarize the Hong Kong legal matters stated therein as at the date hereof, are true and accurate in all material respects, and
fairly present and summarize in all material respects the Hong Kong legal matters stated therein as at the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The statements set forth in the Registration Statement under the caption "Hong Kong Taxation"
and "Legal Matters" are true and accurate in all material respects and that such statements constitute our opinions.

**<u>Qualifications</u>**

&nbsp;&nbsp;&nbsp;&nbsp;8. Our opinion expressed above is subject to the following qualifications (the "**Qualifications** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Our opinion is limited to the laws of Hong Kong of general application on the date hereof. We have made
no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than Hong Kong. Accordingly, we express
or imply no opinion directly or indirectly on the laws of any jurisdiction other than Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The laws of Hong Kong referred to herein are laws and regulations publicly available and currently in
force on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof,
will not be changed, amended or revoked in the future with or without retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our opinion is subject to the effects of (a) certain legal or statutory principles affecting the enforceability
of contractual rights generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and
applicable statutes of limitation; (b) any circumstance in connection with formulation, execution or performance of any legal documents
that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful
form; (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation
of damages; and (d) the discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising their authority
in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This opinion is issued based on the laws of Hong Kong that are currently in effect. For matters not explicitly
provided under the laws of Hong Kong, the future interpretation, implementation and application of the specific requirements under the
laws of Hong Kong are subject to the final discretion of competent Hong Kong legislative, administrative and judicial authorities, and
there can be no assurance that the government agencies will not ultimately take a view that is contrary to our opinion stated above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on
certificates and confirmations of responsible officers of the Company and public searches conducted in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) This opinion is intended to be used in the context which is specifically referred to herein. It should
be read as a whole and each paragraph of the opinion should not be read independently; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As used in this opinion, the expression "to our best knowledge" or similar language with reference
to matters of fact refers to the current actual knowledge of the solicitors of this firm who have worked on matters for the Company in
connection with the Offering and the transactions contemplated thereunder. We have not undertaken any independent investigation to determine
the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from
our representation of the Company or the rendering of this opinion.

![](ex99-4_002.jpg)

**<u>Consent</u>**

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

Yours faithfully

*/s/ David Fong & Co.*

**David Fong & Co.**

## Exhibit 99.5

**Exhibit 99.5**

![](ex99-5_001.jpg)

CHINA COMMERCIAL LAW FIRM

Exchange/+86 755 8302 55555

Fax/+86 755 8302 5058 P.C/518048

https://www.huashanglawyer.com

Add/21-26/F, Hong Kong CTS ToThe PRC Entityr, No.4011, Shennan Boulevard, Futian District, Shenzhen, P.R.C

September 19, 2025

**To: GA SAI TONG ENTERPRISE LIMITED**

**Fifth Floor of Kam Lung Commercial Centre No. 2 Hart Avenue, Kowloon, Hong Kong Re: Certain PRC Law Matters of GA SAI TONG ENTERPRISE LIMITED (the "Company")**

Dear Sirs/Madams,

We are qualified lawyers of the People's Republic of China (the "**PRC**") and as such are qualified to issue this opinion ("**Opinion**") with respect to all laws, regulations, statutes, rules, decrees, guidelines, notices, and judicial interpretations and other legislations of the PRC currently in force and publicly available as of the date of this opinion (hereinafter referred to as the "**PRC Laws**"). For the purpose of this Opinion, the PRC excludes the Hong Kong Special Administrative Region ("**Hong Kong**"), the Macau Special Administrative Region, and Taiwan.

We are acting as the PRC counsel of the Company (the Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before the Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of the Company at the relevant time or the businesses which have since been acquired or carried on by them or, as the case may be, their predecessors, the "**Group**") in connection with (a) the proposed public offering (the "**Offering**") of ordinary shares of the Company as set forth in the Company's registration statement on Form F-l, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the United States Securities and Exchange Commission (the "**SEC**") in relation to the Offering on the National Association of Securities Dealers Automated Quotations (the "**NASDAQ**").

For the purpose of giving this Opinion, we have examined the Registration Statement, originals or copies of corporate record, documents and certificates of identification and documents issued by governmental authorities or by officers or representatives of the Company as we have deemed necessary and appropriate as a basis for the opinions hereinafter set forth.

In rendering the opinions expressed below, we have assumed:

(a) the authenticity of the documents submitted to us as originals and the conformity to the originals of the documents submitted to us as copies;

(b) the truthfulness, accuracy and completeness of the documents as they were presented to us;

(c) the documents which have been presented to us remain in full force and effect as of the date of this opinion and have not been revoked, amended, varied or supplemented, except as noted therein;

(d) in response to our due diligence inquiries, requests and investigation for the purpose of this Opinion, all the relevant information and materials that have been provided to us by the Company, including all factual statements in the documents and all other factual information provided to us by the Company, and the statements made by the Company, are true, accurate, complete and not misleading, and that the Company has not withheld anything that, if disclosed to us, would reasonably cause us to alter this Opinion in whole or in part. Where important facts were not independently established to us, we have relied upon certificates issued by governmental authorities and appropriate representatives of the Company in the course of our inquiry and consultation;

1 / 8

(e) that all parties to the documents provided to us in connection with this Opinion have the requisite power and authority to enter into, and have duly executed, delivered and/or issued those documents to which they are parties, and have the requisite power and authority to perform their obligations thereunder; and

(f) with respect to all parties, the due compliance with, and the legality, validity, effectiveness and enforceability under, all laws other than the laws of the PRC.

We do not purport to be experts on and do not purport to be generally familiar with or qualified to express legal opinions on any laws other than the laws of the PRC and accordingly express no legal opinion herein on any laws of any jurisdiction other than the PRC.

Based on the foregoing and subject to the confirmations and qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

The following terms as used in this Opinion are defined as follows:

"CAC" means the Cyberspace Administration of China;

"CSRC" means the China Securities Regulatory Commission;

"Governmental Agencies" means any national, provincial or local court, governmental agency or body, stock exchange authorities or any other regulator in the PRC;

"Securities Law" means the Securities Law of the People's Republic of China which was amended on December 28, 2019, and became effective on March 1, 2020, by the Standing Committee of the National People's Congress;

"Measures" means the Measures for Cybersecurity Review promulgated jointly by the Cyberspace Administration of China, National Development and Reform Commission, Ministry of Industry and Information Technology, The Ministry of Public Security, the Ministry of State Security, Ministry of Finance, Ministry of Commerce, People's Bank of China, State Administration of Radio and Television, China Securities Regulatory Commission, State Secrecy Administration and State Cryptography Administration on December 28, 2021, which became effective on February 15, 2022;

"The Trial Measures" means the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies promulgated by CSRC on February 17, 2023, which became effective on March 31, 2023;

"The Confidentiality Provisions" means the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies promulgates jointly by the CRSC, Ministry of Finance of the People's Republic of China, National Administration of State on February 24, 2023, which became effective on March 31, 2023;

"The PIPL" means the Personal Information Protection Law of the People's Republic of China, promulgated by the Standing Committee of the National People's Congress on August 20, 2021, which became effective on November 1, 2021.

"The DSL" means the Data Security Law of the People's Republic of China promulgated by Standing Committee of the National People's Congress on June 10, 2021, which became effective on September 1, 2021;

"PRC Laws" means any and all officially published and publicly available laws, regulations, rules, and regulatory, administrative or other governmental measures, notices or circulars, and Supreme Court judicial interpretation of the PRC currently in force and publicly available in the PRC as of the date hereof;

2 / 8

**<u>Application of Article 177 of the PRC Securities Law to this Offering</u>**

According to Article 177 of the Securities Law, without the consent of the securities regulatory authority under the State Council and the relevant authorities under the State Council, no entity or individual shall provide documents or materials related to securities business activities to other countries or regions without authorization. In accordance with statutes including the Securities Law, on February 17, 2023, with the approval of the State Council, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On February 24, 2023, the CSRC circulated the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the Confidentiality Provisions. The Trial Measures, together with the Confidentiality Provisions, reiterate the supervision principles for regulating the confidentiality related to overseas securities offering and listing activities by domestic companies, either in direct or indirect form. Further, the Confidentiality Provisions provide clearer standards and instructions on the confidentiality and Archives Administration relating to overseas securities offering and listing activities of domestic companies. According to the Confidentiality Provisions, (i) a domestic company that conducts an overseas offering and listing both directly and indirectly should institute a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration obligations; (ii) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; (iii) where a domestic company, either directly or through its overseas listed entity, intends to publicly disclose or provide to relevant individuals and entities, including securities companies, securities service providers and overseas regulatory authorities, any other documents and materials, if leaked, will be detrimental to national security or public interest, it shall strictly fulfil relevant procedures stipulated by applicable national regulations; (iv) where a domestic company, after fulfilling relevant procedures, provides to securities companies, securities service providers and other entities with any documents and materials containing state secrets or working secrets of government agencies, or any other documents and materials which, if leaked, will be detrimental to national security or public interest if leaked, a non-disclosure agreement shall be signed between the provider and receiver of such information; (v) domestic companies, securities companies or securities service providers that discover any leakage or possible leakage of state secrets, working secrets of government agencies or any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall immediately take remedies and report to relevant state organs and units.

As confirmed by the Company: (i) they currently do not have any subsidiary or VIE in the PRC, nor do they currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) they are not controlled by any PRC entity or individual; (iii) all of their operations are conducted by the operating entity in Hong Kong; (iv) as of date hereof, the Company and its Hong Kong Subsidiaries have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor does it entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (v) they have not employed any PRC citizen; and (vi) their chief executive officer, chief financial officer and all members of the board of directors based in Hong Kong who are not mainland China citizens.

Accordingly, based on the above and to the best of our knowledge, we are of the opinion that Article 177 of the Securities Law and the Confidentiality Provisions do not apply to documents and/or materials submitted to NASDAQ in connection with the Company's application.

However, as the Securities Law, the Trial Measures and the Confidentiality Provisions were newly published, and due to the lack of further clarifications or detailed rules and regulations, there are still uncertainties as to how the aforementioned rules will be interpreted or implemented and whether the Governmental Agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that Governmental Agencies would take the same view as we do.

3 / 8

**<u>Application of Article 41 of the Personal Information Protection Law and Article 36 of the Data Security Law to this Offering</u>**

Article 41 of the PIPL and Article 36 of the DSL prohibits companies and individuals from providing personal information and data stored within the PRC to foreign judicial or enforcement agencies, without prior approval by the Chinese government.

As confirmed by the Company:(i) as of the date hereof, in connection with this Offering, the Company is a holding company incorporated in the Cayman Islands with operating subsidiaries solely based in Hong Kong, and it does not have any subsidiary or VIE in the PRC or intend to acquire any equity interest in any domestic companies within the PRC;(ii) they are not controlled by any PRC entity or individual; (iii) all of their operations are conducted by the operating entity in Hong Kong and they currently do not have, nor do they plan to have, any investment, such as owning or leasing any asset, in the PRC; (iv) as of date hereof, the Company and its Hong Kong Subsidiaries have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor does it entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (v) the company do not place any reliance on collection and processing of any personal information to maintain the business operation; and (vi) data processed in the business should not have a bearing on national security nor affect or may affect national security; as of the date of this Opinion, the Company has not been involved in any investigations on the PIPL or data security initiated by related governmental regulatory authorities, and the Company have not received any inquiry, notice, warning, or sanction in such respect.

Accordingly, based on the above and to the best of our knowledge, we are of the opinion that，we do not currently expect Article 41 of the PIPL and Article 36 of the DSL to have an impact on the Company's business, operations or this Offering as we do not believe that the Company is deemed to be a "personal information processor", "critical infrastructure information operator", "personal information processor who has a large user base and/or operates complex types of businesses", or "entrusted party"under the PIPL and the DSL to the Company.

Furthermore, Article 41 of the PIPL and Article 36 of the DSL do not apply to the documents, information and/or materials submitted to Nasdaq in connection with the Company's application. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 41 of the PIPL and Article 36 of the DSL do not apply documents and/or materials requested by NASDAQ from the Company once listed, in connection with NASDAQ's regulatory responsibilities related to oversight of its issuer companies.

However, as the PIPL and the DSL were newly published, and due to the lack of further clarifications or detailed rules and regulations, there are still uncertainties as to how the aforementioned rules will be interpreted or implemented and whether the Governmental Agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that Governmental Agencies would take the same view as we do.

**<u>Approval of Cyberspace Administration of China</u>**

Pursuant to the Data Security Law, which was promulgated on June 10, 2021 and came into effect on September 1, 2021, any data processing (includes the collection, storage, use, processing, transmission, provision and disclosure of data) activities conducted outside the PRC endanger national security, public interests or the legal rights and interests of any citizen or organization shall be held liable.

If a company harms the national security, public interests, or legitimate rights and interests of citizens and organizations of the PRC during its data processing activities, it may still be subject to legal liability by the relevant Chinese authorities.

The Measures for Cybersecurity Review (2021), which were promulgated on December 28, 2021 and took effect on February 15, 2022, provide that any online platform operators controlling personal information of more than one million users which seeks to list in a foreign country shall conduct a cybersecurity review.

4 / 8

As confirmed by the Company, as of the date of this opinion,

(a) the Group currently do not have, or intend to have any subsidiary or enter into any contractual arrangements to establish a VIE structure with any entity in the PRC;

(b) the Company is not controlled by any PRC entity or individual;

(c) all of the operations of the Company are conducted by its Hong Kong subsidiaries including Akai Honoo Capital Limited, French Fries Creativeworks Limited and Wonderful Concept Investment Limited operating entities, which currently solely serve the Hong Kong local market;

(d) the Group currently do not have, or plan to have, any investment plan, such as owning or leasing any asset, in the PRC;

(e) the Group currently does not employ any PRC natural persons within the PRC;

(f) none of the revenue of the Group is generated from the PRC;

(g) the Group currently do not engage in any data processing activities of any PRC individual or within the PRC, nor do the Group entrust or be entrusted by any individual or entity to conduct any data processing activities of any PRC individual or within the PRC, nor do the Group store any data within the PRC;

(h) the Group are not operators of key information infrastructure;

(i) the Group currently do not possess personal information on more than one million users in its business operations;

(j) the Group have not collected or stored any data (including certain personal information) from PRC individuals and /or organizations;

(k) the Company conducts all of its operations in Hong Kong through its Hong Kong subsidiaries includingAkai Honoo Capital Limited, French Fries Creativeworks Limited and Wonderful Concept Investment Limited, and any data collected, stored, or used by the Group do not have a bearing on national security, national economy operation, social stability, public health and security or public interest.

**<u>Filing procedure with the CSRC</u>**

On February 17, 2023, the China Securities Regulatory Commission ("CSRC") promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "**Trial Measures**"), and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC.

In addition, according to the Trial Measures, indirect overseas issuance and listing of domestic enterprises refers to the overseas issuance and listing of enterprises with main business activities in the PRC, in the name of enterprises registered overseas, based on the equity, assets, income or other similar rights and interests of domestic enterprises. At the same time, the Trial Measures further clarify the situation of indirect overseas listing:

(1) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year were derived from PRC domestic companies; and

(2) The majority of the issuer's business activities are carried out in mainland China, or its main place(s) of business are located in mainland China, or the majority of the issuer's senior management team in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China.

5 / 8

The above circumstances must be met simultaneously to be recognized as indirect overseas listing, but it also stipulates that indirect overseas listing should be recognized based on the principle of substance over form.

According to the provisions of the Trial Measures, for those directly listed overseas, the issuer shall file a record with the CSRC. For indirect overseas listing, the issuer shall designate a major domestic operating entity as the domestic responsible person and file with the CSRC.

In addition, the Trial Measures also stipulate that domestic enterprises that fail to fulfill the required filing procedures to the CSRC may be required by the CSRC to make corrections, be given a warning, and be fined between RMB 1 million and RMB 10 million; the CSRC may warn the directly responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million. If the controlling shareholder or actual controller of a domestic enterprise organizes or instigates the prescribed illegal acts, a fine of not less than RMB 1 million but not more than RMB 10 million may be imposed. If the violation of Trial Measures or other laws and administrative regulations is serious, the CSRC may impose a ban on access to the securities market upon relevant responsible persons.

As of the date of this opinion, as confirmed by the Company: (i) the Group currently do not have, nor do they currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) the Group are not controlled by any PRC entity or individual; (iii) the Group do not have any operation in the PRC, nor do they have any partnership or cooperation with any PRC entity or individual; (iv) the Group currently do not have, nor do they plan to have, any investment, such as owning or leasing any asset, in the PRC; (v) the Group have not employed any PRC natural persons within the PRC; (vi) no revenue of the Group is generated from the PRC; and (vi) none of the senior managers in charge of the business operations and management are citizens of the PRC or domiciled in mainland China.

Given the above confirmations, we are of the opinion that the overseas offering and listing conducted by the Company would not be deemed an indirect overseas offering and listing by a PRC domestic company. The Trial Measures do not apply to the Company, and its listing on NASDAQ does not require to fulfill the filing procedure to the CSRC.

According to Article 26 of the Trial Measures, any domestic entity or individual providing documents and materials requested by an overseas securities regulatory agency out of investigative or evidence collection purposes, shall not provide such information without prior approval from the CSRC and competent authorities under the PRC State Council.

As confirmed by the Company:(i) the Company are headquartered in Hong Kong, with their officers and all members of the board of directors based in Hong Kong or elsewhere who are not mainland China citizens; (ii) the Company do not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (iii) the Company only operate in Hong Kong, all of their revenues and profits are generated by their subsidiaries in Hong Kong, none of their business activities are conducted in mainland China, and the Company has not generated revenues or profits from mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in their audited consolidated financial statements for the same period; (iv) the Company does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China.

Given the above confirmations, we are of the opinion that the Company is not required to submit applications for the approval of the CSRC and Article 26 of the Trial Measures does not apply to the documents, information and/or materials submitted to Nasdaq in connection with the Company's application. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 26 of the Trial Measures does not apply documents and/or materials requested by NASDAQ from the Company once listed, in connection with NASDAQ's regulatory responsibilities related to oversight of its issuer companies.

Since these statements and regulatory actions by the PRC government are newly published and the relevant provisions in this regulatory regime are evolving, their interpretation, application and enforcement are subject to the relevant laws and regulations then in effect, we cannot assure that the CSRC would not take a view that is contrary to ours.

6 / 8

The Company further confirms that, as of the date of this opinion, the Group have not received any order from any competent PRC authority or any complaint from any citizen or organization claiming that the Group endanger national security, public interests or the legal rights and interests of any citizen and organization, nor received any order from any competent PRC authorities indicating that the Group are in violation with any PRC laws and regulations regarding personal information and data security, or requiring the Group to seek approvals from the CAC, or other competent PRC authorities for the listing on NASDAQ.

Based on the confirmation, we are of the opinion that the Company is not subject to any approvals from the CAC for its listing on NASDAQ.

This Opinion is further subject to the following qualifications:

(a) we express no opinion as to any laws other than the PRC Laws in force on the date of this Opinion;

(b) the PRC Laws referred to herein are laws currently in force and there is no guarantee that any of such laws, or the interpretation thereof or enforcement therefor, will not be changed, amended or replaced in the immediate future or in the longer term with or without retrospective effect;

(c) this Opinion is intended to be used in the context which is specifically referred to herein and each section should be looked on as a whole regarding the same subject matter;

(d) the PRC legal system regarding data security is still evolving, and there is no assurance that the competent PRC authority would not take a view that is contrary to the above or require the Company to obtain the approval for any data activities that the Company has conducted or would conduct in the foreseeable future; and

(e) this Opinion is subject to the effects of (i) certain legal or statutory principles affecting the validity and enforceability of contractual rights generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and applicable statutes of limitation; (ii) any circumstance in connection with formulation, execution or performance of any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful form; (iii) judicial discretion with respect to the availability of indemnifications, remedies or defenses, the calculation of damages, the entitlement to attorney's fees and other costs, and the waiver of immunity from jurisdiction of any court or from legal process; and (iv) the discretion of any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

This Opinion is delivered in our capacity as the Company's PRC counsel solely for the purpose of the Offering, and may not be used for any other purpose.

According to the Article 9 of the Measures for the Administration of the Provisions of Securities Legal Services by Law Firms jointly issued by the CSRC and the Ministry of Justice of the PRC, which took effect on December 1, 2023 (the "**CSRC Circular**"), as the PRC counsel of the Company, we are not permitted to address this Opinion to the underwriters in the Offering. Therefore, this Opinion is addressed solely to the Company and does not constitute advice to the underwriters or its legal counsel in the Offering. It shall not be relied upon by anyone else other than the Company in connection with this Offering. Notwithstanding the foregoing, we hereby consent to the Company delivering this Opinion to the underwriters in the Offering for reference purposes, which consent, however, should not be deemed that we are addressing this Opinion to any person or entity other than the Company.

7 / 8

We hereby consent to the reference to our name under in the Registration Statement if required . In giving such consent, we do not hereby admit that we come within the category of the person whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

Yours sincerely,

---

| |
|:---|
| */s/ China Commercial Law Firm* |
| China Commercial Law Firm |
| */s/ Hongxuan XIAO* |
| Ms. Hongxuan Xiao, Partner |
| On behalf of China Commercial Law Firm |

---

8 / 8

## Exhibit 99.6

**Exhibit 99.6**

September 10, 2025

**Ga Sai Tong Enterprise Limited (the "Company")**

Fifth Floor of Kam Lung Commercial Centre

No. 2 Hart Avenue, 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 Ga Sai Tong Enterprise Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become a 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 a member of the board of directors of the Company.

Sincerely yours,

---

| |
|:---|
| */s/ Ka Wing Eric, Law* |
| Ka Wing Eric, Law |

---

## Exhibit 99.7

**Exhibit 99.7**

September 10, 2025

**Ga Sai Tong Enterprise Limited (the "Company")**

Fifth Floor of Kam Lung Commercial Centre

No. 2 Hart Avenue, 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 Ga Sai Tong Enterprise Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become a 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 a member of the board of directors of the Company.

Sincerely yours,

---

| |
|:---|
| */s/ Tak Fai, Choi* |
| Tak Fai, Choi |

---

## Exhibit 99.8

**Exhibit 99.8**

September 10, 2025

**Ga Sai Tong Enterprise Limited (the "Company")**

Fifth Floor of Kam Lung Commercial Centre

No. 2 Hart Avenue, 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 Ga Sai Tong Enterprise Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become a 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 a member of the board of directors of the Company.

Sincerely yours,

---

| |
|:---|
| */s/ Yee Ngan, Mok* |
| Yee Ngan, Mok |

---

## Exhibit 99.9

**Exhibit 99.9**

**Ga Sai Tong Enterprise Limited**

**("the Company")**

**CLAWBACK POLICY**

**<u>Introduction</u>**

The Board of Directors of the Company (the "**Board**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 (the "**Exchange Act**").

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Board ("**Covered Executives**").

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Board will require reimbursement or forfeiture of any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that, such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual bonuses and other short- and long-term cash incentives.

● Stock options.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

Financial reporting measures include:

● Company stock price.

● Total shareholder return.

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Funds from operations.

● Liquidity measures such as working capital or operating cash flow.

● Return measures such as return on invested capital or return on assets.

● Earnings measures such as earnings per share.

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board.

If the Board cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Incentive Compensation hereunder which may include, without limitation:

(a) requiring reimbursement of cash Incentive Compensation previously paid;

(b) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

(c) offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

(d)) cancelling outstanding vested or unvested equity awards; and/or

(e) taking any other remedial and recovery action permitted by law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**<u>Effective Date</u>**

This Policy shall be effective as of the date it is adopted by the Board (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after that date.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recoupment Rights</u>**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**<u>Impracticability</u>**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

## Exhibit 99.10

**Exhibit 99.10**

GA SAI TONG ENTERPRISE LIMITED

Statement of Policy Concerning Trading in Company Securities<br>(Conditionally adopted by a board resolution dated [ ], 2025 with effect from the effective date of <br> the registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| | |  | **Page No.** |
| I. | Summary of Policy Concerning Trading in Company Securities | Summary of Policy Concerning Trading in Company Securities | 1 |
| II. | The Use of Inside Information in Connection with Trading in Securities | The Use of Inside Information in Connection with Trading in Securities | 1 |
|  | A. | General Rule. | 1 |
|  | B. | Who Does the Policy Apply To? | 2 |
|  | C. | Other Companies' Stock. | 3 |
|  | D. | Hedging and Derivatives. | 3 |
|  | E. | Pledging of Securities, Margin Accounts. | 3 |
|  | F. | General Guidelines. | 3 |
|  | G. | Applicability of U.S. Securities Laws to International Transactions. | 5 |
| III. | Other Limitations on Securities Transactions | Other Limitations on Securities Transactions | 6 |
|  | A. | Public Resales – Rule 144. | 6 |
|  | B. | Private Resales. | 7 |
|  | C. | Restrictions on Purchases of Company Securities. | 7 |
|  | D. | Filing Requirements. | 7 |

---

i

I. SUMMARY
 OF POLICY CONCERNING TRADING IN COMPANY SECURITIES

It is the policy of Ga Sai Tong Enterprise Limited and its subsidiaries and consolidated affiliated entities (collectively, the "**Company**") that it will, without exception, comply with all applicable laws and regulations in conducting its business. Each employee, each executive officer and each director is expected to abide by this policy. When carrying out Company business, employees, executive officers and directors must avoid any activity that violates applicable laws or regulations. In order to avoid even an appearance of impropriety, the Company's directors, officers and certain other employees are subject to pre-approval requirements and other limitations on their ability to enter into transactions involving the Company's securities. Although these limitations do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Securities Exchange Act of 1934 (the "**Exchange Act**"), the entry into, amendment or termination of any such written trading plan is subject to pre-approval requirements and other limitations.

II. THE
 USE OF INSIDE INFORMATION IN CONNECTION WITH TRADING IN SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;A. General
 Rule.

The U.S. securities laws regulate the sale and purchase of securities in the interest of protecting the investing public. U.S. securities laws give the Company, its officers and directors, and other employees the responsibility to ensure that information about the Company is not used unlawfully in the purchase and sale of securities.

All employees, executive officers and directors should pay particularly close attention to the laws against trading on "inside" information. These laws are based upon the belief that all persons trading in a company's securities should have equal access to all "material" information about that company. Information is considered to be "material" if its disclosure would be reasonably likely to affect (1) an investor's decision to buy or sell the securities of the company to which the information relates, or (2) the market price of that company's securities. While it is not possible to identify in advance all information that will be deemed to be material, some examples of such information would include the following: earnings; financial results or projections; dividend actions; mergers and acquisitions; capital raising and borrowing activities; major dispositions; major new customers, projects or products; significant advances in product development; new technologies; major personnel changes in management or change in control; expansion into new markets; unusual gains or losses in major operations; major litigation or legal proceedings; granting of stock options; and major sales and marketing changes. When doubt exists, the information should be presumed to be material. If you are unsure whether information of which you are aware is inside information, you should consult with the Company's Chief Financial Officer. No individuals other than specifically authorized personnel may release material information to the public or respond to inquiries from the media, analysts or others. If you are contacted by the media or by a research analyst seeking information about the Company and if you have not been expressly authorized by the Company's Chief Financial Officer to provide information to the media or to analysts, you should refer the call to the Chief Financial Officer. On occasion, it may be necessary for legitimate business reasons to disclose inside information to outside persons. Such persons might include investment bankers, lawyers, auditors or other companies seeking to engage in a potential transaction with the Company. In such circumstances, the information should not be conveyed until an express understanding has been reached that such information is not to be used for trading purposes and may not be further disclosed other than for legitimate business reasons. For example, if an employee, an executive officer or a director of a company knows material non-public financial information, that employee, executive officer or director is prohibited from buying or selling shares in the company until the information has been disclosed to the public. This is because the employee, executive officer or director knows information that will probably cause the share price to change, and it would be unfair for the employee or director to have an advantage (knowledge that the share price will change) that the rest of the investing public does not have. In fact, it is more than unfair; it is considered to be fraudulent and illegal. Civil and criminal penalties for this kind of activity are severe.

The general rule can be stated as follows: It is a violation of federal securities laws for any person to buy or sell securities if he or she is in possession of material inside information. Information is material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. It is inside information if it has not been publicly disclosed in a manner making it available to investors generally on a broad-based non-exclusionary basis. Furthermore, it is illegal for any person in possession of material inside information to provide other people with such information or to recommend that they buy or sell the securities. (This is called "**tipping**"). In that case, they may both be held liable.

The Securities and Exchange Commission (the "**SEC**"), the stock exchanges and plaintiffs' lawyers focus on uncovering insider trading. A breach of the insider trading laws could expose the insider to criminal fines up to three times the profits earned and imprisonment up to ten years, in addition to civil penalties (up to three times of the profits earned), and injunctive actions. In addition, punitive damages may be imposed under applicable state laws. Securities laws also subject controlling persons to civil penalties for illegal insider trading by employees, including employees located outside the United States. Controlling persons include directors, officers, and supervisors. These persons may be subject to fines up to the greater of $1,000,000 or three times profit (or loss avoided) by the insider trader.

Inside information does not belong to the individual directors, officers or other employees who may handle it or otherwise become knowledgeable about it. It is an asset of the Company. For any person to use such information for personal benefit or to disclose it to others outside the Company violates the Company's interests. More particularly, in connection with trading in the Company's securities, it is a fraud against members of the investing public and against the Company.

All directors, executive officers and employees of the Company must observe these policies at all times. Your failure to do so will be grounds for internal disciplinary action, up to and including termination of your employment or directorship.

&nbsp;&nbsp;&nbsp;&nbsp;B. Who
 Does the Policy Apply To?

The prohibition against trading on inside information applies to directors, officers and all other employees, and to other people who gain access to that information. The prohibition applies to both domestic and international employees of the Company and its subsidiaries. Because of their access to confidential information on a regular basis, Company policy subjects its directors and certain employees (the "**Window Group**") to additional restrictions on trading in Company securities. The restrictions for the Window Group are discussed in Section F below. In addition, directors and certain employees with inside knowledge of material information may be subject to ad hoc restrictions on trading from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;C. Other
 Companies' Stock.

Employees, executive officers and directors who learn material information about suppliers, customers, or competitors through their work at the Company, should keep it confidential and not buy or sell stock in such companies until the information becomes public. Employees, executive officers and directors should not give tips about such stock.

&nbsp;&nbsp;&nbsp;&nbsp;D. Hedging
 and Derivatives.

Employees, executive officers and directors are prohibited from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or speculate on any change in the market value of the Company's equity securities.

Trading in options or other derivatives is generally highly speculative and very risky. People who buy options are betting that the stock price will move rapidly. For that reason, when a person trades in options in his or her employer's stock, it will arouse suspicion in the eyes of the SEC that the person was trading on the basis of inside information, particularly where the trading occurs before a company announcement or major event. It is difficult for an employee, executive officer or director to prove that he or she did not know about the announcement or event.

If the SEC or Nasdaq were to notice active options trading by one or more employees, executive officers or directors of the Company prior to an announcement, they would investigate. Such an investigation could be embarrassing to the Company (as well as expensive), and could result in severe penalties and expense for the persons involved. For all of these reasons, the Company prohibits its employees, executive officers and directors from trading in options or other derivatives involving the Company's stock. This policy does not pertain to employee stock options granted by the Company. Employee stock options cannot be traded.

&nbsp;&nbsp;&nbsp;&nbsp;E. Pledging
 of Securities, Margin Accounts.

Pledged securities may be sold by the pledgee without the pledgor's consent under certain conditions. For example, securities held in a margin account may be sold by a broker without the customer's consent if the customer fails to meet a margin call. Because such a sale may occur at a time when an employee, executive officer or a director has material inside information or is otherwise not permitted to trade in Company securities, the Company prohibits employees, executive officers and directors from pledging Company securities in any circumstance, including by purchasing Company securities on margin or holding Company securities in a margin account.

&nbsp;&nbsp;&nbsp;&nbsp;F. General
 Guidelines.

The following guidelines should be followed in order to ensure compliance with applicable antifraud laws and with the Company's policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Nondisclosure</u>. Material inside information must not be disclosed to anyone, except to persons within the Company whose positions require them to know it. Tipping refers to the transmission of inside information from an insider to another person. Sometimes this involves a deliberate conspiracy in which the tipper passes on information in exchange for a portion of the "tippee's" illegal trading profits. Even if there is no expectation of profit, however, a tipper can have liability if he or she has reason to know that the information may be misused. Tipping inside information to another person is like putting your life in that person's hands. So the safest choice is: Don't tip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Trading in Company Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order in the Company's securities when he or she has knowledge of material information concerning the Company that has not been disclosed to the public. This includes orders for purchases and sales of stock and convertible securities, including engaging in any "short sales" of the Company's securities. The exercise of employee stock options is not subject to this policy. However, stock that was acquired upon exercise of a stock option will be treated like any other stock, and may not be sold by an employee who is in possession of material inside information. Any employee, executive officer or director who possesses material inside information should wait until the start of the third business day after the information has been publicly released before trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Avoid Speculation</u>. Investing in the Company's common stock provides an opportunity to share in the future growth of the Company. But investment in the Company and sharing in the growth of the Company does not mean short range speculation based on fluctuations in the market. Such activities put the personal gain of the employee, executive officer or director in conflict with the best interests of the Company and its stockholders. Although this policy does not mean that employees, executive officers or directors may never sell shares, the Company encourages employees, executive officers and directors to avoid frequent trading in Company stock. Speculating in Company stock is not part of the Company culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Trading in Other Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order, in the securities of another corporation (such as a supplier, an acquisition target or a competitor), if the employee, executive officer or director learns in the course of his or her employment confidential information about the other corporation that is likely to affect the value of those securities. For example, it would be a violation of the securities laws if an employee, executive officer or director learned through Company sources that the Company intended to purchase assets from a company, and then placed an order to buy or sell stock in that other company because of the likely increase or decrease in the value of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on the Window Group</u>. The Window Group consists of (i) directors, executive officers and vice presidents of the Company and their assistants and household members, (ii) subset of employees in the financial reporting, business development or legal groups and (iii) such other persons as may be designated from time to time and informed of such status by the Company's Chief Financial Officer and general counsel or an officer with similar duties and responsibilities of the Company (the "**General Counsel**"). The Window Group is subject to the following restrictions on trading in Company securities:

● trading is permitted from the start of the third business day following the release of the Company's interim and annual earnings until the 16th calendar day of the last month of the then current fiscal period (the "**Window** "), subject to the restrictions below;

● all trades are subject to prior review;

● The Window Group must submit a request for approval in a form set forth in Annex B hereto from the Company's Chief Financial Officer and General Counsel before making any trade in Company Securities; requests for approval of trades by the Chief Financial Officer and General Counsel should be submitted to the Chief Executive Officer;

● no trading is permitted outside the Window except for reasons of exceptional personal hardship and subject to prior review by the Chief Financial Officer and General Counsel; provided that, if one of these individuals wishes to trade outside the Window, it shall be subject to prior review by the other; and

● individuals in the Window Group are also subject to the general restrictions on all employees.

Note that at times Chief Financial Officer and the General Counsel may determine that no trades may occur even during the Window when clearance is requested. No reasons may be provided and the closing of the Window itself may constitute material inside information that should not be communicated.

The foregoing Window Group restrictions do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Exchange Act ("**10b5-1 Plans**") described in <u>Annex A</u> hereto. However, Window Group members may not enter into, amend or terminate a 10b5-1 Plan relating to Company securities without the prior approval of Chief Financial Officer and the General Counsel, which will only be given during a Window period.

The Company from time to time may also impose an *ad hoc* trading freeze on all officers, directors, and other members of the Window Group due to significant unannounced corporate developments. These trading freezes may vary in length.

Executive officers, directors or any other member of the Window Group must promptly report to the Chief Financial Officer and General Counsel any transaction in any of the Company's securities by his or her or any of their respective assistants or family members other than transactions made pursuant to an approved 10b5-1 Plan (as defined below).

***In summary, every employee of the Company is subject to trading restrictions when in possession of inside information regarding the Company. In addition, officers, directors, and other members of the Window Group are subject to paragraph 5 above restricting their trading to window periods and requiring pre-clearance.***

***You must promptly report to the chief financial officer and the general counsel any trading in the company's securities by anyone or disclosure of inside information by COMPANY personnel that you have reason to believe may violate this Policy or the securities laws of the United States.***

 **

&nbsp;&nbsp;&nbsp;&nbsp;G. Applicability
 of U.S. Securities Laws to International Transactions.

All employees of the Company' and its subsidiaries are subject to the restrictions on trading in Company securities and the securities of other companies. The U.S. securities laws may be applicable to the securities of the Company's subsidiaries or affiliates, even if they are located outside the United States. Transactions involving securities of PRC subsidiaries or affiliates should be carefully reviewed by counsel for compliance not only with applicable PRC law but also for possible application of U.S. securities laws.

III. OTHER
 LIMITATIONS ON SECURITIES TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Public
 Resales – Rule 144.

The U.S. Securities Act (the "**Securities Act**") requires every person who offers or sells a security to register such transaction with the SEC unless an exemption from registration is available. Rule 144 under the Securities Act is the exemption typically relied upon for (i) public resales by any person of "restricted securities" (*i.e.*, unregistered securities acquired in a private offering or sale) and (ii) public resales by directors, officers and other control persons of a company (known as "**affiliates**") of any of the Company's securities, whether restricted or unrestricted.

The exemption in Rule 144 may only be relied upon if certain conditions are met. These conditions vary based upon whether the Company has been subject to the SEC's reporting requirements for 90 days (and is therefore a "reporting company" for purposes of the rule) and whether the person seeking to sell the securities is an affiliate or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Holding Period</u>. Restricted securities issued by a reporting company (i.e., a company that has been subject to the SEC's reporting requirements for at least 90 days) must be held and fully paid for a period of six months prior to their sale. Restricted securities issued by a non-reporting company are subject to a one-year holding period. The holding period requirement does not apply to securities held by affiliates that were acquired either in the open market or in a public offering of securities registered under the Securities Act. Generally, if the seller acquired the securities from someone other than the Company or an affiliate of the Company, the holding period of the person from whom the seller acquired such securities can be "tacked" to the seller's holding period in determining if the holding period has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Current Public Information</u>. Current information about the Company must be publicly available before the sale can be made. The Company's periodic reports filed with the SEC ordinarily satisfy this requirement. If the seller is not an affiliate of the Company issuing the securities (and has not been an affiliate for at least three months) and one year has passed since the securities were acquired from the issuer or an affiliate of the issuer (whichever is later), the seller can sell the securities without regard to the current public information requirement.

Rule 144 also imposes the following additional conditions on sales by persons who are "affiliates." A person or entity is considered an "affiliate," and therefore subject to these additional conditions, if it is currently an affiliate or has been an affiliate within the previous three months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Volume Limitations</u>. The amount of debt securities which can be sold by an affiliate during any three-month period cannot exceed 10% of a tranche (or class when the securities are non-participatory preferred stock), together with all sales of securities of the same tranche sold for the account of the affiliate. The amount of equity securities that can be sold by an affiliate during any three-month period cannot exceed the greater of (i) one percent of the outstanding shares of the class or (ii) the average weekly reported trading volume for shares of the class during the four calendar weeks preceding the time the order to sell is received by the broker or executed directly with a market maker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Manner of Sale</u>. Equity securities held by affiliates must be sold in unsolicited brokers' transactions, directly to a market-maker or in riskless principal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Sale</u>. An affiliate seller must file a notice of the proposed sale with the SEC at the time the order to sell is placed with the broker, unless the amount to be sold neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000. See "Filing Requirements".

 

*Bona fide* gifts are not deemed to involve sales of shares for purposes of Rule 144, so they can be made at any time without limitation on the amount of the gift. Donees who receive restricted securities from an affiliate generally will be subject to the same restrictions under Rule 144 that would have applied to the donor, depending on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;B. Private
 Resales.

Directors and officers also may sell securities in a private transaction without registration. Although there is no statutory provision or SEC rule expressly dealing with private sales, the general view is that such sales can safely be made by affiliates if the party acquiring the securities understands he is acquiring restricted securities that must be held for at least six months (if issued by a reporting company that meets the current public information requirements) or one-year (if issued by a non-reporting company) before the securities will be eligible for resale to the public under Rule 144. Private resales raise certain documentation and other issues and must be reviewed in advance by the Company's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;C. Restrictions
 on Purchases of Company Securities.

In order to prevent market manipulation, the SEC adopted Regulation M under the U.S. Exchange Act. Regulation M generally restricts the Company or any of its affiliates from buying Company stock, including as part of a share buyback program, in the open market during certain periods while a distribution, such as a public offering, is taking place. You should consult with the Company's General Counsel, if you desire to make purchases of Company stock during any period that the Company is making conducting an offering or buying shares from the public.

&nbsp;&nbsp;&nbsp;&nbsp;D. Filing
 Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Schedule 13D and 13G</u>. Section 13(d) of the Exchange Act requires the filing of a statement on Schedule 13D (or on Schedule 13G, in certain limited circumstances) by any person or group which acquires beneficial ownership of more than five percent of a class of equity securities registered under the Exchange Act. The threshold for reporting is met if the stock owned, when coupled with the amount of stock subject to options exercisable within 60 days, exceeds the five percent limit.

A report on Schedule 13D is required to be filed with the SEC and submitted to the Company within ten days after the reporting threshold is reached. If a material change occurs in the facts set forth in the Schedule 13D, such as an increase or decrease of one percent or more in the percentage of stock beneficially owned, an amendment disclosing the change must be filed promptly. A decrease in beneficial ownership to less than five percent is per se material and must be reported.

A limited category of persons (such as banks, broker-dealers and insurance companies) may file on Schedule 13G, which is a much abbreviated version of Schedule 13D, as long as the securities were acquired in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. A report on Schedule 13G is required to be filed with the SEC and submitted to the Company within 45 days after the end of the calendar year in which the reporting threshold is reached.

A person is deemed the beneficial owner of securities for purposes of Section 13(d) if such person has or shares voting power (*i.e.*, the power to vote or direct the voting of the securities) or dispositive power (*i.e.*, the power to sell or direct the sale of the securities). A person filing a Schedule 13D or 13G may disclaim beneficial ownership of any securities attributed to him or her if he or she believes there is a reasonable basis for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Form 144</u>. As described above under the discussion of Rule 144, an affiliate seller relying on Rule 144 must file a notice of proposed sale with the SEC at the time the order to sell is placed with the broker unless the amount to be sold during any three-month period neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000.

**<u>Annex A</u>**

 ****

***Overview of 10b5-1 Plans***

Under Rule 10b5-1, large stockholders, directors, officers and other insiders who regularly possess material nonpublic information (MNPI) but who nonetheless wish to buy or sell stock may establish an affirmative defense to an illegal insider trading charge by adopting a written plan to buy or sell at a time when they are not in possession of MNPI. A 10b5-1 plan typically takes the form of a contract between the insider and his or her broker.

The plan must be entered into at a time when the insider has no MNPI about the company or its securities (even if no trades will occur until after the release of the MNPI). The plan must:

1. specify the amount, price (which may include a limit price) and specific dates of purchases or sales; or

2. include a formula or similar method for determining amount, price and date; or

3. give the broker the exclusive right to determine whether, how and when to make purchases and sales, as long as the broker does so without being aware of MNPI at the time the trades are made.

Under the first two alternatives, the 10b5-1 plan cannot give the broker any discretion as to trade dates. As a result, a plan that requests the broker to sell 1,000 shares per week would have to meet the requirements under the third alternative. On the other hand, under the second alternative, the date may be specified by indicating that trades should be made on any date on which the limit price is hit. The affirmative defense is only available if the trade is in fact made pursuant to the preset terms of the10b5-1 plan (unless the terms are revised at a time when the insider is not aware of any MNPI and could therefore enter into a new plan). Trades are deemed not to have been made pursuant to the plan if the insider later enters into or alters a corresponding or hedging transaction or position with respect to the securities covered by the plan (although hedging transactions could be part of the plan itself).

 **

***Guidelines for 10b5-1 Plans***

 

***When can a plan be adopted or amended?*** Because Rule 10b5-1 prohibits an insider from adopting or amending a plan while in possession of MNPI, allegations of insider trading despite the existence of a 10b5-1 plan are likely to focus on what was known at the time of plan adoption or amendment. It is recommended that companies permit an executive to adopt or amend a 10b5-1 plan only when the executive can otherwise buy or sell securities under the company's insider trading policy, such as during an open window immediately after the announcement of quarterly earnings.

 ****

***Should a plan impose a waiting period before trading can begin?*** Because an insider cannot have MNPI when a plan is adopted or amended, Rule 10b5-1 does not require the plan to include a waiting period before trading can begin. And importantly, including a waiting period (even a lengthy delay) will not correct the fatal flaw of adopting or amending a plan while in possession of MNPI. Many companies, however, require 10b5-1 plans to include a waiting period as a matter of risk management, in order to decrease the likelihood of the scrutiny that can occur when an executive's trading activity suddenly commences before material news is announced. Practice varies as to length (anywhere from 10 days to the next open window), although the rationale for including a waiting period is usually stronger when the period is long enough to be able to say that any information currently in the insider's possession should either be stale or public by the time trading commences. This has no bearing on the effectiveness of a 10b5-1 plan, but a longer delay can, as a matter of optics, help an insider demonstrate that he or she was not motivated to make trades by nonpublic information available at the time of plan adoption or amendment.

 ****

***Should adoption of a plan be announced publicly?*** Generally speaking, there is no requirement to publicly disclose the adoption, amendment or termination of a 10b5-1 plan, although in some cases public announcement may be advisable due to the identity of the insider, the magnitude of the plan, or other special factors. That said, announcing the adoption of a 10b5-1 plan may be a useful way to head off future public relations issues, since announcing a plan's adoption prepares the market and should help investors understand the reasons for insider sales when trades are later reported. If a company decides to announce the adoption of a 10b5-1 plan, we do not generally recommend disclosing plan details, other than, perhaps, the aggregate number of shares involved; this is to diminish the ability of market professionals to front-run the insider's transactions. It is unusual to announce the suspension or termination of a plan.

 ****

 ****

***What else should we consider when amending or modifying a plan?*** As noted above, an insider may only modify or amend a 10b5-1 plan when he or she is not in possession of MNPI. Even if an insider is not in possession of MNPI at the time of amendment, a pattern of amending or modifying one's plan raises the question of whether the insider is using the plan as a legitimate tool to diversify his or her risk exposure and monetize assets, or as a way to opportunistically step in and out of the market. Because Rule 10b5-1 provides an affirmative defense but not a safe harbor, insiders and their companies should be aware that the effectiveness of the affirmative defense could be diminished by a pattern of plan amendments and modifications.

 ****

***Can a plan be terminated or suspended?*** Unlike amending a plan, a 10b5-1 plan may legally be terminated before its predetermined end date even though the insider is in possession of MNPI (although some brokers' forms prohibit this as a contractual matter). Because plan sales shortly before the announcement of bad news can generate unwanted attention, an insider may decide to terminate a plan in the face of an impending negative announcement, even though as a technical matter the affirmative defense would be expected to cover the sales. On the other hand, terminating a selling plan before an impending positive announcement may raise the suspicion that the insider is using Rule 10b5-1 as a way to opportunistically time the market, thereby risking the likelihood that his or her future use of the affirmative defense will be successful.

It is generally suggested that plan terminations initiated by an insider take place during an open window, absent special circumstances and approval by the general counsel. It may also make sense for the general counsel to have the ability, but not the responsibility, to terminate the plan. Plans should also allow for mandatory suspension if legally required, for example due to Regulation M or tax reasons.

 ****

***How long should a plan last?*** In order to minimize the need for early termination, the term of the plan should be carefully weighed at the outset. An optimal plan term will be long enough to distance the insider, and any current knowledge that he or she may have, from a particular trade but short enough that it will not require termination should the insider's financial planning strategies change. A short "one-off" 10b5-1 plan can appear to be timed to take advantage of MNPI. On the other hand, the longer the plan term, the greater the likelihood that it will need to be modified or terminated. Most plans tend to have a term of six months to two years.

 ****

***Should the company pre-clear or review an executive's plan?*** It is generally recommended that the company pre-clear or review a proposed 10b5-1 plan, which may provide assurance that the plan complies with best practices. Certain companies disallow the third type of plan (one that gives the broker the right to determine whether, how and when to make purchases) in order to avoid the evidentiary difficulty associated with proving that the executive did not communicate with the broker with respect to trades under the plan. While this is not required, this is a prudent option to consider.

In addition to requiring a 10b-5 plan to be pre-approved by the Company, other limits that are sometimes considered are whether to set a maximum percentage of holdings that can be subject to a 10b5-1 plan, and rules for setting price floors.

**<u>Annex B</u>**

**Request for Approval to Trade in the Securities of Ga Sai Tong Enterprise Limited**

To: Chief Financial Officer / General Counsel

From: <u> </u>

Print Name

I hereby request approval for myself (or a member of my immediate family or household or a family member whose transactions regarding securities of Ga Sai Tong Enterprise Limited are directed by me or are subject to my influence or control) to execute the following transaction relating to the securities of Ga Sai Tong Enterprise Limited.

Type of transaction (check one):

☐ PURCHASE

☐ SALE

☐ EXERCISE OPTION (AND SELL SHARES)

☐ OTHER

---

| | |
|:---|:---|
| Securities involved in transaction:<u> </u> |  |
| Number of securities:<u> </u> |  |
| Other (please explain):<u> </u> |  |
| Name of beneficial owner if other than yourself:<u> </u> |  |
| Relationship of beneficial owner to yourself:<u> </u> |  |
| Signature:<u> </u> | Date:<u> </u> |

---

**This Authorization is valid until the earlier of thirty (30) calendar days after the date of this Approval or until the commencement of a "blackout" period.**

---

| | |
|:---|:---|
| Approved by:<u> </u> |  |
| Name:<u> </u> |  |
| Date:<u> </u> | Time:<u> </u> |

---

## Ex-Filing

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

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Ga Sai Tong Enterprise Limited**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, par value US$0.0001 per share | (1) | 457(o) | 1300000 | $7.00 | $9100000.00 | 0.0001531 | $1393.21 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $9100000.00 |  | 1393.21 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1393.21 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933.