# EDGAR Filing Document

**Accession Number:** 0001876766
**File Stem:** 0001185185-25-002023
**Filing Date:** 2025-12
**Character Count:** 132998
**Document Hash:** e307721266003949bc9fae4db037fe87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-002023.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001185185-25-002023

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251211

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lichen International Ltd
- **CENTRAL INDEX KEY:** 0001876766
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41493
- **FILM NUMBER:** 251565386

**BUSINESS ADDRESS:**
- **STREET 1:** B2306, BLOCK B TOWER 3,
- **STREET 2:** JINJIANG WANDA PLAZA COMMERCIAL COMPLEX
- **CITY:** JINJIANG CITY, FUJIAN PROVINCE
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** (86) 4008350088

**MAIL ADDRESS:**
- **STREET 1:** B2306, BLOCK B TOWER 3,
- **STREET 2:** JINJIANG WANDA PLAZA COMMERCIAL COMPLEX
- **CITY:** JINJIANG CITY, FUJIAN PROVINCE
- **STATE:** F4
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lichen China Ltd
- **DATE OF NAME CHANGE:** 20210803

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

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16<br> UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month ended December 2025

Commission File No. **001-41493**

**<u>LICHEN INTERNATIONAL LIMITED</u>** ****<br> (Translation of registrant's name into English)

**15<sup>th</sup> Floor, Xingang Square, Hubin North Road,<br> Siming District, Xiamen City,<br> Fujian Province, China, 361013**<br> (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F ☒ Form 40-F ☐

In connection with the extraordinary general meeting of shareholders of Lichen International Limited (the "Company"), attached hereto and incorporated by reference herein are Notice of Extraordinary General Meeting and Proxy Statement and Form of Proxy Card.

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Notice of Extraordinary General Meeting and Proxy Statement](licnex99-1.htm) |
| 99.2 | [Form of Proxy Card](licnex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: December 11, 2025 | **Lichen International Limited** | **Lichen International Limited** |
|  | By: | */s/ Ya Li* |
|  | Name: | Ya Li |
|  | Title: | Chief Executive Officer, Chairman of the Board, and Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**Lichen International Limited**

15<sup>th</sup> Floor, Xingang Square, Hubin North Road,

Siming District, Xiamen City,

Fujian Province, China, 361013

**PROXY STATEMENT AND NOTICE OF**

**EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS**

**TO BE HELD ON DECEMBER 30, 2025**

December 11, 2025

Dear Shareholder:

Notice is hereby given that an extraordinary general meeting (the "Meeting") of Lichen International Limited., a Cayman Islands exempted company (the "Company"), will be held on December 30, 2025, at 10:00 a.m., Beijing Time (December 29, 2025, at 9:00 p.m. Eastern Time), at 15<sup>th</sup> Floor, Xingang Square, Hubin North Road, Siming District, Xiamen City, Fujian Province, China, 361013, for the purpose of considering and, if thought fit, passing (with or without amendments) the following resolutions of the Company:

1. As
an ordinary resolution,

"That (a) the increase of the authorized share capital of the Company from US$1,000,000.00 divided into (a) 100,000,000 series A ordinary shares of par value US$0.008 each and (b) 25,000,000 series B ordinary shares of par value US$0.008 each, to US$200,000,000.00 divided into (a) 20,000,000,000 series A ordinary shares of par value US$0.008 each and (b) 5,000,000,000 series B ordinary shares of par value US$0.008 each, by the creation of additional (a) 19,900,000,000 series A ordinary shares of par value US$0.008 each and (b) 4,975,000,000 series B ordinary shares of par value US$0.008 each to rank pari passu in all respects with the existing shares in the capital of the Company be and is hereby approved (the "Share Capital Increase"); and (b) any one director of the Company be and is hereby authorised to do all such acts and things and execute all such documents, including under seal where applicable, as he or she may consider necessary or desirable to give effect to the Share Capital Increase and the transactions contemplated thereunder and to attend to any necessary registration and/or filing in the Cayman Islands for and on behalf of the Company."

2. As
a special resolution,

"THAT the Company's existing amended and restated memorandum and articles of association be amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) by
deleting article 39 of the Company's existing amended and restated articles of association in its entirety and replacing it with
the following:

"39. The Company may, but shall not be obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Directors, in accordance with these Articles.";

&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
deleting article 43 of the Company's existing amended and restated articles of association in its entirety and replacing it with
the following:

"43. No business shall be transacted at any general meeting unless a quorum of Members is present at the time when the meeting proceeds to business; the quorum shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
the Company has only one Member: that Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
the Company has more than one Member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. subject
to Article 43(b)(ii), two or more Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. subject
to Article 45, for so long as any shares are listed on a Designated Stock Exchange, one or more Members holding shares that
represent not less than one-third of the voting rights of the outstanding issued shares carrying the right to vote at such general meeting.";
and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) by
deleting article 45 of the Company's existing amended and restated articles of association in its entirety and replacing it with
the following:

"45. If a quorum is not present within half an hour from the time appointed for the meeting to commence or if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved, and in any other case it shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum."

("Amendments of Articles")."

3. As
an ordinary resolution,

"That (a) the consolidation of the Company's issued and unissued series A and series B ordinary shares at a ratio of not less than one (1)-for-twenty (20) and not more than one (1)-for-two hundred (200) (the "Range"), with the exact ratio to be set at a whole number within the Range and the exact effective date to be determined by the board of directors of the Company (the "Board") in its sole discretion within eighteen months after the date of passing of this resolution (the "Share Consolidation"), provided that no fractional share shall arise from the Share Consolidation, be and is hereby approved; (b) the rounding up of any fractional shares resulting from the Share Consolidation to the nearest whole ordinary share be and is hereby approved and (c) the Board be and is hereby authorised to do all such acts and things and execute all such documents, including under seal where applicable, as the Board considers necessary or desirable to give effect to the Share Consolidation and the transactions contemplated thereunder, including determining the exact ratio within the Range and the exact effective date of the Share Consolidation and instructing the registered office provider or transfer agent of the Company to complete the necessary corporate record(s) and filing(s) to reflect the Share Consolidation."

4. As
a special resolution,

"That subject to and conditional upon the passing of Resolutions One and Two above in respect of the Share Capital Increase and the Amendments of Articles, with immediate effect after the close of this meeting, (a) the amendment of the existing amended and restated memorandum and articles of association of the Company to reflect the Share Capital Increase and the Amendments of Articles be and hereby approved; (b) the amended and restated memorandum and articles of association of the Company (the "Amended and Restated Memorandum and Articles of Association") be and are hereby approved and adopted as the new memorandum and articles of association of the Company in substitution for and to the exclusion of the existing amended and restated memorandum and articles of association of the Company and (c) any one director of the Company be and is hereby authorised to do all such acts and things and execute all such documents, including under seal where applicable, as he or she may consider necessary or desirable to give effect to the adoption of the Amended and Restated Memorandum and Articles of Association and the transactions contemplated thereunder and to attend to any necessary registration and/or filing in the Cayman Islands for and on behalf of the Company."

5. As
a special resolution,

"That subject to and conditional upon the passing of Resolutions One, Two and Three above in respect of the Share Capital Increase, the Amendments of Articles and the Share Consolidation, with effect from the effective date of the Share Consolidation, (a) the amendment of the amended and restated memorandum and articles of association of the Company as at the effective date of the Share Consolidation to reflect the Share Capital Increase, the Amendments of Articles and the Share Consolidation be and is hereby approved; (b) the amended and restated memorandum and articles of association of the Company be and are hereby approved and adopted as the new memorandum and articles of association of the Company in substitution for and to the exclusion of the amended and restated memorandum and articles of association of the Company as at the effective date of the Share Consolidation and (c) any one director of the Company be and is hereby authorised to do all such acts and things and execute all such documents, including under seal where applicable, as he or she may consider necessary or desirable to give effect to the amendment of the amended and restated memorandum and articles of association of the Company and the transactions contemplated thereunder and to attend to any necessary registration and/or filing in the Cayman Islands for and on behalf of the Company."

6. As
an ordinary resolution,

"That the Meeting be and is adjourned to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of Resolution One above, Resolution Two above, Resolution Three above, Resolution Four and/or Resolution Five above."

Our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the "2023 Annual Report"), including the financial statements, is available on the SEC's website at *http://www.sec.gov.*

**Your vote is important. Whether or not you plan to attend the Meeting, I hope that you will vote as soon as possible. You may vote your shares by either completing, signing and returning the accompanying proxy card.**

---

| |
|:---|
| By Order of the Board of Directors, |
| Sincerely, |
| /s/ Ya Li |
| Ya Li |
| Chief Executive Officer, Chairman of the Board, and Director |

---

**IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF THE COMPANY TO BE HELD ON DECEMBER 30, 2025.**

**Lichen International Limited**

15<sup>th</sup> Floor, Xingang Square, Hubin North Road,

Siming District, Xiamen City,

Fujian Province, China, 361013

**Proxy Statement**

The board of directors (the "Board") of Lichen International Limited., a Cayman Islands exempted company (the "Company" or "we"), is furnishing this Proxy Statement and the accompanying proxy card to you to solicit your proxy for an extraordinary general meeting of shareholders of the Company (the "Meeting"). The Meeting will be held on December 30, 2025, at 10:00 a.m., Beijing Time (December 29, 2025, at 9:00 p.m. Eastern Time), at 15<sup>th</sup> Floor, Xingang Square, Hubin North Road, Siming District, Xiamen City, Fujian Province, China, 361013.

Unless otherwise indicated, in this proxy statement, references to:

● "Class A Ordinary Shares" are to a class of shares of Lichen International Limited called the "series A ordinary shares" with par value $0.008 per share; and

● "Class B Ordinary Shares" are to a class of shares of Lichen International Limited called the "series B ordinary shares" with par value $0.008 per share.

**QUESTIONS AND ANSWERS ABOUT THE MEETING**

***What is this proxy statement?***

You have received this proxy statement because our Board is soliciting your proxy to vote your shares at the Meeting. This proxy statement includes information that we are required to provide to you under the rules of the Securities and Exchange Commission ("SEC") and that is designed to assist you in voting your shares.

***What is the purpose of the Meeting?***

At the Meeting, our shareholders will act upon the matters described in this proxy statement.

These matters include 1) the approval of the Share Capital Increase, 2) the approval of the Share Consolidation, 3) the Amendments of Articles, 4) the adoption of the Amended and Restated Memorandum and Articles of Association to reflect the Share Capital Increase and the Amendments of Articles, 5) the amendment and restatement of the Amended and Restated Memorandum and Articles of Association to reflect the Share Capital Increase, the Amendments of Articles and the Share Consolidation, 6) the approval of the adjournment of the Meeting.

***What are the Board's recommendations?***

Our Board recommends that you vote:

● **"FOR"** the Share Capital Increase;

● **"FOR"** the Amendments of Articles;

● **"FOR"** the Share Consolidation;

● **"FOR"** the adoption of the Amended and Restated Memorandum and Articles of Association to reflect the Share Capital Increase and the Amendments of Articles;

● **"FOR"** the amendment and restatement of the Amended and Restated Memorandum and Articles of Association to reflect the Share Capital Increase, the Amendments of Articles and the Share Consolidation; and

● **"FOR"** the adjournment of the Meeting.

***Who is entitled to attend and vote at the Meeting?***

Only shareholders of record at the close of business on November 21, 2025, which we refer to as the Record Date, are entitled to receive notice of, and to attend and vote at, the Meeting. As of the Record Date, there were 16,215,274 Class A Ordinary Shares and 110,000 Class B Ordinary Shares outstanding. Holders of Class A Ordinary Shares as of the Record Date are entitled to one vote for each share held for each of the resolutions. Holders of Class B Ordinary Shares as of the Record Date are entitled to 10 votes for each share held for each of the resolutions.

A list of shareholders entitled to vote at the Meeting will be available at the Meeting.

***What is the difference between holding shares as a shareholder of record and as a beneficial owner?***

*Shareholder of Record.* If your shares are registered directly in your name with our transfer agent, VStock Transfer, LLC., you are considered, with respect to those shares, the "shareholder of record." This proxy statement has been sent directly to you by us.

*Beneficial Owner.* If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the "beneficial owner" of shares held in street name. This proxy statement has been forwarded to you by your broker, bank or nominee who is considered, with respect to those shares, the shareholder of record. As the beneficial owner, you have the right to direct your broker, bank or nominee how to vote your shares by using the voting instructions included with your proxy materials.

 ****

 ****

***How do I vote my shares?***

Shareholders can vote in person at the Meeting or by proxy. The way to vote by proxy:

● By Mail — Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

If your shares are held in the name of a bank, broker or other holder of record, you will receive instructions from the holder of record. You must follow the instructions of the holder of record in order for your shares to be voted. If your shares are not registered in your own name and you plan to vote your shares in person at the Meeting, you should contact your broker or agent to obtain a legal proxy or broker's proxy card and bring it to the Meeting in order to vote.

If you vote by proxy, the individuals named on the proxy card (your "proxies") will vote your shares in the manner you indicate. You may specify how your shares should be voted for each of the resolutions. If you grant a proxy without indicating your instructions, your shares will be voted as follows:

● **"FOR"** the Share Capital Increase;

● "FOR" the Amendments of Articles;

● **"FOR"** the Share Consolidation;

● **"FOR"** the adoption of the Amended and Restated Memorandum and Articles of Association to reflect the Share Capital Increase and the Amendments of Articles;

● **"FOR"** the amendment and restatement of the Amended and Restated Memorandum and Articles of Association to reflect the Share Capital Increase, the Amendments of Articles and the Share Consolidation; and

● **"FOR"** the adjournment of the Meeting.

***What constitutes a quorum?***

According to the Company's articles of association, a quorum of Members must be present at the time when the meeting proceeds to business and the quorum shall be one or more Members present in person or by proxy or (in the case of a Member being a corporation) by its duly authorised representative holding shares that represent not less than one-third of the outstanding issued shares carrying the right to vote at such general meeting.

***What is a broker "non-vote" and what is its effect on voting?***

If you are a beneficial owner of shares held in street name and do not provide the organization that holds your shares with specific voting instructions, under the rules of various national and regional securities exchanges, the organization that holds your shares may generally vote on routine matters but cannot vote on non-routine matters. If the organization that holds your shares does not receive instructions from you on how to vote your shares on a non-routine matter, the organization that holds your shares does not have the authority to vote on the matter with respect to those shares. This is generally referred to as a "broker non-vote."

***How will shares be voted at the Meeting?***

In accordance with the articles of association of the Company, all resolutions put to the vote of the Meeting shall be decided by way of a poll.

***What is required to approve each item?***

● For Resolution One, the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting, is required.

● For Resolution Two, the affirmative vote of a majority not less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting, is required.

● For Resolution Three, the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting, is required.

● For Resolution Four, the affirmative vote of a majority not less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting, is required.

● For Resolution Five, the affirmative vote of a majority not less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting, is required.

● For Resolution Six, the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting, is required.

For the purpose of determining whether the shareholders have approved Resolution One, Resolution Two, Resolution Three, Resolution Four, Resolution Five and Resolution Six, abstentions and broker non-votes, if any, will not be counted as votes cast and will not affect the outcome of these Resolutions. Abstentions will be counted for purposes of determining whether there is a quorum present.

***How will Ordinary Shares represented by properly executed proxies be voted?***

All Class A Ordinary Shares and Class B Ordinary Shares represented by proper proxies will, unless such proxies have previously been revoked, be voted in accordance with the instructions indicated in such proxies. If you do not provide voting instructions, your shares will be voted in accordance with the Board's recommendations as set forth herein.

***Can I change my vote or revoke my proxy?***

Any shareholder executing a proxy has the power to revoke such proxy at any time prior to its exercise. You may revoke your proxy prior to exercise by:

● filing with us a written notice of revocation of your proxy,

● submitting a properly signed proxy card bearing a later date, or

● voting in person at the Meeting.

***What does it mean if I receive more than one set of proxy materials?***

If your shares are registered under different names or are in more than one account, you may receive more than one set of proxy materials. To ensure that all your shares are voted, please complete, sign and date the multiple proxy cards relating to your multiple accounts. We encourage you whenever possible to have all accounts registered in the same name and address. You can accomplish this by contacting our transfer agent, VStock Transfer, LLC. at +1 212-828-8436.

***Who paid for this proxy solicitation?***

The cost of preparing, printing, assembling and mailing this proxy statement and other material furnished to shareholders in connection with the solicitation of proxies is borne by us.

***How do I learn the results of the voting at the Meeting?***

Preliminary results will be announced at the Meeting. Final results will be published in a Report on Form 6-K filed with the SEC.

***How are proxies solicited?***

In addition to the mail solicitation of proxies, our officers, directors, employees and agents may solicit proxies by written communication, telephone or personal call. These persons will receive no special compensation for any solicitation activities. We will reimburse banks, brokers and other persons holding Ordinary Shares for their expenses in forwarding proxy solicitation materials to beneficial owners of our Ordinary Shares.

***What is "householding?"***

"Householding" means that we deliver a single set of proxy materials when requested to households with multiple shareholders, provided certain conditions are met. Householding reduces our printing and mailing costs.

If you or another shareholder of record sharing your address would like to receive an additional copy of the proxy materials, we will promptly deliver it to you upon your request by sending a written request by mail to:

**Lichen International Limited**

**15<sup>th</sup> Floor, Xingang Square, Hubin North Road, Siming District, Xiamen City, Fujian Province, China, 361013**

If you would like to opt out of householding in future mailings, or if you are currently receiving multiple mailings at one address and would like to request householded mailings, you may do so by contacting our Corporate Secretary as indicated above.

***Whom may I contact for further assistance?***

If you have any questions about giving your proxy or require any assistance, please contact us by mail, to:

**Lichen International Limited**

**15<sup>th</sup> Floor, Xingang Square, Hubin North Road, Siming District, Xiamen City, Fujian Province, China, 361013**

**RESOLUTION ONE**

**TO APPROVE THE SHARE CAPITAL INCREASE**

**Background**

We are proposing to increase the Company's authorized share capital from US$1,000,000.00 divided into (a) 100,000,000 series A ordinary shares of par value US$0.008 each and (b) 25,000,000 series B ordinary shares of par value US$0.008 each, to US$200,000,000.00 divided into (a) 20,000,000,000 series A ordinary shares of par value US$0.008 each and (b) 5,000,000,000 series B ordinary shares of par value US$0.008 each, by the creation of additional (a) 19,900,000,000 series A ordinary shares of par value US$0.008 each and (b) 4,975,000,000 series B ordinary shares of par value US$0.008 each to rank pari passu in all respects with the existing shares in the capital of the Company.

**Vote Required**

The affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting is required to approval this Resolution. Unless otherwise instructed on the proxy or unless authority to vote is withheld, shares represented by executed proxies will be voted "FOR" this Resolution. Abstentions and broker non-votes, if any, will not be counted as votes cast and will not affect the outcome of this Resolution, although they will be counted for purposes of determining whether there is a quorum present.

**Recommendation of the Board of Directors**

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THIS RESOLUTION.**

**RESOLUTION TWO**

**AMENDMENT TO THE ARTICLE 39, ARTICLE 43 AND ARTICLE 45 OF THE ARTICLES OF ASSOCIATION**

**Background**

The Board of Directors unanimously adopted a resolution to submit to a vote of shareholders a special resolution to amend Article 39, Article 43 and Article 45 of the existing amended and restated articles of association of the Company.

**The Proposed Amendment to Article 39, Article 43 and Article 45 of the Articles of Association**

If this Proposal Five is approved, Article 39, Article 43 and Article 45 of the existing amended and restated articles of association of the Company will be deleted and replaced with the following:

"39. The Company may, but shall not be obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Directors, in accordance with these Articles."

"43. No business shall be transacted at any general meeting unless a quorum of Members is present at the time when the meeting proceeds to business; the quorum shall be:

&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. subject to Article 43(b)(ii), two or more Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. subject to Article 45, for so long as any shares
are listed on a Designated Stock Exchange, one or more Members holding shares that represent not less than one-third of the voting rights
of the outstanding issued shares carrying the right to vote at such general meeting."

"45. If a quorum is not present within half an hour from the time appointed for the meeting to commence or if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved, and in any other case it shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting to commence, the Members present shall be a quorum."

**Potential Effects**

If shareholders approve this proposal, the amendments to Article 39, Article 43 and Article 45 of the existing amended and restated memorandum and articles of association of the Company will become effective immediately upon such approval.

**Vote Required**

This resolution requires the affirmative ("FOR") vote of at least two-thirds of votes cast by shareholders present or represented by proxy and entitled to vote at the Extraordinary general meeting. Unless otherwise instructed on the proxy or unless authority to vote is withheld, shares represented by executed proxies will be voted "FOR" this resolution. Abstentions or broker non-votes, if any, will not be counted as votes cast, although abstentions and broker non-votes will be counted for purposes of determining whether there is a quorum present.

**Recommendation of the Board of Directors**

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THIS RESOLUTION.**

**RESOLUTION THREE**

**TO APPROVE THE SHARE CONSOLIDATION OF THE COMPANY'S ISSUED AND UNISSUED <br> ORDINARY SHARES**

**Background**

We are proposing (A) to consolidate the Company's issued and unissued Class A and Class B ordinary shares to be approved at a ratio of not less than one (1)-for-twenty (20) and not more than one (1)-for-two hundred (200) (the "Range"), with the exact ratio to be set at a whole number within this Range and the exact effective date to be determined by the Board in its sole discretion within eighteen months after the date of passing of these resolutions (the "Share Consolidation") provided that no fractional share shall arise from the Share Consolidation, and (B) to authorize the Company to round up any fractional shares resulting from the Share Consolidation to the nearest whole ordinary share, and to authorize the Board to do all such acts and things as the Board considers necessary or desirable for the purposes of the transactions contemplated by the Share Consolidation, including determining the Range and the exact effective date of the Share Consolidation and instructing the registered office provider or transfer agent of the Company to complete the necessary corporate record(s) and filing(s) to reflect the Share Consolidation.

**Purpose of Share Consolidation**

The Company's Class A Ordinary Shares are listed on The Nasdaq Capital Market ("Nasdaq") under the trading symbol of "LICN." In order for the Class A Ordinary Shares to continue to be listed on Nasdaq, the Company must satisfy various listing standards established by Nasdaq. Specifically, Nasdaq Listing Rule 5550(a)(2) requires that listed shares maintain a minimum bid price of US$1.00 per share (the "Bid Price Rule"). Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive trading days. Upon such failure, the Company will receive a written notice from the Nasdaq Listing Qualifications Department and will be provided an initial compliance period of 180 calendar days to regain compliance with the Bid Price Rule. If the Company does not regain compliance within the allotted compliance period, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's Class A Ordinary Shares will be subject to delisting. The Company would then be entitled to appeal Nasdaq's determination to a Nasdaq Listing Qualifications Panel and request a hearing.

The Board believes that the delisting of the Class A Ordinary Shares from the Nasdaq Capital Market ("Nasdaq") would likely result in decreased liquidity. Such decreased liquidity would result in the increase in the volatility of the trading price of the Class A Ordinary Shares, a loss of current or future coverage by certain analysts and a diminution of institutional investor interest. In addition, the Board believes that such delisting could also cause a loss of confidence of corporate partners, customers and employees, which could harm the Company's business and future prospects.

To enhance the Company's ability to retain the compliance with the bid price requirement and remain listed on Nasdaq, the Board believes that it is in the best interest of the Company and the shareholders to authorize the Board to effectuate a share consolidation to increase the market price of the Class A Ordinary Shares to meet the bid price requirement if needed. As a result, the Board is soliciting shareholders' approval of the authorization to the Board to effect the Share Consolidation within the Range to be determined by the Board in its sole discretion within eighteen months after the shareholders' approval (and if the Board did not determine a ratio within such eighteen month period, the Share Consolidation would not proceed and will be abandoned), and to provide authorization to the Board to settle as it considers expedient any difficulty which arises in relation to any consolidation of Ordinary Shares of the Company to round up any fractions of Ordinary Shares issued to or registered in the name of such shareholders of the Company following or as a result of the Share Consolidation.

In evaluating whether or not to conduct the Share Consolidation, the Board also took into account various negative factors associated with such corporate action. These factors include: the negative perception of share consolidation held by some investors, analysts and other stock market participants; the fact that the share prices of some companies and the Company that have effected of share consolidation have subsequently declined back to pre-consolidation levels; the adverse effect on liquidity that might be caused by a reduced number of shares outstanding; and the costs associated with implementing a share consolidation.

The Board considered these factors, and the potential harm of being delisted from Nasdaq. The Board determined that continued listing on Nasdaq is in the best interest of the Company and its shareholders, and that the Share Consolidation is probably necessary to maintain the listing of the Class A Ordinary Shares on Nasdaq.

In addition, there can be no assurance that, after the Share Consolidation, the Company would be able to maintain the listing of the Class A Ordinary Shares on Nasdaq. Nasdaq maintains several other continued listing requirements currently applicable to the listing of the Class A Ordinary Shares. Shareholders should recognize that if the Share Consolidation is effected, they will own a smaller number of Ordinary Shares than they currently own. While the Company expects that the Share Consolidation will result in an increase in the market price of the Class A Ordinary Shares, it may not increase the market price of the Class A Ordinary Shares in proportion to the reduction in the number of Class A Ordinary Shares outstanding or result in a permanent increase in the market price (which depends on many factors, including but not limited to our performance, prospects and other factors that may be unrelated to the number of shares outstanding).

If the Share Consolidation is effected and the market price of the Class A Ordinary Shares declines, the percentage decline as an absolute number and as a percentage of the Company's overall market capitalization may be greater than would occur in the absence of the Share Consolidation. Furthermore, the liquidity of the Class A Ordinary Shares could be adversely affected by the reduced number of shares that would be outstanding after the Share Consolidation. Accordingly, the Share Consolidation may not achieve the desired results that have been outlined above.

**Fractional Shares**

No fractional shares shall be issued upon the Share Consolidation. Upon approval of this Resolution, the directors will be authorized to round up any fractions of Ordinary Shares for issuing to such shareholders of the Company who are entitled to fractional shares following or as a result of the Share Consolidation.

**Effects of the Share Consolidation**

***Authorized Shares and Unissued Shares***

At the time the Share Consolidation is effective, our authorized Ordinary Shares, will be consolidated at the ratio between one (1)-for-twenty (20) and not more than one (1)-for-two hundred (200), accompanied by a corresponding increase in the par value of the Ordinary Shares, with the exact ratio to be set at a whole number within this range, to be determined by the Board.

***Issued and Outstanding Shares***

The Share Consolidation will also reduce the number of issued and outstanding Ordinary Shares at the ratio between one (1)-for-twenty (20) and not more than one (1)-for-two hundred (200), accompanied by a corresponding increase in the par value of the Ordinary Shares, with the exact ratio to be set at a whole number within this range, to be determined by the Board.

Each shareholder's proportionate ownership of the issued and outstanding Ordinary Shares immediately following the effectiveness of the Share Consolidation would remain the same, with the exception of adjustments related to the treatment of fractional shares (see above).

Proportionate adjustments will be made based on the ratio of the Share Consolidation to the per share exercise price and the number of shares issuable upon the exercise or conversion of all outstanding options, warrants, convertible or exchangeable securities entitling the holders to purchase, exchange for, or convert into, our Ordinary Shares. This will result in approximately the same aggregate price being required to be paid under such options, warrants, convertible or exchangeable securities upon exercise, and approximately the same value of Ordinary Shares being delivered upon such exercise, exchange or conversion, immediately following the Share Consolidation as was the case immediately preceding the Share Consolidation.

**Procedure for Implementing the Share Consolidation**

As soon as practicable after the effective date of the Share Consolidation, the Company's shareholders will be notified that the Share Consolidation has been effected through filing with SEC by the Company. The Company expects that its transfer agent, VStock Transfer LLC, will act as exchange agent for purposes of implementing the exchange of share certificates. If needed, holders of pre-consolidation shares will be asked to surrender to the exchange agent certificates representing pre-consolidation Ordinary Shares in exchange for certificates representing post-consolidation Ordinary Shares or, in the case of holders of non-certificated shares, such proof of ownership as required by the exchange agent, in accordance with the procedures to be set forth in a letter of transmittal that the Company will send to its registered shareholders. No new share certificates will be issued to a shareholder until such shareholder has surrendered such shareholder's outstanding share certificate(s) together with the properly completed and executed letter of transmittal to the exchange agent.

**SHAREHOLDERS SHOULD NOT DESTROY ANY SHARE CERTIFICATE(S) AND SHOULD NOT SUBMIT ANY CERTIFICATE(S) UNTIL REQUESTED TO DO SO.**

Banks, brokers or other nominees will be instructed to effect the Share Consolidation for their beneficial holders holding shares in "street name." However, these banks, brokers or other nominees may have different procedures from those that apply to registered shareholders for processing the Share Consolidation. If a shareholder holds shares with a bank, broker or other nominee and has any questions in this regard, shareholders are encouraged to contact their bank, broker or other nominee.

**Vote Required**

The affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting is required to approval this Resolution. Unless otherwise instructed on the proxy or unless authority to vote is withheld, shares represented by executed proxies will be voted "FOR" this Resolution. Abstentions and broker non-votes, if any, will not be counted as votes cast and will not affect the outcome of this Resolution, although they will be counted for purposes of determining whether there is a quorum present.

**Recommendation of the Board of Directors**

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THIS RESOLUTION.**

**RESOLUTION FOUR**

**TO APPROVE AND ADOPT THE AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE COMPANY**

**Background**

We are proposing, subject to and conditional upon the passing of Resolutions One and Two, to approve by special resolution the amendment and restatement of the Company's existing memorandum and articles of association in the form of the Amended and Restated Memorandum and Articles of Association, with proposed amended memorandum and articles of association attached as **<u>Annex A</u>** hereto, to reflect the above Share Capital Increase and the Amendments of Articles, if approved. Upon receipt of the approval of the shareholders of the Company by a special resolution, the Amended and Restated Memorandum and Articles of Association of the Company be adopted as the Memorandum and Articles of the Association of the Company with immediate effect (subject to and conditional upon the passing of Resolutions One and Two), to the exclusion of the existing memorandum and articles of association.

**Vote Required**

The affirmative vote of a majority of not less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting is required to approval this Resolution. Unless otherwise instructed on the proxy or unless authority to vote is withheld, shares represented by executed proxies will be voted "FOR" this Resolution. Abstentions and broker non-votes, if any, will not be counted as votes cast and will not affect the outcome of this Resolution, although they will be counted for purposes of determining whether there is a quorum present.

**Recommendation of the Board of Directors**

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THIS RESOLUTION.**

**RESOLUTION FIVE**

**To approve the amendment and restatement of the Company's Amended and Restatement Memorandum AND ARTICLES of Association TO REFLECT the Share Consolidation**

**General**

We are proposing to amend and restate the Company's memorandum and articles of association to reflect the Share Consolidation, if the Share Consolidation is approved and implemented.

**Potential Effects**

If shareholders approve this resolution, the amendment and restatement of the Company's memorandum and articles of association will become effective immediately upon such approval, subject to Resolutions One, Two and Three also being approved by our shareholders.

This Resolution is conditional on the approval of Resolutions One, Two and Three. If Resolutions One, Two and Three do not receive the requisite vote for approval, then the amendment and restatement of our memorandum and articles of association pursuant to this Resolution will not be effective, even if this resolution receives the requisite votes for approval.

**Vote Required**

This resolution requires the affirmative ("FOR") vote of at least two-thirds of votes cast by shareholders present or represented by proxy and entitled to vote at the Extraordinary general meeting. Unless otherwise instructed on the proxy or unless authority to vote is withheld, shares represented by executed proxies will be voted "FOR" this resolution. Abstentions or broker non-votes, if any, will not be counted as votes cast, although abstentions and broker non-votes will be counted for purposes of determining whether there is a quorum present.

**Recommendation of the Board of Directors**

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THIS RESOLUTION.**

**RESOLUTION SIX**

**ADJOURNMENT OF THE MEETING TO A LATER DATE OR DATES, IF NECESSARY, TO PERMIT FURTHER SOLICITATION AND VOTE OF PROXIES IN THE EVENT THAT THERE ARE INSUFFICIENT VOTES FOR, OR OTHERWISE IN CONNECTION WITH, THE APPROVAL OF RESOLUTION ONE, RESOLUTION TWO, RESOLUTION THREE, RESOLUTION FOUR AND RESOLUTION FIVE** 

Resolution Six, if adopted, will allow the chairman of the Meeting to adjourn the Meeting to a later date or dates to permit further solicitation of proxies. This Resolution will only be presented to our shareholders in the event that there are insufficient votes for, or otherwise in connection with, the approval of the other resolutions.

If Resolution Six is not approved by our shareholders, the chairman of the Meeting may not be able to adjourn the Meeting to a later date in the event that there are insufficient votes for, or otherwise in connection with, the approval of Resolution One, Resolution Two, Resolution Three, Resolution Four and Resolution Five.

**Vote Required**

This Resolution requires the affirmative ("FOR") vote of a simple majority of such shareholders as, being entitled to do so, vote in person or by proxy at the Meeting. Unless otherwise instructed on the proxy or unless authority to vote is withheld, shares represented by executed proxies will be voted "FOR" this Resolution. Abstentions, if any, will not be counted as votes cast and will not affect the outcome of this Resolution, although they will be counted for purposes of determining whether there is a quorum present. If shareholders hold their shares through a broker, bank or other nominee and do not instruct them how to vote, the broker may have authority to vote the shares for this Resolution, which is considered a routine matter.

**Board of Directors' Recommendation**

**THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS VOTE "FOR" THIS RESOLUTION.**

**OTHER MATTERS**

As of the date of this Proxy Statement, the Board of Directors has no knowledge of any business which will be presented for consideration at the Meeting other than the Share Capital Increase, the Share Consolidation, the amendments to the amended and restated memorandum and articles of association, and the adjournment of the Meeting to a later date or dates, if necessary.

**WHERE YOU CAN FIND MORE INFORMATION**

The Company files reports and other documents with the SEC under the Exchange Act. The Company's SEC filings made electronically through the SEC's EDGAR system are available to the public at the SEC's website at *http://www.sec.gov*. You may also read and copy any document we file with the SEC at the SEC's public reference room located at 100 F Street, NE, Room 1580, Washington, DC 20549. Please call the SEC at (800) SEC-0330 for further information on the operation of the public reference room.

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| | | |
|:---|:---|:---|
| Date: December 11, 2025 | By | Order of the Board of Directors |
|  |  | */s/ Ya Li* |
|  |  | Ya Li<br> Chief Executive Officer, Chairman of the Board, and Director |

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**AMENDED AND**

**RESTATED**

**MEMORANDUM**

**AND**

**ARTICLES OF ASSOCIATION**

**OF**

**Lichen International Limited**

理臣国际有限公司

**(Adopted by way of a special resolution passed on December 30, 2025)**

**Incorporated on 13 April 2016**

**INCORPORATED IN THE CAYMAN ISLANDS**

THE COMPANIES ACT (AS REVISED)

Company Limited by Shares

AMENDED AND RESTATED

MEMORANDUM OF ASSOCIATION

OF

Lichen International Limited

理臣国际有限公司

(Adopted by way of a special resolution<br> passed on December 30, 2025)

1. The
name of the Company is Lichen International Limited 理臣国际有限公司.

2. The
Registered Office of the Company shall be at the offices of Ocorian Trust (Cayman) Limited, Windward 3, Regatta Office Park, PO Box 1350,
Grand Cayman KY1-1108, Cayman Islands or at such other place as the Directors may from time to time decide.

3. The
objects for which the Company is established are unrestricted and shall include, but without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) To carry on the business of an investment company and to act
as promoters and entrepreneurs and to carry on business as financiers, capitalists, concessionaires, merchants, brokers, traders, dealers,
agents, importers and exporters and to undertake and carry on and execute all kinds of investment, financial, commercial, mercantile,
trading and other operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
carry on whether as principals, agents or otherwise howsoever the business of realtors, developers, consultants, estate agents or managers,
builders, contractors, engineers, manufacturers, dealers in or vendors of all types of property including services.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To
exercise and enforce all rights and powers conferred by or incidental to the ownership of any shares, stock, obligations or other securities
including without prejudice to the generality of the foregoing all such powers of veto or control as may be conferred by virtue of the
holding by the Company of some special proportion of the issued or nominal amount thereof, to provide managerial and other executive,
supervisory and consultant services for or in relation to any company in which the Company is interested upon such terms as may be thought
fit.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
purchase or otherwise acquire, to sell, exchange, surrender, lease, mortgage, charge, convert, turn to account, dispose of and deal with
real and personal property and rights of all kinds and, in particular, mortgages, debentures, produce, concessions, options, contracts,
patents, annuities, licences, stocks, shares, bonds, policies, book debts, business concerns, undertakings, claims, privileges and choses
in action of all kinds.

&nbsp;&nbsp;&nbsp;&nbsp;(d) To
subscribe for, conditionally or unconditionally, to underwrite, issue on commission or otherwise, take, hold, deal in and convert stocks,
shares and securities of all kinds and to enter into partnership or into any arrangement for sharing profits, reciprocal concessions
or cooperation with any person or company and to promote and aid in promoting, to constitute, form or organise any company, syndicate
or partnership of any kind, for the purpose of acquiring and undertaking any property and liabilities of the Company or of advancing,
directly or indirectly, the objects of the Company or for any other purpose which the Company may think expedient.

&nbsp;&nbsp;&nbsp;&nbsp;(e) To
stand surety for or to guarantee, support or secure the performance of all or any of the obligations of any person, firm or company whether
or not related or affiliated to the Company in any manner and whether by personal covenant or by mortgage, charge or lien upon the whole
or any part of the undertaking, property and assets of the Company, both present and future, including its uncalled capital or by any
such method and whether or not the Company shall receive valuable consideration thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(f) To
engage in or carry on any other lawful trade, business or enterprise which may at any time appear to the Directors of the Company capable
of being conveniently carried on in conjunction with any of the aforementioned businesses or activities or which may appear to the Directors
or the Company likely to be profitable to the Company.

In the interpretation of this Memorandum of Association in general and of this Clause 3 in particular no object, business or power specified or mentioned shall be limited or restricted by reference to or inference from any other object, business or power, or the name of the Company, or by the juxtaposition of two or more objects, businesses or powers and that, in the event of any ambiguity in this clause or elsewhere in this Memorandum of Association, the same shall be resolved by such interpretation and construction as will widen and enlarge and not restrict the objects, businesses and powers of and exercisable by the Company.

4. Except
as prohibited or limited by the Companies Act (as revised), the Company shall have full power and authority to carry out any object and
shall have and be capable of from time to time and at all times exercising any and all of the powers at any time or from time to time
exercisable by a natural person or body corporate in doing in any part of the world whether as principal, agent, contractor or otherwise
whatever may be considered by it necessary for the attainment of its objects and whatever else may be considered by it as incidental
or conducive thereto or consequential thereon, including, but without in any way restricting the generality of the foregoing, the power
to make any alterations or amendments to this Memorandum of Association and the Articles of Association of the Company considered necessary
or convenient in the manner set out in the Articles of Association of the Company, and the power to do any of the following acts or things,
viz: to pay all expenses of and incidental to the promotion, formation and incorporation of the Company; to register the Company to do
business in any other jurisdiction; to sell, lease or dispose of any property of the Company; to draw, make, accept, endorse, discount,
execute and issue promissory notes, debentures, bills of exchange, bills of lading, warrants and other negotiable or transferable instruments;
to lend money or other assets and to act as guarantors; to borrow or raise money on the security of the undertaking or on all or any
of the assets of the Company including uncalled capital or without security; to invest monies of the Company in such manner as the Directors
determine; to promote other companies; to sell the undertaking of the Company for cash or any other consideration; to distribute assets
in specie to Members of the Company; to make charitable or benevolent donations; to pay pensions or gratuities or provide other benefits
in cash or kind to Directors, officers, employees, past or present and their families; to purchase Directors and officers liability insurance
and to carry on any trade or business and generally to do all acts and things which, in the opinion of the Company or the Directors,
may be conveniently or profitably or usefully acquired and dealt with, carried on, executed or done by the Company in connection with
the business aforesaid PROVIDED THAT the Company shall only carry on the businesses for which a licence is required under the laws of
the Cayman Islands when so licensed under the terms of such laws.

5. The
liability of each Member is limited to the amount from time to time unpaid on such Member's shares.

6. The
share capital of the Company is US$200,000,000.00 divided into (a) 20,000,000,000 series A ordinary shares of par value US$0.008 each
and (b) 5,000,000,000 series B ordinary shares of par value US$0.008 each with power for the Company insofar as is permitted by law,
to redeem or purchase any of its shares and to increase or reduce the said capital subject to the provisions of the Companies Act (as
revised) and the Articles of Association and to issue any part of its capital, whether original, redeemed or increased with or without
any preference, priority or special privilege or subject to any postponement of rights or to any conditions or restrictions and so that
unless the conditions of issue shall otherwise expressly declare every issue of shares whether declared to be preference or otherwise
shall be subject to the powers hereinbefore contained PROVIDED ALWAYS that, notwithstanding any provision to the contrary contained in
this Memorandum of Association, the Company shall have no power to issue bearer shares, warrants, coupons or certificates.

7. If
the Company is registered as exempted, its operations will be carried on subject to the provisions of Section 174 of the Companies Act
(as revised) and, subject to the provisions of the Companies Act (as revised) and the Articles of Association, it shall have the 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.

THE COMPANIES ACT (AS REVISED)

Company Limited by Shares

**AMENDED AND**

**RESTATED**

ARTICLES OF ASSOCIATION

OF

Lichen International Limited<br> 理臣国际有限公司

(Adopted by way of a special resolution passed on December 30, 2025)

1. In
these Articles Table A in the Schedule to the Statute does not apply and, unless there be something in the subject or context inconsistent
therewith,

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| | |
|:---|:---|
| "Articles" | means the Articles as originally framed or as from time to time altered by Special Resolution. |
| "Auditors" | means the persons for the time being performing the duties of auditors of the Company. |
| "Company" | means the above named Company. |
| "debenture" | means debenture stock, mortgages, bonds and any other such securities of the Company whether constituting a charge on the assets of the Company or not. |
| "Directors" | means the directors for the time being of the Company. |
| "dividend" | includes bonus. |
| "Designated Stock Exchanges" | means NASDAQ Capital Markets in the United States of America for so long as the Company's Shares are there listed and any other stock exchange on which the Company's Shares are listed for trading. |
| "Electronic Voting System" | means any internet-based or software-enabled system approved by the Directors that allows Members to cast votes remotely. |
| "fully paid" | shall bear the meaning as ascribed to it in the Statute. |
| "Member" | shall bear the meaning as ascribed to it in the Statute. |
| "month" | means calendar month. |
| "ordinary resolution" | shall mean (a) a resolution passed by a simple majority of the votes cast by such Members as, being entitled so to do, vote in person or, by proxy or, in the cases of Members which are corporations, by their respective duly authorised representatives at a general meeting held in accordance with these Articles; or (b) a written resolution signed by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed. |
| "paid-up" | means paid-up and/or credited as paid-up. |
| "Series A Ordinary Shares" | shall mean series A ordinary shares in the capital of the Company with a nominal or par value of US$0.008 each. |
| "Series B Ordinary Shares" | shall mean series B ordinary shares in the capital of the Company with a nominal or par value of US$0.008 each. |
| "registered office" | means the registered office for the time being of the Company. |

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| | |
|:---|:---|
| "Seal" | means the common seal of the Company and includes every duplicate seal. |
| "Secretary" | includes an Assistant Secretary and any person appointed to perform the duties of Secretary of the Company. |
| "share" | includes a fraction of a share. |
| "Special Resolution" | shall mean (a) a resolution passed by a majority of not less than 2/3 of the votes cast by such Members as, being entitled so to do, vote in person or by proxy or, in the cases of Members which are corporations, by their respective duly authorised representatives at a general meeting held in accordance with these Articles; or (b) a written resolution signed by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed. |
| "Statute" | means the Companies Act of the Cayman Islands as amended and every statutory modification or re-enactment thereof for the time being in force. |
| "Telephonic Voting System" | means any system using telecommunication technology approved by the Directors for securely collecting votes from Members. |
| "written" and "in writing" | include all modes of representing or reproducing words in visible form. |

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Words importing the singular number only include the plural number and vice versa.

Words importing the masculine gender only include the feminine gender.

Words importing persons only include corporations.

2. The
business of the Company may be commenced as soon after incorporation as the Directors shall see fit, notwithstanding that part only of
the shares may have been allotted.

3. The
Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment
of the Company including the expenses of registration.

**CERTIFICATES FOR SHARES**

4. Certificates
representing shares of the Company shall be in such form as shall be determined by the Directors. Such certificates may be under Seal.
All certificates for shares shall be consecutively numbered or otherwise identified and shall specify the shares to which they relate.
The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall
be entered in the register of Members of the Company. All certificates surrendered to the Company for transfer shall be cancelled and
no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and cancelled.
The Directors may authorise certificates to be issued with the seal and authorised signature(s) affixed by some method or system of mechanical
process.

5. Notwithstanding
Article 4 of these Articles, if a share certificate be defaced, lost or destroyed, it may be renewed on payment of a fee of one dollar
(US$l.00) or such less sum and on such terms (if any) as to evidence and indemnity and the payment of the expenses incurred by the Company
in investigating evidence, as the Directors may prescribe.

**RIGHTS ATTACHING TO SHARES**

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| | |
|:---|:---|
| 5A. | The holders of Series A Ordinary Shares and Series B Ordinary Shares shall at all times vote together as one class on all resolutions of the Members. On each resolution subject to a vote at general meetings on a poll, each Series A Ordinary Share shall entitle its holder to one vote and each Series B Ordinary Share shall entitle its holder to ten votes. On each resolution subject to a vote at general meetings on a show of hands, each Series A Ordinary Share shall entitle its holder to one vote and each Series B Ordinary Share shall entitle its holder to ten votes. |

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**CONVERSION OF SERIES B ORDINARY SHARES**

5B. A holder of Series B Ordinary Shares (a "Series B Holder") may at any time, by notice in writing to the Company ("Conversion Notice"), require the conversion of all or only some of the Series B Ordinary Shares held by him/her/it into Series A Ordinary Shares.

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| | |
|:---|:---|
| 5C. | Those Series B Ordinary Shares specified in a Conversion Notice shall convert automatically on the date such Conversion Notice is served on the Company unless the Conversion Notice states that conversion is to be effective on some later date, or when any conditions specified in the Conversion Notice have been fulfilled, in which case conversion shall take effect on that later date, or when such conditions have been fulfilled (as the case may be) (the "Conversion Date"). |

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| | |
|:---|:---|
| 5D. | Within five (5) days after the Conversion Date each Series B Holder shall deliver the share certificate (or an indemnity in a form reasonably satisfactory to the Directors in respect of any lost share certificate(s)) in respect of the Series B Ordinary Shares being converted to the Company at the office of its registered agent for the time being. |

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5E. In the case where a conversion is subject to any condition(s) specified in the Conversion Notice being fulfilled, if such condition(s) has not been satisfied or waived by the relevant Series B Holder by the time of the Conversion Date such conversion shall be deemed not to have occurred.

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| | |
|:---|:---|
| 5F. | On the Conversion Date, the relevant Series B Ordinary Shares (specified in the relevant Conversion Notice) shall without any further authority or actions stand converted into Series A Ordinary Shares on the basis of one fully paid Series A Ordinary Share for each Series B Ordinary Share held (the "Conversion") and the Series A Ordinary Shares resulting from the Conversion shall in all respects rank pari passu with the existing issued Series A Ordinary Shares. |

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| | |
|:---|:---|
| 5G. | The registered agent of the Company shall, on the Conversion Date, enter the name of the Series B Holder on the register of members of the Company as the holder of the appropriate number of fully paid Series A Ordinary Shares in accordance with the Conversion and, subject to the relevant Series B Holder delivering his/her/its share certificate(s) (or an indemnity in a form reasonably acceptable to the Directors) in respect of the Series B Ordinary Shares being converted in accordance with Article 5D, the Company shall within ten (10) days of the Conversion Date forward to such Series B Holder by post to his/her/its address shown in the register of members, free of charge, a new share certificate for the appropriate number of fully paid Series A Ordinary Shares in accordance with the Conversion. |

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**ISSUE OF SHARES**

6. Subject
to the provisions, if any, in that behalf in the Memorandum of Association and to any direction that may be given by the Company in general
meeting and without prejudice to any special rights previously conferred on the holders of existing shares, the Directors may allot,
issue, grant options over or otherwise dispose of shares of the Company (including fractions of a share) with or without preferred, deferred
or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, at
such times and on such other terms as they think proper PROVIDED ALWAYS that, notwithstanding any provision to the contrary contained
in these Articles of Association, the Company shall be precluded from issuing bearer shares, warrants, coupons or certificates.

7. The
Company shall maintain a register of its Members and every person whose name is entered as a Member in the register of Members shall
be entitled without payment to receive within two months after allotment or lodgement of transfer (or within such other period as the
conditions of issue shall provide) one certificate for all his shares or several certificates each for one or more of his shares upon
payment of fifty cents (US$0.50) for every certificate after the first or such less sum as the Directors shall from time to time determine
provided that in respect of a share or shares held jointly by several persons the Company shall not be bound to issue more than one certificate
and delivery of a certificate for a share to one of the several joint holders shall be sufficient delivery to all such holders.

**TRANSFER OF SHARES**

8. The
instrument of transfer of any share shall be in writing and shall be executed by or on behalf of the transferor and the transferor shall
be deemed to remain the holder of a share until the name of the transferee is entered in the register in respect thereof.

9. The
Directors may in their absolute discretion decline to register any transfer of shares which is not a fully paid share or on which the
Company has a lien. If the Directors refuse to register a transfer they shall notify the transferee within two months of such refusal.

10. The
registration of transfers may be suspended at such time and for such periods as the Directors may from time to time determine, provided
always that such registration shall not be suspended for more than 45 days in any year.

**REDEEMABLE SHARES**

11. (a) Subject
 to the provisions of the Statute and the Memorandum of Association, shares may be issued on the terms that they are, or at the option
 of the Company or the holder are, to be redeemed on such terms and in such manner as the Company, before the issue of the shares,
 may by Special Resolution determine and the rights attaching to any issued shares may, subject to the provisions of these Articles,
 by special resolution, be varied so as to provide that such shares are to be or are liable to be so redeemed.

(b) Subject
 to the provisions of the Statute and the Memorandum of Association, the Company may purchase its own shares (including fractions
 of a share), including any redeemable shares, provided that the manner of purchase has first been authorised by the Company in general
 meeting and may make payment therefor in any manner authorised by the Statute, including out of capital and provided that the Company
 may not redeem or purchase any of its shares if, as a result of the redemption or purchase, there would no longer be any issued shares
 of the Company other than shares held as treasury shares.

12. Subject
to the provisions of these Articles, the manner and any of the terms of any such redemption or purchase of shares may be determined by
either the Company by ordinary resolution or by the Directors. The Company may make a payment in respect of the redemption or purchase
of its own shares otherwise than out of its profits, share premium account, or the proceeds of a fresh issue of shares.

**TREASURY SHARES**

13. The
Company may, subject to the provisions of the Law, acquire, hold and dispose of its own shares as treasury shares.

**VARIATION OF RIGHTS OF SHARES**

14. If
at any time the share capital of the Company is divided into different classes of shares, the rights attached to any class (unless otherwise
provided by the terms of issue of the shares of that class) may, whether or not the Company is being wound up, be varied with the consent
in writing of the holders of three-fourths of the issued shares of that class, or with the sanction of a Special Resolution passed at
a general meeting of the holders of the shares of that class.

The provisions of these Articles relating to general meetings shall apply to every such general meeting of the holders of one class of shares except that the necessary quorum shall be one person holding or representing by proxy at least one-third of the issued shares of the class and that any holder of shares of the class present in person or by proxy may demand a show of hands.

15. The
rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly
provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking
pari passu therewith.

**COMMISSION ON SALE OF SHARES**

16. The
Company may in so far as the Statute from time to time permits pay a commission to any person in consideration of his subscribing or
agreeing to subscribe whether absolutely or conditionally for any shares of the Company. Such commissions may be satisfied by the payment
of cash or the lodgement of fully or partly paid-up shares or partly in one way and partly in the other. The Company may also on any
issue of shares pay such brokerage as may be lawful.

**NON-RECOGNITION OF TRUSTS**

17. No
person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or be compelled in
any way to recognise (even when having notice thereof) any equitable, contingent, future, or partial interest in any share, or any interest
in any fractional part of a share, or (except only as is otherwise provided by these Articles or the Statute) any other rights in respect
of any share except an absolute right to the entirety thereof in the registered holder.

**LIEN ON SHARES**

18. The
Company shall have a first and paramount lien and charge on all shares (not being a fully paid-up share) registered in the name of a
Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether presently payable
or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at
any time declare any share to be wholly or in part exempt from the provisions of this Article. The registration of a transfer of any
such share shall operate as a waiver of the Company's lien (if any) thereon. The Company's lien (if any) on a share shall
extend to all dividends or other monies payable in respect thereof.

19. The
Company may sell, in such manner as the Directors think fit, any shares on which the Company has a lien, but no sale shall be made unless
a sum in respect of which the lien exists is presently payable, nor until the expiration of fourteen days after a notice in writing stating
and demanding payment of such part of the amount in respect of which the lien exists as is presently payable, has been given to the registered
holder or holders for the time being of the share, or the person, of which the Company has notice, entitled thereto by reason of his
death or bankruptcy.

20. To
give effect to any such sale the Directors may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser
shall be registered as the holder of the shares comprised in any such transfer, and he shall not be bound to see to the application of
the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings in reference to
the sale.

21. The
proceeds of such sale shall be received by the Company and applied in payment of such part of the amount in respect of which the lien
exists as is presently payable and the residue, if any, shall (subject to a like lien for sums not presently payable as existed upon
the shares before the sale) be paid to the person entitled to the shares at the date of the sale.

**CALL ON SHARES**

22. (a) The
 Directors may from time to time make calls upon the Members in respect of any monies unpaid on their shares (whether on account of
 the nominal value of the shares or by way of premium or otherwise) and not by the conditions of allotment thereof made payable at
 fixed terms, provided that no call shall be payable at less than one month from the date fixed for the payment of the last preceding
 call, and each Member shall (subject to receiving at least fourteen days notice specifying the time or times of payment) pay to the
 Company at the time or times so specified the amount called on the shares. A call may be revoked or postponed as the Directors may
 determine. A call may be made payable by instalments.

(b) A
 call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

(c) The
 joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

23. If
a sum called in respect of a share is not paid before or on a day appointed for payment thereof, the persons from whom the sum is due
shall pay interest on the sum from the day appointed for payment thereof to the time of actual payment at such rate not exceeding ten
per cent per annum as the Directors may determine, but the Directors shall be at liberty to waive payment of such interest either wholly
or in part.

24. Any
sum which by the terms of issue of a share becomes payable on allotment or at any fixed date, whether on account of the nominal value
of the share or by way of premium or otherwise, shall for the purposes of these Articles be deemed to be a call duly made, notified and
payable on the date on which by the terms of issue the same becomes payable, and in the case of non-payment all the relevant provisions
of these Articles as to payment of interest forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call
duly made and notified.

25. The
Directors may, on the issue of shares, differentiate between the holders as to the amount of calls or interest to be paid and the times
of payment.

26. (a) The
 Directors may, if they think fit, receive from any Member willing to advance the same, all or any part of the monies uncalled and
 unpaid upon any shares held by him, and upon all or any of the monies so advanced may (until the same would but for such advances,
 become payable) pay interest at such rate not exceeding (unless the Company in general meeting shall otherwise direct) seven per
 cent per annum, as may be agreed upon between the Directors and the Member paying such sum in advance.

(b) No
 such sum paid in advance of calls shall entitle the Member paying such sum to any portion of a dividend declared in respect of any
 period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

27. (a) If
 a Member fails to pay any call or instalment of a call or to make any payment required by the terms of issue on the day appointed
 for payment thereof, the Directors may, at any time thereafter during such time as any part of the call, instalment or payment remains
 unpaid, give notice requiring payment of so much of the call, instalment or payment as is unpaid, together with any interest which
 may have accrued and all expenses that have been incurred by the Company by reason of such non-payment. Such notice shall name a
 day (not earlier than the expiration of fourteen days from the date of giving of the notice) on or before which the payment required
 by the notice is to be made, and shall state that, in the event of non-payment at or before the time appointed the shares in respect
 of which such notice was given will be liable to be forfeited.

(b) If
 the requirements of any such notice as aforesaid are not complied with, any share in respect of which the notice has been given may
 at any time thereafter, before the payment required by the notice has been made, be forfeited by a resolution of the Directors to
 that effect. Such forfeiture shall include all dividends declared in respect of the forfeited share and not actually paid before
 the forfeiture.

(c) A
 forfeited share may be sold or otherwise disposed of on such terms and in such manner as the Directors think fit and at any time
 before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit.

28. A
person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares, but shall, notwithstanding, remain
liable to pay to the Company all monies which, at the date of forfeiture were payable by him to the Company in respect of the shares
together with interest thereon, but his liability shall cease if and when the Company shall have received payment in full of all monies
whenever payable in respect of the shares.

29. A
certificate in writing under the hand of one Director or the Secretary of the Company that a share in the Company has been duly forfeited
on a date stated in the declaration shall be conclusive evidence of the fact therein stated as against all persons claiming to be entitled
to the share. The Company may receive the consideration given for the share on any sale or disposition thereof and may execute a transfer
of the share in favour of the person to whom the share is sold or disposed of and he shall thereupon be registered as the holder of the
share and shall not be bound to see to the application of the purchase money, if any, nor shall his title to the share be affected by
any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the share.

30. The
provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share,
becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium as if the same had been payable
by virtue of a call duly made and notified.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

31. The
Company shall be entitled to charge a fee not exceeding one dollar (US$l.00) on the registration of every probate, letters of administration,
certificate of death or marriage, power of attorney, notice in lieu of distringas, or other instrument.

**TRANSMISSION OF SHARES**

32. In
case of the death of a Member, the survivor or survivors where the deceased was a joint holder, and the legal personal representatives
of the deceased where he was a sole holder, shall be the only persons recognised by the Company as having any title to his interest in
the shares, but nothing herein contained shall release the estate of any such deceased holder from any liability in respect of any shares
which had been held by him solely or jointly with other persons.

33. (a) Any
 person becoming entitled to a share in consequence of the death or bankruptcy or liquidation or dissolution of a Member (or in any
 other way than by transfer) may, upon such evidence being produced as may from time to time be required by the Directors and subject
 as hereinafter provided, elect either to be registered himself as holder of the share or to make such transfer of the share to such
 other person nominated by him as the deceased or bankrupt person could have made and to have such person registered as the transferee
 thereof, but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in
 the case of a transfer of the share by that Member before his death or bankruptcy as the case may be.

(b) If
 the person so becoming entitled shall elect to be registered himself as holder he shall deliver or send to the Company a notice in
 writing signed by him stating that he so elects.

34. A
person becoming entitled to a share by reason of the death or bankruptcy or liquidation or dissolution of the holder (or in any other
case than by transfer) shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered
holder of the share, except that he shall not, before being registered as a Member in respect of the share, be entitled in respect of
it to exercise any right conferred by membership in relation to meetings of the Company PROVIDED HOWEVER that the Directors may at any
time give notice requiring any such person to elect either to be registered himself or to transfer the share and if the notice is not
complied with within ninety days the Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect
of the share until the requirements of the notice have been complied with.

**AMENDMENT OF MEMORANDUM OF ASSOCIATION, CHANGE OF LOCATION OF<br> REGISTERED OFFICE & ALTERATION OF CAPITAL**

---

| | | |
|:---|:---|:---|
| 35. | (a) | Subject to and in so far as permitted by the provisions of the Statute, the Company may from time to time by ordinary resolution alter or amend its Memorandum of Association otherwise than with respect to its name and objects and may, without restricting the generality of the foregoing: |
|  | (i) | increase the share capital by such sum to be divided into shares of such amount or without nominal or par value as the resolution shall prescribe and with such rights, priorities and privileges annexed thereto, as the Company in general meeting may determine. |
|  | (ii) | consolidate and divide all or any of its share capital into shares of larger amount than its existing shares; |
|  | (iii) | by subdivision of its existing shares or any of them divide the whole or any part of its share capital into shares of smaller amount than is fixed by the Memorandum of Association or into shares without nominal or par value; |
|  | (iv) | cancel any shares which at the date of the passing of the resolution have not been taken or agreed to be taken by any person. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 new shares created hereunder shall be subject to the same provisions with reference to the payment of calls, liens, transfer, transmission,
 forfeiture and otherwise as the shares in the original share capital.

(c) Subject
 to the provisions of the Statute, the Company may by Special Resolution change its name or alter its objects.

(d) Without
 prejudice to Article 11 hereof and subject to the provisions of the Statute, the Company may by Special Resolution reduce its share
 capital and any capital redemption reserve fund.

(e) Subject
 to the provisions of the Statute, the Company may by resolution of the Directors change the location of its registered office.

**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

36. For
the purpose of determining Members entitled to notice of or to vote at any meeting of Members or any adjournment thereof, or Members
entitled to receive payment of any dividend, or in order to make a determination of Members for any other proper purpose, the Directors
of the Company may provide that the register of Members shall be closed for transfers for a stated period but not to exceed in any case
40 days. If the register of Members shall be so closed for the purpose of determining Members entitled to notice of or to vote at a meeting
of Members such register shall be so closed for at least ten days immediately preceding such meeting and the record date for such determination
shall be the date of the closure of the register of Members.

37. In
lieu of or apart from closing the register of Members, the Directors may fix in advance a date as the record date for any such determination
of Members entitled to notice of or to vote at a meeting of the Members and for the purpose of determining the Members entitled to receive
payment of any dividend the Directors may, at or within 90 days prior to the date of declaration of such dividend fix a subsequent date
as the record date for such determination.

38. If
the register of Members is not so closed and no record date is fixed for the determination of Members entitled to notice of or to vote
at a meeting of Members or Members entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the
date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such
determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this
section, such determination shall apply to any adjournment thereof.

**GENERAL MEETING**

39. The
 Company may, but shall not be obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall
 be convened by the Directors, in accordance with these Articles.

40. (a) The
 Directors may whenever they think fit, and they shall on the requisition of Members of the Company holding at the date of the deposit
 of the requisition not less than one-tenth of such of the paid-up capital of the Company as at the date of the deposit carries the
 right of voting at general meetings of the Company, proceed to convene a general meeting of the Company.

(b) The
 requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at the registered office
 of the Company and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Directors do not within 21 days from the date of the deposit of the requisition duly proceed to convene a general meeting, the
 requisitionists, or any of them representing more than one-half of the total voting rights of all of them, may themselves convene
 a general meeting, but any meeting so convened shall not be held after the expiration of three months after the expiration of the
 said 21 days.

(d) A
 general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly as possible as that in which
 general meetings are to be convened by Directors.

**NOTICE OF GENERAL MEETINGS**

41. At
least five days notice shall be given of an annual general meeting or any other general meeting. Every notice shall be exclusive of the
day on which it is given or deemed to be given and of the day for which it is given and shall specify the place, the day and the hour
of the meeting and the general nature of the business and shall be given in manner hereinafter mentioned or in such other manner if any
as may be prescribed by the Company PROVIDED that a general meeting of the Company shall, whether or not the notice specified in this
regulation has been given and whether or not the provisions of Article 40 have been complied with, be deemed to have been duly convened
if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;(a) in
the case of a general meeting called as an annual general meeting by all the Members entitled to attend and vote thereat or their proxies;
and

&nbsp;&nbsp;&nbsp;&nbsp;(b) in
the case of any other general meeting by a majority in number of the Members having a right to attend and vote at the meeting, being
a majority together holding not less than 75 per cent in nominal value or in the case of shares without nominal or par value 75 per cent
of the shares in issue, or their proxies.

42. The
accidental omission to give notice of a general meeting to, or the non-receipt of notice of a meeting by any person entitled to receive
notice shall not invalidate the proceedings of that meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

43. No
business shall be transacted at any general meeting unless a quorum of Members is present at the time when the meeting proceeds to business;
the quorum shall be:

&nbsp;&nbsp;&nbsp;&nbsp;(a) if
the Company has only one Member: that Member; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) if
the Company has more than one Member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. subject
to Article 43(b)(ii) below, two or more Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. subject
to Article 45, for so long as any shares are listed on a Designated Stock Exchange, one or more Members holding shares that represent
not less than one-third of the voting rights of the outstanding issued shares carrying the right to vote at such general meeting.

44. A
resolution (including a Special Resolution) in writing (in one or more counterparts) signed by all Members for the time being entitled
to receive notice of and to attend and vote at general meetings (or being corporations by their duly authorised representatives) shall
be as valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

45. If
a quorum is not present within half an hour from the time appointed for the meeting to commence or if during such a meeting a quorum
ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved, and in any other case it shall
stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or place as the Directors
may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting to
commence, the Members present shall be a quorum.

46. The
Chairman, if any, of the Board of Directors shall preside as Chairman at every general meeting of the Company, or if there is no such
Chairman, or if he shall not be present within fifteen minutes after the time appointed for the holding of the meeting, or is unwilling
to act, the Directors present shall elect one of their number to be Chairman of the meeting.

47. If
at any general meeting no Director is willing to act as Chairman or if no Director is present within fifteen minutes after the time appointed
for holding the meeting, the Members present shall choose one of their number to be Chairman of the meeting.

48. The
Chairman may, with the consent of any general meeting duly constituted hereunder, and shall if so directed by the meeting, adjourn the
meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business
left unfinished at the meeting from which the adjournment took place. When a general meeting is adjourned for 30 days or more, notice
of the adjourned meeting shall be given as in the case of an original meeting; save as aforesaid it shall not be necessary to give any
notice of an adjournment or of the business to be transacted at an adjourned general meeting.

49. At
any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is, before or on the
declaration of the result of the show of hands, demanded by the Chairman or any other Member present in person or by proxy PROVIDED HOWEVER
that so long as any share are listed on the Nasdaq Capital Markets in the United States of America or any other stock exchange for trading,
at any general meeting a resolution put to the vote of the meeting shall be decided on a poll.

50. Unless
a show of hand be so demanded a declaration by the Chairman that a resolution has on a poll been carried, or carried unanimously, or
by a particular majority, or lost, and an entry to that effect in the Company's Minute Book containing the Minutes of the proceedings
of the meeting shall be conclusive evidence of that fact without proof of the number or proportion of the votes recorded in favour of
or against such resolution.

51. The
demand for a show of hand may be withdrawn.

52. Except
as provided in Article 54, if a show of hand is duly demanded it shall be taken in such manner as the Chairman directs and the result
of the show of hand shall be deemed to be the resolution of the general meeting at which the show of hand was demanded.

53. In
the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of the general meeting at which the poll takes
place or at which the show of hand is demanded, shall be entitled to a second or casting vote.

54. A
show of hand demanded on the election of a Chairman or on a question of adjournment shall be taken forthwith. A show of hand demanded
on any other question shall be taken at such time as the Chairman of the general meeting directs and any business other than that upon
which a show of hand has been demanded or is contingent thereon may be proceeded with pending the taking of the show of hand.

**VOTES OF MEMBERS**

55. The
holders of Series A Ordinary Shares and Series B Ordinary Shares shall at all times vote together as one class on all resolutions of
the Members. At each general meeting of the Company, on a poll or a show of hands each Member who is present in person or by proxy (or,
in the case of a shareholder being a corporation, by its duly authorized representative) shall have one (1) vote for each Series A Ordinary
Share and ten (10) votes for each Series B Ordinary Share which such Member holds.

56. In
the case of joint holders of record the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the
exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names
stand in the register of Members.

57. A
Member of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction in lunacy, may vote, whether on
a show of hands or on a poll, by his committee, receiver, curator bonis, or other person in the nature of a committee, receiver or curator
bonis appointed by that court, and any such committee, receiver, curator bonis or other persons may vote by proxy.

58. No
Member shall be entitled to vote at any general meeting unless he is registered as a shareholder of the Company on the record date for
such meeting nor unless all calls or other sums presently payable by him in respect of shares in the Company have been paid.

59. No
objection shall be raised to the qualification of any voter except at the general meeting or adjourned general meeting at which the vote
objected to is given or tendered and every vote not disallowed at such general meeting shall be valid for all purposes. Any such objection
made in due time shall be referred to the Chairman of the general meeting whose decision shall be final and conclusive.

60. On
a poll or on a show of hands votes may be given either personally or by proxy.

**PROXIES**

61. The
instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor or of his attorney duly authorised
in writing, or, if the appointor is a corporation under the hand of an officer or attorney duly authorised in that behalf. A proxy need
not be a Member of the Company.

62. The
instrument appointing a proxy shall be deposited at the registered office of the Company or at such other place as is specified for that
purpose in the notice convening the meeting no later than the time for holding the meeting, or adjourned meeting provided that the Chairman
of the meeting may at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited upon receipt of telex,
cable, telecopy, email, secure electronic submission, or telephonic confirmation from the appointor that the instrument of proxy duly
signed is in the course of transmission to the Company. Votes submitted through an Electronic Voting System or a Telephonic Voting System
shall be treated as validly cast and equivalent to votes cast in person or by proxy at the meeting.

63. The
instrument appointing a proxy may be in any usual or common form and may be expressed to be for a particular meeting or any adjournment
thereof or generally until revoked. An instrument appointing a proxy shall be deemed to include the power to demand or join or concur
in demanding a show of hands.

64. A
vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the
principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the share in respect
of which the proxy is given provided that no intimation in writing of such death, insanity, revocation or transfer as aforesaid shall
have been received by the Company at the registered office before the commencement of the general meeting, or adjourned meeting at which
it is sought to use the proxy.

65. Any
corporation which is a Member of record of the Company may in accordance with its Articles or in the absence of such provision by resolution
of its Directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company
or of any class of Members of the Company, and the person so authorised shall be entitled to exercise the same powers on behalf of the
corporation which he represents as the corporation could exercise if it were an individual Member of record of the Company.

66. Shares
of its own capital belonging to the Company or held by it in a fiduciary capacity shall not be voted, directly or indirectly, at any
meeting and shall not be counted in determining the total number of outstanding shares at any given time.

**DIRECTORS**

67. There
shall be a Board of Directors consisting of not less than one or more than twelve persons (exclusive of alternate Directors) PROVIDED
HOWEVER that the Company may from time to time by ordinary resolution or by resolution of the Directors increase or reduce the limits
in the number of Directors. The first Directors of the Company shall be determined in writing by, or appointed by a resolution of, the
subscribers of the Memorandum of Association or a majority of them.

68. The
remuneration to be paid to the Directors shall be such remuneration as the Directors shall determine. Such remuneration shall be deemed
to accrue from day to day. The Directors shall also be entitled to be paid their travelling, hotel and other expenses properly incurred
by them in going to, attending and returning from meetings of the Directors, or any committee of the Directors, or general meetings of
the Company, or otherwise in connection with the business of the Company, or to receive a fixed allowance in respect thereof as may be
determined by the Directors from time to time, or a combination partly of one such method and partly the other.

69. The
Directors may by resolution award special remuneration to any Director of the Company undertaking any special work or services for, or
undertaking any special mission on behalf of, the Company other than his ordinary routine work as a Director. Any fees paid to a Director
who is also counsel or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to his remuneration
as a Director.

70. A
Director or alternate Director may hold any other office or place of profit under the Company (other than the office of Auditor) in conjunction
with his office of Director for such period and on such terms as to remuneration and otherwise as the Directors may determine.

71. A
Director or alternate Director may act by himself or his firm in a professional capacity for the Company and he or his firm shall be
entitled to remuneration for professional services as if he were not a Director or alternate Director.

72. A
shareholding qualification for Directors may be fixed by the Company in general meeting, but unless and until so fixed no qualification
shall be required.

73. A
Director or alternate Director of the Company may be or become a director or other officer of or otherwise interested in any company
promoted by the Company or in which the Company may be interested as shareholder or otherwise and no such Director or alternate Director
shall be accountable to the Company for any remuneration or other benefits received by him as a director or officer of, or from his interest
in, such other company.

74. No
person shall be disqualified from the office of Director or alternate Director or prevented by such office from contracting with the
Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction entered into by or on behalf
of the Company in which any Director or alternate Director shall be in any way interested be or be liable to be avoided, nor shall any
Director or alternate Director so contracting or being so interested be liable to account to the Company for any profit realised by any
such contract or transaction by reason of such Director holding office or of the fiduciary relation thereby established. A Director (or
his alternate Director in his absence) shall be at liberty to vote in respect of any contract or transaction in which he is so interested
as aforesaid PROVIDED HOWEVER that the nature of the interest of any Director or alternate Director in any such contract or transaction
shall be disclosed by him or the alternate Director appointed by him at or prior to its consideration and any vote thereon.

75. A
general notice that a Director or alternate Director is a shareholder of any specified firm or company and is to be regarded as interested
in any transaction with such firm or company shall be sufficient disclosure under Article 74 and after such general notice it shall not
be necessary to give special notice relating to any particular transaction.

**ALTERNATE DIRECTORS**

76. Subject
to the exception contained in Article 84, a Director who expects to be unable to attend Directors' Meetings because of absence,
illness or otherwise may appoint any person to be an alternate Director to act in his stead and such appointee whilst he holds office
as an alternate Director shall, in the event of absence therefrom of his appointor, be entitled to attend meetings of the Directors and
to vote thereat and to do, in the place and stead of his appointor, any other act or thing which his appointor is permitted or required
to do by virtue of his being a Director as if the alternate Director were the appointor, other than appointment of an alternate to himself,
and he shall ipso facto vacate office if and when his appointor ceases to be a Director or removes the appointee from office. Any appointment
or removal under this Article shall be effected by notice in writing under the hand of the Director making the same.

**POWERS AND DUTIES OF DIRECTORS**

77. The
business of the Company shall be managed by the Directors (or a sole Director if only one is appointed) who may pay all expenses incurred
in promoting, registering and setting up the Company, and may exercise all such powers of the Company as are not, from time to time by
the Statute, or by these Articles, or such regulations, being not inconsistent with the aforesaid, as may be prescribed by the Company
in general meeting required to be exercised by the Company in general meeting PROVIDED HOWEVER that no regulations made by the Company
in general meeting shall invalidate any prior act of the Directors which would have been valid if that regulation had not been made.

78. The
Directors may from time to time and at any time by powers of attorney appoint any company, firm, person or body of persons, whether nominated
directly or indirectly by the Directors, to be the attorney or attorneys of the Company for such purpose and with such powers, authorities
and discretions (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and subject
to such conditions as they may think fit, and any such powers of attorney may contain such provisions for the protection and convenience
of persons dealing with any such attorneys as the Directors may think fit and may also authorise any such attorney to delegate all or
any of the powers, authorities and discretions vested in him.

79. All
cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for monies paid to the Company
shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall from time to
time by resolution determine.

80. The
Directors shall cause minutes to be made in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;(a) of
all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;(b) of
the names of the Directors (including those represented thereat by an alternate or by proxy) present at each meeting of the Directors
and of any committee of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;(c) of
all resolutions and proceedings at all meetings of the Company and of the Directors and of committees of Directors.

81. The
Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried
office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for
the purchase or provision of any such gratuity, pension or allowance.

82. The
Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled
capital or any part thereof and to issue debentures, debenture stock and other securities whether outright or as security for any debt,
liability or obligation of the Company or of any third party.

**MANAGEMENT**

83. (a) The
 Directors may from time to time provide for the management of the affairs of the Company in such manner as they shall think fit and
 the provisions contained in the three next following paragraphs shall be without prejudice to the general powers conferred by this
 paragraph.

(b) The
 Directors from time to time and at any time may establish any committees, local boards or agencies for managing any of the affairs
 of the Company and may appoint any persons to be members of such committees or local boards or any managers or agents and may fix
 their remuneration.

(c) The
 Directors from time to time and at any time may delegate to any such committee, local board, manager or agent any of the powers,
 authorities and discretions for the time being vested in the Directors and may authorise the members for the time being of any such
 local board, or any of them to fill up any vacancies therein and to act notwithstanding vacancies and any such appointment or delegation
 may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time remove
 any person so appointed and may annul or vary any such delegation, but no person dealing in good faith and without notice of any
 such annulment or variation shall be affected thereby.

(d) Any
 such delegates as aforesaid may be authorised by the Directors to subdelegate all or any of the powers, authorities, and discretions
 for the time being vested in them.

**MANAGING DIRECTORS**

84. The
Directors may, from time to time, appoint one or more of their body (but not an alternate Director) to the office of Managing Director
for such term and at such remuneration (whether by way of salary, or commission, or participation in profits, or partly in one way and
partly in another) as they may think fit but his appointment shall be subject to determination ipso facto if he ceases from any cause
to be a Director and no alternate Director appointed by him can act in his stead as a Director or Managing Director.

85. The
Directors may entrust to and confer upon a Managing Director any of the powers exercisable by them upon such terms and conditions and
with such restrictions as they may think fit and either collaterally with or to the exclusion of their own powers and may from time to
time revoke, withdraw, alter or vary all or any of such powers.

**PROCEEDINGS OF DIRECTORS**

86. Except
as otherwise provided by these Articles, the Directors shall meet together for the despatch of business, convening, adjourning and otherwise
regulating their meetings as they think fit. Questions arising at any meeting shall be decided by a majority of votes of the Directors
and alternate Directors present at a meeting at which there is a quorum, the vote of an alternate Director not being counted if his appointor
be present at such meeting. In case of an equality of votes, the Chairman shall have a second or casting vote.

87. A
Director or alternate Director may, and the Secretary on the requisition of a Director or alternate Director shall, at any time summon
a meeting of the Directors by notice in writing to every Director and alternate Director which notice shall set forth the general nature
of the business to be considered unless notice is waived by all the Directors (or their alternates) either at, before or after the meeting
is held and PROVIDED FURTHER if notice is given in person, by cable, telex or telecopy the same shall be deemed to have been given on
the day it is delivered to the Directors or transmitting organisation as the case may be. The provisions of Article 42 shall apply mutatis
mutandis with respect to notices of meetings of Directors.

88. The
quorum necessary for the transaction of the business of the Directors may be fixed by the Directors and unless so fixed shall be two,
a Director and his appointed alternate Director being considered only one person for this purpose, PROVIDED ALWAYS that if there shall
at any time be only a sole Director the quorum shall be one. For the purposes of this Article an alternate Director or proxy appointed
by a Director shall be counted in a quorum at a meeting at which the Director appointing him is not present.

89. The
continuing Directors may act notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number
fixed by or pursuant to these Articles as the necessary quorum of Directors the continuing Directors or Director may act for the purpose
of increasing the number of Directors to that number, or of summoning a general meeting of the Company, but for no other purpose.

90. The
Directors may elect a Chairman of their Board and determine the period for which he is to hold office; but if no such Chairman is elected,
or if at any meeting the Chairman is not present within five minutes after the time appointed for holding the same, the Directors present
may choose one of their number to be Chairman of the meeting.

91. The
Directors may delegate any of their powers to committees consisting of such member or members of the Board of Directors (including Alternate
Directors in the absence of their appointors) as they think fit; any committee so formed shall in the exercise of the powers so delegated
conform to any regulations that may be imposed on it by the Directors.

92. A
committee may meet and adjourn as it thinks proper. Questions arising at any meeting shall be determined by a majority of votes of the
members present, and in the case of an equality of votes the Chairman shall have a second or casting vote.

93. All
acts done by any meeting of the Directors or of a committee of Directors (including any person acting as an alternate Director) shall,
notwithstanding that it be afterwards discovered that there was some defect in the appointment of any Director or alternate Director,
or that they or any of them were disqualified, be as valid as if every such person had been duly appointed and qualified to be a Director
or alternate Director as the case may be.

94. Members
of the Board of Directors or of any committee thereof may participate in a meeting of the Board or of such committee by means of conference
telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other and participation
in a meeting pursuant to this provision shall constitute presence in person at such meeting. A resolution in writing (in one or more
counterparts), signed by all the Directors for the time being or all the members of a committee of Directors (an alternate Director being
entitled to sign such resolution on behalf of his appointor) shall be as valid and effectual as if it had been passed at a meeting of
the Directors or committee as the case may be duly convened and held.

95. (a) A
 Director may be represented at any meetings of the Board of Directors by a proxy appointed by him in which event the presence or
 vote of the proxy shall for all purposes be deemed to be that of the Director.

(b) The
 provisions of Articles 61-64 shall mutatis mutandis apply to the appointment of proxies by Directors.

**VACATION OF OFFICE OF DIRECTOR**

96. The
office of a Director shall be vacated:

&nbsp;&nbsp;&nbsp;&nbsp;(a) if
he gives notice in writing to the Company that he resigns the office of Director;

&nbsp;&nbsp;&nbsp;&nbsp;(b) if
he absents himself (without being represented by proxy or an alternate Director appointed by him) from three consecutive meetings of
the Board of Directors without special leave of absence from the Directors, and they pass a resolution that he has by reason of such
absence vacated office;

&nbsp;&nbsp;&nbsp;&nbsp;(c) if
he dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;(d) if
he is found a lunatic or becomes of unsound mind.

**APPOINTMENT AND REMOVAL OF DIRECTORS**

97. The
Company may by ordinary resolution or by resolution of the Directors appoint any persons to be a Director and may in like manner remove
any Director and may in like manner appoint another person in his instead.

98. The
Directors shall have power at any time and from time to time to appoint any person to be a Director, either to fill a casual vacancy
or as an addition to the existing Directors but so that the total number of Directors (exclusive of alternate Directors) shall not at
any time exceed the number fixed in accordance with these Articles.

**PRESUMPTION OF ASSENT**

99. A
Director of the Company who is present at a meeting of the Board of Directors at which action on any Company matter is taken shall be
presumed to have assented to the action taken unless his dissent shall be entered in the Minutes of the meeting or unless he shall file
his written dissent from such action with the person acting as the Secretary of the meeting before the adjournment thereof or shall forward
such dissent by registered mail to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply
to a Director who voted in favour of such action.

**SEAL**

100. (a) The
 Company may, if the Directors so determine, have a Seal which shall, subject to paragraph (c) hereof, only be used by the authority
 of the Directors or of a committee of the Directors authorised by the Directors in that behalf and every instrument to which the
 Seal has been affixed shall be signed by one person who shall be either a Director or the Secretary or Secretary-Treasurer or some
 person appointed by the Directors for the purpose.

(b) The
 Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile
 of the Common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where
 it is to be used.

(c) A
 Director, Secretary or other officer or representative or attorney may without further authority of the Directors affix the Seal
 of the Company over his signature alone to any document of the Company required to be authenticated by him under Seal or to be filed
 with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

(d) A
 document to be executed as a Deed shall be executed by a Director or other person authorised by the Directors for that purpose.

**OFFICERS**

101. The
Company may have officers appointed by the Directors as they consider necessary, all for such terms, at such remuneration and to perform
such duties, and subject to such provisions as to disqualification and removal as the Directors from time to time prescribe.

**DIVIDENDS, DISTRIBUTIONS AND RESERVE**

102. Subject
to the Statute, the Directors may from time to time declare dividends (including interim dividends) and distributions on shares of the
Company outstanding and authorise payment of the same out of the funds of the Company lawfully available therefore.

103. The
 Directors may, before declaring any dividends or distributions, set aside such sums as they think proper as a reserve or reserves
 which shall at the discretion of the Directors, be applicable for any purpose of the Company and pending such application may, at
 the like discretion, be employed in the business of the Company.

104. No
 dividend or distribution shall be payable except out of the profits of the Company, realised or unrealised, or out of the share premium
 account or as otherwise permitted by the Statute.

105. Subject
 to the rights of persons, if any, entitled to shares with special rights as to dividends or distributions, if dividends or distributions
 are to be declared on a class of shares they shall be declared and paid according to the amounts paid or credited as paid on the
 shares of such class outstanding on the record date for such dividend or distribution as determined in accordance with these Articles
 but no amount paid or credited as paid on a share in advance of calls shall be treated for the purpose of this Article as paid on
 the share.

106. The
 Directors may deduct from any dividend or distribution payable to any Member all sums of money (if any) presently payable by him
 to the Company on account of calls or otherwise.

107. The
 Directors may declare that any dividend or distribution be paid wholly or partly by the distribution of specific assets and in particular
 of paid up shares, debentures, or debenture stock of any other company or in any one or more of such ways and where any difficulty
 arises in regard to such distribution, the Directors may settle the same as they think expedient and in particular may issue fractional
 certificates and fix the value for distribution of such specific assets or any part thereof and may determine that cash payments
 shall be made to any Members upon the footing of the value so fixed in order to adjust the rights of all Members and may vest any
 such specific assets in trustees as may seem expedient to the Directors.

108. Any
 dividend, distribution, interest or other monies payable in cash in respect of shares may be paid by cheque or warrant sent through
 the post directed to the registered address of the holder or, in the case of joint holders, to the holder who is first named on the
 register of Members or to such person and to such address as such holder or joint holders may in writing direct. Every such cheque
 or warrant shall be made payable to the order of the person to whom it is sent. Any one of two or more joint holders may give effectual
 receipts for any dividends, bonuses, or other monies payable in respect of the share held by them as joint holders.

109. No
 dividend or distribution shall bear interest against the Company.

**CAPITALISATION**

110. The
 Company may upon the recommendation of the Directors by ordinary resolution authorise the Directors to capitalise any sum standing
 to the credit of any of the Company's reserve accounts (including share premium account and capital redemption reserve fund)
 or any sum standing to the credit of profit and loss account or otherwise available for distribution and to appropriate such sum
 to Members in the proportions in which such sum would have been divisible amongst them had the same been a distribution of profits
 by way of dividend and to apply such sum on their behalf in paying up in full unissued shares for allotment and distribution credited
 as fully paid up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required
 to give effect to such capitalisation, with full power to the Directors to make such provisions as they think fit for the case of
 shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company
 rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested
 into an agreement with the Company providing for such capitalisation and matters incidental thereto and any agreement made under
 such authority shall be effective and binding on all concerned.

**BOOKS OF ACCOUNT**

111. The
 Directors shall cause proper books of account to be kept with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 sales and purchases of goods by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 assets and liabilities of the Company.

Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

112. The
 Directors shall from time to time determine whether and to what extent and at what times and places and under what conditions or
 regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being Directors and
 no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred
 by Statute or authorised by the Directors or by the Company in general meeting.

113. The
 Directors may from time to time cause to be prepared and to be laid before the Company in general meeting profit and loss accounts,
 balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

**AUDIT**

114. The
 Company may at any annual general meeting or by resolution of the Directors appoint an Auditor or Auditors of the Company who shall
 hold office until the next annual general meeting and may fix his or their remuneration.

115. The
 Directors may before the first annual general meeting appoint an Auditor or Auditors of the Company who shall hold office until the
 first annual general meeting unless previously removed by an ordinary resolution of the Members in general meeting in which case
 the Members at that meeting may appoint Auditors or by resolutions of Directors in which case the Directors may appoint Auditors.
 The Directors may fill any casual vacancy in the office of Auditor but while any such vacancy continues the surviving or continuing
 Auditor or Auditors, if any, may act. The remuneration of any appointed by the Directors under this Article may be fixed by the Directors.

116. Every
 Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall
 be entitled to require from the Directors and Officers of the Company such information and explanation as may be necessary for the
 performance of the duties of the auditors.

117. Auditors
 shall at the next annual general meeting following their appointment and at any other time during their term of office, upon request
 of the Directors or any general meeting of the Members, make a report on the accounts of the Company in general meeting during their
 tenure of office.

**NOTICES**

118. Notices
 shall be in writing and may be given by the Company to any Member either personally or by sending it by post, cable, telex or telecopy
 to him or to his address as shown in the register of Members, such notice, if mailed, to be forwarded airmail if the address be outside
 the Cayman Islands.

119. (a) Where a notice is sent by post, service of the notice shall
be deemed to be effected by properly addressing, pre-paying and posting a letter containing the notice, and to have been effected at
the expiration of 60 hours after the letter containing the same is posted as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 a notice is sent by cable, telex, telecopy or electronic message, service of the notice shall be deemed to be effected by properly
 addressing, and sending such notice through a transmitting organisation and to have been effected on the day the same is sent as
 aforesaid.

120. A
 notice may be given by the Company to the joint holders of record of a share by giving the notice to the joint holder first named
 on the register of Members in respect of the share.

121. A
 notice may be given by the Company to the person or persons which the Company has been advised are entitled to a share or shares
 in consequence of the death or bankruptcy of a Member by sending it through the post as aforesaid in a pre-paid letter addressed
 to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt, or by any like description at the
 address supplied for that purpose by the persons claiming to be so entitled, or at the option of the Company by giving the notice
 in any manner in which the same might have been given if the death or bankruptcy had not occurred.

122. Notice
 of every general meeting shall be given in any manner hereinbefore authorised to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) every
person shown as a Member in the register of Members as of the record date for such meeting except that in the case of joint holders the
notice shall be sufficient if given to the joint holder first named in the register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 person upon whom the ownership of a share devolves by reason of his being a legal personal representative or a trustee in bankruptcy
 of a Member of record where the Member of record but for his death or bankruptcy would be entitled to receive notice of the meeting;
 and

No other person shall be entitled to receive notices of general meetings.

**WINDING UP**

123. If
 the Company shall be wound up the liquidator may, with the sanction of a Special Resolution of the Company and any other sanction
 required by the Statute, divide amongst the Members in specie or kind the whole or any part of the assets of the Company (whether
 they shall consist of property of the same kind or not) and may for such purpose set such value as he deems fair upon any property
 to be divided as aforesaid and may determine how such division shall be carried out as between the Members or different classes of
 Members. The liquidator may with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the
 benefit of the contributories as the liquidator, with the like sanction, shall think fit, but so that no Member shall be compelled
 to accept any shares or other securities whereon there is any liability.

124. If
 the Company shall be wound up, and the assets available for distribution amongst the Members as such shall be insufficient to repay
 the whole of the paid-up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the
 Members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares
 held by them respectively. And if in a winding up the assets available for distribution amongst the Members shall be more than sufficient
 to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed amongst the Members
 in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively. This Article
 is to be without prejudice to the rights of the holders of shares issued upon special terms and conditions.

**INDEMNITY**

125. The
 Directors and officers for the time being of the Company and any trustee for the time being acting in relation to any of the affairs
 of the Company and their heirs, executors, administrators and personal representatives respectively shall be indemnified out of the
 assets of the Company from and against all actions, proceedings, costs, charges, losses, damages and expenses which they or any of
 them shall or may incur or sustain by reason of any act done or omitted in or about the execution of their duty in their respective
 offices or trusts, except such (if any) as they shall incur or sustain by or through their own wilful neglect or default respectively
 and no such Director, officer or trustee shall be answerable for the acts, receipts, neglects or defaults of any other Director,
 officer or trustee or for joining in any receipt for the sake of conformity or for the solvency or honesty of any banker or other
 persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any insufficiency
 of any security upon which any monies of the Company may be invested or for any other loss or damage due to any such cause as aforesaid
 or which may happen in or about the execution of his office or trust unless the same shall happen through the wilful neglect or default
 of such Director, Officer or trustee.

**FINANCIAL YEAR**

126. Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year
 of incorporation, shall begin on 1st January in each year.

**AMENDMENTS OF ARTICLES**

127. Subject
 to the Statute, the Company may at any time and from time to time by Special Resolution alter or amend these Articles in whole or
 in part.

**TRANSFER BY WAY OF CONTINUATION**

128. If
 the Company is exempted as defined in the Statute, it shall, subject to the provisions of the Statute and with the approval of a
 Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside
 the Cayman Islands and to be deregistered in the Cayman Islands.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

![](ex99-2_002.jpg)