# EDGAR Filing Document

**Accession Number:** 0002081641
**File Stem:** 0001213900-26-073347
**Filing Date:** 2026-6
**Character Count:** 1502477
**Document Hash:** 33d159be02502237662ad5c21bd73854
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-073347.hdr.sgml**: 20260630

**ACCESSION NUMBER**: 0001213900-26-073347

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 50

**FILED AS OF DATE**: 20260630

**DATE AS OF CHANGE**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Worldstar Engineering Holdings Ltd
- **CENTRAL INDEX KEY:** 0002081641
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-297145
- **FILM NUMBER:** 261137922

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** YUEN LONG TRADING CENTER, #1104, 11/F
- **STREET 2:** NO.33 WANG YIP STREET WEST, YUEN LONG
- **CITY:** HONG KONG
- **NON US STATE TERRITORY:** NEW TERRITORIES
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852-3126-5102

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** YUEN LONG TRADING CENTER, #1104, 11/F
- **STREET 2:** NO.33 WANG YIP STREET WEST, YUEN LONG
- **CITY:** HONG KONG
- **NON US STATE TERRITORY:** NEW TERRITORIES
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

#### As filed with the U.S. Securities and Exchange Commission on June 30, 2026.

#### Registration No. 333-

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

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

#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br> (Exact Name of Registrant as Specified in its Charter)
**______________________________________________**

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **1700** | **Not Applicable** |
|  **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

#### Rm 1104, 11 / F, Yuen Long Trading Centre<br>No. 33 Wang Yip St., West<br>Yuen Long, New Territories<br>Hong Kong
**+852 3126 5102**<br> (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**______________________________________________**

**c/o Cogency Global Inc.<br>122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor<br>New York, NY 10168<br>+1 800-221-0102<br>(Name, address, including zip code, and telephone number, including area code, of agent for service)**

**______________________________________________**

#### Copies to:

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| | |
|:---|:---|
|  **Lawrence S. Venick, Esq.<br>Loeb & Loeb LLP<br>10100 Santa Monica Boulevard<br>Suite 2200<br>Los Angeles, CA 90067<br>Telephone: +1-310-728-5129** | **Sanny Choi, Esq.**<br> **Zoe Qiu, Esq.<br>CFN Lawyers LLC<br>418 Broadway #4607<br>Albany, NY 12207<br>Telephone: (646) 386**-8128 |

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**______________________________________________**

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

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

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

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

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

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

Emerging growth company ☒

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

____________

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

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

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

**The information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.**

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| | |
|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION DATED June 30, 2026** |

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED

#### 5,000,000 CLASS A ORDINARY SHARES
This is an initial public offering of Worldstar Engineering Holdings Limited. We are offering 5,000,000 Class A Ordinary Shares, par value US$0.0001 per share, on a firm commitment basis. No public market currently exists for our Class A Ordinary Shares. The initial public offering price is expected to be between $5.00 and $6.00 per Class A Ordinary Shares. We will apply to list our Class A Ordinary Shares on The Nasdaq Capital Market under the symbol "[ ]". The closing of this offering is conditional upon The Nasdaq Capital Market's approval of our listing application.

The share capital of our Company consists of two classes of Ordinary Shares, Class A Ordinary Shares and Class B Ordinary Shares. The rights of the holders of Class A Ordinary Shares and Class B Ordinary Shares are identical, except with respect to voting and conversion rights. Each Class B Ordinary Share has twenty (20) votes per share and is convertible into one Class A Ordinary Share, whereas our Class A Ordinary Shares, which we are selling in this offering, have one (1) vote per share and are not convertible into any Class B Ordinary Shares. See "Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — The dual-class structure of our Ordinary Shares has the effect of concentrating voting control with those shareholders who held our Class B Ordinary Shares prior to this offering. This ownership will limit or preclude your ability to influence corporate matters, including the election of directors, amendments of our constitutional documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions requiring shareholder approval, and that may adversely affect the trading price of our Class A Ordinary Shares".

We are an "emerging growth company", as defined in the Jumpstart Our Business Startups Act of 2012 and will be subject to reduced public company reporting requirements. See "*Prospectus Summary — Implications of Being an Emerging Growth Company and a Foreign Private Issuer*".

We will be a "controlled company" as defined under the Nasdaq Capital Market Company Guide. As of the date of this prospectus, Mr. Man Fai Lee, through Worldstar Pioneer Limited, owns 12,800,000 Class B Ordinary Shares, representing 97.26% of the total voting power of our Company. Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Lee will hold 95.45% of the total voting power of our Company, assuming that the underwriters do not exercise their over-allotment option. Mr. Man Fai Lee will have the ability to control matters requiring shareholder approval, including the election of directors, amendment of constitutional documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. See "Management — Controlled Company Exception".

**Our Company is an exempted company incorporated in the Cayman Islands as a holding company with no material operations of its own. As a holding company with no material operations of its own, our Company conducts operation through our operating subsidiary in Hong Kong, WEHK. WEHK is a Hong Kong entity operating the repair, maintenance, alteration, addition and painting work business which is generating the revenue and profit stated in the consolidated financial statements of our Company. We are not a Chinese or Hong Kong operating company, but an offshore holding company incorporated in the Cayman Islands. This structure involves unique risks to investors. The Chinese regulatory authorities could disallow our holding company structure, which would likely result in a material change in our operations and/or a material change in the value of our Class A Ordinary Shares, including causing the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risks Related to Doing Business in Hong Kong" for detailed discussion of the risks our Company and this Offering are facing as a result of this structure.**

**This is an offering of the Class A Ordinary Shares of our Company, the holding company in the Cayman Islands, instead of the shares of WEHK. Our Company's ownership interest in WEHK is held through an intermediate company in the BVI. Investors in our Class A Ordinary Shares should be aware that they may never hold equity interests in our Hong Kong operating subsidiary directly. Investors are purchasing equity solely in our Company, a Cayman Islands holding company, which indirectly owns equity interests in our operating subsidiary. See "Risk Factors" beginning on page 15 of this prospectus for a discussion of risks facing our Company and this offering as a result of this structure.**

**We conduct all of our operations in Hong Kong through our operating subsidiary in Hong Kong, WEHK. Accordingly, all our cash and assets are denominated in HKD. As a result, all our revenues are received by WEHK. The other subsidiary, WEBVI, is an intermediate holding company with no operations of its own. Cash** 

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**generated from WEHK has not been used to fund the operation of WEBVI and our Company. Transfers of funds from WEHK to its holding company, WEBVI, are free of restrictions, subject to availability of distributable profits and sufficient cash to maintain as a going concern and solvency of WEHK and any contractual obligations owed to third parties prohibiting or restricting dividend distributions. Transfers of funds in the form of dividends from WEBVI to our Company are not subject to exchange controls, and all such dividends may be freely transferred out of the Cayman Islands, clear of any income or other tax of the Cayman Islands imposed by withholding or otherwise without the necessity of obtaining any consent of any government or authority of the Cayman Islands. As of the date of this prospectus, our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between them; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. There can be no assurance that the Hong Kong government will not intervene or impose restrictions to prevent the cash maintained in Hong Kong from being transferred out or restrict the deployment of the cash into our business or for the payment of dividends. See "*Prospectus Summary — Transfers of Cash To and From Our Subsidiaries*" on page 3, "*Risk Factors — We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong subsidiary*" on page 17, "Dividend Policy", "Summary Consolidated financial Data", and "Consolidated Statements of Shareholders' Equity in the Report of Independent Registered Public Accounting Firm" for further details.**

**However, to the extent cash or assets in our business is in Hong Kong or in our operating subsidiary in Hong Kong, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets. See "Risk Factors — Risks Relating to Doing Business in Hong Kong — In the event that we rely on dividends and other distributions on equity paid by our operating subsidiary in Hong Kong to fund any cash and financing requirements we may have, any limitation on the ability of our operating company in Hong Kong to make payments to us could have a material and adverse effect on our ability to conduct our business" and "— To the extent cash or assets in our business is in Hong Kong or in our operating company in Hong Kong, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on our ability to transfer cash or assets".**

**As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our operating subsidiary, WEHK, through our intermediate holding company. For FY2024 and FY2025, WEHK declared dividends of nil and HK$14.0 million (US$1,800,820) to its shareholders, respectively. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. Save as aforementioned, during the FY2024 and FY2025 and up to the date of this prospectus, there have been (i) no cash flows and transfers of other assets between WE Holdings and our subsidiaries; (ii) no dividend payment or distribution made from WEHK to WE Holdings and WEBVI; and (iii) no solid plan for WEHK to make any distribution or dividend payment to WE Holdings and WEBVI upon listing. Save as aforementioned, neither WE Holdings nor WEHK has made any dividends or distributions to U.S. investors as of the date of this prospectus. We may consider paying further dividends in the near future. See "*Prospectus Summary — Transfers of Cash To and From Our Subsidiaries*" on page 3, and "*Dividend Policy*".**

**All of our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations, significantly limit or completely hinder our ability to offer or continue to offer Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless. We are aware that recently the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China**-based **companies listed overseas using Variable Interest Entity ("VIE") structure, adopting new measures to extend the scope of cybersecurity reviews, expanding the efforts in anti**-monopoly **enforcement and regulating the overseas offering and listing activities involving mainland China domestic companies. We do not believe that we are directly subject to these regulatory actions or statements, as we do not have a VIE structure, and our business does not involve the collection of** 

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**user data, implicate cybersecurity, or involve any other type of restricted industry. Since these statements and regulatory actions are new, it is uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also uncertain what the potential impact such modified or new laws and regulations will have on our daily business operation in Hong Kong, our ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges.**

**There are legal and operational risks associated with being based in and having the majority of our operations in Hong Kong. The PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene or influence our operations at any time. Such government actions could result in a material change in our operations and/or the value of the securities we are registering for sale; could significantly limit or completely hinder our ability to continue our operations; could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors; and may cause the value of our securities to significantly decline or be worthless. See "Risk Factors — All of our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares. The enforcement of laws and that rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operating subsidiary's operations at any time, or may exert more control over securities offerings conducted overseas and/or foreign investment in Hong Kong**-based **issuers, which could result in a material change in our operating subsidiary's operations, significantly limit or completely hinder our ability to offer Shares or continue to offer Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless" on page 18 for further details.**

**Our Class A Ordinary Shares may be prohibited from being traded on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCA Act") if the Public Company Accounting Oversight Board ("PCAOB") is unable to inspect the books of our auditors for two consecutive years. On December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "AHFCA Act") was enacted, which amended the HFCA Act by requiring the Securities and Exchange Commission (the "SEC") to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. As a result, the time period before our Company's securities may be prohibited from trading or delisted has been decreased accordingly. On December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB**-registered **public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfils its responsibilities under the HFCA Act. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the mainland China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, SFAI Malaysia PLT is headquartered at Block C2**-G**, Ground Floor, Setiawalk, Persiaran Wawasan, 47160 Puchong, Selangor, Malaysia and registered with the PCAOB. Our auditor is subject to laws in the United States ("U.S.") pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards, with the last inspection occurring on September 27, 2024. In addition, our auditors did not appear as part of the PCAOB's report of determinations under the lists in Appendix A or Appendix B of the report issued by the PCAOB on December 16, 2021. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol, or the Protocol, governing inspections and investigations of audit firms based in mainland China and Hong Kong and taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. Our auditor, SFAI Malaysia PLT, has no auditor's work papers in China as of the date of this prospectus. On December 15, 2022, the PCAOB announced that it was able to secure complete** 

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**access to inspect and investigate PCAOB**-registered **public accounting firms headquartered in mainland China and Hong Kong in 2022, and the PCAOB Board vacated its previous determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB**-registered **public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in Mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB will consider the need to issue a new determination. The PCAOB indicated it will act immediately to consider the need to issue new determinations with the HFCA Act if needed. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange. The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. See *"Risk Factors — Recent joint statement by the SEC and PCAOB, and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non***-U***.S. auditors who are not inspected by the PCAOB."***

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

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 15 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total<sup>(1)</sup>** |
|  Initial public offering price<sup>(2)</sup> | $5.5 | $27500000 |
|  Underwriting discounts and commissions<sup>(</sup><sup>3</sup><sup>)</sup> | $0.385 | $1925000  |
|  Proceeds to us (before expenses) | $5.115  | $25575000  |

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____________

(1) Assuming the underwriter does not exercise any of its over-allotment options.

(2) Initial public offering price per Class A Ordinary Share is assumed to be $5.50, being the mid-point of the initial public offering price range of $5.00 to $6.00.

(3) We agree to pay Stratosphere Capital, LLC, the representative of the underwriters (the "Representative"), underwriting commissions equal to seven percent (7%) of the gross proceeds of this offering. This does not include a non-accountable expense allowance equal to one percent (1%) of the gross proceeds of this offering payable to the Representative. Refer to "Underwriting" for additional information regarding underwriting compensation.

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares if any such Class A Ordinary Shares are taken. We agree to grant the underwriters an option for a period of 45 days after the closing of this offering to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount. If the underwriters exercise the option in full, and assuming the initial public offering price is the mid-point of the price range, the total underwriting discounts payable will be $2,213,750 and the total proceeds to us, after underwriting discounts but before offering expenses, will be approximately $29,411,250. If we complete this offering, net proceeds will be delivered to us on the closing date.

**Stratosphere Capital, LLC**

The date of this prospectus is [ ], 2026.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T26) | 1 |
|  [THE OFFERING](#T25) | 8 |
|  [SUMMARY CONSOLIDATED FINANCIAL DATA](#T24) | 10 |
|  [RISK FACTORS](#T23) | 15 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T22) | 43 |
|  [USE OF PROCEEDS](#T21) | 44 |
|  [DIVIDEND POLICY](#T20) | 45 |
|  [CAPITALIZATION](#T19) | 46 |
|  [DILUTION](#T18) | 47 |
|  [CORPORATE HISTORY AND STRUCTURE](#T17) | 48 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T16) | 50 |
|  [INDUSTRY](#T15) | 59 |
|  [BUSINESS](#T14) | 64 |
|  [REGULATIONS](#T13) | 74 |
|  [MANAGEMENT](#T12) | 84 |
|  [PRINCIPAL SHAREHOLDERS](#T11) | 91 |
|  [CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS](#T10) | 92 |
|  [DESCRIPTION OF SHARE CAPITAL](#T9) | 94 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T8) | 103 |
|  [MATERIAL TAX CONSIDERATIONS](#T7) | 105 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T6) | 110 |
|  [UNDERWRITING](#T5) | 112 |
|  [EXPENSES RELATED TO OFFERING](#T4) | 116 |
|  [LEGAL MATTERS](#T3) | 117 |
|  [EXPERTS](#T2) | 117 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T1) | 117 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#T5001) | F-1 |

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**Through and including [ ], 2026 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

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

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

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

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

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

#### Presentation of financial information
Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with the International Financial Reporting Standards ("IFRS").

Certain amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Accordingly, amounts, percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede them, and amounts and figures expressed as percentages in the text may not total 100% or, when aggregated, may not be the arithmetic aggregation of the percentages that precede them.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BVI" refers to the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAC" refers to Cyberspace Administration of China;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Share" refers to class A ordinary shares of the Share capital of our Company with par value US$0.0001 per share, conferring a holder of a Class A Ordinary Share one (1) vote per Share on any resolution tabled at the Company's general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Share" refers to class B ordinary shares of the Share capital of our Company with, par value US$0.0001 per share, conferring weighted voting rights in our Company such that a holder of a Class B Ordinary Share is entitled to twenty (20) votes per share on any resolution tabled at our Company's general meeting;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company", "our Company" or "WE Holdings" refers to Worldstar Engineering Holdings Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands on June 25, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Controlling Shareholder" refers to Mr. Man Fai Lee, the ultimate beneficial owner of 12,800,000 Class B Ordinary Shares, representing 97.26% of the voting power of the Company as of the date of this prospectus. See "Management" and "Principal Shareholders" for more information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CSRC" refers to China Securities Regulatory Commission;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FY2024" refers to the financial year ended March 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FY2025" refers to the financial year ended March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Group", "our", "us" or "we" refers to our Company and our subsidiaries at the relevant time, and where the context so requires, in respect of the period prior to our Company becoming the holding company of its present subsidiaries, such subsidiaries of our Company at the relevant time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HK$" or "HKD" or "HK dollars" refers the legal currency of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hong Kong" refers to the Hong Kong Special Administrative Region of the PRC;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "mainland China" refers to the mainland of the People's Republic of China, excluding Hong Kong and Macau Special Administrative Region;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Major Customer" refers to CR Construction Company Limited, the largest customer of the Group, which accounted for approximately 82.0% and 93.7% of the Group's total revenue during FY2024 and FY2025, respectively, and is a wholly owned subsidiary of a company listed on The Stock Exchange of Hong Kong (Stock code: 1582.HK);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Memorandum and Articles" refers to the memorandum and articles of association of the Company adopted on June 25, 2025 at incorporation, which shall remain effective upon and after the closing of this offering and as amended, supplemented and/or otherwise modified from time to time;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RMAA" refers to repair, maintenance, alteration and addition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RMB" or "Renminbi" refers to the legal currency of the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "shares", "Shares" or "Ordinary Shares" refer to collectively the Class A Ordinary Shares and Class B Ordinary Shares in the capital of WE Holdings;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" refers to the U.S. Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "WEBVI" refers to Worldstar Engineering (BVI) Limited, our British Virgin Island subsidiary and the direct holding company of WEHK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "WEHK" refers to Worldstar Engineering Limited, our Hong Kong subsidiary; and

WE Holdings is a holding company with operations primarily conducted in Hong Kong through its operating subsidiary WEHK in Hong Kong. The reporting currency of WEHK is HKD. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Assets and liabilities are translated into U.S. dollars at the closing rate of exchange as of the balance sheet dates, the statement of income is translated using average rate of exchange in effect during the reporting periods, and the equity accounts are translated at historical exchange rates. Unless otherwise noted, all translations from HKD to U.S. dollars and from U.S. dollars to HKD in this prospectus were solely for the convenience of the readers and were calculated at US$1.00 = HKD7.8, with reference to the pegged rate within the band of HKD7.75-HKD7.85 to US$1 as determined by the Linked Exchange Rate System in Hong Kong. No representation is made that the HKD amounts could have been, or could be, converted, realized or settled into US$ at such rate, or at any other rate.

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

#### Mission
Our mission is to become a trusted, experienced, resourceful contractor of RMAA and painting works in Hong Kong.

#### Overview
We are a contractor specializing in RMAA and painting works in Hong Kong. Through our operating subsidiary WEHK, established in Hong Kong in March 1999, we performed RMAA works mainly include renovation, repair, maintenance, alteration, addition, interior fitting-out works and other minor building works in Hong Kong. In addition to RMAA activities, we also undertook painting works as part of our operational capabilities. WEHK mainly handles public sector projects in Hong Kong, with some involvement in private sector RMAA and painting works. WEHK is a Registered Specialist Trade Contractor of (i) building maintenance; (ii) interior fitting-out; and (iii) painting works under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong. As of the date of this prospectus, WEHK is also listed on the Hong Kong Housing Authority's Reference List of Decoration. During FY2024 and FY2025, we derived a portion of our revenue from our Major Customer, which accounted for approximately 82.0% and 93.7% of our total revenue, respectively. Our Major Customer, a registered general building contractor in Hong Kong, frequently serves as a main contractor for both public and private works. We may continue to derive a significant portion of our revenue from RMAA and painting projects for our Major Customer in the foreseeable future. Consequently, our financial results and stability are substantially dependent on our Major Customer.

#### Our Competitive Strengths
We believe we have the following competitive strengths:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experienced and dedicated management team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proven operational history and track record;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advanced painting equipment that supports ESG commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Project supervision capability.

For more details, see "*Business — Our Competitive Strengths*".

#### Our Strategies and Future Plans
Our business strategies and future plans for our expansion are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drive competitiveness and expand our market capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhance marketing efforts and recognition of our brand;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursue additional strategic and financially attractive acquisitions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhance financial capacity and cashflow.

For more details, see "*Business — Our Strategies and Future Plans*".

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#### Our Major Challenges and Threats
Our major challenges and threats are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insufficient skilled labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increasing material and operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong government's fiscal constraints; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weak market sentiment in the Hong Kong property market.

For more details, see "*Industry — Overview of RMAA and painting works in Hong Kong — Major Challenges and Threats*".

#### Corporate History and Structure
Our Company adopted a dual-class share structure. Each Class B Ordinary Share has twenty (20) votes per Share and is convertible into one Class A Ordinary Share, whereas each Class A Ordinary Share has one (1) vote per Share and is not convertible into Class B Ordinary Shares. The following diagram illustrates our corporate and shareholding structure (assuming no exercise of the over-allotment option).

![](tflowchart_001.jpg)

____________

Notes:

(1) As of the date of this prospectus, there are 7 (seven) minority shareholders on record, holding an aggregate of 7,200,000 Class A Ordinary Shares, representing 36.0% of the total issued share capital of the Company and 2.74% of the voting power over the Company.

(2) Our Company is a holding company with no operations of its own. The Class A Ordinary Shares offered in this prospectus are those of our Company.

(3) Our Company conducts all our operations through our indirect wholly-owned operating subsidiary, WEHK, which is incorporated under the laws of Hong Kong.

(4) The above chart assumes an offering of 5,000,000 Class A Ordinary Shares of our Company.

In advance of listing, we have conducted a reorganization, primarily to facilitate our initial public offering in the United States. For a description of the reorganization, see "Corporate History and Structure — Reorganization".

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Our Company is owned as to 64.00% by Worldstar Pioneer Limited as of the date of this prospectus, which is in turn wholly-owned by Mr. Man Fai Lee. Mr. Man Fai Lee will therefore beneficially own 95.45% of the voting power of our Company after completion of this offering, assuming that the underwriters do not exercise their over-allotment option. As a result, because more than 50% of the voting power of our Company will be held by a single entity after the completion of this offering, we will be a controlled company under the Nasdaq Capital Market corporate governance rules.

For more details, see "*Corporate History and Structure*".

#### Implication of Being a Controlled Company
We will be a "controlled company" within the meaning of Nasdaq Stock Market Rules. Our Memorandum and Articles provide that in respect of all matters subject to a shareholders' vote, each Class A Ordinary Share is entitled to one (1) vote, and each Class B Ordinary Share is entitled to twenty (20) votes. Each Class B Ordinary Share will be convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares will not be convertible into Class B Ordinary Shares under any circumstances. Upon any transfer of Class B Ordinary Shares by a holder to any person or entity which is not an affiliate of such holder, such Class B Ordinary Shares shall be automatically and immediately converted into the equivalent number of Class A Ordinary Shares. As of the date of this prospectus, Mr. Man Fai Lee, through Worldstar Pioneer Limited, owns 12,800,000 Class B Ordinary Shares, representing 97.26% of the voting power of the Company. Mr. Man Fai Lee will hold 95.45% of the voting power of our total issued and outstanding shares immediately after the completion of this offering, assuming that the underwriters do not exercise their over-allotment option.

For so long as we are a controlled company, we are permitted to elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that a majority of our board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that our director nominees be selected or recommended for the board's selection by a majority of the board's independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that our compensation committee be composed solely of independent directors with a written charter addressing the committee's purpose and responsibilities.

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

We may rely on the "controlled company" exemption under the Nasdaq listing rules after we complete this offering. If we elect to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors after we complete this offering. See "Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — We will be a "controlled company" within the meaning of Nasdaq rules and we will qualify for and may rely on exemptions from certain corporate governance requirements".

#### Transfers of Cash To and From Our Subsidiaries
We conduct all of our operations in Hong Kong through our Hong Kong subsidiary, WEHK. As a result, all our revenues are received by WEHK. WEBVI, is an intermediate holding company with no operations of its own; and WE Holdings, operates as a holding company of WEBVI with no actual operations. Cash generated from WEHK has not been used to fund the operation of WEBVI and our Company. Transfers of funds from WEHK to its holding company, WEBVI, are free of restrictions, subject to availability of distributable profits and sufficient cash to maintain as a going concern and solvency of WEHK and any contractual obligations owed to third parties prohibiting or restricting dividend distributions. Transfers of funds in the form of dividend from WEBVI to our Company are not subject to exchange controls, and all such dividends may be freely transferred out of the Cayman Islands, clear of any income or other tax of the Cayman Islands imposed by withholding or otherwise without the necessity of obtaining any consent of any government or authority of the Cayman Islands.

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For FY2024 and FY2025, WEHK, our Hong Kong subsidiary declared dividends of nil and HK$14.0 million (US$1,800,820), respectively. We currently intend to retain most, if not all, of our available funds and any future earnings to fund the operation, development, and growth of our business, and, as a result, we do not expect to pay any dividends in the foreseeable future. Consequently, we cannot give any assurance that any dividends may be declared and paid in the future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. Save as aforementioned, during FY2024 and FY2025 and up to the date of this prospectus, there have been (i) no cash flows and transfers of other assets between WE Holdings and our subsidiaries; (ii) no dividend payment or distribution made from WEHK to our Company and WEBVI; and (iii) no solid plans for WEHK to make any distribution or dividend payment to our Company and WEBVI upon listing. Save as aforementioned, neither the WE Holdings nor WEHK has made any dividends or distributions to U.S. investors as of the date of this prospectus.

We are permitted under the laws of Cayman Islands to provide funding to our operating subsidiary through loans and/or capital contributions without restriction on the amount of the funds loaned or contributed.

*Cayman Islands.* Subject to the Companies Act and our Memorandum and Articles, our board of directors may authorize and declare a dividend to shareholders at such time and of such an amount as they think fit. Dividends may be declared and paid out of any funds of our Company lawfully available for distribution provided that in no circumstances may a dividend be paid if the dividend payment would result in the company being unable to pay its debts as they fall due in the ordinary course of business. There is no further Cayman Islands statutory restriction on the amount of funds which may be distributed by us by dividend.

*Hong Kong.* Under Hong Kong law, a Hong Kong company may only make a distribution out of profits available for distribution. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollars into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between the Company and its subsidiaries, across borders and to U.S. investors, nor are there any restrictions or limitations on distributing earnings from our business and subsidiaries to our Company and U.S. investors.

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. The PRC laws and regulations do not currently have any material impact on transfers of cash from our Company to our subsidiaries or from our subsidiaries to our Company, our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our Hong Kong subsidiary. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

Our Company is a Cayman Islands company, WEBVI is a BVI company, and WEHK is a Hong Kong company. There are no restrictions on foreign exchange and there are no limitations on the abilities of our Company and WEBVI to transfer cash to or from WEHK, or to investors under Hong Kong law. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor there is any restriction on foreign exchange to transfer cash between our Company and our subsidiaries, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute earnings from our business and subsidiaries, to our Company and U.S. investors and amounts owed. Since the only transfer of cash among and our Company and its subsidiaries were in the form of dividends and there are no limitations on the abilities of our Company to transfer cash to or from its subsidiaries or to investors under Hong Kong law, our Company and its subsidiaries have not established cash management policies that dictate how funds are transferred.

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For more information, see "Dividend Policy", "Risk Factors" and "Summary Consolidated financial Data" and "Consolidated Statements of Shareholders' Equity" in the audited financial statements as of and for FY2024 and FY2025 and the unaudited financial statements as of and for the six months ended September 30, 2024 and 2025 contained in this prospectus.

#### Permission Required from Hong Kong and Chinese Authorities
Hong Kong is a Special Administrative Region of the PRC, having its own governmental and legal system that is separate from mainland China, and as a result, has its own distinct rules and regulations. Our operating subsidiary, WEHK is incorporated and operating in Hong Kong. According to the legal opinion issued by David Fong & Co., our Hong Kong counsel, based on their understanding of current Hong Kong laws, as of the date of this prospectus, we, including WEHK, have received and obtained all requisite licenses, certificates, authorizations, permissions or approvals from the Hong Kong authorities to operate our business, namely the business license, and no such permissions or approvals have been denied as of the date of this prospectus, and that we, including WEHK are not required to obtain any permission or approval from Hong Kong authorities to offer the shares of our Company to foreign investors. Further, uncertainties still exist due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

On February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines (collectively, the "New Administrative Rules Regarding Overseas Listings"), which went into effect on March 31, 2023. The New Administrative Rules Regarding Overseas Listings refine the regulatory system for domestic company's overseas offering and listing by subjecting both direct and indirect overseas offering and listing activities to the filing-based administration, and clearly defines the circumstances where provisions for direct and indirect overseas offering and listing apply and relevant regulatory requirements.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

Based on management's internal assessment that our Company and our operating subsidiary, WEHK currently has no operations in mainland China, management understands that as of the date of this prospectus, our Company is not required to obtain any permissions or approvals from mainland Chinese authorities before listing in the U.S. and to issue our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation; and (ii) our Company operates in Hong Kong and is not included in the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC. We also understand that our operating subsidiary, WEHK is not required to obtain any permissions or approvals from any mainland Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by our Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

Should there be any change in applicable laws, regulations, or interpretations, and we or any of our subsidiaries are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations. In the event that we, including WEHK, (i) do not receive or fail to maintain such permissions or approvals in the future, (ii) inadvertently conclude that relevant licenses, certificates, authorizations, permissions or approvals were not required, or (iii) are required to obtain such licenses, certificates, authorizations, permissions or approvals in the future following applicable laws, regulations, or interpretation changes, any action

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taken by the Hong Kong government or the PRC government could significantly limit or completely hinder our operations and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

#### Corporate Information
Our principal office is located at Rm 1104,11/F, Yuen Long Trading Centre, No. 33 Wang Yip St., West, Yuen Long, New Territories, Hong Kong and our telephone number is +852 3126 5102. Our registered office in the Cayman Islands is located at Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. We maintain a website at *https://www.worldstarengineering.com/.* We do not incorporate the information on our website into this prospectus and the information contained therein or connected thereto shall not be deemed to be part of this prospectus or the registration statement. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York NY 10168.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

We will file with the SEC, within four months after the end of each fiscal year (or as otherwise required by the SEC), an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm.

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

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

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

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

Both foreign private issuers and emerging growth companies are also exempt from certain of the more extensive SEC executive compensation disclosure rules. Therefore, if we no longer qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from such rules and will continue to be permitted to follow our home country practice as to the disclosure of such matters.

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#### THE OFFERING

---

| | |
|:---|:---|
|  Shares offered by us  | 5,000,000 Class A Ordinary Shares (5,750,000 Class A Ordinary Shares if the underwriters exercise their option to purchase additional Shares in full). |
|  Initial public offering price  | $5.00 to $6.00 per Class A Ordinary Share |
|  Shares issued and outstanding prior to this offering  | <br>7,200,000 Class A Ordinary Shares and 12,800,000 Class B Ordinary Shares are outstanding as of the date of this prospectus. |
|  Shares issued and outstanding after completion of this offering  | <br>12,200,000 Class A Ordinary Shares (or 12,950,000 Class A Ordinary Shares if the underwriters exercise their option to purchase additional Shares in full) and 12,800,000 Class B Ordinary Shares. |
|  Ordinary Shares  | Pursuant to our Memorandum and Articles, which is currently in effect and will remain effective immediately after the completion of this offering, our Ordinary Shares will be divided into Class A Ordinary Shares and Class B Ordinary Shares. In respect of all matters subject to a shareholder's vote, each Class A Ordinary Share will be entitled to one (1) vote, and each Class B Ordinary Share will be entitled to twenty (20) votes, voting together as one class. Each Class B Ordinary Share will be convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares will not be convertible into Class B Ordinary Shares under any circumstances. Upon any transfer of Class B Ordinary Shares by a holder to any person or entity which is not an affiliate of such holder, such Class B Ordinary Shares shall be automatically and immediately converted into the equivalent number of Class A Ordinary Shares. See "Description of Share Capital" for more information. |
|  Option to purchase additional Shares  | We have granted the underwriters an option to purchase up to 750,000 additional Class A Ordinary Shares from us within 45 days of the date of this prospectus. |
|  Lock-Up  | We have agreed with the underwriters, subject to certain exceptions, not to offer, issue, sell, transfer, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, directly or indirectly, any of the Shares or securities convertible into or exercisable or exchangeable for the Shares for a period of six (6) months after the completion of this offering. Furthermore, all of our directors, officers, and holders of more than 5% of the Company's securities (including warrants, options, convertible securities, and Ordinary Shares) have agreed with the Underwriters, subject to certain exceptions, not to offer, issue, sell, transfer, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, directly or indirectly, any of the Shares or securities convertible into or exercisable or exchangeable for the Shares for a period of six (6) months after the effective date of the registration statement of which this prospectus forms a part. See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
|  Use of proceeds  | We estimate that we will receive net proceeds from this offering of approximately $21.6 million, or approximately $25.1 million if the underwriters exercise their option to purchase additional Shares in full, based on an assumed initial public offering price of $5.00 per Class A Ordinary Share, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. |

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| | |
|:---|:---|
|  | We intend to use the net proceeds from this offering as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 40% for potential investments and/or acquisitions of building work service providers;<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% for procurement of painting equipment and/or advanced machinery;<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 20% for recruitment of highly skilled professionals; and<br> &nbsp;&nbsp;&nbsp;&nbsp;• remaining amount for general administration and working capital. |
|  | See "Use of Proceeds" for additional information. |
|  Risk factors  | See "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
|  Listing  | We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "[ ]". The closing of this offering is conditioned upon Nasdaq Capital Market's final approval of our listing application. |
|  Transfer agent  | VStock Transfer, LLC. The transfer agent and registrar's address is 18 Lafayette Place, Woodmere, New York 11598. |

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Unless otherwise indicated, all information in this prospectus assumes or gives effect to no exercise by the underwriters of their option to purchase up to 750,000 additional Class A Ordinary Shares from us.

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#### SUMMARY CONSOLIDATED FINANCIAL DATA
The following summary consolidated statements of operations for the six months ended September 30, 2024 and 2025, FY2024 and FY2025 and consolidated balance sheets data as of March 31, 2024 and 2025 and September 30, 2025 have been derived from our consolidated financial statements included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with IFRS. Our historical results are not necessarily indicative of the results that may be expected for any future period. The following summary consolidated financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements included elsewhere in this prospectus.

The summary consolidated statements cash flows:

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| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30** | **For the six months ended<br> September 30** |
|  | **2024** | **2025** |
|  | **HK$** | **HK$** |
|  Net cash generated from operating activities | 3186071 | 281001 |
|  Net cash used in investing activities |  | (1787210) |
|  Net cash (used in)/generated from financing activities | (2013171) | 1244499 |
|  Net change in cash and bank balances | 1172900 | (261710) |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31** | **For the years ended <br>March 31** |
|  | **2024** | **2025** |
|  | **HK$** | **HK$** |
|  Net cash (used in) generated from operating activities | (9518690) | 29253257 |
|  Net cash used in investing activities | (6111) | (41969300) |
|  Net cash generated from financing activities | 9479344 | 13891491 |
|  Net change in cash and bank balances | (45457) | 1175448 |

---

The summary consolidated balance sheet as of:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2025** |
|  | **HK$** | **HK$** |
|  Total assets | 74636925 | 90377131 |
|  Total liabilities | (60809432) | (70391673) |
|  Total equity | 13827493 | 19985458 |

---

---

| | | |
|:---|:---|:---|
|  | **March 31** | **March 31** |
|  | **2024** | **2025** |
|  | **HK$** | **HK$** |
|  Total assets | 50710181 | 74636925 |
|  Total liabilities | (31576336) | (60809432) |
|  Total equity | 19133845 | 13827493  |

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The following table presents our summary consolidated statements of operations for the six months ended September 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> September 30** | **For the six months ended<br> September 30** |
|  | **2024** | **2025** |
|  | **HK$** | **HK$** |
|  Revenue | 96035495 | 93535624 |
|  Cost of sales | (81044260) | (79670652) |
|  Gross profit | 14991235 | 13864972 |
|  Other income | 46800 | 63283 |
|  Reversal of credit losses on trade receivables, net |  | 78388 |
|  Administrative expenses | (4242456) | (4994204) |
|  Finance costs | (1360968) | (1535178) |
|  Income tax expense | (1364659) | (1319296) |
|  Profit for the period | 8069952 | 6157965 |

---

The following table presents our summary consolidated statements of operations for FY2024 and FY2025:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31** | **For the years ended <br>March 31** |
|  | **2024** | **2025** |
|  | **HK$** | **HK$** |
|  Revenue | 89877952 | 200736535 |
|  Cost of sales | (75629142) | (177355088) |
|  Gross profit | 14248810 | 23381447 |
|  Other income | 266197 | 139124 |
|  Allowance for credit losses on trade receivables, net | (12586) | (80660) |
|  Administrative expenses | (6528619) | (10328443) |
|  Finance costs | (1099366) | (2725606) |
|  Income tax expense | (967268) | (1692214) |
|  Profit for the year | 5907168 | 8693648 |

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

#### Risks Related to Doing Business in Hong Kong
A substantial part of our business is conducted in Hong Kong, where we may face significant regulatory, liquidity, and enforcement risks and uncertainties relating to mainland China in general. See "Risk Factors — Risks Related to Doing Business in Hong Kong" on pages 15 to 26 for a more detailed discussion of the risks involved. These risks include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent joint statement by the SEC and PCAOB, and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. See pages 15 to 16 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that we rely on dividends and other distributions on equity paid by our operating subsidiary in Hong Kong to fund any cash and financing requirements, we may have, any limitation on the ability of our operating subsidiary in Hong Kong to make payments to us could have a material and adverse effect on our ability to conduct our business. See page 16 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent cash or assets in our business is in Hong Kong or in our operating subsidiary in Hong Kong, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on our ability to transfer cash or assets. See pages 16 to 17 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain judgments obtained against us by our shareholders may not be enforceable. See page 17 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management team lacks experience in managing a U.S. public company and complying with laws applicable to such company, the failure of which may adversely affect our business, financial condition and results of operations. See page 17 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong subsidiary. See pages 17 to 18 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A downturn in the Hong Kong or global economy, or a change in economic and political policies of the PRC, could materially and adversely affect our Hong Kong operating subsidiary's business and financial condition. See page 18 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. The enforcement of laws and that rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operating subsidiary's operations at any time, or may exert more control over securities offerings conducted overseas and/or foreign investment in Hong Kong-based issuers, which could result in a material change in our operating subsidiary's operations, significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless. See pages 18 to 19 of this prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may be difficult for overseas shareholders and/or regulators to conduct investigations or collect evidence within the territory of China, including Hong Kong. See pages 19 to 20 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although we are based in Hong Kong, if we should become subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or defend the allegations, which could harm our Hong Kong operating subsidiary's business operations, this offering and our reputation, and could result in a loss of your investment in our Class A Ordinary Shares. See page 20 of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse regulatory developments in mainland China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny to be adopted by the SEC in response to risks related to recent regulatory developments in mainland China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs. See page 20 of this prospectus.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our performance depends on market conditions and trends in the construction industry. If there is a slowdown in property development in Hong Kong, the availability of RMAA and painting work projects may decrease significantly, which could materially and adversely affect our business and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our largest customer accounted for approximately 82.0% and 93.7% of our total revenue during FY2024 and FY2025, and interruption in operations of such significant customer may have an adverse effect on our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our revenue primarily originates from one-off project engagements, and there is no assurance that our existing customers will award us additional contracts in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business and results of operations may be materially and adversely affected if we or third-party subcontractors are unable to provide high-quality RMAA and painting works for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The total actual value of work done may differ from the original estimated contract sum stated in our contracts with customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to compete effectively may adversely affect our market share and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any material inaccurate cost estimation or cost overruns may adversely affect our financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no assurance that we will be able to renew our registration under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overall tightening of the labor market may affect our business as we operate in a labor-intensive industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our insurance coverage may be inadequate to protect us from potential losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to litigation, claims or other disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have significant working capital needs and if we are unable to satisfy those needs from cash generated from our operations or borrowings under our debt instruments, we may not be able to continue our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are affected by the macroeconomic, political, regulatory, social and other factors beyond our control mainly in Hong Kong.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our Class A Ordinary Shares prior to this offering; and an active trading market may not develop or be sustained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Share price may never trade at or above the price in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The initial public offering price for our Class A Ordinary Shares may not reflect their actual value.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility in our Class A Ordinary Share price may subject us to securities litigation.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our pre-IPO shareholders will be able to sell their shares after completion of this offering subject to restrictions under Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you purchase our Class A Ordinary Shares in this offering, you will incur immediate and substantial dilution in the book value of your Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be a "controlled company" within the meaning of Nasdaq rules and we will qualify for and may rely on exemptions from certain corporate governance requirements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may allocate the net proceeds from this offering in ways that differ from the estimates discussed in the section titled "Use of Proceeds" and with which you may not agree.

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

#### Risks Related to Doing Business in Hong Kong
**Recent joint statement by the SEC and PCAOB, and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.**

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

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

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

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

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

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

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

On December 29, 2022 the AHFCA Act was enacted, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly.

On December 29, 2022, the "Consolidated Appropriations Act was signed into law, which contained, among other things, an identical provision to the AHFCA Act and amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years.

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

**In the event that we rely on dividends and other distributions on equity paid by our operating subsidiary in Hong Kong to fund any cash and financing requirements we may have, any limitation on the ability of our operating subsidiary in Hong Kong to make payments to us could have a material and adverse effect on our ability to conduct our business.**

Under Hong Kong law, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves. Dividends cannot be paid out of share capital. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. Any limitation on the ability of our operating subsidiary in Hong Kong to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

**To the extent cash or assets in our business is in Hong Kong or in our operating subsidiary in Hong Kong, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on our ability to transfer cash or assets.**

We may in the future depend on dividends and other distributions on equity paid by our operating subsidiary in Hong Kong or depend on our assets located in Hong Kong for our cash and financing requirements. The PRC government may in the future impose controls on our ability to transfer money out of Hong Kong. Such controls may then restrict the ability of our Hong Kong subsidiary to remit sufficient funds to our offshore entities for our offshore entities to pay dividends or make other payments. Therefore, to the extent cash or assets in our business is in

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Hong Kong or in our operating subsidiary in Hong Kong, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on our ability to transfer cash or assets.

The PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting processes may be put forward by the State Administration of Foreign Exchange of the PRC for cross-border transactions. Any limitation on the ability of our operating subsidiary in Hong Kong to pay dividends or make other kinds of payments to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct our business.

#### Certain judgments obtained against us by our shareholders may not be enforceable.
We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all of our current directors and officers are nationals and residents of countries other than the United States. Substantially all of the assets of these persons are located outside the United States and primarily in Hong Kong, where each of our directors are located. David Fong & Co., our counsel as to Hong Kong law, is of the opinion that there is currently no arrangement providing for the reciprocal enforcement of judgements between Hong Kong and the United States, as such judgments of United States courts will not be directly enforced in Hong Kong. There is uncertainty as to whether the courts of Hong Kong would: (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands, see "Enforceability of Civil Liabilities". As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

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

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

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

The Shares offered in this prospectus are those of our Company. Our Company is an exempted company incorporated under the laws of the Cayman Islands with limited liability as a holding company. The majority of our business operations are conducted through our Hong Kong subsidiary, WEHK, and hence, our revenue and profit are all contributed by WEHK. For FY2024 and FY2025, WEHK declared dividends of nil and HK$14.0 million (US$1,800,820), respectively. We may consider paying further dividends in the near future. See "*Dividend Policy*".

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Our ability to pay dividends to our shareholders is primarily dependent upon the earnings of our Hong Kong subsidiary and its distribution of funds to us, primarily in the form of dividends. The ability of our Hong Kong subsidiary to make distributions to us depends upon, among others, their distributable earnings. The amounts of distributions that any subsidiary of WE Holdings declared and made in the past are not indicative of the dividends that we may pay in the future. There is no assurance that we will be able to declare or distribute any dividend in the future.

**A downturn in the Hong Kong or global economy, or a change in economic and political policies of the PRC, could materially and adversely affect our Hong Kong operating subsidiary's business and financial condition.**

Our Hong Kong operating subsidiary's business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic and social conditions in Hong Kong and mainland China generally. The Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. While the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy but may have a negative effect on our Hong Kong operating subsidiary.

Economic conditions in Hong Kong and mainland China are sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy may affect our current customers' and potential customers' businesses, and have a negative impact on our Hong Kong operating subsidiary's business, results of operations and financial condition. Additionally, continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs.

**All of our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. The enforcement of laws and that rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operating subsidiary's operations at any time, or may exert more control over securities offerings conducted overseas and/or foreign investment in Hong Kong-based issuers, which could result in a material change in our operating subsidiary's operations, significantly limit or completely hinder our ability to offer Shares or continue to offer Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless.**

Our operations are primarily located in Hong Kong so we are subject to the laws, regulations and policies of the Hong Kong government as well as the influence of the PRC government. However, our ability to operate in Hong Kong may be adversely affected by changes in its laws and regulations. Further, because some of our customers are Hong Kong entities that have shareholders or directors that are PRC individuals, certain of our customers may be materially adversely affected by changes in relevant laws and regulations. As such, our business operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to our business or industry. As of the date of this prospectus, we do not expect to be materially affected by recent statements by the PRC government indicating an intent to exert more oversight and control over securities offerings that are conducted overseas and/or foreign investment in China-based issuers. However, due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in China. The PRC government may choose to exercise significant oversight and discretion, and the policies, regulations, rules, and the enforcement of laws of the Chinese government to which we are subject may change rapidly and with little advance notice to us or our shareholders. As a result, the application, interpretation, and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and may be inconsistent with our current policies and practices. New laws, regulations and other government directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government actions may delay or impede our development. This may result in negative publicity or increase our operating costs; require significant management time and attention; and/or subject us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical operations, or demands or orders that we modify or even cease our business practices.

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The PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. These regulatory actions and statements emphasize the need to strengthen the administration over illegal securities activities and the supervision of mainland China-based companies seeking overseas listings. Additionally, companies are required to undergo a cybersecurity review if they hold large amounts of data related to issues of national security, economic development or public interest before carrying our mergers, restructuring or splits that affect or may affect national security. These statements were recently issued and their official guidance and interpretation remain unclear at this time. While we believe that our Hong Kong operating subsidiary's operations are not currently being affected, they may be subject to additional and stricter compliance requirements in the near term. Compliance with new regulatory requirements or any future implementation rules may present a range of new challenges which may create uncertainties and increase our Hong Kong operating subsidiary's cost of operations.

The Chinese government may intervene or influence our Hong Kong operating subsidiary's operations at any time and may exert more control over offerings conducted overseas and foreign investment in mainland China-based issuers, which may result in a material change in our Hong Kong operating subsidiary's operations and/or the value of our Class A Ordinary Shares. For instance, mainland China domestic companies that seek to offer or list securities overseas, both directly and indirectly, are currently required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of IPOs or listing applications. Although we believe that we are not regarded as a mainland China domestic company because all of our operations are in Hong Kong, it is uncertain whether the Chinese government will adopt additional requirements or extend the existing requirements to apply to us. We could be subject to approval or review of Chinese regulatory authorities to pursue this offering. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. Any legal or regulatory changes that restrict or otherwise unfavorably impact our Hong Kong operating subsidiary's ability to conduct their business could decrease demand for their services, reduce revenues, increase costs, require them to obtain more licenses, permits, approvals or certificates, or subject them to additional liabilities. To the extent any new or more stringent measures are implemented, our business, financial condition and results of operations could be adversely affected, our ability to offer or continue to offer Shares to investors could be significantly limited or completely hindered and the value of our Class A Ordinary Shares could significantly decline or become worthless.

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

In the event that U.S. regulators carry out an investigation on us and there is a need to conduct such investigation, or collect evidence in mainland China, U.S. regulators may not be able to carry out such investigation or evidence collection directly in mainland China under the PRC laws. U.S. regulators may, in the future, consider cross-border cooperation with a securities regulatory authority of the PRC by way of judicial assistance, diplomatic channels or regulatory cooperation mechanism established with the securities regulatory authority of the PRC.

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All our operations are currently conducted in Hong Kong. Hong Kong has a legal system separate from mainland China. David Fong & Co., our Hong Kong counsel, advised that the Securities and Futures Commission of Hong Kong ("SFC") is a signatory to the International Organization of Securities Commissions Multilateral Memorandum of Understanding ("MMOU"), which provides for mutual investigatory and other assistance and exchange of information between securities regulators around the world, including the SEC. This is also reflected in section186 of the Securities and Futures Ordinance ("SFO") which empowers the SFC to exercise its investigatory powers to obtain information and documents requested by non-Hong Kong regulators, and section 378 of the SFO which allows the SFC to share confidential information and documents in its possession with such regulators. However, there is no assurance that such cooperation will materialize, or if it does, whether it will adequately address any efforts to investigate or collect evidence to the extent that may be sought by U.S. regulators.

**Although we are based in Hong Kong, if we should become subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and/or defend the allegations, which could harm our Hong Kong operating subsidiary's business operations, this offering and our reputation, and could result in a loss of your investment in our Class A Ordinary Shares.**

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

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

**Adverse regulatory developments in mainland China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny to be adopted by the SEC in response to risks related to recent regulatory developments in mainland China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs.**

Currently, Hong Kong has a separate legal system from mainland China, and it has its legislative framework and judiciary independent of that of the PRC government. Nonetheless, the recent regulatory developments in mainland China, in particular with respect to restrictions on mainland China-based companies raising capital offshore, may lead to additional regulatory review in mainland China over our financing and capital raising activities in the United States. In addition, we may be subject to industry-wide regulations that may be adopted by the relevant PRC authorities, which may have the effect of limiting our service offerings, restricting the scope of our operations in Hong Kong, or causing the suspension or termination of our business operations in Hong Kong entirely. We may have to adjust, modify, or completely change our business operations in response to adverse regulatory changes or policy developments, and we cannot assure you that any remedial action adopted by us can be completed in a timely, cost efficient, or liability-free manner or at all.

On July 30, 2021, in response to the recent regulatory developments in mainland China and actions adopted by the PRC government, the Chairman of the SEC issued a statement asking the SEC staff to seek additional disclosures from offshore issuers associated with mainland China-based operating companies before their registration statements will be declared effective. On August 1, 2021, the CSRC issued a statement saying that it had taken note of the new disclosure requirements announced by the SEC regarding the listings of such companies and the recent regulatory development in mainland China, and that both countries should strengthen communications on regulating mainland China-related issuers. Since we mainly operate in Hong Kong, we cannot guarantee that we will not be subject to tightened regulatory review and we could be exposed to government interference from China.

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#### There are political risks associated with conducting business in Hong Kong.
Any adverse economic, social and/or political conditions, material social unrest, strike, riot, civil disturbance or disobedience, as well as significant natural disasters, may affect the market and adversely affect the business operations of the Company. Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". However, there is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong in the future. Since our operation is based in Hong Kong, any change of such political arrangements may pose immediate threat to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions.

Under the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China, Hong Kong is exclusively in charge of its internal affairs and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. Based on certain recent developments, including the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") issued by the Standing Committee of the PRC National People's Congress in June 2020, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy from China and at the time President Trump signed an executive order and Hong Kong Autonomy Act, or HKAA, to remove Hong Kong's preferential trade status and to authorize the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods from mainland China. These and other recent actions may represent an escalation in political and trade tensions involving the U.S., China and Hong Kong, which could potentially harm our business.

In July 2021, President Joe Biden warned investors about the risks of doing business in Hong Kong, issuing an advisory saying China's push to exert more control over Hong Kong threatens the rule of law and endangers employees and data. The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that are targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong. If a competent authority determines that we are in violation of the Hong Kong National Security Law or the HKAA, our business operations could be materially and adversely affected.

**We may become subject to a variety of PRC laws and other regulations regarding data security or securities offerings that are conducted overseas and/or other foreign investment in mainland China-based issuers, and any failure to comply with applicable laws and regulations could have a material and adverse effect on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.**

On June 10, 2021, the Standing Committee of the National People's Congress enacted the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for data security.

On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on certain activities in the securities markets and promote the high-quality development of the capital markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On August 20, 2021, the 30<sup>th</sup> meeting of the Standing Committee of the 13<sup>th</sup> National People's Congress voted and passed the "Personal Information Protection Law of the People's Republic of China", or "PRC Personal Information Protection Law", which became effective on November 1, 2021. The PRC Personal Information Protection Law applies

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to the processing of personal information of natural persons within the territory of mainland China that is carried out outside of mainland China where (1) such processing is for the purpose of providing products or services for natural persons within mainland China, (2) such processing is to analyze or evaluate the behavior of natural persons within mainland China, or (3) there are any other circumstances stipulated by related laws and administrative regulations.

On December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which will take effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operator (together with the operators of critical information infrastructure, the "Operators") carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

These statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our operating subsidiary, its abilities to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. There remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Draft Overseas Listing Regulations are adopted into law in the future and becomes applicable to our operating subsidiary, if our operating subsidiary is deemed to be an "Operator" that are required to file for cybersecurity review before listing in the United States, or if the Measures for Cybersecurity Review (2021) or the PRC Personal Information Protection Law becomes applicable to our operating subsidiary, the business operations of our operating subsidiary and the listing of our Class A Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or CSRC Overseas Issuance and Listing review in the future. If our operating subsidiary becomes subject to the CAC or CSRC review, we cannot assure you that our operating subsidiary will be able to comply with the regulatory requirements in all respects and the current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. In the event of a failure to comply, our operating subsidiary may become subject to fines and other penalties which may have a material adverse effect on our business, operations and financial condition and may hinder our ability to offer or continue to offer Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

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

On February 17, 2023, with the approval of the State Council, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines (collectively, the "New Administrative Rules Regarding Overseas Listings"), which went into effect on March 31, 2023. The New Administrative Rules Regarding Overseas Listings refine the regulatory system for domestic company's overseas offering and listing by subjecting both direct and indirect overseas offering and listing activities to the filing-based administration, and clearly defines the circumstances where provisions for direct and indirect overseas offering and listing apply and relevant regulatory requirements.

The Overseas Listing Trial Measures provides that an overseas listing or offering is explicitly prohibited, if any of the following: (i) such securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules; (ii) the intended securities offering and listing may endanger national security as reviewed and determined by competent authorities under the State Council in accordance with law; (iii) the domestic company intending to make the securities offering and listing, or its controlling shareholder(s) and the actual controller, have committed relevant crimes such as corruption, bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy during the latest three years; (iv) the domestic company intending to make the securities offering and listing is currently under investigations for suspicion of criminal offenses or major violations of laws and regulations, and no conclusion has yet been made thereof; or (v) there are material ownership disputes over equity held by the domestic company's controlling shareholder(s) or by other shareholder(s) that are

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controlled by the controlling shareholder(s) and/or actual controller. Moreover, a domestic company that seeks to offer and list securities on overseas markets shall abide by certain other regulatory requirements as set out in the Overseas Listing Trial Measures, including, without limitation to, compliance with laws of national secrecy, foreign investment, cybersecurity, data security, cross-border investment and financing, foreign exchange, and other laws and relevant provisions.

Pursuant to the Trial Measures, (i) domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing applications. If a domestic company fails to complete the required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings and fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines; (ii) if the issuer meets both of the following criteria, the overseas offering and listing conducted by such issuer shall be deemed an indirect overseas offering and listing by a mainland China domestic company: (A) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year were derived from mainland China domestic companies; and (B) the majority of the issuer's business activities are carried out in mainland China, or its main place(s) of business are located in mainland China, or the majority of its senior management team in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. In such circumstances, where a mainland China domestic company is seeking an indirect overseas offering and listing in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for an initial public offering or listing in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted.

Under the Overseas Listing Trial Measures, if a domestic company fails to fulfill filing procedures, or offers and lists securities on an overseas market in violation of the relevant provisions of the Overseas Listing Trial Measures, the CSRC shall order rectification, issue warnings to such domestic company, and impose a fine of between RMB1,000,000 and RMB10,000,000. Directly liable persons-in-charge and other directly liable persons shall be warned and each imposed a fine of between RMB500,000 and RMB5,000,000. Controlling shareholders and actual controllers of the domestic company that organize or instruct the aforementioned violations shall be imposed a fine of between RMB1,000,000 and RMB10,000,000.

If the Chinese government chooses to exert more oversight and control over securities offerings that are conducted overseas and/or foreign investment in China-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

Recent statements, laws and regulations by the Chinese government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Draft Overseas Listing Regulations, have indicated an intent to exert more oversight and control over securities offerings that are conducted overseas and/or foreign investments in mainland China-based issuers. It is uncertain whether the Chinese government will adopt additional requirements or extend the existing requirements to apply to our Hong Kong subsidiary, WEHK. We could be subject to approval or review of Chinese regulatory authorities to pursue this offering. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. Further, if we were to become subject to PRC laws and/or authorities we could incur material costs to ensure compliance and experience devaluation of our Ordinary Shares or our Ordinary Shares may be prohibited from trading or may be delisted.

On February 24, 2023, the CSRC promulgated the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies (the "Confidentiality and Archives Administration Provisions"), which became effective on March 31, 2023. According to the Confidentiality and Archives Administration Provisions, domestic companies that seek overseas offering and listing (either in direct or indirect means) and the securities companies and securities service providers (either incorporated domestically or overseas) that undertake relevant businesses shall institute a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration obligations. They shall not leak

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any state secret or working secret of government agencies, or harm national security and public interests. Therefore, a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to laws, and file with the secrecy administrative department at the same level. Moreover, if the leakage of any other documents and materials, which a domestic company plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities aforementioned, will be detrimental to national security or public interest, the domestic company shall strictly fulfill relevant procedures stipulated by applicable regulations.

Furthermore, the Confidentiality and Archives Administration Provisions stipulates that a domestic company that provides accounting archives or copies of accounting archives to any entities including securities companies, securities service providers and overseas regulators and individuals, shall fulfill due procedures in compliance with applicable regulations. Working papers produced in mainland China by securities companies and securities service providers in the process of undertaking businesses related to overseas offering and listing by domestic companies shall be retained in mainland China. Where such documents need to be transferred or transmitted to areas outside of mainland China, relevant approval procedures stipulated by regulations shall be followed.

**The enforcement of laws and rules and regulations in China can change quickly with little advance notice. Additionally, the PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties that could limit the availability of legal protections, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares.**

Hong Kong is a special administrative region of the PRC. Following British colonial rule from 1842 to 1997, China assumed sovereignty under the "one country, two systems" principle. The Hong Kong special administrative region's constitutional document, the Basic Law, ensures that the current political situation will remain in effect for 50 years.

The laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law are maintained. Hong Kong has enjoyed the freedom to function with a high degree of autonomy for its affairs, including currencies, immigration and customs operations, and its independent judiciary system and parliamentary system. Hong Kong is responsible for its own domestic affairs including, but not limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues using the English common law system. On July 14, 2020, the United States signed an executive order to end the special status enjoyed by Hong Kong post-1997. In addition, if the PRC attempts to alter its agreement to allow Hong Kong to function autonomously, it could potentially impact Hong Kong's common law legal system and may, in turn, bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements with our customers.

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

Currently, all of our operations are conducted in Hong Kong outside the United States, and all of our assets are located outside the United States. A majority of our directors and officers are Hong Kong nationals or residents and a substantial portion of their assets are located in Hong Kong outside the United States. You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong against us or our management named in the prospectus, as judgments entered in the United States can be enforced in Hong Kong only at common law. If you want to enforce a judgment of the United States in Hong Kong, it must be a final judgment conclusive upon the merits of the claim, for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment

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must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. In addition, mainland China does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in mainland China of judgments of a court in any of these non-mainland China jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible. For more information regarding the relevant laws of the Cayman Islands and Hong Kong, see "Enforceability of Civil Liabilities".

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

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

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

**Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any such other existing or future data privacy related laws, regulations and governmental orders may entail significant expenses and could materially affect our business.**

Although we and our subsidiaries are not subject to cybersecurity review by the CAC nor any other PRC authorities for this offering or required to obtain regulatory approval regarding the data privacy and personal information requirements from the CAC nor any other PRC authorities for the Company and its subsidiaries' operations in Hong Kong, we and our subsidiary are subject to a variety of laws and other obligations regarding data privacy and protection in Hong Kong.

In particular, the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) ("PDPO") imposes a duty on any data user who, either alone or jointly with other persons, controls the collection, holding, processing or use of any personal data which relates directly or indirectly to a living individual and can be used to identify that individual. Under the PDPO, data users shall take all practicable steps to protect the personal data they hold from any unauthorized or accidental access, processing, erasure, loss, or use. Once collected, such personal data should not be kept longer than necessary for the fulfilment of the purpose for which it is or is to be used and shall be erased if it is no longer required, unless erasure is prohibited by law or is not in the public interest. The PDPO also confers on the Privacy Commissioner for Personal Data ("Privacy Commissioner") power to conduct investigations and institute prosecutions. The data protection principles (collectively, the "DPP"), which are contained in Schedule 1 to the PDPO, outline how data users should collect, handle, and use personal data, complemented by other provisions imposing further compliance requirements. The collective objective of DPPs is to ensure that personal data is collected on a fully informed basis and in a fair manner, with due consideration towards minimizing the amount of personal data collected. Once collected, the personal data should be processed in a secure manner and should only be kept for as long as necessary for the fulfilment of the purposes of using the data. Use of the data should be limited to or related to the original collection purpose. Data subjects are given certain rights, inter alia: (a) the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject; (b) if the data user holds such data, to be supplied with a copy of such data; and (c) the right to request correction of any data they consider to be inaccurate. The Commissioner may carry out criminal investigations and institute prosecution for certain offenses. Depending on the severity of the cases, the Privacy Commissioner will decide whether to prosecute or refer cases involving suspected commission to the Department of Justice of Hong Kong. Victims may also seek compensation by civil action from data users for damage caused by a contravention of the PDPO. The Commissioner may provide legal assistance to the aggrieved data subjects if the Commissioner deems fit to do so.

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We believe our Company and our subsidiaries have been in compliance with the data privacy and personal information requirements of the PDPO. Moreover, we do not expect to be subject to any cybersecurity review by Hong Kong and PRC government authorities for this offering. However, if we or our Hong Kong operating subsidiary conducting business operations in Hong Kong has violated certain provisions of the PDPO, we could face significant civil penalties and/or criminal prosecution, which could adversely affect our business, financial condition, and results of operations.

**Compliance with Hong Kong's Competition Ordinance and any such other existing or future competition laws, regulations and governmental orders may entail significant expenses and could materially affect our business.**

We operate in a competitive industry and a highly competitive market. We may be subject to a variety of laws and other obligations regarding competition law in Hong Kong, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations. We face significant competition in the market due to a large amount of goods and service providers. We may be subject to the Competition Ordinance (Chapter 619 of the Laws of Hong Kong) ("Competition Ordinance"), which came into force on December 14, 2015, which laid down three forms of behavior and imposes three rules which are intended to prevent and discourage anti-competitive conduct: (i) the first conduct rule prohibits agreements between undertakings that have the object or effect of preventing, restricting and distorting competition in Hong Kong; (ii) the second conduct rule prohibits undertakings with a substantial degree of market power in a market from abusing that power by engaging in conduct that has the object or effect of preventing, restricting and distorting competition in Hong Kong; and (iii) the merger rule prohibits mergers that have or are likely to have the effect of substantially lessening competition in Hong Kong.

The Competition Commission is a statutory body in Hong Kong established to investigate any contravention against and enforce on the provisions of the Competition Ordinance, and the Competition Tribunal is a tribunal set up under the Competition Ordinance, as part of Hong Kong judiciary, to hear and decide cases connected with competition law in Hong Kong. Under the guidelines and policies published by the Competition Commission, possible outcomes of investigation of contravention of the Competition Ordinance may include the acceptance of commitment given by infringer, the issuing of warning notice or infringement notice, commencement of proceedings in the Competition Tribunal, applying for consent order, referral of complaint to a government agency and the conduct of a market study. The Competition Tribunal may order remedies including pecuniary penalty, disqualification or other order under the Competition Ordinance. The guidelines and policies published by the Competition Commission in Hong Kong did not mention any remedies which may impact on the Company's ability to accept foreign investment or list on a U.S./foreign exchange as a result of the non-compliance of the Competition Ordinance.

We confirm we have not adopted any anti-competitive conduct described in the Competition Ordinance and will continue to act in compliance with the Competition Ordinance. However, there may be uncertainties on the full effect of the rules in respect of compliance, infringement, and its effect on our business in particular when tendering is involved in securing contracts. We may face difficulties and may need to incur legal costs in ensuring our compliance with the rules. If we face any complaints of infringement of the Competition Ordinance, we may incur substantial legal costs and may result in business disruption and/or negative media coverage, which could adversely affect our business, results of operations and reputation.

#### Risks Related to Our Business
**Our performance depends on market conditions and trends in the construction industry. If there is a slowdown in property development in Hong Kong, the availability of RMAA and painting work projects may decrease significantly, which could materially and adversely affect our business and operating results.**

For FY2024 and FY2025, all of our revenue was generated from RMAA and painting work projects in Hong Kong. The future outlook of the construction industry, as well as the availability of new project opportunities, is closely tied to the continued investment in property development by the Government of Hong Kong and other private property developers. The nature, scale, and timing of RMAA and painting work projects are shaped by a range of interrelated factors, including public sector policies on long term development, land supply, and public housing, as well as the Government of Hong Kong's capital investment priorities and fiscal budget. Broader economic conditions and market sentiment in Hong Kong play a pivotal role in shaping property developers' willingness and capacity to initiate new RMAA and painting work projects.

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Any slowdown or shift in the pace of property development in Hong Kong may materially impact the availability of RMAA and painting work projects, which in turn could adversely affect our business and operating results.

**Our largest customer accounted for approximately 82.0% and 93.7% of our total revenue during FY2024 and FY2025, and interruption in operations of such significant customer may have an adverse effect on our business, financial condition, and results of operations.**

During FY2024 and FY2025, we derived a portion of our revenue from our Major Customer, which accounted for approximately 82.0% and 93.7% of our total revenue, respectively. Our Major Customer, a registered general building contractor in Hong Kong, frequently serves as a main contractor for both public and private works. We may continue to derive a significant portion of our revenue from RMAA and painting projects for our Major Customer in the foreseeable future. Consequently, our financial results and stability are substantially dependent on our Major Customer, which tenders for and undertakes construction projects as a main contractor in both the public and private sectors. Any adverse change in this relationship or in our Major Customer's business activities could materially and adversely affect our revenue and overall financial performance. However, we generally undertake RMAA and painting work projects on a project-by-project basis and do not enter into any long-term contracts with any customer exceeding three years, and we cannot assure you that they will continue to engage us on comparable terms or at comparable volumes. We may lose a significant customer due to a variety of factors, including our ability to provide quality RMAA and painting works. Even though we have a decent record of performance, we cannot guarantee that we will continue to maintain our business relationship with the significant customer at the same level, or at all. If any significant customer terminates their relationship with us, we cannot assure you that we will be able to secure an alternative arrangement with a comparable customer in a timely manner, or at all. Losing one or more of these significant customers could adversely affect our revenue and operating results.

#### Our revenue primarily originates from one-off project engagements, and there is no assurance that our existing customers will award us additional contracts in the future.
Our revenue is primarily generated by non-recurring projects, and our clients are not contractually obligated to engage us for future work. For FY2024 and FY2025, we obtained new projects mainly through customer invitations for both public and private sector projects. There is no certainty that we will secure additional contracts moving forward. As a result, the number and scale of projects and the amount of revenue we are able to derive therefrom may vary significantly from period to period, and it may be difficult to forecast the size of future business. If we fail to secure new engagements or if there is a notable decline in available invitations from customers, our business operations, financial performance, and growth prospects could be materially and negatively impacted.

**Our business and results of operations may be materially and adversely affected if we or third-party subcontractors are unable to provide high-quality RMAA and painting works for our clients.**

The success of our business largely depends on our ability to maintain and further enhance the quality of our services. We provide RMAA and painting works to our customers through our operational team and subcontractors. During FY2024 and FY2025, we engage subcontractors from time to time to provide manpower or perform a part of the site work under our supervision. If we or subcontractors are unable to provide RMAA and painting works in a timely, reliable, safe, and secure manner, our reputation and customer loyalty could be negatively affected. If we fail to satisfy client needs and respond effectively to client complaints, we may lose potential or existing clients and experience a decrease in customer orders, which could have a material adverse effect on our business, financial condition and results of operations.

#### The total actual value of work done may differ from the original estimated contract sum stated in our contracts with customers.
Our customers may request additions, reductions or alterations of work beyond the scope of the contract during project implementation by placing variation orders with us. The total amount of revenue that we are able to generate from a project may be different from the original estimated contract sum specified in the relevant contract due to variation orders placed by our customers. As such, there is no assurance that the amount of fees and charges as finally agreed with our customers would be sufficient to recover our costs incurred or provide us with a reasonable profit margin or the amount of revenue generated from our projects will not be substantially different from the original

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estimated contract sum as specified in the relevant contracts and our financial condition may be adversely affected by any decrease in our revenue as a result of variation orders. As a result, there is no assurance that our revenue and profit margin in the future will remain at a level comparable to those recorded during FY2024 and FY2025.

#### Failure to compete effectively may adversely affect our market share and profitability.
We operate in a highly competitive and fragmented industry. We compete with many small to medium-sized subcontractors and specialist contractors in Hong Kong. We compete with them based on a number of factors, including work quality, capability, cost-efficiency, and track record. In particular, we may face downward pricing pressure from our competitors. If we cannot effectively control our costs to remain competitive, our market share and revenue may decline. However, a growing number of customers prefer integrated service providers who can reduce coordination overhead, shorten project timelines, and ensure consistent quality standards. Our ability to effectively compete will depend on our work quality and pricing. Failure to successfully compete may prevent us from increasing or sustaining our revenue and profitability and potentially lead to a loss of market share, which could have a material and adverse effect on our business, financial condition, results of operations and cash flows.

#### Any material inaccurate cost estimation or cost overruns may adversely affect our financial results.
When determining the price of our quotation or tender, we would consider various factors, including but not limited to (i) recent price and estimated cost of materials and subcontracting; (ii) location and conditions of the site; (iii) expected duration of the project; (iii) our past working experience with such customers; (iv) site constraints; (v) our capacity; and (vi) complexity of the project. We may occasionally conduct site visits to gain a better understanding of the complexity of the project.

There is no assurance that the actual amount of time and costs incurred during the project implementation would not exceed our estimation. The time and expenses required to complete a project may be negatively impacted by a range of unforeseen factors. These include unexpected site conditions, adverse weather, on-site accidents, subcontractor default, unanticipated surges in material costs for which we are responsible, increased requests for remedial work from clients, and other unpredictable challenges or circumstances. Any inaccurate material estimation in the time and costs involved in a project may give rise to delays in completion of work and/or cost overruns, which in turn may materially and adversely affect our financial condition, profitability and liquidity. As a subcontractor, we are also exposed to delays caused by the main contractor's work, yet we are unable to recover such additional costs from either the main contractor or the project owner.

**There is no assurance that we will be able to renew our registration under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong.**

We are required to obtain and maintain certain registrations in order to conduct our business. Subcontractors engaged under public sector projects initiated by the Government of Hong Kong are generally required to possess registration under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong. Renewal of registration under the Registered Specialist Trade Contractors Scheme is required every three or five years and is generally subject to certain technical and relevant industry experience requirements. There is no assurance that we will be able to renew such registration every time in the future.

#### Overall tightening of the labor market may affect our business as we operate in a labor-intensive industry.
Any failure to retain stable and dedicated labor by us, our suppliers and subcontractors may lead to disruptions to or delays in our services. We, our suppliers and subcontractors often hire additional or temporary workers to handle the significant increase in service demand. We have observed an overall tightening labor market in Hong Kong. We have experienced, and expect to continue to experience, increases in labor costs due to increases in salaries, social benefits and employee headcounts and we may also face seasonal labor shortages. We, our suppliers and subcontractors compete with other companies for labor, and we may not be able to offer competitive salaries and benefits compared to them, which in turn could materially and adversely affect our business, financial condition and results of operations.

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#### We depend on third parties for supply of materials to operate our business.
We purchase materials from our suppliers for the provision of our RMAA and painting works. The major types of materials sourced from our suppliers included paints and consumables. There is no assurance that the working relationships with our suppliers will continue in the future. The inability to timely purchase materials could adversely affect our business operation. If our suppliers experience price increases or disruptions to their business, our business operation, financial condition, results of operations, liquidity and cash flows could be adversely affected.

#### Our insurance coverage may be inadequate to protect us from potential losses.
Operating hazards inherent in our business, some of which may be outside our control, can cause personal injury and loss of life, damage to or destruction of property, plant and equipment and environmental damage. We maintain insurance coverage in amounts and against the risks we believe are consistent with industry practice. There are also certain types of losses, such as from war, acts of terrorism, and certain natural disasters, for which we cannot obtain insurance at a reasonable cost or at all. There can be no assurance that our insurance coverage is sufficient to prevent us from any loss or that we will be able to successfully claim our losses under our current insurance policies on a timely basis or at all. If we incur any loss that is not covered by our insurance policies, or the compensated amount is significantly less than our actual loss, our business, financial condition, and results of operations could be materially and adversely affected.

**Any negative publicity, allegations, complaints or claims made against us may adversely affect our reputation, business, financial position, results of operations and price of our Class A Ordinary Shares.**

Since our establishment, there has not been any negative publicity and allegations made by customers or suppliers or our employees against our Group. However, we cannot assure you that any allegations, complaints and claims will not be made against us in the future. Any allegations, complaints or claims against us, regardless of their validity, could cause negative publicity, give rise to potential liability and adversely affect our reputation and the price of our Class A Ordinary Shares. In addition, we may have to divert management and other resources to address relevant allegations, complaints or claims which may adversely affect our business and results of operations. In the event that our insurance coverage is inadequate, we may have to pay out of our own resources to compensate the complainant for any damages suffered if the court does not rule in our Group's favor based on its interpretation of the facts of such claims and we are found to be at fault. If any complaint escalates to become a claim against us, even unsuccessful, we may have to divert resources to address the claim. Liabilities in respect of such claims could adversely affect our financial position and results of operations.

#### We may be subject to litigation, claims or other disputes.
We may from time to time be involved in disputes arising from contracts with customers, suppliers, or other third parties. Claims may also arise from disputes with customers and suppliers on matters relating to payment and/or contractual performance. Claims involving us could result in time-consuming and costly litigations, arbitration, administrative proceedings or other legal procedures. Expenses we incur in legal proceedings or arising from claims brought by or against us may materially and adversely affect our financial performance.

Actions brought against us may result in settlements, awards, injunctions, fines, penalties and other results adverse to us. Moreover, liquidated damages and legal proceedings resulting in unfavorable judgment may harm our reputation, cause financial losses and damage our prospects of being awarded future contracts, thereby materially and adversely affecting our operations, financial performance and prospects.

**There is no assurance that we can generate sufficient cash flow generated from operating activities and/or obtain external financing in the future to meet our operational needs.**

For FY2025, we had net cash generated from our operating activities of approximately HK$28.9 million (US$3.7 million), primarily arising from our operating profit adjusted for changes in working capital. For FY2024, we recorded net cash used in our operating activities of approximately HK$9.6 million primarily arising from net cash outflow from changes in working capital. Accordingly, we require a significant amount of working capital to sustain general operating expenses and ensure seamless business continuity. There is no assurance that we will be able to generate such net cash inflows from operating activities in the future. In the event we are not able to generate sufficient funds to finance our operations, and not able to finance from our external sources, our operations and financial position will be materially and adversely affected.

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**We have significant working capital needs and if we are unable to satisfy those needs from cash generated from our operations or borrowings under our debt instruments, we may not be able to continue our operations.**

We require significant amounts of working capital to operate our business. Cash flow imbalances also occur due to fluctuations in revenue streams, unpredictable payment schedules, and unforeseen operational costs. If we experience a significant and sustained drop in operating profits, or if there are unanticipated reductions in cash inflows or increases in cash outlays, we may be subject to cash shortfalls. If such a shortfall were to occur for even a brief period of time, it may have a significant adverse effect on our business. In particular, we use working capital to pay expenses relating to employee salaries, and operational overhead. As a result, we must maintain sufficient cash availability to cover these critical obligations and ensure uninterrupted business operations.

In addition, our operating results tend to be unpredictable from quarter to quarter. Any period of time with low operating results or cash flow imbalances could have a material adverse effect on our business, financial condition and results of operations.

We derive working capital for our operations through cash generated by our operating activities and borrowings under our debt instruments. If our working capital needs increase in the future, we may be forced to seek additional sources of capital, which may not be available on commercially reasonable terms. The amount we are entitled to borrow under our debt instruments is calculated monthly based on the aggregate value of certain eligible trade accounts receivable generated from our operations, which are affected by financial, business, economic and other factors, as well as by the daily timing of cash collections and cash outflows. The aggregate value of our eligible accounts receivable may not be adequate to allow for borrowings for other corporate purposes, such as capital expenditures or growth opportunities, which could reduce our ability to react to changes in the market or industry conditions.

#### Changes in industry regulations and industrial policies may affect our future performance.
Providing RMAA and painting works requires business licensing and is subject to various laws, administrative rules and industry standards. To support the development of the construction industry, governments at various levels have successively introduced a number of industrial support and encouragement policies. New laws and regulations may be promulgated from time to time and the interpretation and implementation of current and future PRC laws and regulations applicable to our businesses are subject to change and will continue to evolve. Any of these actions by the PRC government may have a material and adverse effect on our results of operations.

#### We are affected by the macroeconomic, political, regulatory, social and other factors beyond our control mainly in Hong Kong.
Currently, we have our entire operations in Hong Kong. We are affected by macroeconomic factors, such as general economic conditions, population growth, infrastructure development, and market sentiment which are in part, influenced by government spending, infrastructure spending, unemployment rates, real disposable income, inflation, recession, stock market performance, interest rate environment, regulatory policies, foreign investment, gross domestic product growth, business sentiment and economic outlook, all of which are beyond our control. Moreover, political and social stability, taxation, price and exchange control regulations, industry laws and regulations in Hong Kong. There is no assurance that such conditions will not develop in a manner that will have an adverse effect for our operations and financial performance.

#### We are exposed to credit risks of our customers.
We are exposed to credit risks of our customers. We do not have access to all the information necessary to form a comprehensive view on the creditworthiness of our customers. The complete financial and operational conditions of customers are not always available to us, and we may not be in any position to obtain such information. As a result, if any of our major customers experiences any financial difficulty and fail to settle the outstanding amounts due to us in accordance with the agreed credit terms, our working capital position may be adversely affected.

#### We are dependent on our management team.
Our success is, to a large extent, attributable to our executive directors' strategies and visions as well as their involvement in key aspects of our business, including but not limited to the acquisition and maintenance of new and existing customer relationships, pricing of our services and purchases, and overall management of our operations. The

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business of our Company was founded by Mr. Man Fai Lee, chairman of the board of directors and chief executive officer. Mr. Lee possesses extensive industry contacts and knowledge, and is familiar with our business operations and has established good relationships with our customers.

Our Company's success and growth therefore depends on our ability to identify, hire, train and retain suitable, skilled and qualified key personnel. The loss of service of our directors, executive officers or other key personnel without suitable and timely replacements or the inability to attract and retain qualified management personnel, will materially and adversely affect our operations and financial performance.

#### We have leased property, and we may not be able to renew current leases or relocate for relevant leased property on reasonable commercial terms.
Currently, we leased property for offices in relation to our business operations in Hong Kong. Our lease agreements generally have a term of two years. However, we cannot assure you that our rights to use these properties may not be challenged or we will always be able to successfully renew such leases upon their expiry. If we are required to relocate certain of our leased property, such as our offices and workshop, we may not be able to relocate in a timely manner or on reasonable commercial terms, which, in turn, may materially and adversely affect our operations. In addition, we would incur additional relocation costs, thus affecting our business operations and financial condition. Moreover, due to rapid rental increases, we may not be able to renew the existing leases at reasonable prices. Therefore, we may not be able to obtain new leases at desirable locations or renew our existing leases on acceptable terms, in a timely fashion or at all, resulting in the closure or relocation of the leased property, which may materially and adversely affect their results, and, in turn could adversely affect our business and results of operations.

#### Any unexpected or prolonged disruptions to the operation of our office could adversely affect our business.
As of the date of this prospectus, we leased a property in Hong Kong as our office to cater for day-to-day operation. In the event that there is any unexpected and prolonged disruption in the supply of utilities, such as water or electricity, or access to the premises, such as fire, and we cannot restore the affected infrastructures, or relocate promptly to another suitable location with well-equipped facilities, our business operations will be materially and adversely interrupted, which, in turn, will affect our results of operations.

**We use third-party services in connection with our business, and any disruption to these services could result in a disruption to our business, negative publicity, and a slowdown in the growth of our customer base, materially and adversely affecting our business, financial condition, and results of operations.**

Our business depends on the services provided by, and relationships with, various third parties, including third-party subcontractors. We could be materially and adversely affected if the RMAA and painting works are improperly performed by these subcontractors and/or workers under subcontracting arrangements, whether as a result of accident, human error or purposeful delay or malfeasance. We are also dependent in part on third-party subcontractors and other subcontracting workers to report certain events to us, such as mishandling and human error. We cannot assure you that we will be able to obtain access to preferred third-party subcontractors and other subcontracting workers at attractive rates or that these subcontractors will have adequate capacity available to meet the requirements of our projects. The failure of these and other third parties to perform in compliance with our agreements may negatively affect our business.

**Default in payment by customers that have large trade receivable balances could adversely impact our cash flows, working capital, results of operations and financial condition.**

Our trade and other receivables balance was approximately HK$13.2 million and HK$21.7 million (US$2.8 million) as of March 31, 2024 and 2025, respectively. We are subject to the risk that we may be unable to collect trade receivables in a timely manner, or at all. Our trade receivables include amounts due from our customers. Our customers may not be able to pay us in a timely fashion and our trade receivables and allowance for credit losses may accordingly increase. Our liquidity and cash flows from operations may be adversely affected if our trade receivable cycles or collections periods lengthen or if we encounter a material increase in defaults of payment of our trade receivables.

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In order to mitigate such risks, we conduct checks on the creditworthiness of our customers. However, these mitigating efforts cannot ensure that we will be able to collect trade receivables. If the trade receivables cannot be collected in time, or at all, a significant amount of bad debt expense will occur, and our business, financial condition and results of operation will likely be materially and adversely affected.

#### We are dependent on external financing to support our operations and business growth.
We rely on our cash flow from operations and bank loans to finance our operations. Our total bank borrowings amounted to approximately HK$20.0 million and HK$37.3 million (US$4.8 million) as of March 31, 2024 and 2025, respectively.

Our ability to obtain adequate financing on terms which are acceptable to us depends on a number of factors such as our financial strength, our creditworthiness and our prospects, and other factors that are beyond our control, including general economic, industry, liquidity and political conditions, the terms on which financial institutions are willing to extend credit to us, central bank's policy rates and cash reserve requirements for banks, and the availability of other sources of debt financing or equity financing. There may also be covenants that restrict our ability to pay dividends and/or restrict our flexibility in utilizing working capital to react to changes in the business environment. Additionally, our business requires a significant amount of working capital to pay expenses relating to subcontracting fees, employee salaries, and operational overhead arising therefrom can adversely affect our operation and curtail our business growth. If all or a substantial portion of our bank facilities are withdrawn, or we cannot access additional banking facilities, our operations and financial performance will be adversely and materially affected.

In addition, our finance costs amounted to approximately HK$1.1 million and HK$2.7 million (US$0.3 million), which represented approximately 16.0% and 26.2% of our profit before tax for FY2024 and FY2025, respectively. Given that we rely on these facilities to finance our operations, any increase in interest rates on facilities extended to us may have a material and adverse impact on our financial performance.

#### We may default on our obligations under our credit facilities.
As of March 31, 2025, we have several bank loans and bank overdraft with banks in Hong Kong.

A failure to repay any of the indebtedness under our banking facilities as they become due could result in an event of default thereunder. If not cured or waived, an event of default under any of such agreements could enable the lender thereunder to declare all borrowings outstanding on such debt, together with accrued and unpaid interest and fees, to be due and payable. The lenders could also elect to foreclose on our assets securing such debt or enforce the repayment obligation against the guarantors. In such an event, we may not be able to pay dividends or have sufficient liquidity to meet operating and capital expenditure requirements. Any such acceleration could cause us to lose a substantial portion of our assets and will substantially adversely affect our ability to continue our operations.

#### Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud.
Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and resources to address our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. We have identified material weaknesses in our internal control over financial reporting. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement in our annual or interim financial statements may not be prevented or detected on a timely basis. The material weakness identified is related to the lack of sufficient competent financial reporting and accounting personnel with appropriate understanding of IFRS and SEC rules and regulations to address complex technical accounting issues and SEC reporting requirements.

To remedy the identified material weaknesses, we intend to implement several measures to improve our internal control over financial reporting, including (i) recruiting additional employees with extensive knowledge of IFRS and SEC financial reporting requirements within our accounting department; (ii) setting up a comprehensive accounting policy and procedure manual in accordance with IFRS and SEC financial reporting requirements; (iii) implementing new closing and reporting procedures to ensure the accuracy and adequacy of financial data for the preparation of

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financial statements; (iv) improving financial oversight function for handling complex accounting issues under IFRS; and (v) continuously developing and enhancing our internal audit function for the financial reporting matters. However, we cannot assure you that these measures may fully address the material weakness in our internal control over financial reporting or that we may not identify additional material weaknesses or significant deficiencies in the future.

We will be subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness of our internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, our business, financial condition, results of operations, and prospects, as well as the market for and trading price of our Class A Ordinary Shares, may be materially and adversely affected if we do not have effective internal controls. We may not be able to discover problems in a timely manner and our current and potential shareholders may lose confidence in our financial reporting, which may harm our business and the trading price of our Class A Ordinary Shares. The absence of internal controls over financial reporting may inhibit investors from purchasing our Class A Ordinary Shares and may make it more difficult for us to raise funds in debt or equity financing. Additional material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our stock price may decline and we may be unable to maintain compliance with the Nasdaq Capital Market Company Guide.

#### We expect to grant share-based awards in the future under our share incentive plans, which may result in an increase in share-based compensation expenses.
We will adopt a share incentive plan upon closing of this Offering, to attract and retain the best available personnel, provide additional incentives to employees, directors and consultants, and promote the success of our business. Under such share incentive plan, the maximum aggregate number of Class A Ordinary Shares which may be issued or transferred pursuant to all awards will be 2,440,000 Class A Ordinary Shares (assuming the underwriters do not exercise their over-allotment option), representing twenty percent (20%) of the number of fully-diluted Class A Ordinary Shares outstanding as of the date of our Company's initial public offering.

See "Management — 2026 Share Incentive Plan". As of the date of this prospectus, we have not granted any awards or options to our directors, officers and employees. We expect to grant awards under our share incentive plan, which we believe is of significant importance to our ability to attract and retain key personnel and employees. As a result, our expenses associated with share-based compensation may increase, which may have an adverse effect on our financial condition and results of operations.

**Future acquisitions may have an adverse effect on our ability to manage our business. Raising additional capital may cause dilution to our stockholders, including purchasers of our common stock in this offering.**

We may acquire businesses, technologies, services, or products that are complementary to our RMAA and painting work business. Future acquisitions may expose us to potential risks, including risks associated with the integration of new operations, services, and personnel, unforeseen or hidden liabilities, the diversion of resources from our existing business and technology, our potential inability to generate sufficient revenue to offset new costs, the expenses of acquisitions, or the potential loss of or harm to relationships with both employees and customers resulting from our integration of new businesses.

#### Risk Related to Our Corporate Structure
**We are incorporated under the laws of the Cayman Islands and conduct substantially all of our operations, and all of our directors and executive officers reside, outside of the United States. You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.**

We are incorporated under the laws of the Cayman Islands. We conduct our operations outside the United States and substantially all of our assets are located outside the United States. In addition, substantially all of our directors and executive officers named in this prospectus reside outside the United States, and most of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon our directors or officers or to enforce judgments obtained in the United States courts against our directors and officers.

Our corporate affairs are governed by our Memorandum and Articles (as amended from time to time), the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors to us under the Cayman Islands

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laws are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the English common law, which has persuasive, but not binding authority, on a court in the Cayman Islands.

The rights of our shareholders and the fiduciary responsibilities of the directors of our Company under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the U.S. In particular, the Cayman Islands has a less developed body of securities laws as compared to the U.S. and provide significantly less protection to investors. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action before the U.S. federal courts. The Cayman Islands courts are also unlikely to impose liabilities against us in original actions brought in the Cayman Islands, based on certain civil liability provisions of U.S. securities laws. Currently, all of our operations are conducted outside the U.S., and substantially all of our assets are located outside the U.S. All of our directors and officers are nationals or residents of jurisdictions other than the U.S. and a substantial portion of their assets are located outside the U.S. As a result, it may be difficult for a shareholder to effect service of process within the U.S. upon these persons, or to enforce against us or them judgments obtained in U.S. courts, including judgments predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the U.S. To the extent we choose to follow home country practice with respect to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholder than they would as public shareholders of a company incorporated in the U.S. For a discussion of significant differences between the provisions the Companies Act and the laws applicable to companies incorporated in the U.S. and their shareholders, please refer to the section titled "Description of Share Capital — Differences in Corporate Law".

#### Risks Related to Our Class A Ordinary Shares and This Offering
**There has been no public market for our Class A Ordinary Shares prior to this offering, and an active trading market may not develop or be sustained after completion of this offering.**

The Offering under this prospectus is an initial public offering of our Class A Ordinary Shares. Prior to the closing of this offering, there was no public market for our Class A Ordinary Shares. The closing of this offering is conditional upon Nasdaq Capital Market's approval of our listing application. An active trading market may not develop following the closing or, if developed, may not be sustained. The lack of an active market may impair your ability to sell your Class A Ordinary Shares at the time you wish to sell them or at a price that you consider reasonable. An inactive market may also impair our ability to raise capital by selling Shares and may impair our ability to acquire other companies by using our Class A Ordinary Shares as consideration.

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disputes or other developments related to proprietary rights, including patents, litigation matters, and our ability to obtain patent protection for our technology;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Our Class A Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with comparable public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines, and such stock price volatility was seemingly unrelated to the respective company's underlying performance. Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions taken by a few shareholders have on the price of our Class A Ordinary Shares, which may cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Should our Class A Ordinary Shares experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our Class A Ordinary Shares. In addition, investors of our Class A Ordinary Shares may experience losses, which may be material, if the price of our Class A Ordinary Shares declines after completion of this offering or if such investors purchase shares of our Class A Ordinary Shares prior to any price decline.

Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this

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

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

Each Class B Ordinary Share has twenty (20) votes per share and is convertible into one Class A Ordinary Share, whereas each Class A Ordinary Shares has one vote per share and is not convertible into Class B Ordinary Shares. Upon any transfer of Class B Ordinary Shares by a holder to any person or entity which is not an affiliate of such holder, such Class B Ordinary Shares shall be automatically and immediately converted into the equivalent number of Class A Ordinary Shares. Following completion of this offering, Mr. Man Fai Lee, our Controlling Shareholder, through Worldstar Pioneer Limited, will hold approximately 95.45% of the voting power of our outstanding Ordinary Shares, assuming that the underwriters do not exercise their over-allotment option. In addition, because of the 20-to-1 voting ratio between our Class B and Class A Ordinary Shares, the holders of our Class B Ordinary Shares could continue to control a majority of the combined voting power of our Company and therefore control all matters submitted to our shareholders for approval until converted by the holders of our Class B Ordinary Shares. This concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions requiring shareholder approval. In addition, this concentrated control may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that you may feel are in your best interest as one of our shareholders. As a result, such concentrated control may adversely affect the market price of our Class A Ordinary Shares.

#### Our pre-IPO shareholders will be able to sell their shares after completion of this offering subject to restrictions under Rule 144.
Our pre-IPO shareholders may be able to sell their Class A Ordinary Shares under Rule 144 after completion of this offering. Because these shareholders have paid a lower price per Class A Ordinary Share than participants in this offering, when they are able to sell their pre-IPO shares under Rule 144, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the stock following completion of the offering, to the detriment of participants in this offering.

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

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

#### Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders.
As of the date of this prospectus, Mr. Man Fai Lee, our Controlling Shareholder, through Worldstar Pioneer Limited, holds 12,800,000 Class B Ordinary Shares. After completion of this offering, our Controlling Shareholder will hold 95.45% of the voting power of our outstanding Ordinary Shares, assuming that the underwriters do not exercise their over-allotment option. As a result, these shareholders will be able to control the management and affairs

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of our Company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions. The interests of these shareholders may not be the same as or may even conflict with your interests. For example, these shareholders could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Shares as part of a sale of us or our assets, and might affect the prevailing market price of our Class A Ordinary Shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership may not be in the best interests of our other shareholders.

**We will be a "controlled company" within the meaning of Nasdaq rules and we will qualify for and may rely on exemptions from certain corporate governance requirements.**

We will be a "controlled company" within the meaning of Nasdaq Stock Market Rules. Our Memorandum and Articles provide that in respect of all matters subject to a shareholders' vote, each Class A Ordinary Share is entitled to one (1) vote, and each Class B Ordinary Share is entitled to twenty (20) votes, voting together as one class. Each Class B Ordinary Share will be convertible into one Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares will not be convertible into Class B Ordinary Shares under any circumstances. Upon any transfer of Class B Ordinary Shares by a holder to any person or entity which is not an affiliate of such holder, such Class B Ordinary Shares shall be automatically and immediately converted into the equivalent number of Class A Ordinary Shares. Mr. Man Fai Lee, our chairman and chief executive officer, will hold the voting power over all the Class B Ordinary Shares issued and outstanding, representing 95.45% of the voting power of our total issued and outstanding shares immediately after the completion of this offering, assuming that the underwriters do not exercise their over-allotment option.

Under the Nasdaq rules, a company of which more than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting together is a "controlled company" and may elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that a majority of its board of directors consists of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that its director nominees be selected or recommended for the board's selection by a majority of the board's independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that its compensation committee is composed solely of independent directors with a written charter addressing the committee's purpose and responsibilities.

If we elect to be treated as a controlled company and use these exemptions, you may not have the same protections afforded to stockholders of companies that are subject to all of Nasdaq rules regarding corporate governance, which could make our shares less attractive to investors or otherwise harm our stock price.

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

Under Section 101 of the Nasdaq Capital Market Company Guide, Nasdaq Capital Market has discretionary authority to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq Capital Market inadvisable or unwarranted in the opinion of Nasdaq Capital Market, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq Capital Market.

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

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

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

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

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

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

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

Upon the closing of this offering, we will report under the Exchange Act as a foreign private issuer. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating

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

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

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

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

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

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

We are an "emerging growth company", as defined in the Jumpstart Our Business Startups Act ("JOBS Act") and will remain an emerging growth company until the earlier of (i) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering; (b) in which we have total annual gross revenue of at least US$1.235 billion; or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A Ordinary Shares that is held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter, and (ii) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior 3-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These

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provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act in the assessment of the emerging growth company's internal control over financial reporting. If we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important. The JOBS Act also provides an emerging growth company with the permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies. We do not plan to opt-out of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective data.

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

#### We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company".
Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time consuming and costly. After we are no longer an "emerging growth company", or until five years following the completion of our IPO, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of Sarbanes-Oxley and the other rules and regulations of the SEC. For example, as a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We will incur additional costs in obtaining director and officer liability insurance. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

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

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

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

In general, we will be treated as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we are determined to be a PFIC for any taxable year

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(or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the Section of this prospectus captioned "*Material United States Federal Income Tax Considerations*") of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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#### USE OF PROCEEDS
After deducting the estimated underwriters' discount and offering expenses payable by us, we expect to receive net proceeds of approximately $21.6 million (or $25.1 million) in the aggregate if the underwriters exercise their over-allotment option in full) from this offering. The net proceeds from this offering must be remitted to Hong Kong before we will be able to use the funds to grow our business.

We intend to use the net proceeds of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 40% for potential investments and/or acquisitions of building work service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% for procurement of painting equipment and/or advanced machinery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 20% for recruitment of highly skilled professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remaining amount for general administration and working capital.

As of the date of this prospectus, we have not yet identified any targets or entered into any material agreements or commitments for potential investments and/or horizontal acquisition of building work service providers. We are presently focused on potential investments in suppliers of robotics and automation tools for RMAA and painting works. We believe that the net proceeds allocation and our current cash resources are sufficient to fund our use of proceeds allocations. The precise amounts and percentage of proceeds we devote to particular categories of activity, and their priority of use, will depend on prevailing market and business conditions as well as on the nature of particular opportunities that may arise from time to time. Accordingly, we reserve the right to change the use of proceeds that we presently anticipate and describe herein.

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

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

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#### DIVIDEND POLICY
For FY2024 and FY2025, WEHK, our Hong Kong subsidiary declared dividends of nil and HK$14.0 million (US$1,800,820), respectively.

We currently intend to retain most, if not all, of our available funds and any future earnings to fund the operation, development, and growth of our business, and, as a result, we do not expect to pay any dividends in the foreseeable future. Consequently, we cannot give any assurance that any dividends may be declared and paid in the future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

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

Subject to the Companies Act and our Memorandum and Articles, our board of directors may authorize payment of a dividend to shareholders at such time and of such an amount out of profits and/or our share premium account, if shares have been issued at a premium, provided that in no circumstances may a dividend be paid if the dividend payment would result in the company being unable to pay its debts as they fall due in the ordinary course of business.

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

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

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

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#### CAPITALIZATION
The following tables set forth our capitalization as of September 30, 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect the issuance and sale of 5,000,000 Class A Ordinary Shares at an assumed initial public offering price of $5.00 per Class A Ordinary Share, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us

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

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **Pro Forma <br>Adjustment** | **Pro Forma <br>As Adjusted** |
|  | **(in US$)** | **(in US$)** | **(in US$)** |
|  Indebtedness: |  |  |  |
| &nbsp;&nbsp;&nbsp; Short-term bank borrowings | 5200227 |  | 5200227 |
| &nbsp;&nbsp;&nbsp; Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A Ordinary Shares, US$0.0001 per share, 250,000,000 shares authorized, 7,200,000 Class A Ordinary Shares outstanding on an actual basis; 12,200,000 Class A Ordinary Shares outstanding on an as adjusted basis | 720 |  | 1220 |
| &nbsp;&nbsp;&nbsp; Class B Ordinary Shares, US$0.0001 per share, 250,000,000 shares authorized, 12,800,000 Class B Ordinary Shares outstanding on an actual basis; and 12,800,000 Class B Ordinary Shares outstanding on an as adjusted basis | 1280 |  | 1280 |
|  Additional paid-in capital<sup>(1)</sup> |  | 21648500 | 21648500 |
|  Retained earnings | 2567113 |  | 2567113 |
|  Total equity | 2569113 |  | 24218113 |
|  Total capitalization | 7769340 |  | 29418340 |

---

____________

(1) Additional paid in capital reflects the net proceeds we expect to receive, after deducting underwriting fee, underwriter's expense allowance and other expenses. We expect to receive net proceeds of approximately $21.6 million (offering proceeds of $25.0 million, less underwriting discounts of $1,750,000, and offering expenses of approximately $1.6 million).

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

As of September 30, 2025, our net tangible book value was approximately $2.6 million, or $0.128 per share. Net tangible book value per share represents the total assets less total liabilities, excluding right-of-used assets, divided by the number of Ordinary Shares outstanding as of September 30, 2025.

The dilution in net tangible book value per share to new investors, represents the difference between the amount per share paid by purchasers of shares in this offering and the pro forma net tangible book value per share immediately after completion of this offering. After giving effect to the sale of the 5,000,000 Class A Ordinary Shares being sold pursuant to the offering price of $5.00 per Class A Ordinary Share, and after deducting underwriters' discount and commission payable by us in the amount of $1,750,000 and estimated offering expenses in the amount of approximately $1.6 million, our pro forma net tangible book value would be approximately $24.2 million or $0.97 per share. This represents an immediate increase in net tangible book value of $0.84 per share to existing shareholders and an immediate decrease in net tangible book value of $4.03 per share to new investors purchasing the Class A Ordinary Shares in this offering.

The following table illustrates this dilution to new investors purchasing Class A Ordinary Shares in this offering:

---

| | |
|:---|:---|
|  | **As of <br>September 30, <br>2025** |
|  Public offering price per Class A Ordinary Share | $5.00 |
|  Net tangible book value per share as of September 30, 2025 | $0.128 |
|  Increase in net tangible book value per share attributable to existing shareholders | $0.84 |
|  Pro forma net tangible book value per share after completion of this offering | $0.97 |
|  Dilution per Class A Ordinary Share to new investors | $4.03 |

---

If the underwriters' over-allotment option is exercised in full, our adjusted pro forma net tangible book value after the offering would be approximately $27.7 million, or $1.07 per share, and the dilution to new investors in the offering would be $3.93 per share.

A $1.00 increase or decrease in the assumed public offering price of $5.00 per Class A Ordinary Share, would increase or decrease our pro forma as adjusted net tangible book value per share after completion of this offering by $0.18 and increase or decrease dilution per share to new investors purchasing Class A Ordinary Shares in this offering by $0.82, assuming that the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The following table sets forth, on a pro forma as adjusted basis as of September 30, 2025, the difference between the number of ordinary shares purchased from us, the total consideration paid, and the average price per share paid by our existing shareholders and by new public investors before deducting estimated underwriters' discounts and commissions and estimated offering expenses payable by us, using an assumed public offering price of $5.00 per share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration <br>($ in thousand)** | **Total Consideration <br>($ in thousand)** | **Average <br>Price <br>Per Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average <br>Price <br>Per Share** |
|  Existing shareholders | 20000000 | 80.00% | $2000 | 0.01% | $0.0001 |
|  New investors from public offering | 5000000 | 20.00% | $25000000 | 99.99% | $5.00 |
|  Total | 25000000 | 100.00% | $25002000 | 100.00% | $1.00008 |

---

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

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#### CORPORATE HISTORY AND STRUCTURE

#### Reorganization
Prior to the incorporation of our Company, our principal operations are carried out through WEHK which was owned as to approximately 99.67% by Mr. Man Fai Lee and approximately 0.33% by Tin Shing Holding Company Limited, a company incorporated in Hong Kong and wholly owned by Mr. Man Fai Lee. We have conducted a reorganization, primarily to facilitate our initial public offering in the United States.

Our Company, the issuer in this offering, was incorporated as an exempted company in the Cayman Islands on June 25, 2025. The authorized share capital of Our Company is USD50,000 divided into (i) 250,000,000 Class A Ordinary Shares with par value of US$0.0001 per share; and (ii) 250,000,000 Class B Ordinary Shares with par value of US$0.0001 per share. On June 25, 2025, the Company allotted and issued 1 Class B Ordinary Share to Ogier Global Subscriber (Cayman) Limited. On July 10, 2025, Ogier Global Subscriber (Cayman) Limited transferred the 1 Class B Ordinary Share to Worldstar Pioneer Limited.

On August 13, 2025, as part of the reorganization, the Company allotted and issued 19,999,999 Class A Ordinary Shares to Worldstar Pioneer Limited, for the acquisition of the entire share capital of WEHK from Mr. Man Fai Lee. As a result, WEHK, our Hong Kong operating subsidiary is 100% owned by WEBVI, the BVI holding company; and WEBVI is 100% owned by our Company.

On August 25, 2025, Worldstar Pioneer Limited entered into sale and purchase agreements for the sale of 1,600,000 Class A Ordinary Shares, 940,000 Class A Ordinary Shares, 940,000 Class A Ordinary Shares, 930,000 Class A Ordinary Shares, 930,000 Class A Ordinary Shares, 930,000 Class A Ordinary Shares and 930,000 Class A Ordinary Shares with Skyrise Innovation Limited, Emerald Solutions Limited, Oasis Pinnacle Limited, Visionary Strategic Limited, Elevate Advisory Limited, Bright Arise Limited and Leading First Holdings Limited at a consideration of HK$1,248,000, HK$733,200, HK$733,200, HK$725,400, HK$725,400, HK$725,400 and HK$725,400, respectively.

On September 5, 2025, the Company repurchased 12,799,999 Class A Ordinary Shares from Worldstar Pioneer Limited and issued 12,799,999 Class B Ordinary Shares to Worldstar Pioneer Limited, as consideration ("Repurchase"). Upon completion of the Repurchase, Worldstar Pioneer Limited shall own 12,800,000 Class B Ordinary Shares.

Mr. Man Fai Lee will hold 95.45% of the voting power of our Company after completion of this offering. Because more than 50% of the voting power of the Company will be held by a single entity after the completion of this offering, we will be a controlled company under the Nasdaq Capital Market corporate governance rules. See "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering*".

As of the date of this prospectus, the ownership of our subsidiaries and entities is as follows:

---

| | | |
|:---|:---|:---|
|  **Name** | **Background** | **Ownership** |
|  WEBVI | Incorporated on July 10, 2025 under the laws of the BVI as an investment holding company and owned by WE Holdings. | 100% owned by WE Holdings |
|  WEHK | Incorporated on March 5, 1999 as a private company limited by shares under the laws of Hong Kong. | 100% owned by WEBVI |

---

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Our Company adopted a dual-class share structure. Each Class B Ordinary Share has twenty (20) votes per share and is convertible into one Class A Ordinary Share, whereas each Class A Ordinary Share has one (1) vote per share and is not convertible into Class B Ordinary Shares. Upon any transfer of Class B Ordinary Shares by a holder to any person or entity which is not an affiliate of such holder, such Class B Ordinary Shares shall be automatically and immediately converted into the equivalent number of Class A Ordinary Shares. The following diagram illustrates our corporate and shareholding structure (assuming no exercise of the over-allotment option).

![](tflowchart_001.jpg)

____________

Notes:

(1) As of the date of this prospectus, there are 7 (seven) minority shareholders of record, holding an aggregate of 7,200,000 Class A Ordinary Shares, representing 36.0% of the total issued share capital of the Company and 2.74% of the voting power over the Company.

(2) Our Company is a holding company with no operations of its own. The Class A Ordinary Shares offered in this prospectus are those of our Company.

(3) Our Company conducts all our operations through our indirect wholly-owned operating subsidiary, WEHK, which is incorporated under the laws of Hong Kong.

(4) The above chart assumes an offering of 5,000,000 Class A Ordinary Shares of our Company.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERAT IONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward*-looking *statements reflecting our current expectations that involve risks and uncertainties. See "Special Note Regarding Forward*-Looking *Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward*-looking *statements as a result of many factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

#### Overview
Our Company was incorporated in the Cayman Islands with limited liability on June 25, 2025, as a holding company. Our Company, through its subsidiary, WEHK, operates as a Registered Specialist Trade Contractor of (i) building maintenance; (ii) interior fitting-out; and (iii) painting works in Hong Kong. We generate revenue primarily from the provision of RMAA and painting works. For FY2024, FY2025 and the six months ended September 30, 2025 ("6M2025"), we undertake all RMAA and painting work projects in the role of subcontractor.

For FY2024 and FY2025, our revenue was approximately HK$89.9 million and HK$200.7 million (US$25.6 million), respectively. Our gross profit and profit for the year were approximately HK$23.4 million (US$3.0 million) and HK$8.7 million (US$1.1 million), respectively, for FY2025, as compared to our gross profit and profit for the year of approximately HK$14.2 million and HK$5.9 million, respectively, for FY2024.

For the six months ended September 30, 2024 ("6M2024") and 6M2025, our revenue was approximately HK$96.0 million and HK$93.5 million (US$12.0 million), respectively. Our gross profit and profit for the period were approximately HK$13.9 million (US$1.8 million) and HK$6.2 million (US$0.8 million), respectively, for 6M2025, as compared to our gross profit and profit for the period of approximately HK$15.0 million and HK$8.1 million, respectively, for 6M2024.

#### Key factors affecting operating results
We believe the following key factors may affect our results of operations:

#### Economic conditions in Hong Kong
Our operations are entirely based in Hong Kong. Accordingly, our business, prospects, financial condition and results of operations may be influenced to a significant degree by economic conditions in China generally and by continued economic growth in Hong Kong.

#### Ability of our Group to stay competitive in the construction industry
Our Group has continued to expand since we started business in 1999. The sustainability of our revenue and net profit will depend upon our ability to remain competitive in the construction industry in Hong Kong.

#### Ability of our Group to accurately predict our customers' future needs
Our revenue is predominantly derived from RMAA and painting work projects, undertaken through subcontracting arrangements with main contractors. The scope and scale of such projects are subject to public sector procurement cycles, policy priorities, and budgetary planning. As a result, our ability to accurately forecast demand is inherently limited by factors beyond our control, including changes in tender timelines, project deferrals, and competitive bidding outcomes. There is no assurance that the demand for RMAA and painting work projects will be sustained or grow in future periods.

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#### Results of Operations

#### Comparison of 6M2024 and 6M2025
The following table sets forth the consolidated results of our operations for 6M2024 and 6M2025, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Revenue | 96035495 | 93535624 | 11974463 |
|  Cost of sales | (81044260) | (79670652) | (10199464) |
|  Gross profit | 14991235 | 13864972 | 1774999 |
|  Other income | 46800 | 63283 | 8101 |
|  Reversal of credit losses on trade receivables, net |  | 78388 | 10035 |
|  Administrative expenses | (4242456) | (4994204) | (639359) |
|  **Profit from operation** | **10795579** | **9012439** | **1153776** |
|  Finance costs | (1360968) | (1535178) | (196534) |
|  **Profit before tax** | **9434611** | **7477261** | **957242** |
|  Income tax expense | (1364659) | (1319296) | (168897) |
|  **Profit for the period** | **8069952** | **6157965** | **788345** |
|  Earnings per share |  |  |  |
|  – Basic and diluted | 0.40 | 0.31 | 0.04 |
|  Weighted average number of shares outstanding <br> – Basic and diluted | 20000000 | 20000000 | 20000000 |

---

#### Revenue
For 6M2025, our revenue was approximately HK$93.5 million (US$12.0 million), as compared to approximately HK$96.0 million for 6M2024, representing a decrease of approximately HK$2.5 million or 2.6%. The decrease in our revenue was mainly driven by the decrease in revenue contributed by a large-scale RMAA project launched during 6M2024, in which we acted as subcontractor for the provision of RMAA works to public facilities.

#### Cost of sales
Cost of sales consists primarily of subcontracting costs and material costs. Our cost of revenue decreased by approximately HK$1.4 million, or 1.7% in 6M2025 as compared with 6M2024. The decrease in cost of revenue was generally in line with the decrease in revenue, driven by the simultaneous decrease in subcontracting costs and material costs.

#### Gross profit
Our total gross profit decreased by approximately HK$1.1 million, or 8.0%, from approximately HK$15.0 million for 6M2024 to HK$13.9 million (US$1.8 million) for 6M2025. Our gross profit margin narrowed slightly from approximately 15.6% in 6M2024 and 14.8% in 6M2025, primarily due to a large-scale RMAA project that carried a relatively low gross profit margin, resulting in a marginal decline in overall profitability in 6M2025.

#### Other income
Our other income remained relatively stable at HK$46,800 and HK$63,283 (US$8,101) for the 6M2024 and 6M2025, respectively.

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#### Administrative expenses
Our administrative expenses increased from approximately HK$4.2 million for 6M2024 to HK$5.0 million (US$0.6 million) for 6M2025, representing an increase of approximately HK$0.8 million or 17.7%. Such increase in administrative expenses was primarily attributed to the increase in legal and professional expenses incurred in connection with the Company's initial public offering.

#### Finance costs
Our finance costs mainly comprise interest expenses on bank borrowings and bank overdrafts. Our finance costs increased from approximately HK$1.4 million for 6M2024 to HK$1.5 million (US$0.2 million) for 6M2025, which was mainly driven by the increase in interest expenses on bank borrowings.

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

Our income tax expense amounted to approximately HK$1.4 million and HK$1.3 million (US$0.2 million) for 6M2024 and 6M2025, respectively. The decrease in income tax expense was mainly due to the decrease in profit before income tax.

#### Profit for the period
Our profit for the period amounted to approximately HK$6.2 million (US$0.8 million) for 6M2025, as compared to our profit for the period of approximately HK$8.1 million for 6M2024. Such decrease was primarily attributable to the decrease in revenue and gross profit as mentioned above.

#### Comparison of FY2024 and FY2025
The following table sets forth the consolidated results of our operations for FY2024 and FY2025, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Revenue | 89877952 | 200736535 | 25637888 |
|  Cost of sales | (75629142) | (177355088) | (22651631) |
|  Gross profit | 14248810 | 23381447 | 2986257 |
|  Other income | 266197 | 139124 | 53950 |
|  Allowance for credit losses on trade receivables, net | (12586) | (80660) | (10302) |
|  Administrative expenses | (6528619) | (10328443) | (1319139) |
|  **Profit from operation** | **7973802** | **13111468** | **1710766** |
|  Finance costs | (1099366) | (2725606) | (348112) |
|  **Profit before tax** | **6874436** | **10385862** | **1362654** |
|  Income tax expense | (967268) | (1692214) | (216128) |
|  **Profit for the year** | **5907168** | **8693648** | **1146526** |
|  Earnings per share |  |  |  |
|  – Basic | 0.30 | 0.43 | 0.06 |

---

#### Revenue
For FY2025, our revenue was approximately HK$200.7 million (US$25.6 million), as compared to approximately HK$89.9 million for FY2024, representing an increase of approximately HK$110.8 million or 123.2%. The increase in our revenue was mainly driven by the increase in revenue contributed by a large-scale RMAA project launched during FY2024, in which we acted as subcontractor for the provision of RMAA works to public facilities.

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#### Cost of sales
Cost of sales consists primarily of subcontracting costs and material costs. Our cost of revenue increased by approximately HK$101.8 million, or 134.7% in FY2025 as compared with FY2024. The increase in cost of revenue generally in line with the rise in revenue, driven by a large-scale RMAA project and the simultaneous increase in subcontracting costs and material costs.

#### Gross profit
Our total gross profit increased by approximately HK$9.2 million, or 64.8%, from approximately HK$14.2 million for FY2024 to HK$23.4 million (US$3.0 million) for FY2025. Our gross profit margin narrowed slightly from approximately 15.9% in FY2024 and 11.6% in FY2025, primarily due to a large in scale RMAA project, which carried a relatively low gross profit margin, resulting in a marginal decline in our overall profitability in FY2025.

#### Other income
Our other income was HK$0.3 million and HK$0.1 million (US$53,950) for FY2024 and FY2025, respectively. The decrease in other income of approximately HK$0.2 million was mainly due to the decline in government subsidies in FY2025.

#### Administrative expenses
Our administrative expenses increased from approximately HK$6.5 million for FY2024 to HK$10.3 million (US$1.3 million) for FY2025, representing an increase of approximately HK$3.8 million or 58.5%. Such increase in administrative expenses was primarily attributed to the increase in legal and professional expenses incurred in connection with the Company's initial public offering of approximately HK$2.1 million.

#### Finance costs
Our finance costs mainly comprise interest expenses on bank borrowings and bank overdrafts. Our finance costs increased from approximately HK$1.1 million for FY2024 to HK$2.7 million (US$0.3 million) for FY2025, which was mainly driven by the increase in interest expenses on bank borrowings.

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

Our income tax expense amounted to approximately HK$1.1 million and HK$1.7 million (US$0.2 million) for FY2024 and FY2025, respectively. The increase in income tax expense was mainly due to the increase in profit before income tax.

#### Profit for the year
Our profit for the year amounted to approximately HK$8.7 million (US$1.1 million) for FY2025, as compared to our profit for the year of approximately HK$5.9 million for FY2024. Such increase was primarily attributable to the increase in revenue and gross profit as mentioned above.

#### Liquidity and Capital Resources
We have financed our operations primarily through cash flows from operations, and bank loans, if necessary.

As of September 30, 2025, we had cash and bank balances of approximately HK$1.0 million (US$0.1 million) and outstanding bank borrowings of approximately HK$40.5 million (US$5.2 million). As of September 30, 2025, the bank borrowings bore an annual effective interest rate ranging from 2.75% to 3.62% per annum. As of September 30, 2025, our current assets were approximately HK$45.8 million, and our current liabilities were approximately HK$69.2 million. As of March 31, 2025, our current assets were approximately HK$31.5 million, and our current liabilities were approximately HK$59.8 million. For FY2025 and 6M2025, our current ratio was approximately 0.5 times and 0.7 times respectively.

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As of September 30, 2025, we had cash and cash equivalents of HK$1.0 million and net current liabilities of HK$23.4 million. Our short-term bank facilities are contractually repayable on demand; historically, there has been no demand by the bank for repayment. For the twelve months following the date of this prospectus, we expect liquidity to be provided by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) operating cash inflows from contracted projects with remaining performance obligations of approximately HK$682.3 million as of September 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) available banking facilities of HK$69.4 million (of which HK$28.9 million was undrawn as of September 30, 2025); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) working-capital optimization actions within management's control.

As of March 31, 2025, we had cash and bank balances of approximately HK$1.3 million (US$0.2 million) and outstanding bank borrowings of approximately HK$37.3 million (US$4.8 million). As of March 31, 2025, the bank borrowings bore an annual effective interest rate ranging from 2.75% to 3.62% per annum. As of March 31, 2025, our current assets were approximately HK$31.5 million, and our current liabilities were approximately HK$59.8 million. As of March 31, 2024, our current assets were approximately HK$49.7 million, and our current liabilities were approximately HK$30.3 million. For FY2024 and FY2025, our current ratio was approximately 1.6 times and 0.5 times respectively.

As of March 31, 2025, we had cash and cash equivalents of HK$1.3 million and net current liabilities of HK$28.4 million. Our short-term bank facilities are contractually repayable on demand; historically, there has been no demand by the bank for repayment. For the twelve months following the date of this prospectus, we expect liquidity to be provided by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) operating cash inflows from contracted projects with remaining performance obligations of approximately HK$512.8 million as of March 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) available banking facilities of HK$69.4 million (of which HK$32.1 million was undrawn as of March 31, 2025); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) working-capital optimization actions within management's control.

We have reviewed the Group's cash flow projections prepared by management, which cover a period of twelve months from the date of this prospectus. We are of the opinion that, taking into account the above-mentioned plans and measures, the liquidity needs of the Group will be managed and the financial position of the Group will be improved. Also, the Group will have sufficient working capital to finance its operations and meet its financial obligations as and when they fall due within twelve months from the date of this prospectus. Accordingly, we have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis of accounting in preparing the consolidated financial statements of the Group. We currently intend to retain most, if not all, of our available funds and any future earnings to fund the operation, development, and growth of our business, and, as a result, we do not expect to pay any dividends in the foreseeable future. Consequently, we cannot give any assurance that any dividends may be declared and paid in the future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

We intend to use the net proceeds from this offering in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 40% for potential investments and/or acquisitions of building work service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% for procurement of painting equipment and/or advanced machinery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 20% for recruitment of highly skilled professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remaining amount for general administration and working capital.

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#### Cash Flow
The following table sets forth a summary of our cash flows for the 6M2024 and 6M2025, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Net cash generated from operating activities | 3186071 | 281001 | 31045 |
|  Net cash used in investing activities |  | (1787210) | (229744) |
|  Net cash (used in)/generated from financing activities | (2013171) | 1244499 | 164954 |
|  **Net change in cash and bank balances** | 1172900 | (261710) | (33745) |

---

#### Cash generated from operating activities
For 6M2025, our net cash generated from operating activities was approximately HK$0.3 million (US$0.03 million), which primarily reflected cash inflow from our profit before income tax of approximately HK$7.5 million (US$1.0 million) adjusted for (i) net non-cash expenses of approximately HK$1.8 million (US$0.2 million) including depreciation of property, plant and equipment, depreciation of right-of-use assets, net reversal on trade receivables and finance cost; and (ii) net cash outflow from changes in working capital of approximately HK$9.3 million (US$1.2 million) arising from (a) increase in amount due from related companies of approximately HK$12.1 million (US$1.6 million); (b) increase in contract assets of approximately HK$3.2 million; and (c) increase in trade and other receivables of approximately HK$0.8 million, which were partly offset by cash inflow arising from increase in trade payables of approximately HK$6.8 million.

For 6M2024, our net cash generated from operating activities was approximately HK$3.2 million, which primarily reflected cash inflow from our profit before income tax of approximately HK$9.4 million adjusted for (i) net non-cash expenses of approximately HK$1.6 million including depreciation of property, plant and equipment, depreciation of right-of-use assets and finance cost; and (ii) net cash outflow from changes in working capital of approximately HK$7.9 million arising from (a) increase in amount due from related companies of approximately HK$9.0 million; (b) decrease in trade payables of approximately HK$6.0 million; and (c) increase in contract assets of approximately HK$1.0 million, which were partly offset by cash inflow arising from decrease in trade and other receivables of approximately HK$8.2 million.

#### Cash used in investing activities
For 6M2025, net cash used in investing activities was approximately HK$1.8 million (US$0.2 million), mainly represented the purchase of property, plant and equipment of approximately HK$1.8 million.

For 6M2024, net cash used in investing activities was nil.

#### Cash (used in) / generated from financing activities
For 6M2025, net cash generated from financing activities was HK$1.2 million (US$0.2 million), mainly consisted of fund raised from bank loans of approximately HK$18.3 million, which were partially offset by (i) repayment of bank loans of approximately HK$15.2 million; and (ii) interest paid of approximately HK$1.5 million.

For 6M2024, net cash used in financing activities was HK$2.0 million, mainly consisted of fund raised from bank loans of approximately HK$30.3 million, which were partially offset by (i) repayment of bank loans of approximately HK$30.7 million; and (ii) interest paid of approximately HK$1.4 million.

The following table sets forth a summary of our cash flows for FY2024 and FY2025, respectively:

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| | | | |
|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Net cash (used in) generated from operating activities | (9518690) | 29253257 | 3772334 |
|  Net cash used in investing activities | (6111) | (41969300) | (5360281) |
|  Net cash generated from financing activities | 9479344 | 13891491 | 1739252 |
|  **Net change in cash and bank balances** | (45457) | 1175448 | 151305 |

---

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#### Cash (used in) generated from operating activities
For FY2025, our net cash generated from operating activities was approximately HK$29.3 million (US$3.8 million), which primarily reflected cash inflow from our profit before income tax of approximately HK$10.4 million (US$1.4 million) adjusted for (i) net non-cash expenses of approximately HK$3.8 million (US$0.5 million) including depreciation of property, plant and equipment, depreciation of right-of-use assets, net allowance for credit losses on trade receivables, finance cost and gain on disposal of property, plant and equipment; and (ii) net cash inflow from changes in working capital of approximately HK$15.6 million (US$2.0 million) arising from (a) decrease in amount due from related companies of approximately HK$23.0 million (US$2.9 million); and (b) increase in trade payables of approximately HK$5.8 million, which were partly offset by cash outflow arising from (a) increase in trade and other receivables of approximately HK$8.6 million; and (b) increase in contract assets of approximately HK$4.6 million.

For FY2024, our net cash used in operating activities was approximately HK$9.5 million, which primarily reflected cash inflow from our profit before income tax of approximately HK$6.9 million adjusted for (i) net non-cash expenses of approximately HK$1.9 million including depreciation of property, plant and equipment, depreciation of right-of-use assets, net allowance for credit losses on trade receivables, finance cost and gain on disposal of property, plant and equipment; and (ii) net cash outflow from changes in working capital of approximately HK$18.1 million arising from (a) increase in amount due from related companies of approximately HK$7.4 million; (b) increase in trade and other receivables of approximately HK$6.7 million; and (c) decrease in trade payables of approximately HK$5.8 million, which were partly offset by cash inflow arising from decrease in contract assets of approximately HK$1.9 million.

#### Cash used in investing activities
For FY2025, net cash used in investing activities was approximately HK$42.0 million (US$5.4 million), mainly represented the purchase of property, plant and equipment of approximately HK$42.0 million.

For FY2024, net cash used in investing activities was HK$6,111.

#### Cash generated from financing activities
For FY2025, net cash generated from financing activities was HK$13.9 million (US$1.7 million), mainly consisted of fund raised from bank loans of approximately HK$120.4 million, which were partially offset by (i) repayment of bank loans of approximately HK$103.1 million; and (ii) interest paid of approximately HK$2.7 million.

For FY2024, net cash generated from financing activities was HK$9.5 million, mainly consisted of fund raised from bank loans of approximately HK$80.7 million, which were partially offset by (i) repayment of bank loans of approximately HK$69.7 million; and (ii) interest paid of approximately HK$1.1 million.

#### Off-Balance Sheet Arrangements
We had not entered any material off-balance sheet transactions and arrangements during FY2024, FY2025 and 6M2025.

#### Contractual obligations
The following table summarizes our contractual obligations as of September 30, 2025. The amounts disclosed in the table are the contractual undiscounted cash flows.:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than <br>1 year** | **1 year to <br>2 years** | **More than <br>2 years** | **Total** |
|  | **HK$** | **HK$** | **HK$** | **HK$** |
|  Bank borrowings | 40453241 |  |  | 40453241 |
|  Lease liabilities | 738980 | 523354 | 632818 | 1895152 |
|  Total | 41192221 | 523354 | 632818 | 42348393 |

---

The amount represents contractual lease obligations entered into by the Group which will be due within the next 1 year and long-term bank borrowings entered by the group due within the next 5 years.

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#### Bank borrowings
The following table sets forth a summary of our bank borrowings as of March 31, 2025 and September 30, 2025, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Type** | **Principal <br>amount** | **Maturity <br>date** | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  |  |  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** |  | **HK$** | **HK$** | **US$** |
|  **Current bank borrowings:** |  |  |  |  |  |
|  Bank overdraft |  |  | 4975022 | 4856638 | 624316 |
|  Revolving Loan – Government | 4000000 | 25-Sep-31 |  | 4000000 | 514196 |
|  Government Guaranteed Loan I | 1000000 | 25-May-27 | 511489 | 441695 | 56779 |
|  Government Guaranteed Loan II | 2600000 | 12-Dec-33 | 2422374 | 2244904 | 288580 |
|  Mortgage loan | 29400000 | 20-Jan-55 | 29400000 | 28910004 | 3716356 |
|  |  |  | 37308885 | 40453241 | 5200227 |

---

The above bank borrowings are denominated in HK$ and are secured by (i) a legal charge over the leasehold property held by the Group; and (ii) unlimited amount guarantees jointly issued by Mr. Man Fai Lee and related companies. All of the above bank borrowings contain a repayment on demand clause.

The Revolving Loan I, Revolving Loan II, Government Guaranteed Loan I and Government Guaranteed Loan II carry floating interest at Hong Kong Prime Rate of the relevant bank minus 2.25% per annum or one-month HIBOR plus 1.9% per annum. The bank overdraft and mortgage loan carry floating interest at Hong Kong Dollar Best Lending Rate per annum. As of March 31, 2025, the range of effective interest rates on the above bank borrowings was 2.75% to 3.62% (2024: 2.75% to 3.62%) per annum. As of September 30, 2025, the range of effective interest rates on the above bank borrowings was 2.75% to 3.62% per annum.

#### Critical Accounting Estimates
The preparation of consolidated financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Group's accounting policies. It also requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

#### Impairment assessment of ECL for trade receivables and contract assets
As explained in note 2.5, ECL are measured as an allowance equal to lifetime ECL for low risk and watch list assets, or lifetime ECL for doubtful assets. An asset moves to doubtful, when its credit risk has increased significantly since initial recognition. IFRS 9 does not define what constitutes a significant increase in credit risk. In assessing whether the credit risk of an asset has significantly increased the Company takes into account qualitative and quantitative reasonable and supportable forward-looking information.

#### Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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#### Recognition of contract revenue arising from building renovation and construction services
During the year ended March 31, 2025 and the period ended September 30, 2025, the Company recognized contract revenue arising from repair, maintenance, alteration and addition and painting works services of HK$200,736,535 (2024: HK$89,877,952) and HK$93,535,624 (2024: HK$96,035,495) respectively, by reference to the progress towards complete satisfaction of a performance obligation at the end of the reporting period, measured based on the surveys of work performed to date. Notwithstanding that the management of the Company frequently reviews and revises the estimates of total contract revenue as the contract progresses, the actual outcome of the contracts in terms of its total revenue may be higher or lower than the estimates and this will affect the recognition of revenue.

#### Impairment assessment of ECL for trade receivables and contract assets
The management of the Company estimates the amount of lifetime ECL of trade receivables and contract assets by first identifying significant balances for individual assessment and for the remaining balances, on a collective basis through grouping of various customers that have similar credit risk characteristics by reference to the nature and industry of customers. Internal credit rating has been given to each category of customers after considering aging, repayment history and past due status of respective customers. Estimated loss rates are based on probability of default and loss given default and are adjusted for forward-looking information. The credit loss allowance amount of the trade receivables and contract assets is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows.

As at March 31, 2025 and 2024, the carrying amounts of trade receivables were HK$21,721,349 (net of allowance of HK$21,618,677) and HK$13,115,765 (net of allowance of HK$13,093,753), respectively, while the carrying amounts of contract assets were HK$8,509,035 (net of allowance of HK$8,509,035) and HK$3,941,782 (net of allowance of HK$3,941,782), respectively. As at September 30, 2025, the carrying amounts of trade receivables were HK$22,483,730, while the carrying amounts of contract assets were HK$11,693,807. The provision of ECL is sensitive to changes in estimates.

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#### INDUSTRY

#### Industry Overview
*The information contained in this section and elsewhere in the prospectus have been derived from various official governments and other publications generally believed to be reliable. All information and data presented in this section is derived from various official government and other publications, unless otherwise noted. The following discussion includes projections for future growth, which may not occur at the rates that are projected or at all.*

#### Market size of the construction industry in Hong Kong
According to the Census and Statistic Department of Hong Kong, between 2019 and 2023, the construction industry in Hong Kong maintained growth with a compounded annual growth rate of approximately 2.7%. Despite the impact of the COVID-19 outbreak on the construction industry, which saw the gross value of construction works performed slightly declined from approximately HK$385.2 billion in 2019 to approximately HK$372.0 billion in 2020, the construction industry in Hong Kong remained resilient, with the gross value of construction works bouncing back to the level before the COVID-19 outbreak of approximately HK$384.2 million in the following year. The construction industry in Hong Kong continued to grow and the gross value of construction works performed reached a five-year high of approximately HK$439.2 billion in 2023. The chart below shows the gross value of construction works performed in Hong Kong between 2019 and 2023.

![](tbarchart_001.jpg)

*Source: Construction & Miscellaneous Service Statistics Section — Census and Statistics Department of Hong Kong*

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The chart below shows the gross value of construction works at construction sites performed by main contractors in the private and public sector in Hong Kong between 2019 and 2024 (in real terms). In contrast to the fluctuating performance of the private sector, construction works in the public sector maintained an overall upward trend during the period with a compounded annual growth rate of approximately 9.75% between 2019 and 2024, with the gross value of construction works in the public sector reached approximately HK$61.8 billion in 2024 (2023: HK$35.4 billion).

![](tbarchart_002.jpg)

____________

*Notes:*

*1) Values in real terms are derived by deflating the nominal value with an appropriate price index to the price level in the base period of 2000.*

*2) Projects from the public sector include projects commissioned by the Government of the Hong Kong Special Administrative Region, MTR Corporation Limited and Airport Authority. Projects under the Home Ownership Scheme, which are commissioned by the Housing Authority, are also included.*

*3) Projects from the private sector include projects commissioned by private developers. Projects under the Private Sector Participation Scheme are also included.*

*Source: Construction & Miscellaneous Service Statistics Section — Census and Statistics Department of Hong Kong*

#### Overview of RMAA and painting works in Hong Kong
Our RMAA services focus on enhancing, restoring, and upgrading existing buildings and facilities. This includes renovation work, structural repair, regular maintenance, additions and alterations to existing structures, interior fitting-out works, and other minor building works tailored to customer requirements. Complementing our RMAA offerings, our painting works cover both external and internal wall surfaces, as well as metal and pipework applications, delivering durable, high-quality, and aesthetically pleasing finishes across a wide range of surfaces of buildings and facilities.

The RMAA industry in Hong Kong is an important segment in the value chain of the broader construction sector, focusing on the upkeep, renovation as well as enhancement of existing buildings. With Hong Kong's dense living environment and increasing number of aging structures, which is estimated to reach 326,000 private housing units projected to be aged 70 or above by 2046 according to a report titled "Baseline Review: Population, Housing, Economy and Spatial Development Pattern" published by the Hong Kong Planning Department in 2016, the RMAA sector plays a vital role in ensuring building safety, functionality and aesthetic appeal.

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#### Growth Drivers
*Urban renewal program in Hong Kong to cope with aging urban areas*

The Hong Kong government announced the Hong Kong Long Term Housing Strategy was announced in 2014, the first long-term strategic document in housing since 1998. According to the Long Term Housing Strategy Annual Progress Report 2023, the housing demand based on established mechanism for the ten-year period from 2024/25 to 2033/34 is projected at 432,000 units. The Hong Kong government has, to address such project housing demand, set a target of supplying 308,000 public housing units and 132,000 private housing units.

It is estimated 326,000 private housing units aged 70 or above by 2046 as mentioned above. Therefore, there is an urgency to step up the rejuvenation of the aging structures in the urban areas, especially for those densely populated. As stated in the Annual Report 2022/23 of the Urban Renewal Authority of Hong Kong, there were more than 12,000 buildings in Hong Kong aged 50 years or above, and the number is forecast to reach 26,000 by 2044. In response, the Hong Kong government has been identifying land parcels for over 21,000 transitional housing units in 2023.

*Government incentive schemes and related policies*

To encourage wider adoption of innovative constructive methods and new technologies in the construction industry, the Government has set up a HK$1 billion Construction Innovation and Technology Fund to promote productivity, uplifting built quality and improving work safety.

Other government schemes such as the Mandatory Building Inspection Scheme (MBIS), Mandatory Window Inspection Scheme (MWIS) and Building Maintenance Grant Scheme for Elderly Owners also help drive the demand for RMAA services in Hong Kong.

*High property values and market resilience*

Hong Kong's dense urban environment and high property values encourage property owners to maintain and enhance existing buildings rather than demolish and rebuild, which is often cost-prohibitive and constrained by land availability.

Moreover, the RMAA sector is less sensitive to economic downturns compared to new construction, as maintenance and repairs are essential regardless of market conditions.

*Technological advancements and industry innovation*

The adoption of new technologies and innovative practices is enhancing the efficiency and appeal of RMAA services. The Construction Industry Council (CIC) promotes technological integration through initiatives like the RMAA Corner at the Construction Innovation and Technology Application Centre (CITAC), which showcases advanced tools, safety guidelines, and engineering management practices.

Adopting advanced technologies can help bring all working parties onto one platform, optimize productivity, and reduce costs to achieve sustainability goals into operations. Latest technologies include, but not limited to, building information management (BIM), Industrialized Building System (IBS), digital supply networks, prefabrication and modular construction, asset tracking as well as autonomous drones.

#### Entry Barriers of RMAA and Painting Works in Hong Kong
*Financial strength*

Financial strength is one of the major selection criteria taken by the customers which is critical for contractors to ensure the smooth execution of construction projects, as contractors need to bear significant upfront costs, including costs related to construction material procurement, subcontractor engagement and leasing of machinery and equipment, each of which requires considerable capital commitment. On the contrary, contractors will only receive progress payment at the later stage of the project only after work progress is certified. As such, new entrants without sound financial resources will find it difficult to compete with existing market players, especially on bidding for large-scale projects.

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*Track records*

Experienced contractors who have solid track records are in an advantage in securing projects with reasonable terms, which in turn deter new entrants from entering the market. In the construction industry, proven track record of past construction projects is one of the key factors in shortlisting contractors. New market players without adequate job references and experience will find it difficult to compete with well-established practitioners. Furthermore, new industry players may not be invited for the potential business opportunities in the first place due to the aforesaid reasons. Competitiveness of new entrants.

*Technical knowhow*

Technical knowhow, of both job execution and subcontractor management, is one of the key barriers for new entrants as contractors for both RMAA services and painting works generally have a strong understanding towards the specific requirement of client as well as collaboration with other subcontractors in a project. Failure to do so would result in project delay and even possible compensation to customers in the form of liquidated damage.

#### Major Challenges and Threats
*Insufficient Skilled Labor*

Hong Kong's aging workforce and increasingly stringent requirements for skills and safety qualifications have resulted in a persistent shortage of experienced labor in the RMAA and painting works sector. According to the CIC, the construction industry in Hong Kong is facing notable manpower shortage at the levels of skilled workers, technicians and other professionals for the coming years. The CIC reported that the average age of registered construction workers is approximately 48, with a significant proportion aged 50 or above.

A shortage of qualified workers may result in delays to project schedules, diminished workmanship quality, and increased rework, all of which could drive higher operating costs and reduce profitability. Contractors, including our Group, may also encounter constraints in undertaking new projects or expanding service capacity due to manpower limitations, potentially leading to lost business opportunities. Should our Group be unable to secure sufficient skilled labor, our ability to execute RMAA and painting works to the required standards and within the prescribed timelines may be adversely affected, which could materially impact our operations and financial results.

*Increasing Material *and* Operating Costs*

The RMAA and painting works industry is highly sensitive to fluctuations in the prices of construction materials, including paints, coatings, and other consumables. In recent years, global supply chain disruptions, rising transportation costs, and currency volatility have contributed to significant instability in material prices. As many RMAA and painting contracts are awarded on a fixed-price basis, contractors are often unable to transfer increased material costs to clients. Consequently, sustained rises in material prices may adversely impact our gross profit margin and overall financial performance.

*Hong Kong Government's Fiscal Constraints*

In view of recent fiscal deficits and declining reserves, the Hong Kong government has adopted a more cautious stance on public expenditure. Consequently, public sector projects, such as public housing maintenance, government building refurbishment, and community facility upgrades, may be subject to budget tightening, postponements, or slower tendering cycles.

Public sector works have traditionally provided a stable source of demand for contractors in Hong Kong. Any reduction or delay in government-funded maintenance programs could result in fewer available projects and heightened competition within the industry. As a result, our project pipeline, sales, and revenues may be materially and adversely affected, which, in turn, could have a material adverse impact on our operations and financial results.

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*Weak Market Sentiment in the Hong Kong Property Market*

According to the report of the Rating and Valuation Department of the Hong Kong government, the downturn in Hong Kong's property market in recent years, was driven the uncertain external economic outlook, heightened geopolitical tensions and tight financial liquidity. This has negatively impacted demand for private sector projects pf RMAA and painting works. During periods of economic uncertainty, property owners, developers, and investors often defer non-essential refurbishment, repainting, or upgrading activities.

A slowdown in private sector, particularly across residential, commercial, and retail properties, may reduce the volume of available projects for RMAA and painting contractors. Under such circumstances, we could face fewer project opportunities, and its sales and revenues may be materially and adversely affected, which, in turn, could have a material adverse impact on our operations and financial results.

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#### BUSINESS

#### Mission
Our mission is to become a trusted, experienced, resourceful contractor of RMAA and painting works in Hong Kong.

#### Overview
We are a contractor specializing in RMAA and painting works in Hong Kong. Through our operating subsidiary, WEHK in Hong Kong, we performed RMAA works mainly include renovation, repair, maintenance, alteration, addition, interior fitting-out works and other minor building works in Hong Kong. In addition to RMAA activities, we also undertook painting works as part of our operational capabilities.

WEHK, our operating subsidiary, was founded in March, 1999. With over 25 years of operating history, we have focused on providing quality RMAA and painting works in the role of subcontractor and built up our expertise and reputation in the field of RMAA and painting works. We specialize in delivering comprehensive RMAA solutions with precision and care. We also take pride in our ability to tackle challenges in painting works, ensuring a flawless finish and exceptional quality. From surface preparation to the final coat, we meticulously execute every step to enhance durability and aesthetic appeal. Our expertise allows us to deliver precise, long-lasting results that meet the industry standards and exceed customers' expectations. For FY2024, FY2025 and 6M2025, all of our projects were on contract basis which we undertook RMAA and painting works in the role of subcontractor. For FY2024, our revenue was generated by 4 RMAA contracts and 11 painting work contracts, respectively. For FY2025, our revenue was generated by 3 RMAA contracts and 4 painting work contracts, respectively. For 6M2025, our revenue was generated by 3 RMAA contracts and 3 painting work contracts, respectively.

We, through WEHK, are mainly engaged in public sector projects in Hong Kong. To a lesser extent, we also participate in private sector projects. Both our public sector projects and private sector projects involve various types of RMAA works and painting works.

We maintain the necessary licenses for carrying out RMAA and painting works. As of the date of this prospectus, our operating subsidiary, WEHK is a Registered Specialist Trade Contractor of (i) building maintenance; (ii) interior fitting-out; and (iii) painting works under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong. As of the date of this prospectus, WEHK is also listed on the Hong Kong Housing Authority's Reference List of Decoration Contractors. For further details of our licenses and qualifications, please refer to the paragraph headed "Permits and licenses" in this section.

We have achieved sustained growth in our business for FY2025. For FY2024 and FY2025, our total revenue derived from RMAA and painting works was approximately HK$89.9 million and HK$200.7 million, respectively. The number of customers with revenue contribution to us was 5 and 4 respectively for FY2024 and FY2025.

#### Our services
Our management considers that, as a diligent subcontractor, we play an important role in providing customers with comprehensive building-related services. Based in Hong Kong, our core operations center on RMAA works, which encompass a comprehensive range of property renovation and facility enhancement tasks, complemented by professional painting services as part of our diversified capabilities. Our RMAA services focus on enhancing, restoring, and upgrading existing buildings and facilities. This includes renovation work, structural repair, regular maintenance, additions and alterations to existing structures, interior fitting-out works, and other minor building works tailored to customer requirements. Complementing our RMAA offerings, our painting works cover both external and internal wall surfaces, as well as metal and pipework applications, delivering durable, high-quality, and aesthetically pleasing finishes across a wide range of surfaces of buildings and facilities.

Through WEHK, we are primarily engaged in public sector projects in Hong Kong, with a smaller focus on private sector initiatives. Public sector projects typically involve the Government of Hong Kong or statutory bodies as the ultimate project owners, whereas private sector projects are led by private entities, such as private companies and property developers. Our public sector projects center on the provision of full scope RMAA works and painting works to public facilities,

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such as hospitals, public housing and other public facilities. Meanwhile, our private sector projects are mainly focused on the provision of painting works to residential buildings and commercial buildings. The following tables set forth the breakdown of our revenue by sector of the project owners for FY2024 and FY2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** |
|  Public | 81644201 | 90.8 | 193831121 | 24755935 | 96.6 |
|  Private | 8233752 | 9.2 | 6905414 | 881953 | 3.4 |
|  **Total** | 89877952 | 100.0 | 200736535 | 25637888 | 100.0 |

---

The following tables set forth the breakdown of our revenue by sector of the project owners for 6M2024 and 6M2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **US$** | **%** |
|  Public | 87174167 | 90.8 | 85412191 | 10908768 | 91.1 |
|  Private | 8861328 | 9.2 | 8123433 | 1065695 | 8.9 |
|  **Total** | 96035495 | 100.0 | 93535624 | 11974463 | 100.0 |

---

#### Our Competitive Strengths

#### Experienced and dedicated management team
Mr. Man Fai Lee, our chairman and executive Director of our Group has over 30 years of managerial experience in the construction industry. Mr. Lee joined WEHK in 1999 and has served as a director since 2008 and has been fundamental to our historical development. He plays a key management and leadership role in monitoring and evaluating overall business, strategic development and major decision making in our Group. Our management team comprises industry professionals who have more than 17 years of experience in the construction industry. Leveraging on our expertise, experience and network in the construction industry, we believe that under the leadership of our executive Director and management team, we are able to stay competitive and capture market opportunities.

We also have an experienced operational team responsible for possessing the practical skills and experience required to handle our projects. Their experience in RMAA and painting works enables us to provide quality services to our customers.

#### Proven operational history and track record
In our over 25 years of operating history, we have been dedicated to the provision of RMAA and painting works, acting as a subcontractor and building up our reputation and track record in this field. We take great pride in our capability to effectively address RMAA and painting work challenges during our projects. In 2009, our operating subsidiary, WEHK was awarded with a Registered Specialist Trade Contractor of (i) building maintenance; (ii) interior fitting-out; and (iii) painting works under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong. As of the date of this prospectus, WEHK is also listed on the Hong Kong Housing Authority's Reference List of Decoration Contractors.

We believe our longstanding experience, reputable track record of completed projects, provision of quality work and technical superiority in addressing difficulties in RMAA and painting works are the crucial factors that enable our Group to gain trust from our existing customers and give us a competitive edge when pursuing projects with potential and existing customers.

#### Stable relationships with our customers and suppliers
Over the years, we have developed a wealth of knowledge, experience and understanding of our customers' needs concerning project management of RMAA and painting works which may not readily be replicated by our competitors. We have established a stable business relationship with our major customers. Our customers may either

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be the main contractor or subcontractor of the relevant projects. We had over 4 years of business relationship with most of our major customers. We believe that our relationship with our major customers reinforces their confidence which would be taken into account by them in their consideration of our tenders or future referrals of business opportunities.

Generally, we purchase materials from our suppliers and engage subcontractors to perform parts of site work under our supervision. We believe maintaining a stable relationship with our suppliers and subcontractors facilitates (i) smooth delivery of materials or provision of subcontracting services to us; (ii) timely completion of projects with quality works; and (iii) stable supply of materials and services, which are vital to our day-to-day operations and future business growth.

#### Advanced painting equipment that supports ESG commitments
![](timage_001.jpg)

Committed to redefining efficiency and precision in painting works and other RMAA works, we leverage advanced painting machinery to deliver superior solutions that address the evolving challenges of our clients and align with our environmental, social, and governance ("ESG") objectives. By integrating new painting tools such as indoor spraying robot, putty grinding robot and putty coating robot, we enhance speed, consistency, and quality while minimizing material wastage and reducing reliance on workers. Our specialized machinery enables seamless surface preparation, automated application, and precision finishing, ensuring a flawless coating that meets industry standards and client expectations. These technologies not only optimize resource utilization and improve project turnaround times but also contribute to workplace safety. By automating high-risk tasks such as surface preparation and paint application, we reduce exposure to hazardous environments and repetitive strain injuries, creating a safer and healthier working environment for our operational team.

Through advanced painting techniques, we streamline operations and reduce environmental impact by lowering paint consumption and minimizing overspray and waste. Driven by a deep commitment to ESG principles, we strive to be a first-mover in promoting the adoption of advanced painting equipment and sustainable construction practices. This proactive approach enhances operational efficiency, prioritizes occupational health and safety, and minimizes environmental impact. By combining technical expertise with a forward-looking mindset, we continuously refine our methods to deliver exceptional results, foster long-term partnerships with our clients, and contribute meaningfully to the industry and the communities we serve.

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#### Project supervision capability
We may subcontract various aspects of our projects under close supervision, ensuring compliance with contractual specifications and maintaining overall quality. Our focus is on (i) supervising RMAA and painting works performed by subcontractors to ensure conformity with main contractor requirements and (ii) managing work schedules, logistics, and resources to ensure smooth and timely project completion. Additionally, we select subcontractors based on technical capability, experience, service quality, labor availability, reputation, and safety compliance. We implement quality control through inspections and monitoring by our project management team, following in-house standards for work quality, occupational safety, and environmental protection, as well as customer requirements.

#### Our Strategies and Future Plans
Our business strategies and future plans for our expansion are as follows:

#### Driving competitiveness and expanding our capacity
We are committed to expanding our market presence within the Hong Kong market. As a subcontractor of comprehensive RMAA and painting works across diverse construction projects, we play an essential role in supporting the industry's growth. According to publications from the Census and Statistics Department, the construction market in Hong Kong has recorded a compounded annual growth rate of 2.7% between 2019 and 2023. To capitalize on this expansion, we aim to enhance our competitiveness and strengthen our market position. We plan to allocate additional resources toward securing larger and more substantial subcontracting projects. However, due to current constraints on manpower and working capital, we are limited in our ability to undertake multiple large-scale projects simultaneously. To scale our operations effectively, we will focus on reinforcing our financial capacity, enabling us to capture emerging opportunities in the growing substructure market. Increased working capital will first allow us to invest in more advanced equipment, enhancing operational efficiency, reducing reliance on workers, and supporting our ESG objectives. In parallel, we will expand our workforce by recruiting additional professionals, including in-house skilled workers and external subcontractors.

By expanding our operational scale, we will be well-positioned to compete for larger and a greater number of RMAA and painting work projects, strengthening our presence in the industry.

#### Enhance marketing efforts and recognition of our brand
We source our new business opportunities through referral and tender invitations from our customers. Establishing new client relationships stands as a pivotal pillar within our overarching growth strategy. Moving forward, we are committed to enhancing our reputation and attracting more invitations from potential clients by strengthening our brand and expanding our market presence within Hong Kong's construction industry. As one of the pioneers in adopting advanced painting equipment, we are dedicated to promoting ESG initiatives and sustainable practices in the construction industry. We will actively seek collaborations with main contractors, industry organizations, and stakeholders to encourage the adoption of advanced technologies. Through live demonstrations, project showcases, and participation in industry events, we aim to engage the construction community and raise awareness of the benefits of automation and sustainability.

By aligning our brand with innovation and ESG values, we seek to engage with potential clients and demonstrate the quality and forward-thinking nature of our services.

#### Attract, develop, train, and retain highly skilled professionals
Our success hinges significantly on our ability to attract, motivate, and retain skilled professionals who can drive innovation and operational excellence. In response to the growing adoption of robotics and automation tools and the industry-wide shortage of skilled workers due to an aging workforce, we are placing greater focus on attracting and retaining mid-to senior-level talent, particularly those with expertise in construction management, engineering, and programming.

To support our continued expansion in the construction sector, we plan to strengthen our workforce, while prioritizing the recruitment of individuals who hold various types of construction work licenses. Enhancing our licensed work capacity will not only improve operational efficiency and regulatory compliance but also enable us to broaden

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the scope of our RMAA service offerings. New staff will undergo comprehensive training covering our technologies, market landscape, and operational standards. To retain top talent, we intend to implement strategic initiatives including a market-aligned compensation framework and a standardized, multi-tier performance assessment system — ensuring that our workforce remains agile, future-ready, and aligned with our long-term growth and ESG objectives.

#### Pursue additional strategic and financially attractive acquisitions
We endeavor to identify, acquire, and integrate businesses that will expand our RMAA and painting work business, while achieving synergies and generating attractive returns that exceed our cost of capital. Using our disciplined approach to screening and evaluating potential opportunities, we intend to seek strategically and financially attractive acquisition targets that provide us with new capabilities. We have significant internal resources dedicated to tracking potential acquisition prospects which are formally reviewed by our management on a regular basis. Since we are an RMAA and painting work contractor with a wide network of contacts, we believe we will be an acquirer of choice in our industry and will be able to transact with smaller players at attractive valuations. As of the date of this prospectus, we have not yet identified any targets or entered into any material agreements.

#### Enhance financial capacity and cashflow
Leveraging our proven track record in RMAA and painting work projects, we aim to further strengthen our market position by undertaking a greater number of projects on a larger scale. Additionally, the proceeds from this offering, along with financing opportunities from our listing status, will enhance our financial capacity, enabling us to take on larger and more complex projects by improving cash flow. Strengthening our financial position will allow us to recruit additional professionals, expand operations, and capture growth opportunities without relying on debt financing.

#### Sales and Marketing
We rely on our established relationships with our existing customers, customer referrals and our reputation in the construction industry to expand our business. Our new customers are mainly referrals from our existing customers, which we believe reflects our existing customers' satisfaction with our RMAA and painting works.

#### Pricing Strategy
We have adopted a cost-plus pricing approach, which we consider essential to our overall profitability. Our quoted price is typically determined by adding a specific margin to our accurately estimated total project costs. The pricing of our services is assessed on a case-by-case basis, taking into account multiple factors, including (i) the scope of services; (ii) the price trend for the types of external subcontracting services involved as well as the materials required; (iii) the complexity and the location of the project; (iv) the estimated quantity and type of equipment required; (v) the completion time requested by our customers; and (vi) the availability of our human and financial resources.

When determining the mark-up percentage for each project, we generally consider (i) the size, complexity and duration of the project; (ii) past business relationship with the customer; (iii) the customer's payment history and financial background; (iv) the prospect of obtaining future projects from the customer; (v) the possibility of establishing our reputation in the industry; and (vi) the prevailing market conditions.

#### Environment
The nature of our business does not impose any serious threats with respect to social responsibility and/or environmental protection matters. We ensure our operations comply with environmental requirements pursuant to the laws in Hong Kong, including primarily those in relation to air pollution control, noise control, water pollution control, and waste disposal. For further details, please refers to the section headed "Regulations — Environmental Protection" in this prospectus.

#### Customers
For FY2024 and FY2025, we have served 5 and 4 customers, respectively. Our customers are main contractors of construction works in Hong Kong.

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For FY2024 and FY2025, we had the following customers that accounted for more than 10% of our revenue:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **%** |
|  Major customers representing more than 10% of our revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Our Major Customer | 73743960 | 82.0 | 188114778 | 93.7 |
|  **Total** | 73743960 | 82.0 | 188114778 | 93.7 |

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For 6M2024 and 6M2025, we have served 5 and 4 customers, respectively. Our customers are main contractors of construction works in Hong Kong.

For 6M2024 and 6M2025, we had the following customers that accounted for more than 10% of our revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **%** |
|  Major customers representing more than 10% of our revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Our Major Customer | 70598018 | 73.5 | 83024836 | 88.7 |
|  **Total** | 70598018 | 73.5 | 83024836 | 88.7 |

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Our Major Customer accounted for approximately 88.1% and 94.4% of our revenue for FY2024 and FY2025, respectively. Our Major Customer accounted for approximately 73.5% and 88.7% of our revenue for 6M2024 and 6M2025, respectively. Our Major Customer, a registered general building contractor in Hong Kong, frequently serves as a main contractor for both public and private works. While we collaborated with our Major Customer on certain RMAA and painting work projects during FY2024, FY2025 and 6M2025 where our Major Customer acted as the main contractor and WEHK as the subcontractor. As of the date of this prospectus, we were undertaking 9 projects with our Major Customer. We may continue to derive a significant portion of our revenue from RMAA and painting projects for our Major Customer in the foreseeable future. Consequently, our financial results and stability are substantially dependent on our Major Customer, which tenders for and undertakes construction projects as a main contractor in both the public and private sectors. We generally enter into separate formal contracts with our Major Customer on a project-by-project basis. Although the terms of the contracts may vary, the material terms generally contained therein are set out below:

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| | |
|:---|:---|
|  Scope of work | The contracts normally set out the scope of services to be carried out by us and other project specifications or requirements, typically including but not limited to RMAA and painting works. |
|  Project Duration | The contracts usually specify the duration of the project implementation, generally ranging from one year to three years, subject to extension granted by our Major Customer where necessary. |
|  Contract sum | Subject to negotiations with our Major Customer, the contract sum is generally determined on a lump-sum basis, covering the full scope of works and services to be undertaken. |
|  Termination | In general, our contracts with our Major Customer may be terminated in the event that the main contractor's engagement between the project owner and our Major Customer is terminated. |

---

We generally undertake RMAA and painting work projects on a project-by-project basis and do not enter into any long-term contracts with any customers exceeding three years. Save as disclosed above, no other customer accounts for more than 10% of our revenue for FY2024, FY2025 and 6M2025, respectively. During FY2024, FY2025 and 6M2025, all of our customers were located in Hong Kong.

#### Competition
The market for RMAA and painting works in Hong Kong is highly competitive, fragmented, and influenced by evolving regulatory, safety, and sustainability standards. Many developers and main contractors are seeking reliable subcontractors who can offer a broad range of specialized services, and as such, they evaluate multiple service providers based on work quality, capability, cost-efficiency, and track record. We are dedicated to providing RMAA works, including renovation, repair, maintenance, alteration, addition, interior fitting-out works and other minor building

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works, as well as painting works. We face competition from small to medium-sized subcontractors and specialist contractors, many of whom offer niche or segmented services. A growing number of customers prefer service providers who have financial strength, proven track records and technical know-how. Despite the market challenges, we believe that our core competitive strengths — as outlined in "Our Competitive Strengths" and "Our Strategies and Future Plans"— have enabled us to solidify our standing as a trusted, resourceful, and experienced subcontractor capable of delivering high-performance RMAA and painting works for a variety of project scales and sectors.

#### Employees
We had 36, 29 and 13 full-time employees as of March 31, 2024, 2025 and 2026, respectively. The following table sets forth the number of full-time employees of our Company as of the respective period end by functions:

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| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2026** |
|  Management | 1 | 1 | 1 |
|  Operation | 35 | 27 | 11 |
|  Administration, accounting and finance |  | 1 | 1 |
|  **Total** | 36 | 29 | 13 |

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#### Contracts
We generally do not enter into long-term contracts with our customers exceeding three years. We have a standard formal contract with our customers, setting out the necessary terms, including (i) scope of work; (ii) project duration; (iii) contract sum; (iv) payment terms; (v) site location; (vi) project owner; and (vii) termination.

#### Operation
Our general operational workflow of provision of RMAA and painting works to our customers is as follows:

#### Stage 1: Invitation and assessment
We identify potential projects mainly through invitations for quotation or tender from customers. Our project team generally consists of our chief executive officer and project managers. They are primarily responsible for assessment, preparation and submission of quotation or tender. We would consider various factors, including but not limited to (i) recent price and estimated cost of materials and subcontracting; (ii) location and conditions of the site; (iii) expected duration of the project; (iii) our past working experience with such customers; (iv) site constraints; (v) our capacity; and (vi) complexity of the project. We may occasionally conduct site visits to gain a better understanding of the complexity of the project.

#### Stage 2: Submission and confirmation
If we decide to pursue a potential project after our assessment, we will commence preliminary work for the preparation of quotations or tender documents. We then determine our pricing primarily based on cost estimation and a profit margin. Our project team will then prepare the quotation or tender documents specifying (i) total contract sum; (ii) schedule of rates; (iii) required manpower; (iv) contract duration and other key terms. Our chief executive officer may negotiate with our customers on the proposed contract sum and then finalize the quotation, especially the pricing of works. In general, it takes approximately one to two months from preparation to submission of tender. If our quotation is accepted by the customers, our customers may confirm our engagement by way of entering into a formal contract with us.

#### Stage 3: Formation of specific project team and planning
Once our engagement is confirmed, a specific project team will be formed, the size of which depends on the scale and complexity of projects. We then finalize the plan for carrying out the entire project detailing materials and subcontractors involved in the project, if necessary. We generally engage our suppliers on a project-by-project basis and the materials are generally delivered directly to the project sites. We may engage subcontractors to provide manpower or perform a part of the site work under our supervision and our project team will hold regular meetings with our subcontractors to ensure quality works are provided.

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#### Stage 4: Execution
Our chief executive officer and project team will closely monitor our projects by having regular on-site meetings with our customers and subcontractors to ensure we have complied with all statutory requirements and delivery of work done will be in accordance with the timeframe and our customers' requirements in order to mitigate the risk of delay in completing our projects. We follow up with the representatives of subcontractors regularly to review the progress and quality of the project and to resolve any problems encountered. Our customers may, in the course of project execution, place additional orders concerning variation to part of our work that are necessary for completion of the project. Such orders are commonly referred to as variation orders. The rate of additional works under the variation order will be further agreed by both parties, followed by an adjustment in the overall contract price.

#### Stage 5: Payments and completion of project
In general, we submit monthly progress reports to our customers and our customers make respective progress payments to us on a monthly basis. We report to our customers with reference to work done in the previous month and our customers will certify the payment application with our value of works done. After we have completed all the RMAA work and our customers have certified our work done as duly completed, our customers will issue a certificate to confirm the practical completion of our works under the contract without apparent defects.

Upon completion, our customers will inspect our work done to ensure that it meets their requirements and standards. Generally, it may take over three years for us to complete a contract for the RMAA project, depending on the scale and complexity of the project and the customers' timeline.

#### Stage 6: Defects liability period
The contracts awarded to our customers, who act as the main contractors for the projects, generally include a defects liability period following the completion of works. As a subcontractor responsible for a portion of the subcontracted work, we adhere to the same defects liability period and undertake any required rectification work as requested by the main contractors or the project owners. During the period, we are typically required to rectify any defect at our own cost if the defect is due to our failure to comply with the contractual obligation. In general, a portion of the payment is withheld from us as retention money, which will be released upon the completion of the defects liability period.

#### Suppliers
We engage suppliers including subcontractors, paints manufacturers, building materials suppliers, equipment suppliers and other service providers to provide the necessary support for our business operations. We select our third-party suppliers based on the price, quality of their products or services, their reliability and their ability to meet our specific requirements. For FY2024 and FY2025, we had the following suppliers that accounted for more than 10% of our cost of sales:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **%** |
|  Major suppliers representing more than 10% of our cost of sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier A | 30480000 | 40.3 | 67800000 | 38.2 |
| &nbsp;&nbsp;&nbsp; Supplier B | 25468044 | 33.7 | 74756372  | 42.2 |
|  **Total** | 55948044 | 74.0 | 142556372 | 80.4 |

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For 6M2024 and 6M2025, we had the following suppliers that accounted for more than 10% of our cost of sales:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **HK$** | **%** | **HK$** | **%** |
|  Major suppliers representing more than 10% of our cost of sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Supplier A | 26423697 | 32.6 | 29254136 | 36.7 |
| &nbsp;&nbsp;&nbsp; Supplier B | 24000000 | 29.6 | 12000000 | 15.1 |
|  **Total** | 50423697 | 62.2 | 41254136 | 51.8 |

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Typically, we do not enter into long-term contracts with our suppliers. Our orders with our suppliers are placed on an as-needed basis. We have generally not experienced any material difficulties in procuring subcontracting services and materials, historically. We believe we will be able to source subcontracting services, paints, building materials and construction equipment at similar or better prices, should that become necessary.

During FY2024, FY2025 and 6M2025, we engage subcontractors from time to time to support our operations. We generally do not enter into any long-term agreement with our subcontractors and have generally not experienced any material difficulties in procuring subcontracting services, historically. We continuously conduct a comprehensive assessment of our subcontractors to better control the quality of their services by taking into account the quality of their service, their qualifications and experience relevant to the project, skills and technique required for the project, the prevailing market price, the delivery time, their availability and fee quotations.

#### Credit Management
For FY2024 and FY2025, the Company recorded net allowance for credit losses on trade receivables of HK$12,586 and HK$80,660 (US$10,302), respectively. For 6M2024 and 6M2025, the Company recorded net allowance for credit losses and reversal on trade receivables of HK$80,660 and HK$78,388 (US$10,035), respectively. The Company has not experienced any significant bad debt or write-offs of accounts receivable in the past.

#### Credit terms to our customers
For FY2024 and FY2025, we generally offer credit terms of 90 days to our customers. The average trade receivable turnover days are approximately 46 and 22 days for FY2024 and FY2025, respectively. It is calculated based on the average trade receivables balance divided by the revenue and multiplied by 365 days.

#### Properties
Our principal office is located at Room 1104, 11/F, Yuen Long Trading Centre, 33 Wang Yip Street West, Yuen Long, New Territories, Hong Kong, where we leased as our office space. The office space is approximately 1,608 square feet, and the current lease term is from July 1, 2025 to June 30, 2027. The monthly rent is HK$14,784 (Approximately $1,895). We believe that we will be able to obtain adequate facilities on reasonable terms, principally through leasing, to accommodate our future expansion plans.

As of the date of this prospectus, we owned a residential property at House no. 80 of Petrus Avenue, The Vineyard, No. 23 Ngau Tam Mei Road, Yuen Long, New Territories, Hong Kong, for staff accommodation. The residential property is subject to a legal charge securing the Group's mortgage loan.

#### Intellectual Property
As of the date of this prospectus, we have not registered any patents, trademarks, or copyrights. As of the date of this prospectus, we are the registrant of the domain name "*https://www.worldstarengineering.com*".

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#### Permits and licenses
As of the date of this prospectus, our subsidiary, WEHK is a Registered Specialist Trade Contractor of (i) building maintenance; (ii) interior fitting-out; and (iii) painting under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong. As of the date of this prospectus, WEHK is also listed on the Hong Kong Housing Authority's Reference List of Decoration Contractors. For FY2024 and FY2025 and up to the date of this prospectus, we obtained the approvals, licenses and certificates that are required and material for our business and operations. Further, we have complied in all material aspects with the relevant laws and regulations and there was no incident relating to our material certificates that are material to our business and operations which constitute non-compliance.

We have not experienced any refusal of the renewal application of material license for our operations and business. For details on the approval, permits, consents, and licenses for our business and operations, please refer to the section headed "Regulations" in this prospectus.

#### Legal and Regulatory Compliance
During FY2024 and FY2025, and up to the date of this prospectus, we obtained all licenses, permits and certificates that are required and material for our business and operations. Further, we have complied with all material aspects with the relevant laws and regulations and there was no incident which constitutes non-compliance with the relevant laws or regulations during FY2024 and FY2025, and up to the date of this prospectus.

#### Insurance
For FY2024 and FY2025, we undertook projects primarily in the role of subcontractor. In these projects, the main contractors are responsible for maintaining employees' compensation insurance, third-party liability insurance, and contractor's all-risk insurance for the entire project team. These policies cover liabilities for death, injury, or disability arising under the Employees' Compensation Ordinance and at common law, for injuries sustained at work by both full-time and part-time employees. The insurance policies provide protection for (i) all employees of the main contractors and subcontractors at all tiers, including us; and (ii) the work performed on the construction site.

As of the date of this prospectus, we have maintained the employees' compensation insurance for our employees. We consider our insurance policies to be adequate and in line with the industry standard. As of the date of this prospectus and during FY2024 and FY2025, we have not been subject to nor received any insurance claims.

#### Occupational Health and Work Safety
We are committed to providing a safe and healthy working environment, as it is our concern not to put our employees, contract workers, subcontractors and the general public in hazardous situations. Our safety supervisor is responsible for setting up safety plans for workers before they carry out their work on construction sites, inspecting machinery and equipment to ensure safe operation, conducting regular safe walks to inspect and maintain a safe working environment and site tidiness, handling safety related issues, and keeping safety records. During the past decade, we have not faced any criminal prosecution for work safety non-compliances. As a subcontractor, we require our employees, contract workers, or subcontractors to report any accident to us, and the same will be reported to the main contractors and the Hong Kong Labour Department. During FY2024 and FY2025, there were no reported injuries.

#### Seasonality
We have not experienced, and do not expect to experience, any seasonal fluctuations in the results of operations for our RMAA and painting works.

#### Legal Proceedings
From time to time, we may become a party to various legal or administrative proceedings arising in the ordinary course of our business, including actions with respect to intellectual property infringement, violation of third-party licenses or other rights, breach of contract, and labor and employment claims. We are currently not a party to, and we are not aware of any threat of, any legal or administrative proceedings that, in the opinion of our management, are likely to have any material and adverse effect on our business, financial condition, cash flow, or results of operations.

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

#### LAWS AND REGULATIONS IN HONG KONG

#### LICENSES AND REGISTRATIONS REQUIRED FOR OUR BUSINESS

#### Registered Specialist Trade Contractors Scheme
Subcontractors which are involved in, among others, civil engineering in Hong Kong may apply for registration under the Registered Specialist Trade Contractors Scheme managed by the Construction Industry Council, a body corporate established under the Construction Industry Council Ordinance (Chapter 587 of the Laws of Hong Kong) in February 2007. The Subcontractor Registration Scheme (substituted by the Registered Specialist Trade Contractors Scheme on April 1, 2019) was formerly known as the Voluntary Subcontractor Registration Scheme (the "**VSRS**"), which was introduced by the Provisional Construction Industry Co-ordination Board (the "**PCICB**"). The PCICB was formed in September 2001 to spearhead industry reform and to pave way for the early formation of the statutory industry coordinating body. A technical circular issued by the Works Branch of the Development Bureau (then the Environment, Transport and Works Bureau) ("**WBDB**") on June 14, 2004 (now subsumed into the Project Administration Handbook for Civil Engineering Works by the Civil Engineering and Development Department) requires that all public works contractors with tenders to be invited on or after August 15, 2004 to employ all subcontractors (whether nominated, specialist or domestic) registered from the respective trades available under the VSRS. After the Construction Industry Council took over the work of the PCICB in February 2007 and the VSRS in January 2010, the Construction Industry Council launched stage two of the VSRS in January 2013. VSRS was also then renamed Subcontractor Registration Scheme. All subcontractors registered under the VSRS have automatically become registered subcontractors under the Subcontractor Registration Scheme. With effect from April 1, 2019, the Registered Specialist Trade Contractors Scheme replaced the Subcontractor Registration Scheme. The Registered Specialist Trade Contractors Scheme comprises of two registers: the Register of Specialist Trade Contractors ("**RSTC**") and the Register of Subcontractors ("**RS**"). Except designated trades under the RSTCS Registered Specialist Trade Contractors register, all other subcontractors who are registered under the remaining trades of the SRS have been retained as Registered Subcontractors under RSTCS and no application is required.

Registered Specialist Trade Contractors (RSTCs) are applicable for the latest 21 designated trades of Concreting (S01), Concreting Formwork (S02), Curtain Wall (S03), Demolition (S04), Erection of Concrete Precast Component (S05), Reinforcement Bar Fixing (S06), Scaffolding (S07), Plastering (S08), Suspended Ceiling (S09), Tower Crane (Erecting, Dismantling and Altering Height) (S10), Building Drainage Installation (S11), Levelling and Setting Out (S12), Building Maintenance (S13), Interior Fitting-out (S14), Painting (S15), Metal Work (S16), Structural Steelwork (S17), Horticultural Works (S18), Arboricultural Works (S19), Skyrise Greenery Works (S20) and Truss-out Scaffolding (S21). Registered Specialist Trade Contractors within each designated trade are further divided into Group 1, Group 1 (Advanced) (For S13 to S17 only) or Group 2 subject to different tender limits (the "**Tender Limits**"). The Tender Limits vary among the different designated trade categories for Group 1 and Group 1 (Advanced).There are no Tender Limits imposed for Group 2.

Validity period of registration and renewal of registration

A registered specialist trade contractor shall apply for renewal not earlier than six months but not later than three months before the expiry date of its registration by submitting an application to the Construction Industry Council in a specified format providing information and supporting documents as required to show compliance with the entry requirements. An application for renewal shall be subject to approval by the committee on Registered Specialist Trade Contractors Scheme which oversees the Registered Specialist Trade Contractors Scheme (the "**Committee**"). An approved renewal for a registered specialist trade contractor shall be valid for not less than 36 months after the decision date for that application for renewal.

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Regulatory actions

The Committee may conduct an inquiry into any conduct of a registered specialist trade contractor if it has reasonable cause to suspect the registered specialist trade contractor no longer meets any of the registration requirements or has fallen into any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a petition for winding-up or bankruptcy has been filed against the Registered Specialist Trade Contractor or other financial problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. failure to answer queries or provide information relevant to the registration within the prescribed time specified by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. misconduct or suspected misconduct of the Registered Specialist Trade Contractor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. court conviction or violation of any law by the Registered Specialist Trade Contractor, including but not limited to Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong), Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong), Employment Ordinance (Chapter 57 of the Laws of Hong Kong), Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong), Immigration Ordinance (Chapter 115 of the Laws of Hong Kong), Prevention of Bribery Ordinance (Chapter 201 of the Laws of Hong Kong), Construction Industry Council Ordinance (Chapter 587 of the Laws of Hong Kong), Construction Workers Registration Ordinance (Chapter 583 of the Laws of Hong Kong);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. matters of public interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. causing or contributing to the occurrence of a serious incident taking place in any public or private construction site; "serious incident" means an incident involving either one or a combination of the following — (i) loss of life; (ii) serious bodily injury resulting in a loss or an amputation of a limb or permanent total disablement to the injured; (iii) dangerous occurrence or incident leading to or resulting in injuries that are considered serious or damage to works or property that posed a potential threat to public safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. serious or suspected serious poor performance in any public or private sector works contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. the Registered Specialist Trade Contractor's failure to comply with any provisions of the Rules and Procedures for the Scheme.

The Committee may instigate regulatory actions against a registered specialist trade contractor by directing that: (a) written warning be given to the registered specialist trade contractor; (b) the registered specialist trade contractor be suspended from registration for a specified period; (c) the grouping of a registered specialist trade contractor be changed; or (d) the registration of the registered specialist trade contractor be revoked.

WEHK is a Registered Specialist Trade Contractor of (i) building maintenance; (ii) interior fitting-out; and (iii) painting under the Registered Specialist Trade Contractors Scheme and it has not been refused by the Construction Industry Council of Hong Kong for its applications for renewal of such registrations.

#### Reference List of Decoration Contractors
*Guidelines for Reference List of Decoration Contractors*

The Hong Kong Housing Authority ("HA") maintains a Reference List of Decoration Contractors ("Reference List"). Decoration Contractors ("DCs") which are on the Reference List and which are not under suspension at the relevant time are allocated to station at new public rental housing ("PRH") blocks or estates and new subsidized sale flats ("SSF") developments to carry out decoration works that may be required by the tenants or owners. All DCs on the Reference List are required to comply with the Guidelines for Reference List of Decoration Contractors, amend from time to time.

Appropriate regulatory actions will be imposed on the defaulting DC by the Contractors Review Committee (Services) ("CRC(S)"). Any defaulting DC which is suspected of committing serious misdeed and/or misconduct will be suspended from the Reference List. Its license or agreement granted for carrying out decoration in new PRH

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blocks or estates or SSF developments will also be revoked no matter a court decision has been reached or not. The regulatory action and its commencement date for the suspension from the Reference List will be determined by CRC(S). A DC which has been removed from the Reference List due to committing serious misdeed and/or misconduct will be debarred from re-admission for a minimum of 2 years counting from the date of conviction or judgement made by court or Competition Tribunals. The actual debarment period will be determined by CRC(S). After the expiry of the debarment period, its re-admission application will be treated as a fresh one and subject to the satisfaction of all admission criteria then in force.

WEHK is listed on the Reference List of Decoration Contractors and it has not been refused by the HA for its application for admission.

#### Business Registration
*Business Registration Ordinance*

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

WEHK has obtained a valid business registration certificate and it has not been refused by the Inland Revenue Department for its applications for renewal of the business registration certificate.

#### TAXATION
*Inland Revenue Ordinance*

The Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong) ("IRO") regulates taxes on property, earnings and profits in Hong Kong. The IRO provides that every person including corporations, partnerships, trustees and bodies of persons, carrying on any trade, profession or business in Hong Kong are liable for tax on all profits (excluding profits arising from the sale of capital assets) arising in or derived from Hong Kong from such trade, profession or business. As at the date of this prospectus, the standard profits tax rate for corporations is at 8.25% on assessable profits up to HK$2,000,000 and 16.5% on any part of assessable profits over HK$2,000,000. The IRO also contains provisions relating to, among others, permissible deductions for outgoings and expenses, set-offs for losses and allowances for depreciations.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the IRO.

#### LABOR, HEALTH AND SAFETY LAWS AND REGULATIONS
*Construction Workers Registration Ordinance*

Construction Workers Registration Ordinance (Chapter 583 of the Laws of Hong Kong) requires construction workers to be registered for carrying out construction work on a construction site. Under the Construction Workers Registration Ordinance, "construction work" means, among other things, any building operation involved in preparing for any operation such as the addition, renewal, alteration, repair, dismantling or demolition of any specified structure that involves the structure of the specified structure or any other specified structure. "Construction site" means, subject to certain exceptions, a place where construction work is, or is to be, carried out. Under section 40 of the Construction Workers Registration Ordinance, no person shall be registered as a registered construction worker unless the Registrar of Construction Workers is satisfied, among other things, that the person has attended the relevant construction work-related safety training course. Further, under section 44 of the Construction Workers Registration Ordinance, the Registrar of Construction Workers shall not renew the registration of a person unless the Registrar of Construction Workers is satisfied that, among other things, (i) the person has attended the relevant construction work-related safety training course; and (ii) if the registration will, on the date of expiry, have been in effect for not less than two years,

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the person has attended and completed, during the period of one year immediately before the date of application for renewal of the registration, such development courses applicable to his registration as the Construction Industry Council may specify.

The Construction Workers Registration Ordinance also contains a "designated workers for designated skills" provision, which provides that only registered skilled or semi-skilled workers of designated trade divisions are permitted to carry out construction works on construction sites relating to those trade divisions independently. Unregistered skilled or semi-skilled workers are only allowed to carry out construction works of designated trade divisions (i) under the instruction and supervision of registered skilled or semi-skilled workers of relevant designated trade division(s); (ii) in proposed emergency works (i.e. construction works which are made or maintained consequential upon the occurrence of emergency incidents); or (iii) in small-scale construction works (e.g. value of works not exceeding HK$100,000).

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Construction Workers Registration Ordinance.

*Factories and Industrial Undertakings Ordinance*

The Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong) provides for the safety and health protection to workers in an industrial undertaking. Under the Factories and Industrial Undertakings Ordinance, it is the duty of a proprietor of an industrial undertaking to take care of, so far as is reasonably practicable, the health and safety at work of all persons employed by him at the industrial undertaking. The duties of a proprietor extend to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing and maintaining plant and work systems that do not endanger safety or health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making arrangements for ensuring safety and health in connection with the use, handling, storage and transport of articles and substances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing all necessary information, instructions, training and supervision for ensuring safety and health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing and maintaining safe access to and egress from the workplaces; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing and maintaining a safe and healthy working environment.

A proprietor who contravenes any of these duties commits an offence and is liable to a fine of HK$3,000,000 to 10,000,000. A proprietor who contravenes any of these requirements willfully and without reasonable excuse commits an offence and is liable to a fine of HK$3,000,000 to 10,000,000 and to imprisonment for up to 6 months to 2 years.

Matters regulated under the subsidiary regulations of the Factories and Industrial Undertakings Ordinance, including the Construction Sites (Safety) Regulations (Chapter 59I of the Laws of Hong Kong), include (i) the prohibition of employment of persons under 18 years of age (save for certain exceptions); (ii) the maintenance and operation of hoists; (iii) the duty to ensure safety of places of work; (iv) prevention of falls; (v) safety of excavations; (vi) the duty to comply with miscellaneous safety requirements; and (vii) provision of first aid facilities. Non-compliance with any of these rules is an offence and different levels of penalty will be imposed and a contractor guilty of the relevant offence could be liable to a fine up to HK$400,000 and imprisonment up to 12 months.

In addition, under the Factories and Industrial Undertakings (Safety Management) Regulation (Chapter 59AF of the Laws of Hong Kong), any contractor (i) in relation to construction work with a contract value of HK$100 million or more; or (ii) in relation to construction work having an aggregate of 100 or more workers in a day working in a single construction site; or (iii) in relation to construction work having an aggregate of 100 or more workers in a day working in two or more construction sites is obliged to appoint a safety auditor to conduct a safety audit to collect, assess and verify information on the efficiency, effectiveness and reliability of its safety management system and consider improvements to the system at least once in every six months. Further, any contractor (i) in relation to construction work having an aggregate of 50 or more but less than 100 workers in a day working in a single construction site; or (ii) in relation to construction work having an aggregate of 50 or more but less than 100 workers in a day working in two or more construction sites is obliged to appoint a person, being a person who is capable of competently carrying out a safety review, to be the safety review officer to conduct a safety review to review the effectiveness of its safety

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management system and consider improvements to the effectiveness of the system at least once in every six months. Any person who contravenes these requirements commits an offence and is liable on conviction to a fine of HK$400,000 and to imprisonment of six months.

According to the Factories and Industrial Undertakings (Safety Management) Regulation, the safety auditor shall (i) be a registered safety officer under the Factories and Industrial Undertakings (Safety Officers and Safety Supervisors) Regulations (Chapter 59Z of the Laws of Hong Kong); (ii) have not less than three years' full-time experience, in the five years period immediately preceding the application for registration with the Labor Department, in a managerial post responsible for industrial safety and health matters in respect of an industrial undertaking; (iii) occupy, at the time of the application for registration with the Labor Department, the managerial post or a like post; (iv) have successfully completed a scheme conducted by a registered scheme operator; and (v) understand the requirements under legislation in Hong Kong relating to industrial safety and health matters. Pursuant to the Code of Practice on Safety Management issued by the Labor Department, a safety auditor should (i) understand his task and be competent to carry it out; (ii) be familiar with the industry and the processes being carried out in the relevant industrial undertaking; (iii) have a good knowledge of the safety management practices in the industry; and (iv) have the necessary experience and knowledge to enable him to evaluate performance and identify deficiencies effectively, while a safety review officer should (i) have a good understanding of the operation of the relevant industrial undertaking in respect of which he conducts the safety review; (ii) have a good understanding of the legal requirements in force in Hong Kong relating to industrial safety and health; and (iii) have received appropriate training in how to review the effectiveness of a safety management system with a view to improving it.

Under regulation 3 of the Loadshifting Machinery Regulations (Chapter 59AG of the Laws of Hong Kong), the responsible person of a loadshifting machine shall ensure that the machine is only operated by a person who (i) has attained the age of 18 years; and (ii) holds a valid certificate applicable to the type of loadshifting machine to which that machine belongs. Under the Loadshifting Machinery Regulations, loadshifting machines used in industrial undertakings refer to forklift trucks. Under regulation 8 of the Loadshifting Machinery Regulations, a responsible person who without reasonable excuse contravenes regulation 3 commits an offence and is liable to a fine of HK$100,000.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Factories and Industrial Undertakings Ordinance and its subsidiary legislations.

*Employment Ordinance*

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

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

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

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Employment Ordinance.

*Mandatory Provident Fund Schemes Ordinance*

The Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) ("**MPFSO**") provides that every employer must take all practicable steps to ensure that each employee is covered under a Mandatory Provident Fund (MPF) scheme. An employer who fails to comply with such a requirement may face a fine and

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imprisonment. The MPFSO provides that an employer must, for each contribution period, (a) from the employer's own funds, contribute to the relevant MPF scheme the amount determined in accordance with the MPFSO; and (b) deduct from the employee's relevant income for that period as a contribution by the employee to that scheme the amount determined in accordance with the MPFSO.

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

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the MPFSO.

*Employees' Compensation Ordinance*

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

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

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

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

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the ECO.

*Limitation Ordinance*

Under the Limitation Ordinance (Chapter 347 of the Laws of Hong Kong), the time limit for an applicant to commence common law claims for personal injuries is three years from the date on which the cause of action accrued.

*Occupational Safety and Health Ordinance*

The Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong) (the "**OSHO**") provides for the safety and health protection to employees in workplaces, both industrial and non-industrial. Under the OSHO, every employer must, as far as reasonably practicable, ensure the safety and health at work for all employees by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing and maintaining plant and systems of work that are safe and without risks to health;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making arrangements for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant or substances as regards any workplace under the employer's control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) providing all necessary information, instructions, training and supervision to the employee to ensure the safety and health at work;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) providing and maintaining means of access to and egress from the workplace that are safe and without any risks to health; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) providing and maintaining a working environment for the employees that is safe and without risks to health.

An employer who fails to comply with any of the above provisions commits an offence and is liable on summary conviction to a fine of HK$3,000,000 or on conviction on indictment to a fine of HK$10,000,000. An employer who intentionally knowingly or recklessly fails to comply with any of the above provisions commits an offence and is liable on summary conviction to a fine of HK$3,000,000 and to imprisonment for 6 months or on conviction on indictment to a fine of HK$10,000,000 and to imprisonment for 2 years.

The Commissioner for Labor may by virtue of section 9(1) of the OSHO issue an improvement notice against non-compliance of the OSHO. The Commissioner for Labor may also by virtue of section 10(1) of the OSHO issue a suspension notice against activity or condition of workplace which may create imminent risk of death or serious bodily injury. An employer who fails to comply with an improvement notice without reasonable excuse commits an offence punishable by a fine of HK$400,000 and imprisonment for 12 months. An employer who contravenes a suspension notice without reasonable excuse commits an offence punishable by a fine of HK$1,000,000 and imprisonment for 12 months.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the OSHO.

*Minimum Wage Ordinance*

The prescribed minimum hourly wage rate (currently set at HK$43.1 per hour) for every employee is govern by the Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) (the "MWO"). Section 15 of the MWO provides that any provision of employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee under the MWO is void.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the MWO.

*Occupiers Liability Ordinance*

The Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong) regulates the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property on the land. The Occupiers Liability Ordinance imposes a common duty of care on an occupier of premises to take such care as in all the circumstances of the case is reasonable to see that the visitor will be reasonably safe in using the premises for the purposes for which he is invited or permitted by the occupier to be there.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Occupiers Liability Ordinance.

*Immigration Ordinance*

According to section 38A of the Immigration Ordinance (Chapter 115 of the Laws of Hong Kong), a construction site controller (i.e. the principal or main contractor and includes a subcontractor, owner, occupier or other person who has control over or is in charge of a construction site) shall take all practicable steps to (i) prevent having illegal immigrants from being on site or (ii) prevent illegal workers who are not lawfully employable from taking employment on site. Where it is proved that (i) an illegal immigrant was on a construction site or (ii) such illegal worker who is not lawfully employable took employment on a construction site, the construction site controller commits an offence and is liable to a fine of HK$350,000.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Immigration Ordinance.

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*Motor Vehicles Insurance (Third Party Risks) Ordinance*

Section 4(1) of the Motor Vehicles Insurance (Third Party Risks) Ordinance (Chapter 272 of the Laws of Hong Kong) (the ''MVI(TPR)O'') provides that it shall not be lawful for any person to use, or to cause or permit any other person to use, a motor vehicle on a road unless there is in force in relation to the user of the vehicle by that person or that other person, as the case may be, such a policy of insurance or such a security in respect of third party risks as complies with the requirements of the MVI(TPR)O.

If a person acts in contravention of section 4 of the MVI(TPR)O, he shall be liable to a fine of HK$10,000 and to imprisonment for 12 months, and a person convicted of an offence under section 4 shall (unless the court for special reasons thinks fit to order otherwise) be disqualified from holding or obtaining a licence to drive a motor vehicle for such period as the court may determine being not less than 12 months nor more than three years from the date of conviction.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the MVI(TPR)O.

#### ENVIRONMENTAL PROTECTION
*Air Pollution Control Ordinance*

The Air Pollution Control Ordinance (Chapter 311 of the Laws of Hong Kong) is the principal legislation in Hong Kong for controlling emission of air pollutants and noxious odor from construction, industrial and commercial activities and other polluting sources. Subsidiary regulations of the Air Pollution Control Ordinance impose control on air pollutant emissions from certain operations through the issue of licenses and permits. A contractor shall observe and comply with the Air Pollution Control Ordinance and its subsidiary regulations, including without limitation the Air Pollution Control (Open Burning) Regulation (Chapter 311O of the Laws of Hong Kong), the Air Pollution Control (Construction Dust) Regulation (Chapter 311R of the Laws of Hong Kong) and the Air Pollution Control (Smoke) Regulations (Chapter 311C of the Laws of Hong Kong). The contractor responsible for a construction site shall devise, arrange methods of working and carry out the works in such a manner so as to minimize dust impacts on the surrounding environment, and shall provide experienced personnel with suitable training to ensure that these methods are implemented. Asbestos control provisions in the Air Pollution Control Ordinance require that building works involving asbestos must be conducted only by registered asbestos contractors and under the supervision of a registered consultant.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Air Pollution Control Ordinance and its subsidiary regulations.

*Noise Control Ordinance*

The Noise Control Ordinance (Chapter 400 of the Laws of Hong Kong) controls, among others, the noise from construction, industrial and commercial activities. A contractor shall comply with the Noise Control Ordinance and its subsidiary regulations in carrying out construction works. For construction activities that are to be carried out during the restricted hours and for percussive piling during the daytime, not being a general holiday, construction noise permits are required from the Director of the Environmental Protection Department in advance.

Under the Noise Control Ordinance, construction works that produce noises and the use of powered mechanical equipment (other than percussive piling) are not allowed between 7:00 p.m. and 7:00 a.m. or at any time on general holidays, unless prior approval has been granted by the Director of the Environmental Protection Department through the construction noise permit system. The use of certain equipment is also subject to restrictions. Hand-held percussive breakers and air compressors must comply with noise emissions standards and be issued with a noise emission label from the Director of the Environmental Protection Department. Any person who carries out any construction work except as permitted is liable on first conviction to a fine of HK$100,000 and on subsequent convictions to a fine of HK$200,000, and in any case to a fine of HK$20,000 for each day during which the offence continues.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Noise Control Ordinance and its subsidiary regulations.

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*Water Pollution Control Ordinance*

The Water Pollution Control Ordinance (Chapter 358 of the Laws of Hong Kong) controls the effluent discharged from all types of industrial, commercial, institutional and construction activities into public sewers and public drain. For any industry/trade generating wastewater discharge (except domestic sewage or unpolluted water that are discharged into communal sewer or communal drain), they are subject to licensing control by the Director of the Environmental Protection Department. All discharges, other than domestic sewage or unpolluted water to communal sewer or communal drain, must be covered by an effluent discharge license. The license specifies the permitted maximum allowable quantity and effluent standards of the effluent. The general guidelines are that the effluent does not damage sewers or pollute inland or inshore marine waters.

According to the Water Pollution Control Ordinance, unless being licensed under the Water Pollution Control Ordinance, a person who discharges any waste or polluting matter into the waters of Hong Kong in a water control zone or discharges any matter, other than domestic sewage and unpolluted water, into a communal sewer or communal drain in a water control zone commits an offence and is liable to imprisonment for six months and (a) for a first offence, a fine of HK$200,000; (b) for a second or subsequent offence, a fine of HK$400,000, and (c) in addition, if the offence is a continuing offence, a fine of HK$10,000 for each day during which it is proved to the satisfaction of the court that the offence has continued.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Water Pollution Control Ordinance.

*Waste Disposal Ordinance*

The Waste Disposal Ordinance (Chapter 354 of the Laws of Hong Kong) controls the production, storage, collection and disposal including treatment, reprocessing and recycling of wastes. At present, livestock waste and chemical waste are subject to specific controls whilst unlawful deposition of waste is prohibited. Import and export of waste is generally controlled through a permit system. A contractor shall observe and comply with the Waste Disposal Ordinance and its subsidiary regulations, including without limitation the Waste Disposal (Charges for Disposal of Construction Waste) Regulation (Chapter 354N of the Laws of Hong Kong) and the Waste Disposal (Chemical Waste) (General) Regulation (Chapter 354C of the Laws of Hong Kong).

Under the Waste Disposal (Charges for Disposal of Construction Waste) Regulation, construction waste can only be disposed at designated prescribed facilities and a main contractor who undertakes construction work with a value of HK$1 million or above will be required, within 21 days after being awarded the contract, to establish a billing account in respect of that particular contract with the Director of the Environmental Protection Department to pay any disposal charges for the construction waste generated from the construction work under that contract.

Under the Waste Disposal (Chemical Waste) (General) Regulation, a person who produces chemical waste or causes it to be produced has to register as a chemical waste producer. Any chemical waste produced must be packaged, labeled and stored properly before disposal. Only a licensed waste collector can transport the waste to a licensed chemical waste disposal site for disposal. Chemical waste producers also need to keep records of their chemical waste disposal for inspection by the Environmental Protection Department.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Waste Disposal Ordinance and its subsidiary regulations.

#### PERSONAL DATA
*Personal Data (Privacy) Ordinance*

The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") protects the privacy interests of living individuals in relation to personal data. The ordinance covers any automated and non-automated data relating directly or indirectly to a living individual and applies to both public and private bodies as data users that control the collection, holding, processing or use of personal data. There are six principles under the PDPO, which set out the principles in respect of the purpose and manner of collection of data, the accuracy and duration of retention of data, the use of personal data, the security of personal data, the information to be generally available and the access to personal data. In general, the personal data shall be lawfully and fairly collected and steps

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should be taken to ensure that the data subject is explicitly or implicitly informed on or before collecting the data. Personal data should also be accurate, up-to-date and kept no longer than necessary while unless with the consent from the data subjects, personal data should be used for the purposes for which they were collected or a directly related purpose. The Office of the Privacy Commissioner for Personal Data is the governing body to promote, administer and oversee the enforcement of the PDPO. It has the power to carry out inspections of any personal data systems, to receive complaints from individuals and to investigate data users in respect of the complaints filed. Contravention with the PDPO may entitle the Privacy Commissioner for Personal Data to issue a written enforcement notice directing such Data User to remedy and prevent recurrence of contravention. Contravention with the above enforcement notice issued by the Privacy Commissioner for Personal Data is an offence and the offender is liable to a maximum fine of HK$50,000 and imprisonment for 2 years, with a daily penalty of HK$1,000. Subsequent convictions can result in a maximum fine of HK$100,000 and imprisonment for 2 years, with a daily penalty of HK$2,000.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the PDPO.

#### COMPETITION
*Competition Ordinance*

*Competition Ordinance* (Chapter 619 of the Laws of Hong Kong) ("**Competition Ordinance**"), which came into full effect in Hong Kong on December 14, 2015 prohibits and deters undertakings in all sectors from adopting anti-competitive conduct which has the object or effect of preventing, restricting or distorting competition in Hong Kong. The key prohibitions include (i) prohibition of agreements between businesses which have the object or effect of preventing, restricting or distorting competition in Hong Kong; and (ii) prohibiting companies with a substantial degree of market power from abusing their power by engaging in conduct that has the object or effect of preventing, restricting or distorting competition in Hong Kong. The penalties for breaches of the Competition Ordinance include, but are not limited to, financial penalties of up to 10% of the total gross revenues obtained in Hong Kong for each year of infringement, up to a maximum of three years in which the contravention occurs.

As at the date of this prospectus, WEHK has not been subject to any fine, penalty or prosecution in relation to the Competition Ordinance.

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#### MANAGEMENT

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

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Mr. Man Fai Lee | 51 | Chairman, Director and Chief Executive Officer |
|  Mr. Ming Fung Choi  | 35 | Chief Financial Officer |
|  Mr. Sham Tsz Leung | 33 | Independent Director Appointee\* |
|  Mr. Ka Kit Ho | 54 | Independent Director Appointee\* |
|  Mr. Yiu Wing Chan | 46 | Independent Director Appointee\* |

---

____________

\* Each of Mr. Sham Tsz Leung, Mr. Ka Kit Ho and Mr. Yiu Wing Chan will serve as an independent director of the Company upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part. We will have in place a board of directors that is majority independent. The three independent directors will serve on the audit committee, with an "audit committee financial expert" as defined under the Nasdaq rules, serving as committee chair. These individuals consent to serving in such position upon the closing of this offering.

#### Chief Executive Officer and Directors
**Mr. Man Fai Lee** is our chairman of our board of directors, director and chief executive officer, and he is responsible for the overall strategic direction and development of our Company. He has over 30 years of experience in the construction industry and plays a pivotal role in overseeing and guiding the strategic direction, business development, client relationship management, team management and key decision-making processes within our Group. Mr. Lee joined WEHK in 1999 and has served as the director of WEHK since 2008. Mr. Lee currently holds directorships in Wide Fortune Engineering Limited, High Talent Engineering Limited, Man Shing Engineering Limited and Tin Shing Holding Company Limited.

#### Chief Financial Officer
**Mr. Ming Fung Choi** has accepted the appointment to serve as the Chief Financial Officer of our Company, which will be effective immediately upon the closing date of this offering. He will be responsible for our Company's and its subsidiaries' strategic planning, corporate finance activities, oversight of financial reporting procedures, internal controls and compliance with respective requirements.

Mr. Choi obtained a Bachelor of Commerce (Honors) in Accounting from Hong Kong Shue Yan University in 2014 and is currently a member of the Hong Kong Institute of Certified Public Accountants. Mr. Choi is an experienced financial expert who has accumulated more than 10 years of experience in financial management including auditing and accounting. Mr. Choi joined JFY Corporate Services Company Limited in June 2021 and has been serving as the manager and team leader of the professional solution services team. From January 2019 to April 2021, Mr. Choi worked for Deloitte Touche Tohmatsu and his last position held was senior associate in the audit department.

#### Independent Directors
**Mr. Sham Tsz Leung** will serve as an independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part, and will be the chairman of the audit committee and a member of compensation committee and nominating and corporate governance committee.

Mr. Leung has obtained his bachelor's degree of business administration in accountancy from the Caritas Institute of High Education in 2014. He is a practising member of the HKICPA. Mr. Leung has over 12 years of experience in audit and business advisory services and is currently the director of McMillan Woods (Hong Kong) CPA Limited, a CPA practice. Mr. Leung previously worked in World Link CPA Limited, an accounting firm with his last position as the assistant manager.

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**Mr. Ka Kit Ho** will serve as an independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part, and will be the chairman of the compensation committee and a member of audit committee and nominating and corporate governance committee.

Mr. Ho obtained a bachelor's degree of applied science in civil engineering from the University of Toronto in June 1996. Mr. Ho has around 30 years of working experience in the civil, structural and geotechnical engineering design, project management, construction experience in private sectors, multi-disciplinary projects and government projects. He is a registered structural engineer and a managing director of Kenith Ho & Associates Limited. From 2002 to 2019, he worked in Meinhardt (C&S) Ltd., an integrated engineering, infrastructure and project management consulting firm in Hong Kong. Prior to that, Mr. Ho worked in Liu Kwong & Associates Ltd. and Fugro (Hong Kong) Ltd., both being construction consulting firms based in Hong Kong.

**Mr. Yiu Wing Chan** will serve as an independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part, and will be the chairman of the nominating and corporate governance committee and a member of audit committee and compensation committee.

Mr. Chan obtained a bachelor's degree in building services engineering from the University of Central Lancashire in December 2009. He is a registered professional engineer of the Engineers Registration Board and a member of The Hong Kong Institution of Engineers. Mr. Chan has over 25 years of working experience in the building and engineering industry. Since December 2022, he has served as a Director of Wai Wing (Fai Yip) Engineering Limited. Prior to that, Mr. Chan held managerial positions at several construction and engineering contractors in Hong Kong.

#### Family Relationships
There are no family relationships among our directors and executive officers.

#### Compensation of Directors and Executive Officers
For so long as we qualify as a foreign private issuer, we are not required to comply with the proxy rules applicable to U.S. domestic companies, including the requirement applicable to emerging growth companies to disclose the compensation of our executive officers on an individual, rather than an aggregate, basis. For FY2024, FY2025 and 6M2025, we paid aggregate compensation of HK$516,000, HK$1,332,000 and HK$666,000, respectively, to our executive officers and directors. We have not set aside any amount to provide pension, retirement or other similar benefits to our executive officers and directors. We have also not made any agreements with our directors or executive officers to provide benefits upon termination of employment.

#### Corporate Governance Practices

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

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As a "foreign private issuer", we are permitted to follow home country corporate governance practices, instead of certain corporate governance standards required by the Nasdaq Capital Market for U.S. companies. The exemptions are subject to our disclosure of which requirements we are not following and the equivalent Cayman Islands requirements. Below are some of the exemptions afforded to foreign private issuers under the corporate governance requirements of the Nasdaq Capital Market:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors be composed of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our audit committee have a minimum of three members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that we hold annual shareholders' meetings.

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

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

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

In connection with this offering, we have adopted a code of business conduct and ethics, which is applicable to all of our directors, executive officers and employees and is publicly available.

#### Board of Directors
Our board of directors will consist of four directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. A director shall, forthwith after becoming aware of the fact that he or she is interested in a transaction entered into or to be entered into by the Company declare the nature of his or her interest to all other directors of the Company. Subject to the Nasdaq rules and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he or she may be interested therein provided the director discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction and if he or she does so his or her vote shall be counted and he or she may be counted in the quorum at any meeting of our directors at which any such contract or transaction or proposed contract or transaction is considered. Our directors may exercise all the powers of our Company to issue debentures, debenture stock, bonds, and other securities, whether outright or as collateral security for any debt, liability or obligation of our Company or of any third party.

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

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

**Audit Committee.** Our audit committee will consist of Mr. Sham Tsz Leung, Mr. Ka Kit Ho, and Mr. Yiu Wing Chan. All of them are financially literate and two of whom have accounting or related financial management expertise. Mr. Sham Tsz Leung will be the chairman of our audit committee. We have determined that each of our audit committee members satisfies the "independence" requirements of Rule 5605(c)(2) of the Nasdaq Capital Market Company Guide and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Sham Tsz Leung qualifies as an "audit committee financial expert" within the meaning of the SEC rules and possesses financial sophistication within the meaning of the Nasdaq Capital Market Company Guide. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee will be responsible for, among other things:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

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

**Compensation Committee.** Our compensation committee will consist of Mr. Ka Kit Ho, Mr. Sham Tsz Leung, and Mr. Yiu Wing Chan. Mr. Ka Kit Ho will be the chairman of our compensation committee. We have determined that each of our compensation committee members satisfies the "independence" requirements of the Nasdaq Capital Market Company Guide. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any incentive compensation or equity plans, programs, or similar arrangements; and

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

**Nominating and Corporate Governance Committee.** Our nominating and corporate governance committee will consist of Mr. Yiu Wing Chan, Mr. Sham Tsz Leung, and Mr. Ka Kit Ho. Mr. Yiu Wing Chan will be the chairman of our nominating and corporate governance committee. We have determined that each of our nominating and corporate governance committee members satisfies the "independence" requirements of Rule 5605(a)(2) of the

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Nasdaq Capital Market Company Guide. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

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

#### Controlled Company Exception
We may also be eligible to utilize the controlled company exemptions under the Nasdaq corporate governance rules. We will be a "controlled company" within the meaning of Nasdaq rules. As of the date of this prospectus, Mr. Man Fai Lee, our Controlling Shareholder, through Worldstar Pioneer Limited, owns 12,800,000 Class B Ordinary Shares, representing 97.26% of the total voting power of issued share capital of the Company. Following completion of this offering, Mr. Lee will hold 95.45% of the total voting power of our Company, assuming that the underwriters do not exercise their over-allotment option. Under the Nasdaq rules, a company of which more than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting together is a "controlled company" and may elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that a majority of its board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that its director nominees be selected or recommended for the board's selection by a majority of the board's independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that its compensation committee be composed solely of independent directors with a written charter addressing the committee's purpose and responsibilities.

#### Duties of Directors
Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider in good faith to be in the best interests of our Company. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to act with skill and care. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to our Company, our directors must ensure compliance with the memorandum and articles of association of our Company, as amended and restated from time to time. Our Company has the right to seek damages if a duty owed by our directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in the name of our Company if a duty owed by our directors is breached. You should refer to "Description of Share Capital — Differences in Corporate Law" for additional information on our standard of corporate governance under Cayman Islands law.

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As set out above, our directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position, and a director must promptly disclose the interest to all other directors after becoming aware of the fact that he or she is interested in a transaction we have entered into or are to enter into. You should refer to "*Description of Share Capital — Differences in Corporate Law*" for additional information on our standard of corporate governance under Cayman Islands law.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening general meetings of our company (including annual general meeting) and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our Company and mortgaging the property of our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of Shares in our Company, including the registration of such Shares in our Class A Ordinary Share register.

#### Terms of Directors and Officers
Our directors may be appointed by ordinary resolutions by our shareholders or by our directors. Pursuant to our Memorandum and Articles, an appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between our Company and the director, if any; but no such term shall be implied in the absence of express provision. If no term is fixed on the appointment of a director, the director serves indefinitely until his or her earlier death, resignation or removal.

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

#### Employment Agreements with Executive Officers
We have entered into employment agreements with each of our executive officers. We may terminate, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties.

We may also terminate an executive officer's employment without cause at any time upon thirty (30) days' advance written notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based. An executive officer may resign in accordance with the Memorandum and Articles.

Specifically, each executive officer agreed, without prior consent of the board of directors, to become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be associated with any business or entity that directly or indirectly competes with the Group.

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

#### Board diversity
We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our board of directors, including but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity and length of service. The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our board.

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Our directors have a balanced mix of knowledge and skills. We have three independent directors with different industry backgrounds, representing a majority of the members of our board. We also achieved gender diversity by having two female directors out of the total of four directors (including independent directors). Our board is well balanced and diversified in alignment with the business development and strategy of the Company.

#### 202 6 Share Incentive Plan
We will adopt a share incentive plan ("2026 Share Incentive Plan") upon closing of this offering, to attract and retain best available personnel, provide additional incentives to employees, directors and consultants, and promote the success of our business. Under the 2026 Share Incentive Plan, the maximum aggregate number of Class A Ordinary Shares which may be issued or transferred pursuant to all awards will be 2,440,000 Class A Ordinary Shares (assuming the underwriters do not exercise their over-allotment option), representing twenty percent (20%) of the number of fully-diluted Class A Ordinary Shares outstanding as of the date of our Company's initial public offering.

#### Administration
The 2026 Share Incentive Plan will be administered by the compensation committee. As applied to determinations related to awards granted to our chief executive officer, our board of directors, or a committee thereof, will be the administrator. The administrator will determine the terms and conditions of each equity award.

#### Change in Control
In the event of a change in control, the administrators may accelerate the vesting, purchase of equity awards from holders and provide for the assumption, conversion or replacement of equity awards.

#### Term
Unless terminated earlier, the 2026 Share Incentive Plan will continue in effect for a term of ten years from the date of its adoption.

#### Award Agreements
Equity awards granted under the 2026 Share Incentive Plan are evidenced by award agreements that set forth the terms, conditions and limitations for each award, which must be consistent with the 2026 Share Incentive Plan.

#### Vesting Schedule
The vesting schedule of each equity award granted under the 2026 Share Incentive Plan will be set forth in the award agreement for such equity award.

#### Amendment and Termination
The 2026 Share Incentive Plan may at any time be amended or terminated with the approval of our board of directors, subject to the limitations of applicable laws.

#### Award Grants
As of the date of this prospectus, no award has been granted under the 2026 Share Incentive Plan.

#### Outstanding Equity Awards at Fiscal Year-End
As of March 31, 2024 and 2025 and September 30, 2025, we had no outstanding equity awards.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information with respect to the beneficial ownership of our Shares as of the date of this prospectus, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person or entity known by us to own beneficially more than 5% of our outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors, executive officers, and director nominees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our executive officers, directors, and director nominees as a group.

Beneficial ownership of our Shares is determined in accordance with the SEC rules. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or to direct the voting of the security, or investment power, which includes the power to dispose of or to direct the disposition of the security. The percentage of Shares beneficially owned prior to the offering is based on 7,200,000 Class A Ordinary Shares and 12,800,000 Class B Ordinary Shares outstanding as of the date of this prospectus as described in "Corporate History and Structure" section. We do not have any options or warrants that are outstanding. The percentage of Shares beneficially owned after the offering is based on the number of Shares outstanding prior to the offering plus the Shares that we are selling in this offering.

The percentages of Shares beneficially owned after the offering assume that the underwriters will not exercise their option to purchase additional Shares in the offering. Except where otherwise indicated, we believe, based on information furnished to us by such owners, that the beneficial owners of the Shares listed below have sole investment and voting power with respect to such shares.

The total number of Ordinary Shares outstanding after completion of this offering will be, comprising 12,200,000 Class A Ordinary Shares and 12,800,000 Class B Ordinary Shares. To the best of our knowledge, we are not owned or controlled, directly or indirectly, by any another corporation or by any foreign government. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares beneficially <br>owned prior to the offering** | **Ordinary Shares beneficially <br>owned prior to the offering** | **Ordinary Shares beneficially <br>owned prior to the offering** | **Ordinary Shares beneficially <br>owned after the offering** | **Ordinary Shares beneficially <br>owned after the offering** | **Ordinary Shares beneficially <br>owned after the offering** |
|  **Name of Beneficial Owner** | **Number of <br>Class A <br>Ordinary <br>Shares** | **Number of <br>Class B <br>Ordinary <br>Shares** | **Approximate <br>percentage of <br>beneficial <br>ownership<sup>(1)</sup>** | **Number of <br>Class A <br>Ordinary <br>Shares** | **Number of <br>Class B <br>Ordinary <br>Shares** | **Approximate <br>percentage of <br>beneficial <br>ownership<sup>(2)</sup>** |
|  *Directors, director nominees, and executive officers as a group* |  |  |  |  |  |  |
|  Mr. Man Fai Lee | Nil | 12800000 | 64.00% | Nil | 12800000 | 51.20% |
|  Mr. Ming Fung Choi | Nil | Nil | Nil | Nil | Nil | Nil |
|  Mr. Sham Tsz Leung | Nil | Nil | Nil | Nil | Nil | Nil |
|  Mr. Ka Kit Ho | Nil | Nil | Nil | Nil | Nil | Nil |
|  Mr. Yiu Wing Chan | Nil | Nil | Nil | Nil | Nil | Nil |
|  | Nil | 12800000 | 64.00% | Nil | 12800000 | 51.20% |
|  *5% or greater shareholders* |  |  |  |  |  |  |
|  Worldstar Pioneer Limited<sup>(</sup><sup>3</sup><sup>)</sup> | Nil | 12800000 | 64.00% | Nil | 12800000 | 51.20% |
|  Skyrise Innovation Limited<sup>(</sup><sup>4</sup><sup>)</sup> | 1600000 | Nil | 8.00% | 1600000 | Nil | 6.40% |
|  | 1600000 | 12800000 | 72.00% | 1600000 | 12800000 | 57.60% |

---

____________

(1) Based on 7,200,000 Class A Ordinary Shares and 12,800,000 Class B Ordinary Shares outstanding as of the date of this prospectus.

(2) Based on 12,200,000 Class A Ordinary Shares and 12,800,000 Class B Ordinary Shares outstanding immediately after the offering.

(3) The registered address of Worldstar Pioneer Limited, a British Virgin Islands company, is Ogier Global (BVI) Limited, Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands. 12,800,000 Class B Ordinary Shares directly held by Worldstar Pioneer Limited, of which Mr. Man Fai Lee is the sole shareholder and holds the voting and dispositive power over the ordinary shares held by such entity.

(4) The registered address of Skyrise Innovation Limited, a British Virgin Islands company, is Ogier Global (BVI) Limited, Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands. 1,600,000 Class A Ordinary Shares directly held by Skyrise Innovation Limited, of which Ms. Nga Ting Tung is the sole shareholder and holds the voting and dispositive power over the ordinary shares held by such entity.

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#### CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

#### Transactions with Certain Related Parties
Set forth below are our related party transactions that occurred since the beginning of our preceding three fiscal years up to the date of March 31, 2025 and from April 1, 2025 to the date of this prospectus. The "related party transactions" are transactions identified in accordance with the rules prescribed under Part I, Item 7B of SEC Form 20-F.

Under Part I, Item 7B of Form 20-F, the Company is required to disclose any transaction occurring since the beginning of the Company's preceding two financial years, with respect to transactions or loans between the Company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

Before the completion of this offering, we intend to adopt an audit committee charter, which will require the committee to review all related party transactions on an ongoing basis and all such transactions be approved by the audit committee. In determining whether to approve a related party transaction, the audit committee shall consider, among other factors, the following factors to the extent relevant to the related party transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the terms of the related party transaction are fair to the Company and on the same basis as would apply if the transaction did not involve a related party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether there are business reasons for the Company to enter into the related party transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the related party transaction would impair the independence of an outside director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the related party transaction would present an improper conflict of interest for any director or executive officer of the Company, taking into account the size of the transaction, the overall financial position of the director, executive officer or the related party, the direct or indirect nature of the director's, executive officer's or the related party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the audit committee deems relevant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any pre-existing contractual obligations.

Nature of relationships with related parties are listed below:

---

| | |
|:---|:---|
|  **Names and Relationship of Related Party:** | **Existing Relationship with the Company** |
|  Mr. Man Fai Lee ("Mr. Lee") | Chairman, Director, Chief Executive Officer and major shareholder of the Company |
|  Ms. Tsz Wai Lee ("Ms. Lee") | The daughter of Mr. Lee |
|  Wide Fortune Engineering Limited ("Wide Fortune") | Entity wholly owned by and controlled by a common shareholder, Mr. Lee |
|  Man Shing Engineering Limited ("Man Shing") | Entity wholly owned by and controlled by a common shareholder, Mr. Lee |
|  Tin Shing Holdings Company Limited ("Tin Shing") | Entity wholly owned by and controlled by a common shareholder, Mr. Lee |
|  High Talent Engineering Limited ("High Talent") | Entity wholly owned by and controlled by a common shareholder, Mr. Lee |

---

#### Amount due from a related company
As of March 31, 2023, 2024, 2025, September 30, 2025 and February 28, 2026, the amount due from a related company consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name** | **<br>As of March 31,** | **<br>As of March 31,** | **<br>As of March 31,** | **As of<br>September 30,<br>2025** | **As of <br>February 28, <br>2026** |
|  **Name** | **2023** | **2024** | **2025** | **As of<br>September 30,<br>2025** | **As of <br>February 28, <br>2026** |
|  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** |
|  Wide Fortune | 27990557 | 33669171 |  | 10562002 | 4036999 |

---

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

As of March 31, 2023, 2024, 2025, September 30, 2025 and February 28, 2026, we recorded amount due from Wide Fortune, which were trade related, unsecured and non-interest bearing.

#### Due from a shareholder
As of March 31, 2023, 2024, 2025, and September 30, 2025 and the date of this prospectus, the due from a shareholder consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name** | **<br>As of March 31,** | **<br>As of March 31,** | **<br>As of March 31,** | **As of<br>September 30,<br>2025** | **As of <br>February 28, <br>2026** |
|  **Name** | **2023** | **2024** | **2025** | **As of<br>September 30,<br>2025** | **As of <br>February 28, <br>2026** |
|  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** |
|  Tin Shing  | 46901 | 87050 |  |  |  |

---

We made temporary working capital advances to Tin Shing, which were non-trade in nature, unsecured and non-interest bearing, for the purpose of fund transfer.

#### Due to a shareholder
As of March 31, 2023, 2024, 2025, September 30, 2025 and February 28, 2026, the due to a shareholder consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name** | **<br>As of March 31,** | **<br>As of March 31,** | **<br>As of March 31,** | **As of<br>September 30,<br>2025** | **As of <br>February 28, <br>2026** |
|  **Name** | **2023** | **2024** | **2025** | **As of<br>September 30,<br>2025** | **As of <br>February 28, <br>2026** |
|  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** |
|  Mr. Lee |  |  | 3232560 | 2984402 |  |

---

Mr. Lee made temporary working capital advances to the Group, which were non-trade in nature, unsecured and non-interest bearing, for the purpose of fund transfer.

During the years ended March 31, 2023, 2024 and 2025, 6M2025, and for the period from October 1, 2025 up to February 28, 2026, in our ordinary course of business, we were involved in transactions with a related company. These transactions were either at cost or current market prices and on normal commercial terms with a related company. The following table provides the transactions with a related company for the periods as presented (for the portion of such period that they were considered related):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Name** | **Nature** | **<br>For the years ended March 31,** | **<br>For the years ended March 31,** | **<br>For the years ended March 31,** | **For <br>six months<br>ended <br>September 30,<br>2025** | **For the <br>period from<br>October 1,<br>2025 <br>up to <br>February 28, <br>2026** |
|  **Name** | **Nature** | **2023** | **2024** | **2025** | **For <br>six months<br>ended <br>September 30,<br>2025** | **For the <br>period from<br>October 1,<br>2025 <br>up to <br>February 28, <br>2026** |
|  |  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** |
|  Ms. Lee | Purchase of property |  |  | 42000000 |  |  |
|  Wide Fortune | Cost of sales | 4620000 | 30480000 | 68400000 | 25270000 | 83000000 |
|  Man Shing | Cost of sales | —  | 2340000 |  | 1430000 |  |
|  High Talent | Revenue | 3060000 |  |  |  |  |

---

For FY2025, we acquired a residential property from Ms. Lee for a consideration of HK$42.0 million.

For the years ended March 31, 2023, 2024 and 2025, 6M2025 and for the period from October 1, 2025 up to February 28, 2026, we incurred subcontracting fee from Wide Fortune for subcontracting services.

For FY2024 and 6M2025, we incurred subcontracting fee from Man Shing for subcontracting services.

For FY2024, we recorded revenue from High Talent for provision of subcontracting services.

Apart from the transactions and balances detailed above and elsewhere in these accompanying consolidated financial statements, our Company has no other significant or material related party transactions during the years presented.

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

#### DESCRIPTION OF SHARE CAPITAL
We are an exempted company with limited liability incorporated under the laws of the Cayman Islands and our affairs are governed by our memorandum and articles of association, as amended from time to time and the Companies Act, and the common law of the Cayman Islands.

The authorized share of our Company consists of Ordinary Shares. As of the date of this prospectus, our authorized share capital is USD50,000 divided into 250,000,000 Class A Ordinary Shares of par value US$0.0001 each and 250,000,000 Class B Ordinary Shares of par value US$0.0001 each.

As of the date of this prospectus, 7,200,000 Class A Ordinary Shares and 12,800,000 Class B Ordinary Shares are issued and outstanding of par value US$0.0001 each, equivalent to total paid-up capital of US$1,000. We will issue 5,000,000 Class A Ordinary Shares in this offering.

Upon completion of this offering, we will have 12,200,000 Class A Ordinary Shares and 12,800,000 Class B Ordinary Shares issued and outstanding. All of our issued and outstanding Ordinary Shares are fully paid, and all of our Ordinary Shares to be issued in the offering will be fully paid upon issuance.

#### Our Memorandum and Articles of Association
The following are summaries of certain material provisions of our memorandum and articles of association which currently is and will be in force and effect after completion of this offering (which in this section shall each be referred as the memorandum and the articles, and collectively, the memorandum and articles) and of the Companies Act, insofar as they relate to the material terms of our ordinary shares.

*Objects of Our Company.* Under our memorandum and articles of association, the objects of our Company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

*Ordinary Shares.* Our Class A Ordinary Shares and Class B Ordinary Shares are issued in registered form and are issued when registered in our register of members. Class A Ordinary Shares and Class B Ordinary Shares shall carry equal rights and rank *pari passu* with one another in all respects except that (i) each Class A Ordinary Share confers upon the holder thereof the right to one (1) vote at a general meeting of our Company or on any shareholders resolutions; (ii) each Class B Ordinary Shares confers upon the holder thereof the right to twenty (20) votes at a general meeting of our Company or on any shareholders resolutions; (iii) each Class B Ordinary Share shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of our Company or any transfer agent for such share, into one fully paid and non-assessable Class A Ordinary Share but no Class A Ordinary Shares shall be convertible into any Class B Ordinary Shares; and (iv) upon any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class B Ordinary Shares validly transferred to the new holder shall be automatically and immediately converted into Class A Ordinary Shares on a one for one basis. Affiliate means in respect of a person or entity, any other person or entity that, directly or indirectly (including through one or more intermediaries), controls, is controlled by, or is under common control with, such person or entity, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, a trust solely for the benefit of any of the foregoing, a company, partnership or entity wholly owned by one or more of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Dividends.* The holders of our Class A Ordinary Shares and Class B Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our memorandum and articles of association provide that dividends may be declared and paid out of the funds of us lawfully available for distribution. In addition, our Shareholders may declare dividends by ordinary resolution, but not dividend shall exceed the amount recommended by our directors. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. Holders of Class A Ordinary Shares and Class B Ordinary Shares will be entitled to the same amount of dividends, if declared.

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

*Voting Rights.* In respect of all matters upon which the ordinary shares are entitled to vote, each Class A Ordinary Share is entitled to one (1) vote, and each Class B Ordinary Share is entitled to twenty (20) votes, voting together as one class. Voting at any general meeting is by a poll. A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be shareholders) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a virtual meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding Ordinary Shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our memorandum and articles of association, a reduction of our share capital and the winding up of our Company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*Conversion.* Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon any transfer of Class B Ordinary Shares by a holder to any person or entity which is not an affiliate of such holder, such Class B Ordinary Shares shall be automatically and immediately converted into the equivalent number of Class A Ordinary Shares.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our memorandum and articles of association provide that we may, but shall not (unless required by the Nasdaq rules) be obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the board, in accordance with the articles. All general meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of directors in its absolute discretion.

Shareholders' general meetings may be convened by our directors. Advance notice of not less than five clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, one or more shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of the outstanding shares carrying the right to vote at such general meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than ten percent of the rights to vote at such general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, our memorandum and articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form or in a form designated by the Nasdaq Capital Market (if such shares are listed on the Nasdaq Capital Market) or in any other form approved by our board of directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the shares are fully paid, by or on behalf that shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the shares are partly paid, by or on behalf of that shareholder and the transferee

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

Where the shares of any class in question are not listed on any stock exchange or subject to the rules of any stock exchange, our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any Ordinary Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a transfer to joint holders, the number of joint holders to whom the Ordinary Share is to be transferred does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shares transferred are fully paid up and free of any lien in favour of our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within one month after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required of the Nasdaq and on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 clear days in any year as our board may determine.

*Liquidation.* If we are wound up the shareholders may, subject to the articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the shareholders the whole or any part of the assets of the Company and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up.

*Calls on Shares and Forfeiture of Shares.* Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 clear days in advance specifying the time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* Subject to the terms of the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, the Company may by our board of directors: (i) issue shares that are to be redeemed or liable to be redeemed, at the option of the Company or the shareholder holding those redeemable shares, on the terms and in the manner our board of directors determine before the issue of those shares; (ii) with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at the option of the Company on the terms and in the manner which the board of directors determine at the time of such variation; and (iii) purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which our board of directors determine at the time of such purchase. Under the Companies Act, the redemption or repurchase of any share may be paid out of our profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if we can, immediately following such payment, pay our debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, we may accept the surrender of any fully paid share for no consideration.

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

*Variations of Rights of Shares.* Whenever the capital of our Company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, the rights attached to any such class may only be varied with (i) the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class or (ii) the consent in writing of the holders of two-thirds of the issued shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

*Issuance of Additional Shares.* Our memorandum and articles authorizes our board of directors to issue authorized but unissued Ordinary Shares from time to time as our board of directors shall determine, to the extent of available.

*Inspection of Books and Records.* Holders of our Class A Ordinary Shares and Class B Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or its corporate records. However, we will provide our shareholders with annual audited financial statements. See "Where You Can Find Additional Information".

*Anti*-Takeover *Provisions.* Some provisions of our memorandum and articles of association may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable, including provisions that authorize our board of directors to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any authorized but unissued shares to such persons, at such times and on such terms and conditions as they may decide without any further vote or action by our shareholders; and limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not issue negotiable or bearer shares, but may issue shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

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#### Differences in Corporate Law
The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies, and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to a new consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary. The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members or creditors, as the case may be, with whom the arrangement is to be made, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

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The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a takeover offer. When a tender offer is made and accepted by holders of not less than 90% in value of the shares for which the offer has been made, the offeror may, at any time within a two-month period after the approval by the said holders, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than the number of votes which have actually been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority".

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

*Indemnification of Directors and Executive Officers and Limitation of Liability.* Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our memorandum and articles of association provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and other officer of us (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

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No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our memorandum and articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties.* Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person carrying out the same functions as are carried out by that director in relation to the company. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent.* Under the Delaware General Corporation Law ("DGCL"), a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our articles of association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our articles of association and may not be taken by written consent of the shareholders without a meeting.

*Shareholder Proposals.* Under the DGCL, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

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The Companies Act does not provide shareholders with any rights to requisition a general meeting and do not provide shareholders with any right to put any proposal before a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our articles of association allow our shareholders holding shares which carry in aggregate not less than ten percent of the rights to vote at such general meeting to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting.* Under the DGCL, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors.* Under the DGCL, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our articles of association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our articles of association, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board for a continuous period of six months; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our memorandum and articles of association.

*Transactions with Interested Shareholders.* The DGCL contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail itself of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up.* Under the DGCL, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

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Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares.* Under the DGCL, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with (i) the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class (ii) written consent of holders holding not less than two-thirds of the issued shares of that class.

*Amendment of Governing Documents.* Under the DGCL, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our memorandum and articles of association may only be amended with a special resolution of our shareholders.

*Rights of Non*-resident *or Foreign Shareholders.* There are no limitations imposed by our memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights our shares. In addition, there are no provisions in our memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, no public market existed for our Class A Ordinary Shares. Sales of substantial amounts of our Class A Ordinary Shares following this offering, including Shares issued upon the exercise of outstanding options or warrants, or the perception that these sales could occur, could adversely affect prevailing market prices of our Class A Ordinary Shares and could impair our future ability to obtain capital, especially through an offering of equity securities. Assuming that the underwriters do not exercise their option to purchase additional Shares in this offering, we will have an aggregate of 12,200,000 Class A Ordinary Shares and 12,800,000 Class B Ordinary Shares outstanding upon the closing of this offering. Of these shares, the Shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, unless purchased by "affiliates" (as that term is defined under Rule 144 of the Securities Act ("Rule 144")), who may sell only the volume of shares described below and whose sales would be subject to additional restrictions described below.

Following completion of this offering, giving effect to the sale of the Class A Ordinary Shares being offered hereby, Mr. Man Fai Lee, through Worldstar Pioneer Limited will hold 12,800,000 Class B Ordinary Shares and will be deemed to be "restricted securities" (as that term is defined under Rule 144). Subject to certain contractual restrictions, including the lock-up agreements described below, restricted securities may only be sold in the public market pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration such as under Rule 144 under the Securities Act. These rules are summarized below.

#### Lock-up Agreements
Each of our officers, directors, and holders of more than 5% of the Company's securities (including warrants, options, convertible securities, and Ordinary Shares) have agreed with the Underwriters not to offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise to transfer or dispose of, directly or indirectly, any Ordinary Shares, or other securities convertible into or exercisable or exchangeable for Ordinary Shares for a period of six (6) months from the effective date of the registration statement of which this prospectus forms a part without the prior written consent of the Representative. See "Underwriting."

#### Rule 144

#### Shares Held for Six Months
In general, under Rule 144 under the Securities Act, as currently in effect, and subject to the terms of any lock-up agreement, commencing 90 days following the closing of this offering, a person, including an affiliate, who has beneficially owned our Shares for six months or more, including the holding period of any prior owner other than one of our affiliates (i.e., commencing when the Shares were acquired from us or from an affiliate of us as restricted securities), is entitled to sell our Shares, subject to the availability of current public information about us (which information will be deemed to be available as long as we continue to file required reports with the SEC). In the case of an affiliate shareholder, the right to sell is also subject to the fulfillment of certain additional conditions, including manner of sale provisions, notice requirements, and a volume limitation that limits the number of Shares that may be sold thereby, within any three-month period, to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Shares then outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the greater of 1% or the average weekly trading volume of our Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Rule 144 under the Securities Act also provides that affiliates that sell our Shares that are not restricted securities must nonetheless comply with the same restrictions applicable to restricted securities, other than the holding period requirement.

#### Shares Held by Non-Affiliates for One Year
Under Rule 144 as currently in effect, a person who is not considered to have been one of our affiliates at any time during the three months preceding a sale and who has beneficially owned the Shares proposed to be sold for at least one year, including the holding period of any prior owner other than one of our affiliates, is entitled to sell

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his, her, or its Shares under Rule 144 without complying with the provisions relating to the availability of current public information or with any other conditions under Rule 144. Therefore, unless subject to a lock-up agreement or otherwise restricted, such Shares may be sold immediately upon the closing of this offering.

#### Rule 701
Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until ninety (90) days after the date of this prospectus before selling any such shares. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director of may resell their restricted shares in an "offshore transaction" under Regulation S if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• none of the shareholder, its affiliate nor any person acting on their behalf engages in directed selling efforts in the United States, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent.

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#### MATERIAL TAX CONSIDERATIONS
*The following description is not intended to constitute a complete analysis of all tax considerations relating to the acquisition, ownership, and disposition of our Class A Ordinary Shares. You should consult your own tax advisor concerning the tax considerations of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.*

#### Cayman Islands Taxation
The following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

We have been advised by Ogier, our Cayman Islands legal counsel in their opinion that, payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the ordinary shares nor will gains derived from the disposal of the ordinary shares be subject to Cayman Islands income or corporation tax.

We have been advised by Ogier, our Cayman Islands legal counsel in their opinion that, the Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands. The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

#### Hong Kong Taxation
WEHK is incorporated in Hong Kong and was subject to 16.5% Hong Kong profits tax on their taxable income assessable profits generated from operations arising in or derived from Hong Kong for the year of assessment of 2023/2024 and 2024/2025. Hong Kong profits tax rates for corporations are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000. Under Hong Kong tax laws, WEHK is not taxed on their foreign-sourced income. In addition, payments of dividends from WEHK to us is not subject to any withholding tax in Hong Kong.

#### Material United States Federal Income Tax Considerations
The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Class A Ordinary Shares. This summary applies only to U.S. Holders that hold our Class A Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax

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considerations, relating to the ownership and disposition of our Class A Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or financial services entities;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Company's officers or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders who are not U.S. Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders that actually, indirectly or constructively own 5% or more of (i) the total combined voting power of all classes of our Company's shares that are entitled to vote; or (ii) the total value of all classes of our Company's shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Class A Ordinary Shares through such entities.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

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If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

**PERSONS CONSIDERING AN INVESTMENT IN OUR CLASS A ORDINARY SHARES SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES APPLICABLE TO THEM RELATING TO THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CLASS A ORDINARY SHARES INCLUDING THE APPLICABILITY OF U.S. FEDERAL, STATE AND LOCAL TAX LAWS AND NON**-U**.S. TAX LAWS.**

#### Taxation of Dividends and Other Distributions on Our Class A Ordinary Shares
As discussed under "Dividend Policy" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the discussion below under "Passive Foreign Investment Company Rules", any cash distributions (including the amount of any PRC tax withheld) paid on our Class A Ordinary Shares out of our current or accumulated earnings and profits, as determined under U.S. federal tax principles, will generally be includible in the gross income of U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder.

Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on our Class A Ordinary Shares will meet the conditions required for the reduced tax rate. However, in the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, we may be eligible for the benefits of the United States-PRC income tax treaty. If we are eligible for such benefits, dividends we pay on our Class A Ordinary Shares would be eligible for the reduced rates of taxation described in this paragraph. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Shares. Dividends received on our Class A Ordinary Shares will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

#### Taxation of Sale or Other Disposition of Class A Ordinary Shares
Subject to the discussion below under "Passive Foreign Investment Company Rules", a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Class A Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Class A Ordinary Shares. Any capital gain or loss will be long term if the Class A Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. In the event that gain from the disposition of the Class A Ordinary Shares is subject to tax in the PRC, such gain may be treated as PRC-source gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

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#### Passive Foreign Investment Company Rules
A non-U.S. corporation, such as our Company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Class A Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Class A Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Class A Ordinary Shares. Under these rules,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Class A Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over the adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Class A Ordinary Shares over the fair market value of such Class A Ordinary Shares held at the end of the taxable

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year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Class A Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Class A Ordinary Shares.

#### Information Reporting and Backup Withholding
Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets", including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON**-U**.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR CLASS A ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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#### ENFORCEABILITY OF CIVIL LIABILITIES

#### Cayman Islands
We are incorporated under the laws of the Cayman Islands. Service of process upon us and upon our directors and officers and the Cayman Islands experts named in this prospectus, many of whom reside outside of the United States, may be difficult to obtain within the United States. Furthermore, because substantially all of our assets and substantially all of our directors and officers are located outside the United States, any judgment obtained in the United States against us or any of our directors and officers may be difficult to collect within the United States.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this offering or any purchase or sale of securities in connection with this offering. The address of our agent is 122 East 42nd Street, 18th Floor, New York NY 10168.

Ogier, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (1) recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of the securities laws of the United States or any state in the United States; and (2) entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have been advised by Ogier, that there is no statutory enforcement in the Cayman Islands of judgments obtained in the U.S., however, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment without any re-examination or re-litigation of matters adjudicated upon, provided such judgment (i) is given by a foreign court of competent jurisdiction; (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (iii) is final; (iv) is not in respect of taxes, a fine or a penalty; (v) was not obtained by fraud; and (vi) is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

Substantially all of our assets are located outside the United States. In addition, a majority of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons.

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Position** | **Nationality** | **Residence** |
|  Mr. Man Fai Lee | Chairman, Director, and Chief Executive Officer | Chinese | Hong Kong |
|  Mr. Ming Fung Choi | Chief Financial Officer | Chinese | Hong Kong |
|  Mr. Sham Tsz Leung | Independent Director | Chinese | Hong Kong |
|  Mr. Ka Kit Ho | Independent Director | Chinese | Hong Kong |
|  Mr. Yiu Wing Chan | Independent Director | Chinese | Hong Kong |

---

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

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty) and (2) final and conclusive on the merits of the claim,

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but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability of judgements of United States courts in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.

It is also uncertain whether, in the future, the Hong Kong government will implement regulations and policies of the Chinese government or adopt regulations and policies of its own that are substantially similar to those of the Chinese government.

As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Due to lack of reciprocity and cost and time constraints, you may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions in the Cayman Islands and Hong Kong against us or our directors and officers based on foreign law.

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#### UNDERWRITING
In connection with this offering, we will enter into an underwriting agreement dated the date of this prospectus with the underwriters named below, for whom Stratosphere Capital, LLC is acting as the representative with respect to the Class A Ordinary Shares in this offering (the "**Underwriting Agreement**"). The underwriters may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering and may pay any sub-agent a solicitation fee with respect to any securities placed by it. Under the terms and subject to the conditions contained in the Underwriting Agreement, we agree to issue and sell to the underwriters the number of shares indicated below:

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| | |
|:---|:---|
|  **Name** | **Number of<br>Class A <br>Ordinary <br>Shares** |
|  Stratosphere Capital, LLC | 5000000 |
|  **Total** | 5000000 |

---

The underwriters and the representative are collectively referred to as the "underwriters" and the "representative", respectively. The underwriters are offering the shares subject to their acceptance of the shares from us and subject to prior sale. The Underwriting Agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares offered by this prospectus if any such shares are taken. We agree to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Over-Allotment Option
We agree to grant to the underwriters an option, exercisable for 45 days from the closing of this offering, to purchase up to 15% additional Class A Ordinary Shares at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional ordinary shares as the number listed next to the underwriters' name in the preceding table.

#### Discounts and Expenses
The underwriters will offer the Class A Ordinary shares to the public at the initial public offering price set forth on the cover of this prospectus and to selected dealers at the initial public offering price less a selling concession not in excess of $0.385 per share, based on the initial public offering price of $5.5 per share. After completion of this offering, the initial public offering price, concession and reallowance to dealers may be reduced by the representative. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part.

The underwriting discount is equal to seven percent (7%) of the public offering price on each of the ordinary shares being offered.

The table below shows the initial public offering price per share, underwriting discounts to be paid by us, and the proceeds before expenses to us.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share<br> (US$)** | **Total<br> Without<br> Exercise of<br> Over-allotment<br> Option<br> (US$)** | **Total<br> With Full<br> Exercise of<br> Over-allotment<br> Option<br> (US$)** |
|  Initial public offering price<sup>(1)</sup> | $5.5 | $27500000 | $31625000 |
|  Underwriting discounts (7%) | $0.385 | $1925000 | $2213750 |
|  Non-accountable expenses (1%) | $0.055 | $275000 | $316250 |
|  Proceeds, before expenses, to us | $5.06 | $25300000 | $29095000 |

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____________

(1) Initial public offering price per Class A Ordinary Share is assumed to be $5.50, being the mid-point of the initial public offering price range of $5.00 to $6.00.

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We agree to reimburse the representative up to a maximum of $260,000 for out-of-pocket accountable expenses, including, but not limited to travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow, and background check of the Company's principals. In addition, at the closing of the offering, we will reimburse the representative one percent (1%) of the actual amount of the offering as non-accountable expenses.

We have agreed to pay an advanced expense deposit of $120,000 to the representative for the representative's anticipated out-of-pocket expenses; of which we have paid $60,000 with the remainder due upon the first filing of the draft registration statement and upon receipt of the letter of no objections from FINRA (the "Advance"), to be applied against out-of-pocket accountable expense, any expense deposits will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

Except as disclosed in this prospectus, the representative has not received and will not receive from us any other item of compensation or expense in connection with this offering considered by FINRA to be underwriting compensation under FINRA Rule 5110.

The foregoing does not purport to be a complete statement of the terms and conditions of the Underwriting Agreement. A form of the Underwriting Agreement is included as an exhibit to the registration statement of which this prospectus forms a part.

#### Tail Financing
If the Company consummates any public or private offering, capital raising transaction or other financing of any kind (a "Tail Financing") during the 9-month period following the completion of the Offering (the "Tail Term"), to the extent any such Tail Financing is provided to the Company, in whole or in part, by investors whom the representative had contacted or introduced to the Company ("Representative Contacts") during the Tail Term, then the Company shall, in connection with each Tail Financing during the Tail Term, (i) pay to the Representative a cash fee, or as to an underwritten offering an underwriting discount, equal to 8.0% of the aggregate gross proceeds raised from the Representative Contacts (and if a Tail Financing includes an over-allotment option or other additional investment component, 8.0% of the aggregate gross proceeds of such proportional number of Ordinary Shares attributable to Representative Contacts participating in such Tail Financing and sold pursuant to such over-allotment option or other investment component).

#### Right of First Refusal
We have granted the Representative, provided that this offering is completed, a right of first refusal, for a period of eight (8) months from the closing of the offering, exercisable at the sole discretion of the Representative, to provide investment banking service to us on terms that are the same or more favorable to us comparing to terms offered to us by other underwriters or placement agents, which shall include, without limitation, (a) acting as leading manager for any underwritten public offering; and (b) acting as placement agent or initial purchaser in connection with any private offering of securities of us. In accordance with FINRA Rule 5110(g)(6), under no circumstances shall such right of first refusal have a duration of more than three years from the commencement of sales of this offering or the termination date of the engagement between us and the underwriters. The Representative shall notify us of its intention to exercise its right of first refusal within 15 business days following notice in writing by us. The right of first refusal is also subject to FINRA Rule 5110(g), which grants us a right of termination for cause, which includes that we may terminate the Representative's engagement upon the Representative's material failure to provide the underwriting services required by the underwriting agreement. Our exercise of the right of termination for cause will eliminate any obligations with respect to the right of first refusal set forth above.

#### Lock-up Agreements
Each of our officers, directors, and holders of more than 5% of the Company's securities (including warrants, options, convertible securities, and Ordinary Shares) have agreed with the Underwriters not to offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise to transfer or dispose of, directly or indirectly, any Ordinary Shares, or other securities convertible into or exercisable or exchangeable for Ordinary Shares for a period of 180 days from the effective date of the registration statement of which this prospectus forms a part without the prior written consent of the Representative. Each of the Company and any successors of the Company have agreed, for a period of 180 days after the closing of this offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (b) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

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#### Pricing of the offering
Prior to this offering, there has been no public market for the ordinary shares. The initial public offering price was determined by negotiations between us and the underwriters. In determining the initial public offering price, the underwriter and we considered a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information set forth in this prospectus and otherwise available to the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects and the history and prospects for the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects for future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general condition of the securities markets at the time of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors deemed relevant by the underwriters and us.

The initial public offering price set forth on the cover page of this prospectus is subject to change due to market conditions and other factors. Neither the underwriters nor we can assure investors that an active trading market will develop for our ordinary shares or that the shares will trade in the public market at or above the initial public offering price.

#### No Sales of Similar Securities
We, including any successor entities, have agreed not to: (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (ii) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank, or (iv) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Shares, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise, without the prior written consent of the representative, for a period of 180 days after the Closing Date.

#### Foreign Regulatory Restrictions on Purchase of the Shares
We have not taken any action to permit a public offering of the ordinary shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this offering of the Shares and the distribution of this prospectus outside the United States.

#### Indemnification
We agree to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that the underwriters may be required to make for these liabilities.

#### Application for Nasdaq Listing
We plan to apply to list our ordinary shares on the Nasdaq Capital Market under the symbol "[ ]." We will not consummate and close this offering without a listing approval letter from The Nasdaq Capital Market.

#### Electronic Distribution
A prospectus in electronic format may be made available on websites or through other online services maintained by representative or by its affiliates. Other than the prospectus in electronic format, the information on the representative's website and any information contained in any other website maintained by it is not part of this

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prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the representative in its capacity as an underwriter, and should not be relied upon by investors. The ordinary shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations.

#### Passive Market Making
Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect to such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Offers Outside the United States
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the ordinary shares offered by this prospectus in any jurisdiction where action for that purpose is required. The ordinary shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such Shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any ordinary shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### Price Stabilization, Short Positions
In connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our ordinary shares. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our ordinary shares in this offering because such underwriter repurchases those shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our ordinary shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our ordinary shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq Capital Market, in the over-the-counter market, or otherwise.

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#### EXPENSES RELATED TO OFFERING
The following table sets forth the costs and expenses other than underwriting discounts and commissions, payable by us in connection with the offer and sale of Shares in this offering. All amounts listed below are estimates except the SEC registration fee, Nasdaq Capital Market listing fee and the Financial Industry Regulatory Authority ("FINRA") filing fee.

---

| | |
|:---|:---|
|  **Itemized expense** | **Amount** |
|  SEC registration fee | $4764 |
|  FINRA filing fee | 2000 |
|  Nasdaq Capital Market listing fee | 5000 |
|  Printing and engraving expenses | 30000 |
|  Legal fees and expenses | 660000 |
|  Underwriter accountable expenses | 120000 |
|  Accounting fees and expenses | 400000 |
|  Miscellaneous | 129236 |
|  Total | $1351000 |

---

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#### LEGAL MATTERS
We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities laws and by David Fong & Co. with respect to certain legal matters of Hong Kong laws. The underwriter is being represented by CFN Lawyers LLC, with respect to legal matters of United States federal and New York State law, in connection with this offering. The legal matters concerning this offering relating to Cayman Islands law will be passed upon for us by Ogier.

#### EXPERTS
The consolidated financial statements for FY2024 and FY2025, included in this prospectus have been so included in reliance on the report of SFAI Malaysia PLT, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of SFAI Malaysia PLT is located Block C2-G, Ground Floor, Setiawalk, Persiaran Wawasan, 47160 Puchong, Selangor, Malaysia.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1 under the Securities Act relating to this offering of our Class A Ordinary Shares. This prospectus does not contain all of the information contained in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement. Statements made in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material information about the documents summarized, but they are not complete descriptions of all terms of these documents. If we filed any of these documents as an exhibit to the registration statement, you may read the document itself for a complete description of its terms.

You may read and copy the registration statement, including the related exhibits and schedules, and any document we file with the SEC at its website at: *www.sec.gov*.

We are not currently subject to the informational requirements of the Exchange Act. Upon completion of this offering, we will become subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers and will fulfill the obligations of those requirements by filing reports with the SEC. As a foreign private issuer, we will be exempt from the rules under the Exchange Act relating to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16(b) and short-sale restrictions contained in Section 16(c) of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we intend to file with the SEC, within 120 days after the end of our fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements that will be audited and reported on, with an opinion expressed, by an independent registered public accounting firm. We also intend to file with the SEC reports on Form 6-K containing unaudited financial information for the first three quarters of each fiscal year.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br> REPORTS AND CONSOLIDATED FINANCIAL STATEMENTS<br>FOR THE YEAR ENDED 31 MARCH 2025

---

| | |
|:---|:---|
|  | **Page** |
|  [INDEPENDENT AUDITOR'S REPORT (PCAOB ID: 07167)](#T5002) | F-2 |
|  [CONSOLIDATED STATEMENT OF FINANCIAL POSITION](#T5003) | F-3 |
|  [CONSOLIDATED STATEMENT OF PROFIT OR LOSS](#T5004) | F-4 |
|  [CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](#T5005) | F-5 |
|  [CONSOLIDATED STATEMENT OF CASH FLOWS](#T5006) | F-6 |
|  [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#T5007) | F-7 to F-28 |
|  [UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION](#T861) | F-29 |
|  [UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS](#T862) | F-30 |
|  [UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](#T863) | F-31 |
|  [UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS](#T864) | F-32 |
|  [NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#T865) | F-33 to F-55 |

---

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---

| | |
|:---|:---|
|  ![](tsfai_logo.jpg) | **SFAI MALAYSIA PLT**<br> 202206000021 (LLP0031758-LCA) & AF 002216<br>Chartered Accountants<br>Block C2-G,<br>Ground Floor, Setiawalk,<br>Persiaran Wawasan,<br>47160 Puchong,<br>Selangor, Malaysia.<br>Tel: 603-7802 9000 |

---

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of<br>Worldstar Engineering Holdings Limited

#### Opinion on the Financial Statements
We have audited the accompanying statements of financial position of Worldstar Engineering Holdings Limited (the "Company") as of March 31, 2025 and 2024, and the related statements of profit or loss, changes in equity, and cash flows for each of the two years in the period ended March 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended March 31, 2025, in conformity with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the United States federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**/s/ SFAI MALAYSIA PLT**

We have served as the Company's auditor since 2024.

Malaysia<br>October 6, 2025

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>CONSOLIDATED STATEMENT OF FINANCIAL POSITION

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **Note** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
|  **Non-current assets** |  |  |  |  |
|  Property, plant and equipment | 4 | 38518 | 41888114 | 5388068 |
|  Right-of-use assets | 5 | 985753 | 1285108 | 165303 |
|  |  | **1024271** | **43173222** | **5553371** |
|  **Current assets** |  |  |  |  |
|  Trade and other receivables | 6 | 13153753 | 21688677 | 2789815 |
|  Amount due from a related company | 7 | 32412782 |  |  |
|  Amount due from a shareholder | 8 | 87050 |  |  |
|  Contract assets | 9 | 3941782 | 8509035 | 1094518 |
|  Cash and bank balances | 10 | 90543 | 1265991 | 162844 |
|  **Total current assets** |  | **49685910** | **31463703** | **4047177** |
|  **Total assets** |  | **50710181** | **74636925** | **9600548** |
|  **LIABILITIES AND EQUITY** |  |  |  |  |
|  **Current liabilities** |  |  |  |  |
|  Trade and other payables | 11 | 8835855 | 14641055 | 1883279 |
|  Amount due to a shareholder | 8 |  | 4488950 | 577414 |
|  Bank borrowings | 12 | 20010546 | 37308885 | 4799042 |
|  Lease liabilities | 13 | 503225 | 1295715 | 166668 |
|  Income tax payable |  | 988862 | 2087611 | 268529 |
|  **Total current liabilities** |  | **30338488** | **59822216** | **7694932** |
|  **Non-current liabilities** |  |  |  |  |
|  Deferred tax liability | 18 | **—** | 23100 | 2971 |
|  Lease liabilities | 13 | 1237848 | 964116 | 124014 |
|  **Total non-current liabilities** |  | **1237848** | **987216** | **126985** |
|  **Total liabilities** |  | **31576336** | **60809432** | **7821917**  |
|  **Net assets** |  | **19133845** | **13827493** | **1778631**  |
|  **Equity** |  |  |  |  |
|  Share capital | 14 | 15600 | 15600 | 2000 |
|  Retained earnings |  | 19118245 | 13811893 | 1776631  |
|  **Total equity** |  | **19133845** | **13827493** | **1778631**  |

---

The accompanying notes are an integral part of these financial statements.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>CONSOLIDATED STATEMENT OF PROFIT OR LOSS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **Note** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
|  Revenue | 15 | 89877952 | 200736535 | 25637888 |
|  Cost of sales |  | (75629142) | (177355088) | (22651631) |
|  Gross profit |  | 14248810 | 23381447 | 2986257 |
|  Other income |  | 266197 | 139124 | 53950 |
|  Allowance for credit losses on trade <br>receivables, net |  | (12586) | (80660) | (10302) |
|  Administrative expenses |  | (6528619) | (10328443) | (1319139) |
|  **Profit from operation** |  | **7973802** | **13111468** | **1710766** |
|  Finance costs | 17 | (1099366) | (2725606) | (348112) |
|  **Profit before tax** |  | **6874436** | **10385862** | **1362654** |
|  Income tax expense | 18 | (967268) | (1692214) | (216128) |
|  **Profit for the year** |  | **5907168** | **8693648** | **1146526** |
|  Earnings per share |  |  |  |  |
|  – Basic | 20 | 0.30 | 0.43 | 0.06 |

---

The accompanying notes are an integral part of these financial statements.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED<br>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **Share <br>capital** | **Retained <br>earnings** | **Total <br>equity** |
|  |  | **HK$** | **HK$** | **HK$** |
|  **Balance at April 1, 2023** |  | **15600** | **13211077** | **13226677**  |
|  Profit for the year |  |  | 5907168 | 5907168 |
|  **Balance at March 31, 2024** |  | **15600** | **19118245** | **19133845**  |
|  Profit for the year |  |  | 8693648 | 8693648 |
|  Dividends recognized as distribution | 19 |  | (14000000) | (14000000) |
|  **Balance at March 31, 2025** |  | **15600** | **13811893** | **13827493**  |
|  **Balance at March 31, 2025 (US$)** |  | **2000** | **1776631**  | **1778631**  |

---

The accompanying notes are an integral part of these financial statements.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED<br>CONSOLIDATED STATEMENT OF CASH FLOWS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **Note** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
|  **Cash flows from operating activities** |  |  |  |  |
|  Profit before tax |  | 6874436 | 10385862 | 1362654 |
|  **Adjustments for:** |  |  |  |  |
|  Depreciation of property, plant and equipment | 4 | 32063 | 169704 | 21628 |
|  Depreciation of right-of-use assets | 5 | 798925 | 900645 | 115029 |
|  Allowance for credit losses on trade <br>receivables, net |  | 12586 | 80660 | 10302 |
|  Finance cost | 17 | 1099366 | 2725606 | 348112 |
|  Gain on disposal of right-of-use assets |  | (16000) | (50000) | (6386) |
|  **Operating cash flows before working capital changes** |  | 8801376 | 14212477 | 1851339 |
|  **Changes in working capital:** |  |  |  |  |
|  Increase in trade and other receivables |  | (6743952) | (8615584) | (1005759) |
|  Decrease (increase) in contract assets |  | 1873077 | (4567253) | (677941) |
|  (Increase) decrease in amount due from related companies |  | (7446776) | 22988783 | 2936106 |
|  (Decrease) increase in trade payables |  | (5779325) | 5805200 | 741435 |
|  **Cash (used in) generated from operating <br>activities** |  | (9295600) | 29823622 | 3845180 |
|  Income tax paid |  | (223090) | (570366) | (72846) |
|  **Net cash (used in) generated from operating activities** |  | (9518690) | 29253257 | 3772334 |
|  **Cash flows from investing activities** |  |  |  |  |
|  Purchase of property, plant and equipment |  | (22111) | (42019300) | (5366667) |
|  Proceeds on disposal of right-of-use assets |  | 16000 | 50000 | 6386 |
|  **Net cash used in investing activities** |  | (6111) | (41969300) | (5360281) |
|  **Cash flows from financing activities** |  |  |  |  |
|  New bank borrowings raised |  | 80700711 | 120441667 | 15344341 |
|  Repayment of bank borrowings |  | (69668644) | (103143327) | (13169969) |
|  Repayment of lease liabilities |  | (453357) | (681243) | (87008) |
|  Interest paid |  | (1099366) | (2725606) | (348112) |
|  **Net cash generated from financing activities** |  | 9479344 | 13891491 | 1739252 |
|  **Net change in cash and bank balances** |  | (45457) | 1175448 | 151305 |
|  **Cash and bank balances at beginning of year** | 10 | 136000 | 90543 | 11539 |
|  **Cash and bank balances at end of year** | 10 | 90543 | 1265991 | 162844 |

---

The accompanying notes are an integral part of these financial statements.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**1. OVERVIEW**

Worldstar Engineering Holdings Limited (the "Company") is a company incorporated in Cayman Islands with limited liability. The Company's registered office is located at Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

The Company is an investment holdings company. The financial statements are presented in Hong Kong dollars ("HK$") which is also the functional currency of the Company.

There have been no significant changes in the nature of these activities during the years ended March 31, 2025 and 2024.

**Organization and reorganization**

The Company was incorporated in Cayman Island on June 25, 2025 with one member, namely, Worldstar Pioneer Limited ("WS Pioneer"), which owned 1 Class B Ordinary Share of the Company at incorporation.

**2. MATERIAL ACCOUNTING POLICY INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Basis of preparation**

**Going concern**

The consolidated financial statements have been prepared on a going concern basis. In assessing the Group's ability to continue as a going concern, management considered the Group's financial position, cash-flow forecasts and available financing for at least twelve months from the date these financial statements were authorized for issue.

As at March 31, 2025, the Group reported net current liabilities of HK$28,358,513 (current assets HK$31,463,703; current liabilities HK$59,822,216) and bank borrowings that are contractually repayable on demand (see Notes 12 and 22).

Management's 12-month cash-flow forecast, reflecting contracted works on hand, expected billing and collection schedules, and committed financing indicates the Group has sufficient liquidity to meet its obligations as they fall due.

Accordingly, the going concern basis of accounting is appropriate.

The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board under the historical cost convention, except as disclosed in the accounting policies below.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The preparation of financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Company's accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

<u>IFRS and Interpretations of IFRS issued but not yet effective</u>

At the date of authorization of these financial statements, certain IFRS were issued but not yet effective. Consequential amendments were also made to various standards as a result of these new/revised standards.

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

**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

The IASB has issued the following amendments to IFRSs that are the first effective for the accounting period beginning on April 1, 2023:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IFRS 17, Insurance contracts and amendments to IFRS 17, Insurance contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of accounting polices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 12, Deferred tax related to assets and liabilities arising from a single transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amendments to IAS 8, Definition of accounting estimates

None of these developments have had a material effect on how the Company's results and financial position for the accounting period beginning on April 1, 2023 have been prepared or presented. The Company has not applied any new standard or interpretation that is not yet effective for the accounting period beginning April 1, 2023.

The Company does not intend to early adopt any of the above new/revised standards, interpretations and amendments to the existing standards. Management anticipates that the adoption of the aforementioned revised/new standards will not have a material impact on the consolidated financial statements of the Company in the period of their initial adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Revenue**

**Building renovation and construction services**

<u><u>Recognition</u></u>

The Company provides repair, maintenance, alteration and addition and painting works services under contract with customers. Such contracts are entered into before the repair, maintenance, alteration and addition and painting works services begin. Under the terms of the contracts, the Company's performance creates and enhances an asset that the customers control which referred as designated areas where the repair, maintenance, alteration and addition and painting works services performed. Revenue from repair, maintenance, alteration and addition and painting works services is therefore recognized over time, using the output method.

#### Over time revenue recognition: measurement of progress towards complete satisfaction of a performance obligation
<u><u>Output method</u></u>

The progress towards complete satisfaction of a performance obligation is measured based on output method, which is to recognize revenue on the basis of direct measurements of the value of the goods or services transferred to the customer to date relative to the remaining goods or services promised under the contract, that best depict the Company's performance in transferring control of goods or services.

#### Variable consideration
For contracts that contain variable consideration (i.e. variation orders), the Company estimates the amount of consideration to which it will be entitled using either (a) the expected value method or (b) the most likely amount, depending on which method better predicts the amount of consideration to which the Company will be entitled.

The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that such an inclusion will not result in a significant revenue reversal in the future when the uncertainty associated with the variable consideration is subsequently resolved.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

At the end of each reporting period, the Company updates the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained) to represent faithfully the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Convenience translation**

Translations of amounts in the CFS from HK$ into United States Dollar ("US$") as of and for the year ended March 31, 2025 are solely for the convenience of the readers and were calculated at US$1.00 = HK$7.7742 for consolidated statement of financial position and US$1.00 = HK$7.8297 for consolidated statement of profit or loss and consolidated statement of cash flows, as published by the Hong Kong Monetary Authority. The Company makes no representation the HK$ amounts could have been converted, realized or settled into US$ at such rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Interest**-bearing **loans and borrowings**

Interest-bearing loans and borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost using the effective interest method. Interest expense is recognized in accordance with the Company's accounting policy for borrowing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Financial instruments**

<u><u>Financial assets</u></u>

Financial assets are recognized when, and only when the entity becomes party to the contractual provisions of the instruments.

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss ("FVTPL'"), transaction costs that are directly attributable to the acquisition of the financial asset Transaction costs of financial assets carried at FVTPL are expensed in profit or loss.

<u><u>Subsequent measurement</u></u>

<u><u>Debt instruments</u></u>

Subsequent measurement of debt instruments depends on the Company's business model for managing the asset and the contractual cash flow characteristics of the asset. The three measurement categories for classification of debt instruments are amortized cost, fair value through other comprehensive income and FVTPL. The Company only has debt instruments at amortized cost.

Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired, and through the amortization process.

<u><u>Impairment</u></u>

The Company recognizes an allowance for expected credit losses ("ECL") for all debt instruments not held at FVTPL. ECL As based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

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**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

ECL is recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECL is provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL).

For trade receivables, the Company applies a simplified approach in calculating ECL. Therefore, the Company does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECL at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward looking factors specific to the debtors and the economic environment which could affect debtors' ability to pay.

The Company considers a financial asset in default when contractual payments are 365 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

<u><u>Derecognition</u></u>

A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt instruments is recognized in profit or loss.

<u><u>Offsetting of financial instruments</u></u>

A financial asset and a financial liability shall be offset and the net amount presented in the statements of financial position when, and only when, an entity (a) currently has a legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

<u><u>Financial liabilities</u></u>

<u><u>Initial recognition and measurement</u></u>

Financial liabilities are recognized when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognized initially at fair value plus in the case of financial liabilities not at FVTPL, net of directly attributable transaction costs.

<u><u>Subsequent measurement</u></u>

After initial recognition, financial liabilities that are not carried at FVTPL are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and through the amortization process.

<u><u>Derecognition</u></u>

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognized in profit or loss.

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**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Leases**

<u><u>When the Company is the lessee</u></u>

At the inception of the contract, the Company assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed.

<u><u>Right-of</u><u>-use assets</u></u>

The Company recognizes a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentives received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets.

These right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.

<u><u>Lease liabilities</u></u>

The initial measurement of a lease liability is measured at the present value of the lease payments discounted using the interest rate implicit in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Company shall use its incremental borrowing rate.

Lease payments include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed payments (including in-substance fixed payments), less any lease incentives receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amounts expected to be payable under residual value guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exercise price of a purchase option if the Company is reasonably certain to exercise the option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment of penalties for terminating the lease, if the lease term reflects the Company exercising that option.

For a contract that contain both lease and non-lease components, the Company allocates the consideration to each lease component on the basis of the relative stand-alone prices of the lease and non-lease components. The Company has elected to not separate lease and non-lease components for property leases and account these as one single lease component.

Lease liabilities are measured at amortized cost using the effective interest method. Lease liabilities shall be remeasured when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a change in future lease payments arising from changes in an index or rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a change in the Company's assessment of whether it will exercise an extension option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a modification in the scope or the consideration of the lease that was not part of the original term.

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**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

Lease liabilities are remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

<u><u>Short-term</u> <u>and</u> <u>low-value</u> <u>leases</u></u>

The Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low-value leases, except for sublease arrangements. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

<u><u>Variable lease payments</u></u>

Variable lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease liability. The Company shall recognize those lease payments in profit or loss in the periods that triggered those lease payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 Income tax**

The tax expense for the period comprises current tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is not provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Trade and other receivables**

A receivable is recognized when the Company has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due.

Trade receivables are initially measured at their transaction price and other receivables are initially measured at fair value plus transaction costs. All receivables are subsequently stated at amortized cost using the effective interest method and including allowance for credit losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 Trade and other payables**

Trade and other payable are initially recognized at fair value. Subsequently to initial recognition, trade and other payables are stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at invoice amounts.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 Cash and bank balances**

Cash and bank balances in the statement of financial position comprise cash on hand and bank balances which are readily convertible to known amounts of cash and subject to insignificant risk of changes in value.

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

**3. CRITICAL JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**

In the application of the Company's accounting policies, which are described in note 2, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revision to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

*Critical judgement in applying accounting policies*

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

<u>Impairment assessment of ECL for trade receivables and contract assets</u>

As explained in note 2.5, ECL are measured as an allowance equal to lifetime ECL for low risk and watch list assets, or lifetime ECL for doubtful assets. An asset moves to doubtful, when its credit risk has increased significantly since initial recognition. IFRS 9 does not define what constitutes a significant increase in credit risk. In assessing whether the credit risk of an asset has significantly increased the Company takes into account qualitative and quantitative reasonable and supportable forward-looking information.

*Key sources of estimation uncertainty*

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

<u><u>Recognition of contract revenue arising from building renovation and construction services</u></u>

During the year ended March 31, 2025, the Company recognized contract revenue arising from repair, maintenance, alteration and addition and painting works services of HK$200,736,535 (2024: HK$89,877,952) by reference to the progress towards complete satisfaction of a performance obligation at the end of the reporting period, measured based on the surveys of work performed to date. Notwithstanding that the management of the Company frequently reviews and revises the estimates of total contract revenue as the contract progresses, the actual outcome of the contracts in terms of its total revenue may be higher or lower than the estimates and this will affect the recognition of revenue.

<u><u>Impairment assessment of ECL for trade receivables and contract assets</u></u>

The management of the Company estimates the amount of lifetime ECL of trade receivables and contract assets by first identifying significant balances for individual assessment and for the remaining balances, on a collective basis through grouping of various customers that have similar credit risk characteristics by reference to the nature and industry of customers. Internal credit rating has been given to each category of customers after considering aging, repayment history and past due status of respective customers. Estimated loss rates are based on probability of default and loss given default and are adjusted for forward-looking information. The credit loss allowance amount of the trade receivables and contract assets is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows.

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

**3. CRITICAL JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY** (cont.)

As at March 31, 2025 and 2024, the carrying amounts of trade receivables were HK$21,721,349 (net of allowance of HK$21,618,677) and HK$13,115,765 (net of allowance of HK$13,093,753), respectively, while the carrying amounts of contract assets were HK$8,509,035 (net of allowance of HK$8,509,035) and HK$3,941,782 (net of allowance of HK$3,941,782), respectively.

The provision of ECL is sensitive to changes in estimates. The information about the ECL and the Company's trade receivables and contract assets is disclosed in note 21.

**4. PROPERTY, PLANT AND EQUIPMENT**

---

| | | | |
|:---|:---|:---|:---|
|  | **Office<br>equipment** | **Leasehold <br>property** | **Total** |
|  | **HK$** | **HK$** | **HK$** |
|  **Cost:** |  |  |  |
|  Balance at March 31, 2023 | 586262 |  | 586262 |
|  Additions | 22111 |  | 22111 |
|  Balance at March 31, 2024 | 608373 |  | 608373 |
|  Additions | 19300 | 42000000 | 42019300 |
|  Balance at March 31, 2025 | 627673 | 42000000 | 42627673 |
|  **Accumulated depreciation** |  |  |  |
|  Balance at March 31, 2023 | 537792 |  | 537792 |
|  Depreciation | 32063 |  | 32063 |
|  Balance at March 31, 2024 | 569855 |  | 569855 |
|  Depreciation | 29704 | 140000 | 169704 |
|  Balance at March 31, 2025 | 599559 | 140000 | 739559 |
|  **Carrying amount** |  |  |  |
|  Balance at March 31, 2023 | 48470 |  | 48470 |
|  Balance at March 31, 2024 | 38518 |  | 38518 |
|  Balance at March 31, 2025 | 28114 | 41860000 | 41888114  |
|  Balance at March 31, 2025 (US$) | 3616 | 5384452 | <u>5388068</u> |

---

The above items of property, plant and equipment are depreciated over their estimated useful lives, using straight-line method, at the following rates per annum:

---

| | |
|:---|:---|
|  Furniture and equipment | 20% |
|  Leasehold property | 4% |

---

The Group has pledged owned properties with carrying amounts of HK$41,860,000 (2024: HK$Nil) to secure general banking facilities granted to the Group.

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**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**5. RIGHT**-OF-USE **ASSETS**

---

| | |
|:---|:---|
|  | **Motor<br>vehicle** |
|  | **HK$** |
|  **Cost:** |  |
|  Balance at March 31, 2023 | 2522499 |
|  Additions | 1022098 |
|  Disposals | (96000) |
|  Balance at March 31, 2024 | 3448597 |
|  Additions | 1200000 |
|  Disposals | (392000) |
|  Balance at March 31, 2025 | 4256597 |
|  **Accumulated depreciation** |  |
|  Balance at March 31, 2023 | 1759919 |
|  Depreciation | 798925 |
|  Eliminated on disposals | (96000) |
|  Balance at March 31, 2024 | 2462844 |
|  Depreciation | 900645 |
|  Eliminated on disposals | (392000) |
|  Balance at March 31, 2025 | 2971489 |
|  **Carrying amount** |  |
|  Balance at March 31, 2023 | 762580 |
|  Balance at March 31, 2024 | 985753 |
|  Balance at March 31, 2025 | 1285108 |
|  Balance at March 31, 2025 (US$) | 165303 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Total cash outflow for leases | (541908) | (807240) | (103836) |
|  Additions to right-of-use assets | 1022098 | 1200000 | 153263 |

---

**6. TRADE AND OTHER RECEIVABLES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Trade receivables | 13115765 | 21721349 | 2794017 |
|  Less: Allowance for credit losses | (22012) | (102672) | (13207) |
|  | 13093753 | 21618677 | 2780810 |
|  Other receivables |  |  |  |
|  Deposits | 60000 | 70000 | 9005 |
|  | 13153753 | 21688677 | 2789815 |

---

The following is an aged analysis of trade receivables presented based on the invoice dates.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  0 – 90 days | 13009155 | 21504422 | 2766114 |
|  91 – 180 days |  | 114255 | 14696 |
|  Over 181 days | 84598 |  |  |
|  | 13093753 | 21618677 | 2780810 |

---

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

**6. TRADE AND OTHER RECEIVABLES** (cont.)

Trade receivables are unsecured, non-interest bearing and are generally on 90 days (2024: 90 days) credit terms.

As at March 31, 2025, included in the Company's trade receivables balance are debtors with an aggregate amount of HK$114,255 (2024: HK$84,598) which are past due as at the reporting date.

**7. AMOUNT DUE FROM A RELATED COMPANY**

This amount due from a related company is unsecured, interest-free and has no fixed terms of repayment.

**8. AMOUNT DUE FROM/TO A SHAREHOLDER**

This amount due from/to a shareholder is unsecured, interest-free and has no fixed terms of repayment.

**9. CONTRACT ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Unbilled revenue of building renovation and construction services | 28330 | 4365821 | 561575 |
|  Retention receivables | 3913452 | 4143214 | 532943 |
|  | 3941782 | 8509035 | 1094518 |

---

As at April 1, 2023, contract assets amounted to HK$5,814,858.

The contract assets primarily relate to the Company's right to consideration for work completed and not billed because the rights are conditioned on the Company's future performance. The contract assets are transferred to trade receivables when the Company is entitled to issue invoices to the customers.

Typical payment terms which impact on the amount of contract assets recognized are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The contract assets primarily relate to the Company's right to consideration for work completed but not yet billed, based on certification by external surveyors or customers. The contract assets are transferred to trade receivables when the Company is entitled to issue invoices to the customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company also typically agrees to a retention period for 5% to 10% of the contract value. This amount is included in contract assets until the end of the defect liability period as the Company's entitlement to this final payment is conditional on customer acceptance, usually being 1 to 2 years from the date of completion of construction projects.

Contract assets increased from HK$3.9 million as at March 31, 2024 to HK$8.5 million as at March 31, 2025. This increase was driven by the significant increase in revenue from HK$89.9 million for the year ended March 31, 2024 to HK$200.7 million for the year ended March 31.

**10. CASH AND BANK BALANCES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Cash and bank balances | 90543 | 1265991 | 162844 |

---

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

**11. TRADE AND OTHER PAYABLES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Trade payables | 8700155 | 14053725 | 1807731 |
|  Other payables and accruals | 135700 | 587330 | 75548 |
|  | 8835855 | 14641055 | 1883279 |

---

Trade payables are non-interest bearing and normally settled on 30 to 60 days (2024: 30 to 60 days) credit terms.

**12. BANK BORROWINGS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Type** | **Principal<br>amount** | **Maturity<br>date** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  **Type** | **Principal<br>amount** | **Maturity<br>date** | **2024** | **2025** | **2025** |
|  | **HK$** |  | **HK$** | **HK$** | **US$** |
|  **Current bank borrowings:** |  |  |  |  |  |
|  Revolving Loan I | 5000000 | 31-Mar-24 | 3650000 |  |  |
|  Revolving Loan II | 634615 | 31-Mar-24 | 634615 |  |  |
|  Government Guaranteed Loan I | 1000000 | 21-Jan-26 | 819311 | 511489 | 68564 |
|  Government Guaranteed Loan II | 2600000 | 12-Dec-33 | 2592433 | 2422374 | 308819 |
|  Bank overdraft |  |  | 12314187 | 4975022 | 639937 |
|  Mortgage loan | 29400000 | 20-Jan-55 |  | 29400000 | 3781722 |
|  |  |  | 20010546 | 37308885 | 4799042 |

---

Note: All bank borrowings contain a repayment on demand clause and are shown under current liabilities. The amounts due are presented based on scheduled repayment dates set out in the loan agreements.

As at March 31, 2025, the Group's bank loans were contractually repayable on demand pursuant to standard demand clauses in the relevant facility agreements. Accordingly, the entire carrying amount of the bank borrowings is classified as current liabilities in the consolidated statement of financial position, in accordance with IAS 1. The carrying amount of bank borrowings as at March 31, 2025 of HK$37,308,885 (2024: HK$20,010,546) are secured by (i) a legal charge over the leasehold property held by the Group as disclosed in Note 25 and (ii) unlimited amount guarantees jointly issued by Mr. Man Fai Lee and related companies.

Bank loans carry interest at Hong Kong Prime Rate ("HKPR") of the relevant bank minus 2.25% (2024: HKPR of the relevant bank minus 2.25%) per annum or one-month HIBOR plus 1.9% (2024: one-month HIBOR plus 1.9%) per annum. Factoring loans carry interest at Hong Kong Dollar Best Lending Rate ("HKD BLR") per annum (2024: HKD BLR) per annum.

The range of effective interest rates on bank borrowings as at March 31, 2025 (which are also equal to contracted interest rates) is 2.75% to 3.62% (2024: 2.75% to 3.62%) per annum.

Bank overdrafts carry interest at market rates which range from 2.25% to 2.6% (2024: 1.9% to 2.25%).

**13. LEASE LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  **Lease liabilities payable:** |  |  |  |
|  Amount due for settlement within 12 months shown under current liabilities | 503225 | 1295715 | 166668 |
|  Amount due for settlement after 12 months shown under non-current liabilities | 1237848 | 964116 | 124014 |
|  Total lease liabilities | 1741073 | 2259831 | 290682 |

---

**The weighted average incremental borrowing rates applied to lease liabilities range from 4.83% to 7.87% (2024: from 4.83% to 7.87%).**

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

**14. SHARE CAPITAL**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>shares** | **Total** | **Total** |
|  |  | **HK$** | **US$** |
|  Balance at April 1, 2023, March 31, 2024 and March 31, 2025 | 20000000 | 15600 | 2000 |

---

Ordinary shares of the Company have no par value. The holder of ordinary shares is entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restrictions.

**15. REVENUE**

Revenue represents the fair value of amounts received and receivable by the Company in respect of the provision of building renovation and construction services (which included renovation and maintenance works, alteration and addition works, and fitting-out works, and site formation and geotechnical works) to external customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Disaggregation of revenue from contracts with customers

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Alteration and improvement work | 89877952 | 200736535 | 25637888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Performance obligations for contracts with customers

The Company provides repair, maintenance, alteration and addition and painting works to external customers in Hong Kong. Such services are recognized as a performance obligation satisfied over time as the Company creates or enhances an asset that the customer controls as the asset is created or enhanced. Revenue is recognized for these construction services based on the certified value of works performed during the period by using the output method.

A contract asset, net of contract liability related to the same contract, is recognized over the period in which the construction services are performed representing the Company's right to consideration for the services performed because the rights are conditioned on the Company's future performance in achieving specified milestones or progress of the projects. The contract assets are transferred to trade receivables when the rights become unconditional. The Company typically transfers to trade receivables when the works performed during the period have been certified by the surveyors and issued the invoices to bill the customers.

Unbilled retention receivables, prior to expiration of defect liability period, are classified as contract assets, which range from one to two years from the date of the practical completion of the construction. The relevant amount of contract asset is reclassified to trade receivables when the defect liability period expires. The defect liability period serves as an assurance that the construction services performed comply with agreed-upon specifications and such assurance cannot be purchased separately.

The Company allows a credit period ranging from 30 to 60 days to its customers.

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

**15. REVENUE** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Transaction price allocated to the remaining performance obligation for contracts with customers

The transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as at March 31, 2025 and 2024 for contracts with customers that remain outstanding as at reporting date and the expected timings of recognizing revenue are as follows:

---

| | | |
|:---|:---|:---|
|  | **Alteration and <br>improvement <br>works** | **Alteration and <br>improvement <br>works** |
|  | **HK$** | **US$** |
|  As at March 31, 2025 |  |  |
|  Within one year | 189549624 | 24381768 |
|  More than one year but not more than two years | 183658235 | 23623959 |
|  More than two years | 139662736 | 17964818 |
|  | 512870595 | 65970545 |
|  As at March 31, 2024 |  |  |
|  Within one year | 191262053 | 24375461 |
|  More than one year but not more than two years | 189549624 | 24157528 |
|  More than two years | 320412768 | 40836161 |
|  | 701224445 | 89369150 |

---

**16. PROFIT FOR THE YEAR**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Profit for the year from has been arrived at after charging: |  |  |  |
|  Depreciation of property, plant and equipment | 32063 | 169704 | 21628 |
|  Depreciation of right-of-use assets | 798925 | 900645 | 115029 |
|  Auditor's remuneration | 40000 | 1183848 | 151200 |
|  Directors' remuneration |  |  |  |
| &nbsp;&nbsp;&nbsp; Salaries and other allowances | 516000 | 1332000 | 171335 |
| &nbsp;&nbsp;&nbsp; Retirement benefits scheme contributions | 18000 | 18000 | 2299 |
|  | 534000 | 1350000 | 173634 |
|  Other staff costs: |  |  |  |
| &nbsp;&nbsp;&nbsp; Salaries and other allowances | 2519050 | 1357500 | 173379 |
| &nbsp;&nbsp;&nbsp; Retirement benefits scheme contributions | 71540 | 56315 | 7193 |
|  | 2590590 | 1413815 | 180572 |
|  Total staff costs | 3124590 | 2763815 | 354206 |

---

**17. FINANCE COSTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Interests on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank borrowings | 1010815 | 2599609 | 332020 |
| &nbsp;&nbsp;&nbsp; Lease liabilities | 88551 | 125997 | 16092 |
|  | 1099366 | 2725606 | 348112 |

---

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**18. INCOME TAX EXPENSE**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Hong Kong profits tax |  |  |  |
|  – Current year | 967268 | 1669114  | 213178 |
|  Deferred taxation |  | 23100 | 2950 |
|  | 967268 | 1692214 | 216128 |

---

The following table sets forth the reconciliation from income tax calculated based on the applicable tax rates and profit before income tax presented in the financial statements to the income tax expenses:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Profit before income tax | 6874436 | 10385862 | 1362654 |
|  Income tax calculated at the Hong Kong statutory tax rate of 16.5% (2024: 16.5%) | 1134282 | 1713667 | 218868 |
|  Tax relief of 8.25% on the first HK$2 million | (165000) | (165000) | (21074) |
|  Tax effect of: |  |  |  |
|  Expenses not deductible for tax purpose | 624 | 23575 | 3011 |
|  Tax effect of taxable temporary differences not recognized | 15545 | 120467 | 15386 |
|  Income not subject to tax | (17688) |  |  |
|  Tax benefit | (495) | (495) | (63) |
|  Income tax expense | 967268 | 1692214 | 216128 |

---

<u><u>Hong Kong Income Tax</u></u>

Under the current Hong Kong Inland Revenue Ordinance, the Company incorporated in Hong Kong is subject to 16.5% income tax on their taxable income generated from operations in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. As at March 31, 2025, deferred tax liability represents temporary difference arising from accelerated tax depreciation.

**19. DIVIDENDS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Dividends for shareholders of the Company recognized as distribution |  | 14000000 | 1800820 |

---

During the year ended March 31, 2025, a final dividend of an aggregate amount of HK$14,000,000 (2024: HK$ Nil) was declared to the shareholders of the Company.

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**20. EARNINGS PER SHARE**

Earnings per share are calculated in accordance with IAS 33, Earnings per Share. Basic earnings per share are computed by dividing the net income attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Diluted earnings per share are computed in accordance with the treasury stock method and based on the weighted average number of shares plus dilutive share equivalents. Dilutive share equivalents are excluded from the computation of diluted earnings per share if their effects are anti-dilutive. The Company has no dilutive share equivalents.

**21. FINANCIAL RISKS MANAGEMENT**

The Company's activities expose it to a variety of financial risks from its operation. The key financial risks include credit risk, liquidity risk and market risk (including interest rate risk).

The Director reviews and agrees with policies and procedures for the management of these risks which are executed by the management team.

The following sections provide details regarding the Company's exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks.

There has been no change to the Company's exposure to these financial risks or the manner in which it manages and measures the risks.

<u><u>Credit risk</u></u>

Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a loss to the Company. The Company's exposure to credit risk arises primarily from trade and other receivables. For other financial assets (including cash), the Company minimizes credit risk by dealing exclusively with high credit rating counterparties.

The Company has adopted a policy of only dealing with creditworthy counterparties. The Company performs ongoing credit evaluation of its counterparties' financial condition and generally do not require a collateral.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period.

The Company has determined the default event on a financial asset to be when internal and/or external information indicates that the financial asset is unlikely to be received, which could include default of contractual payments due for more than 90 days or there is significant difficulty of the counterparty.

To minimize credit risk, the Company has developed and maintained the Company's credit risk gradings to categorize exposures according to their degree of risk of default. The credit rating information is supplied by publicly available financial information and the Company's own trading records to rate its major customers and other debtors. The Company considers available reasonable and supportive forward-looking information which includes the following indicators:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal credit rating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External credit rating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtor's ability to meet its obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actual or expected significant changes in the operating results of the debtor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant increases in credit risk on other financial instruments of the same debtor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes in the expected performance and behavior of the debtor, including changes in the payment status of debtors in the company and changes in the operating results of the debtor

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**21. FINANCIAL RISKS MANAGEMENT** (cont.)

Regardless of the analysis above, a significant increase in credit risk is presumed if a debtor is more than 90 days past due in making contractual payment.

The Company determined that its financial assets are credit-impaired when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is significant difficulty of the debtor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A breach of contract, such as default or past due event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is becoming probable that the debtor will enter bankruptcy or other financial reorganization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a disappearance of an active market for that financial asset because of financial difficulty

The Company categorizes a receivable for potential write-off when a debtor fails to make contractual payments more than 365 days past due. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery.

The Company's internal credit risk grading framework comprises the following categories:

---

| | | |
|:---|:---|:---|
|  **Category** | **Definition of category** | **Trade receivables** |
|  I | Counterparty has low risk of default and does not have any past-due amounts. | 12 month ECL |
|  II | Amount is >90 days past due or there has been a significant increase in credit risk since initial recognition. | Lifetime ECL-not credit impaired |
|  III | Amount is >180 days past due or there is evidence indicating the asset is credit impaired (in default) | Lifetime ECL-credit impaired |
|  IV | There is evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery. | Amount is written off |

---

The table below details the credit quality of the Company's financial assets, as well as maximum exposure to credit risk by credit risk rating categories:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **March 31, 2025** | **Category** | **12-month <br>or lifetime <br>ECL** | **Gross <br>carrying <br>amount** | **Loss <br>allowance** | **Net carrying amount** | **Net carrying amount** |
|  |  |  | **HK$** | **HK$** | **HK$** | **US$** |
|  Trade receivables | I <br>Note 1 | Lifetime ECL (Simplified) | 21721349 | 102672 | 21618677 | 2780810 |
|  Other receivables and <br>deposits | I <br>Note 2 | 12-month ECL | 70000 |  | 70000 | 9005 |
|  |  |  | 21791349 | 102672 | 21688677 | 2789815 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **March 31, 2024** | **Category** | **12-month <br>or lifetime <br>ECL** | **Gross <br>carrying <br>amount** | **Loss <br>allowance** | **Net carrying amount** | **Net carrying amount** |
|  |  |  | **HK$** | **HK$** | **HK$** | **US$** |
|  Trade receivables | I <br>Note 1 | Lifetime ECL (Simplified) | 13115765 | 22012 | 13093753 | 1668738 |
|  Other receivables and deposits | I <br>Note 2 | 12-month ECL | 60000 |  | 60000 | 7647 |
|  |  |  | 13175765 | 22012 | 13153753 | 1676385 |

---

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**21. FINANCIAL RISKS MANAGEMENT** (cont.)

#### Note 1: Trade receivables
For trade receivables, the Company has applied the simplified approach in IFRS 9 and use provision matrix to measure the loss allowance at lifetime ECL. In determining ECL on a collective basis, trade receivables are grouped based on similar credit risk and aging. The Company considers the historical credit loss experience based on the past due status of the debtors and historical customers' payment profile. It also incorporates forward-looking information into ECL estimates, considering macroeconomic factors relevant to its operations, e.g. the GDP growth of its region of operations and estimates of future economic conditions. The Company has identified the business risk in which it provides services to be the most relevant factor and the historical loss rates is adjusted accordingly based on the expected changes in this factor. Accordingly, the credit risk profile of trade receivables is presented based on their past due status in terms of the provision matrix.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **March 31, 2025** | **Average<br>loss rate** | **Trade <br>receivables,<br>gross** | **ECL** | **Trade <br>receivables, <br>net** | **Trade <br>receivables, <br>net** |
|  | | **HK$** | **HK$** | **HK$** | **US$** |
|  1 days to 90 days | 0.13% | 21531810 | 27388 | 21504422 | 2766114 |
|  91 days to 180 days | 0.13% | 114401 | 146 | 114255 | 14696 |
|  181 days to 365 days |  |  |  |  |  |
|  > 365 days | 100% | 75138 | 75138 |  |  |
|  |  | 21721349 | 102672 | 21618677 | 2780810 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **March 31, 2024** | **Average<br>loss rate** | **Trade <br>receivables,<br>gross** | **ECL** | **Trade <br>receivables, <br>net** | **Trade <br>receivables, <br>net** |
|  | | **HK$** | **HK$** | **HK$** | **US$** |
|  1 days to 90 days | 0.13% | 13025723 | 16568 | 13009155 | 1657956 |
|  91 days to 180 days |  |  |  |  |  |
|  181 days to 365 days | 0.19% | 84757 | 159 | 84598 | 10782 |
|  > 365 days | 100% | 5285 | 5285 |  |  |
|  |  | 13115765 | 22012 | 13093753 | 1668738 |

---

The following table shows the movement in lifetime ECL that have been recognized for trade receivables.

---

| | |
|:---|:---|
|  | **Lifetime ECL <br>for trade <br>receivables** |
|  | **HK$** |
|  At April 1, 2023 | 9426 |
|  Impairment loss recognized | 12586 |
|  At March 31, 2024 | 22012 |
|  Impairment loss recognized | 80660 |
|  At March 31, 2025 | 102672 |

---

#### Note 2: Other receivables and deposits
Other receivables and deposits are considered to be low credit risk and subject to immaterial credit loss. Credit loss for these assets have not been increased significantly since their initial recognition. Consequently, they are measured at the 12-month ECL.

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**21. FINANCIAL RISKS MANAGEMENT** (cont.)

#### Note 3: Cash and bank balances
Cash and bank balances are mainly deposits with reputable banks with high international credit rating. Credit loss for the assets have not been increased significantly since their initial recognition. Consequently, they are measured at the 12-month ECL.

#### Excessive risk concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company's performance to developments affecting a particular industry.

#### Exposure to credit risk
The Group has concentration of credit risk as 77.2% (2024: 88.7%) and 100% (2024: 100%) of the total trade receivables was due from the Group's largest customer and the five largest customers, respectively. The Company has credit policies and procedures in place to minimize and mitigate its credit risk exposure.

The following table sets forth a summary of single customers who represent 10% or more of the Company's revenue:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Customer A | 73743960 | 188114778 | 24025796 |

---

Liquidity risk refers to the risk that the Company will encounter difficulties in meeting its short-term obligations due to shortage of funds. The Company's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. It is managed by matching the payment and receipt cycles. The Company finances its working capital requirements through a combination of funds generated from operations and borrowings from banks.

The short-term bank facilities are contractually repayable on demand. Although there has been no historical demand by the bank for repayment, there is no assurance that such facilities will continue on similar terms. If the bank were to demand repayment, the liquidity could be adversely affected.

Based on the above considerations, management is of the opinion that the Company has sufficient funds to meet its working capital requirements and debt obligations, for at least the next 12 months. There are several factors that could potentially arise that could undermine the Company's plans, such as changes in the demand for its services, economic conditions, its operating results continuing to deteriorate and its shareholders unable to provide continued financial support.

The Company maintains sufficient cash and bank balances, and internally generated cash flows to finance their activities and management is satisfied that funds are available to finance the operations of the Company.

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**21. FINANCIAL RISKS MANAGEMENT** (cont.)

The table below analyses the Company's financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted<br>average<br>interest<br>rate** | **On<br>demand** | **Less<br>than<br>1 year** | **1 year to<br>2 years** | **Over<br>2 years** | **Total<br>undiscounted<br>cash flows** | **Carrying<br>amount at <br>March 31,<br>2025** | **Carrying<br>amount at <br>March 31, <br>2025** |
|  |  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** | **US$** |
|  **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
|  Trade and other payables | N/A | 14641055 |  |  |  | 14641055 | 14641055 | 1883279 |
|  Bank borrowings | 2.75% | 37308885 |  |  |  | 37308885 | 37308885 | 4799042 |
|  Lease liabilities | 6.49% |  | 1295715 | 579364 | 384752 | 2259831 | 2259831 | 290682 |
|  |  | 51949940 | 1295715 | 579364 | 384752 | 54209771 | 54209771 | 6973003 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted<br>average<br>interest<br>rate** | **On<br>demand** | **Less<br>than<br>1 year** | **1 year to<br>2 years** | **Over<br>2 years** | **Total<br>undiscounted<br>cash flows** | **Carrying<br>amount at <br>March 31,<br>2024** | **Carrying<br>amount at <br>March 31, <br>2024** |
|  |  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** | **US$** |
|  **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
|  Trade and other payables | N/A | 8835855 |  |  |  | 8835855 | 8835855 | 1126089 |
|  Bank borrowings | 2.75% | 20010546 |  |  |  | 20010546 | 20010546 | 2550251 |
|  Lease liabilities | 6.49% |  | 503225 | 746047 | 491801 | 1741073 | 1741073 | 221892 |
|  |  | 28846401 | 503225 | 746047 | 491801 | 30587474 | 30587474 | 3898232 |

---

#### Market risk
Market risk is the risk of changes in fair value of financial instruments and future cash flows from fluctuation of market prices, which is risk from volatility of market interest rates (interest rate risk).

*Interest rate risk*

Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk arise primarily from bank borrowings.

The sensitivity analysis below has been determined based on the exposure to interest rate for non-derivative instruments at the end of the reporting period. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

As of March 31, 2025 and 2024, if interest rates on bank borrowings had been 50 basis points higher/lower and all other variables were held constant, the Company's profit/loss for the year would decrease by approximately HK$186,544 and HK$100,053, respectively.

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**22. FINANCIAL INSTRUMENTS BY CATEGORY**

At the reporting date, the aggregate carrying amounts of financial assets and receivables and financial liabilities at amortized cost were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  **Financial assets measured at amortized cost** |  |  |  |
|  Trade and other receivables | 13153753 | 21688677 | 2789815 |
|  Cash and bank balances | 90543 | 1265991 | 162844 |
|  | 13244296 | 22954668 | 2952659 |
|  **Financial liabilities measured at amortized cost** |  |  |  |
|  Trade and other payables | 8835855 | 14641055 | 1883279 |
|  Bank borrowings | 20010546 | 37308885 | 4799042 |
|  Lease liabilities | 1741073 | 2259831 | 290682 |
|  | 30587474 | 54209771 | 6973003 |

---

As at March 31, 2025, HK$37,308,885 of bank borrowings were classified as current liabilities because the lenders have a contractual right to demand repayment at any time. The Group expects, based on past practice and subsequent events described in Note 28, that the facilities will be maintained/renewed in the ordinary course of business.

**23. RETIREMENT BENEFITS PLAN**

The Company participates in the MPF Scheme for all qualifying employees in Hong Kong. The assets of the above scheme are held separately from those of the Company, in funds under the control of trustees. The Company contributes at the lower of HK$1,500 per month or 5% of the relevant payroll costs to the MPF Scheme.

The total cost charged to profit or loss of approximately HK$74,315 (2024: HK$89,540) represents contributions paid or payable to the above scheme by the Group for the year. As at 31 March 2025, contributions of approximately HK$23,133 (2024: HK$33,596) due in respect of the corresponding reporting periods had not been paid over to the scheme.

During the year, there were no forfeited contributions which arose upon employees leaving the scheme prior to their interests in the Company's contribution becoming fully vested and which are available to reduce the contributions payable by the Company in future years.

**24. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES**

The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group's statement of cash flows as cash flows from financing activities.

---

| | | | |
|:---|:---|:---|:---|
|  | **Bank <br>borrowings** | **Lease <br>liabilities** | **Total** |
|  | **HK$** | **HK$** | **HK$** |
|  **At April 1, 2023** | 8978479 | 1172332 | 10150811 |
|  Financing cash flows | 10021252 | (541908) | 9479344  |
|  New leases entered |  | 1022098 | 1022098 |
|  Interest expenses | 1010815 | 88551 | 1099366 |
|  **At March 31, 2024** | 20010546 | 1741073 | 21751619 |
|  Financing cash flows | 14698730 | (807239) | 13891491  |
|  New leases entered |  | 1200000 | 1200000 |
|  Interest expenses | 2599609 | 125997 | 2725606 |
|  **At March 31, 2025** | 37308885 | 2259831 | 39568716 |

---

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**25. PLEDGE OF ASSETS**

At the end of the reporting period, the carrying amounts of the assets pledged by the Company to banks in order to secure bank borrowings and lease liabilities granted by these banks to the Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Property, plant and equipment |  | 41860000 | 5384452 |
|  Right-of-use assets | 985753 | 1285108  | 165303  |
|  | 985753 | 43145108 | 5549755 |

---

**26. RELATED PARTY DISCLOSURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transactions and balances

During the year ended March 31, 2025, the Company had following transactions and balances with its related party during both years:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Relationship** | **Nature of <br>balances/transactions** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  **Relationship** | **Nature of <br>balances/transactions** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
|  Related companies | Amount due from a related company | 32412782 |  |  |
|  | Sub-contract revenue | 3060000 |  |  |
|  | Sub-contract cost | 32820000 | 68400000 | 8735986 |
|  Ultimate holding company | Amount due from (to) a shareholder | 87050 | (4488950) | (577414) |
|  Related party | Acquisition of property |  | 42000000 | 5402460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Compensation of key management personnel

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended March 31,** | **Year ended March 31,** | **Year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Director's fees |  |  |  |
|  Salaries and other allowances | 516000 | 1332000 | 171335 |
|  Retirement benefits scheme | 18000 | 18000 | 2299 |
|  | 534000 | 1350000 | 173634 |

---

The remuneration of key management personnel is determined with regard to the performance of the individuals and market trends.

**27. CAPITAL MANAGEMENT**

The Company manages their capital to ensure that the Company is able to continue as a going concern and maintain an optimal capital structure so as to maximize shareholder's value. The capital structure of the Company consists of equity attributable to owners of the Company, comprising issued share capital and reserves as presented in the statements of changes in equity.

The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes during the years ended March 31, 2025 and 2024.

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**28. Events after reporting period**

The Company has assessed all events from March 31, 2025, up through the date that these financial statements are available to be issued, there are not any material subsequent events that require disclosure in these financial statements except below.

For the sake of undertaking a public offering of the Company's ordinary shares, the Company has performed a series of reorganization transactions, and the Reorganization is completed on August 13, 2025 (Note 1).

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

#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Notes** | **As of <br>March 31, <br>2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  |  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  |  | **HK$** | **HK$** | **US$** |
|  **Non-current assets** |  |  |  |  |
|  Property, plant and equipment | 4 | 41888114 | 43593503 | 5603905 |
|  Right-of-use assets | 5 | 1285108 | 933909 | 120053 |
|  |  | **43173222** | **44527412** | **5723958** |
|  **Current assets** |  |  |  |  |
|  Trade and other receivables | 6 | 21688677 | 22589629 | 2903876 |
|  Amount due from a related company | 7 |  | 10562002 | 1357736 |
|  Amount due from a shareholder | 8 |  |  |  |
|  Contract assets | 9 | 8509035 | 11693807 | 1503228 |
|  Cash and bank balances | 10 | 1265991 | 1004281 | 129099 |
|  **Total current assets** |  | **31463703** | **45849719** | **5893939** |
|  **Total assets** |  | **74636925** | **90377131** | **11617897** |
|  **LIABILITIES AND EQUITY** |  |  |  |  |
|  **Current liabilities** |  |  |  |  |
|  Trade and other payables | 11 | 14641055 | 21394341 | 2750223 |
|  Amount due to a shareholder | 8 | 4488950 | 2984402 | 383642 |
|  Bank borrowings | 12 | 37308885 | 40453241 | 5200227 |
|  Lease liabilities | 13 | 1295715 | 738980 | 94995 |
|  Income tax payable |  | 2087611 | 3664537 | 471073 |
|  **Total current liabilities** |  | **59822216** | **69235501** | **8900160** |
|  **Non-current liabilities** |  |  |  |  |
|  Deferred tax liability |  | 23100 |  |  |
|  Lease liabilities | 13 | 964116 | 1156172 | 148624 |
|  **Total non-current liabilities** |  | **987216** | **1156172** | **148624** |
|  **Total liabilities** |  | **60809432** | **70391673** | **9048784** |
|  **Net assets** |  | **13827493** | **19985458** | **2569113** |
|  **Equity** |  |  |  |  |
|  Share capital | 14 | 15600 | 15600 | 2000 |
|  Retained earnings |  | 13811893 | 19969858 | 2567113 |
|  **Total equity** |  | **13827493** | **19985458** | **2569113** |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **Notes** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
|  Revenue | 15 | 96035495 | 93535624 | 11974463 |
|  Cost of sales |  | (81044260) | (79670652) | (10199464) |
|  Gross profit |  | 14991235 | 13864972 | 1774999 |
|  Other income |  | 46800 | 63283 | 8101 |
|  Reversal of credit losses on trade receivables, net |  |  | 78388 | 10035 |
|  Administrative expenses |  | (4242456) | (4994204) | (639359) |
|  **Profit from operation** |  | **10795579** | **9012439** | **1153776** |
|  Finance costs | 17 | (1360968) | (1535178) | (196534) |
|  **Profit before tax** |  | **9434611** | **7477261** | **957242** |
|  Income tax expense | 18 | (1364659) | (1319296) | (168897) |
|  **Profit for the period** |  | **8069952** | **6157965** | **788345** |
|  Earnings per share |  |  |  |  |
|  – Basic and diluted | 20 | 0.40 | 0.31 | 0.04 |
|  Weighted average number of shares outstanding |  |  |  |  |
|  – Basic and diluted | 20 | 20000000 | 20000000 | 20000000 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

---

| | | | |
|:---|:---|:---|:---|
|  | **Share <br>capital** | **Retained <br>earnings** | **Total <br>equity** |
|  | **HK$** | **HK$** | **HK$** |
|  **Balance at 31 March, 2024 (Audited)** | **15600** | **19118245** | **19133845** |
|  Profit for the period |  | 8069952 | 8069952 |
|  **Balance at September 30, 2024 (Unaudited)** | **15600** | **27188197** | **27203797** |
|  **Balance at March 31, 2025 (Audited)** | **15600** | **13811893** | **13827493** |
|  Profit for the period |  | 6157965 | 6157965 |
|  **Balance at September 30, 2025 (Unaudited)** | **15600** | **19969858** | **19985458** |
|  **Balance at September 30, 2025 (Unaudited) (US$)** | **2000** | **2567113** | **2569113** |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **Notes** | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
|  **Cash flows from operating activities** |  |  |  |  |
|  Profit before tax |  | 9434611 | 7477261 | 957242 |
|  **Adjustments for:** |  |  |  |  |
|  Depreciation of property, plant and equipment |  | 11957 | 81821 | 10475 |
|  Depreciation of right-of-use assets |  | 270760 | 351199 | 44961 |
|  Reversal of credit losses on trade receivables, net |  |  | (78388) | (10035) |
|  Finance cost | 17 | 1360968 | 1535178 | 196534 |
|  **Operating cash flows before working capital changes** |  | 11078296 | 9367071 | 1199177 |
|  **Changes in working capital:** |  |  |  |  |
|  Decrease/(increase) in trade and other receivables |  | 8243265 | (822564) | (105740) |
|  Increase in contract assets |  | (964625) | (3184772) | (409400) |
|  Increase in amount due from a related company |  | (9004490) | (12066550) | (1551144) |
|  (Decrease)/increase in trade payables |  | (6031075) | 6753287 | 868128 |
|  **Cash generated from operating activities** |  | 3321371 | 46472 | 1021 |
|  Income tax (paid)/refund |  | (135300) | 234529 | 30024 |
|  **Net cash generated from operating activities** |  | 3186071 | 281001 | 31045 |
|  **Cash flows from investing activities** |  |  |  |  |
|  Purchase of property, plant and equipment |  |  | (1787210) | (229744) |
|  **Net cash used in investing activities** |  |  | (1787210) | (229744) |
|  **Cash flows from financing activities** |  |  |  |  |
|  New bank borrowings raised |  | 30284227 | 18329617 | 2356256 |
|  Repayment of bank borrowings |  | (30678352) | (15185261) | (1947889) |
|  Repayment of lease liabilities |  | (258078) | (364679) | (46879) |
|  Interest paid |  | (1360968) | (1535178) | (196534) |
|  **Net cash (used in)/generated from financing activities** |  | (2013171) | 1244499 | 164954 |
|  **Net change in cash and bank balances** |  | 1172900 | (261710) | (33745) |
|  **Cash and bank balances at beginning of period** | 10 | 90543 | 1265991 | 162844 |
|  **Cash and bank balances at end of period** | 10 | 1263443 | 1004281 | 129099 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**1. OVERVIEW**

Worldstar Engineering Holdings Limited (the "Company") is a company incorporated in Cayman Islands with limited liability. The Company's registered office is located at Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

The Company is an investment holdings company. The consolidated financial statements are presented in Hong Kong dollars ("HK$") which is also the functional currency of the Company.

There have been no significant changes in the nature of these activities during the six months ended September 30, 2025.

#### Organization and reorganization
The Company was incorporated in Cayman Island on June 25, 2025 with one member, namely, Worldstar Pioneer Limited ("WS Pioneer"), which owned 1 Class B Ordinary Share of the Company at incorporation.

**2. MATERIAL ACCOUNTING POLICY INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Basis of preparation**

#### Going concern
The unaudited interim condensed consolidated financial statements have been prepared on a going concern basis. In assessing the Group's ability to continue as a going concern, management considered the Group's financial position, cash-flow forecasts and available financing for at least twelve months from the date these unaudited interim condensed consolidated financial statements were authorized for issue.

As at September 30, 2025, the Group reported net current liabilities of HK$23,385,782 (current assets HK$45,849,719; current liabilities HK$69,235,501) and bank borrowings that are contractually repayable on demand (see Notes 12 and 22).

Management's 12-month cash-flow forecast, reflecting contracted works on hand, expected billing and collection schedules, and committed financing indicates the Group has sufficient liquidity to meet its obligations as they fall due.

Accordingly, the going concern basis of accounting is appropriate.

The unaudited interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board under the historical cost convention, except as disclosed in the accounting policies below.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The preparation of unaudited interim condensed consolidated financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Company's accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the unaudited interim condensed consolidated financial statements are disclosed in Note 3.

<u><u>IFRS and Interpretations of IFRS issued but not yet effective</u></u>

At the date of authorization of these unaudited interim condensed consolidated financial statements, certain IFRS were issued but not yet effective. Consequential amendments were also made to various standards as a result of these new/revised standards.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

<u>**<u>Amendments to IFRSs that are mandatorily effective for the current period</u>**</u>

In the current period, the Company has applied the amendments to IAS 21 and IFRS 1 of Lack of Exchangeability as issued by the International Accounting Standards Board ("IASB") for the first time, which are mandatorily effective for the annual period beginning on April 1, 2025 for the preparation of the unaudited interim condensed consolidated financial statements:

The application of the amendments to IFRSs in the current period had no material impact on the Company's financial positions and performance for the current period and prior years and/or on the disclosures set out in the unaudited interim condensed consolidated financial statements.

<u>**<u>New and amendments to IFRSs in issue but not yet effective</u>**</u>

The Company has not early applied the following new and amendments to IFRSs that have been issued but are not yet effective:

---

| |
|:---|
|  Amendments to IFRS 9 and IFRS 7 |
|  Amendments to IFRS 9 and IFRS 7<br> Contracts Referencing Nature-dependent Electricity<sup>(2)</sup> |
|  Amendments to IFRS 10 and IAS 28<br> Sale or Contribution of Assets between an Investor and its Associate or Joint Venture<sup>(1)</sup> |
|  Amendments to IFRS 19<br> Subsidiaries without Public Accountability: Disclosures<sup>(3)</sup> |
|  Amendments to IFRS Accounting Standards<br> Annual Improvements to IFRS Accounting Standards — Volume 11<sup>(2)</sup> |
|  IFRS 18<br> Presentation and Disclosure in Financial Statements<sup>(3)</sup> |
|  IFRS 19<br> Subsidiaries without Public Accountability: Disclosures<sup>(3)</sup> |
|  Amendments to IAS 21<br> Translation to a Hyperinflationary Presentation Currency<sup>(3)</sup> |

---

_____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Effective for annual periods beginning on or after a date to be determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Effective for annual periods beginning on or after June 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Effective for annual periods beginning on or after June 1, 2027.

Except for the new and amendments to IFRS mentioned below, the directors of the Company anticipate that the application of all other new and amendments to IFRSs will have no material impact on the unaudited interim condensed consolidated financial statements in the foreseeable future.

#### IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18"), which sets out requirements on presentation and disclosures in financial statements, will replace IAS 1 Presentation of Financial Statements ("IAS 1"). This new IFRS Accounting Standards, while carrying forward many of the requirements in IAS 1, introduces new requirements to present specified categories and defined subtotals in the statement of profit or loss; provide disclosures on management-defined performance measures in the notes to the financial statements and improve aggregation and disaggregation of information to be disclosed in the financial statements. In addition, some IAS 1 paragraphs have been moved to IAS 8 Accounting Policies,

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

Changes in Accounting Estimates and Errors and IFRS 7 Financial instruments: Disclosures ("IFRS 7"). Minor amendments to IAS 7 Statement of Cash Flows ("IAS 7") and IAS 33 Earnings per Share are also made.

IFRS 18, and amendments to other standards, will be effective for annual periods beginning on or after 1 June 2027, with early application permitted. The application of IFRS 18 is expected to affect the presentation of the statement of profit or loss and disclosures in the future financial statements but has no impact on the financial positions and performance. The Company is in the process of assessing the detailed impact of IFRS 18 on the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Revenue**

#### Building renovation and construction services
<u><u>Recognition</u></u>

The Company provides repair, maintenance, alteration and addition and painting works services under contract with customers. Such contracts are entered into before the repair, maintenance, alteration and addition and painting works services begin. Under the terms of the contracts, the Company's performance creates and enhances an asset that the customers control which referred as designated areas where the repair, maintenance, alteration and addition and painting works services performed. Revenue from repair, maintenance, alteration and addition and painting works services is therefore recognized over time, using the output method.

#### Over time revenue recognition: measurement of progress towards complete satisfaction of a performance obligation
<u><u>Output method</u></u>

The progress towards complete satisfaction of a performance obligation is measured based on output method, which is to recognize revenue on the basis of direct measurements of the value of the goods or services transferred to the customer to date relative to the remaining goods or services promised under the contract, that best depict the Company's performance in transferring control of goods or services.

#### Variable consideration
For contracts that contain variable consideration (i.e. variation orders), the Company estimates the amount of consideration to which it will be entitled using either (a) the expected value method or (b) the most likely amount, depending on which method better predicts the amount of consideration to which the Company will be entitled.

The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that such an inclusion will not result in a significant revenue reversal in the future when the uncertainty associated with the variable consideration is subsequently resolved.

At the end of each reporting period, the Company updates the estimated transaction price (including updating its assessment of whether an estimate of variable consideration is constrained) to represent faithfully the circumstances present at the end of the reporting period and the changes in circumstances during the reporting period.

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#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Convenience translation**

Translations of amounts in the CFS from HK$ into United States Dollar ("US$") as of and for the six months ended September 30, 2025 are solely for the convenience of the readers and were calculated at US$1.00 = HK$7.7791 for consolidated statement of financial position and US$1.00 = HK$7.8113 for consolidated statement of profit or loss and consolidated statement of cash flows, as published by the Hong Kong Monetary Authority. The Company makes no representation the HK$ amounts could have been converted, realized or settled into US$ at such rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Interest**-bearing **loans and borrowings**

Interest-bearing loans and borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing loans and borrowings are stated at amortized cost using the effective interest method. Interest expense is recognized in accordance with the Company's accounting policy for borrowing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Financial instruments**

<u><u>Financial assets</u></u>

Financial assets are recognized when, and only when the entity becomes party to the contractual provisions of the instruments.

At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss ("FVTPL'"), transaction costs that are directly attributable to the acquisition of the financial asset Transaction costs of financial assets carried at FVTPL are expensed in profit or loss.

<u><u>Subsequent measurement</u></u>

<u><u>Debt instruments</u></u>

Subsequent measurement of debt instruments depends on the Company's business model for managing the asset and the contractual cash flow characteristics of the asset. The three measurement categories for classification of debt instruments are amortized cost, fair value through other comprehensive income and FVTPL. The Company only has debt instruments at amortized cost.

Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when the assets are derecognized or impaired, and through the amortization process.

<u><u>Impairment</u></u>

The Company recognizes an allowance for expected credit losses ("ECL") for all debt instruments not held at FVTPL. ECL As based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

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**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

ECL is recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECL is provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL).

For trade receivables, the Company applies a simplified approach in calculating ECL. Therefore, the Company does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECL at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward looking factors specific to the debtors and the economic environment which could affect debtors' ability to pay.

The Company considers a financial asset in default when contractual payments are 365 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

<u><u>Derecognition</u></u>

A financial asset is derecognized where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt instruments is recognized in profit or loss.

<u><u>Offsetting of financial instruments</u></u>

A financial asset and a financial liability shall be offset and the net amount presented in the statements of financial position when, and only when, an entity (a) currently has a legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

<u><u>Financial liabilities</u></u>

<u><u>Initial recognition and measurement</u></u>

Financial liabilities are recognized when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognized initially at fair value plus in the case of financial liabilities not at FVTPL, net of directly attributable transaction costs.

<u><u>Subsequent measurement</u></u>

After initial recognition, financial liabilities that are not carried at FVTPL are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and through the amortization process.

<u><u>Derecognition</u></u>

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognized in profit or loss.

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**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Leases**

<u><u>When the Company is the lessee</u></u>

At the inception of the contract, the Company assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed.

<u><u>Right-of</u><u>-use assets</u></u>

The Company recognizes a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentives received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets.

These right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.

<u><u>Lease liabilities</u></u>

The initial measurement of a lease liability is measured at the present value of the lease payments discounted using the interest rate implicit in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Company shall use its incremental borrowing rate.

Lease payments include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed payments (including in-substance fixed payments), less any lease incentives receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amounts expected to be payable under residual value guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exercise price of a purchase option if the Company is reasonably certain to exercise the option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payment of penalties for terminating the lease, if the lease term reflects the Company exercising that option.

For a contract that contain both lease and non-lease components, the Company allocates the consideration to each lease component on the basis of the relative stand-alone prices of the lease and non-lease components. The Company has elected to not separate lease and non-lease components for property leases and account these as one single lease component.

Lease liabilities are measured at amortized cost using the effective interest method. Lease liabilities shall be remeasured when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a change in future lease payments arising from changes in an index or rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a change in the Company's assessment of whether it will exercise an extension option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a modification in the scope or the consideration of the lease that was not part of the original term.

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**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

Lease liabilities are remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

<u><u>Short-term</u> <u>and</u> <u>low-value</u> <u>leases</u></u>

The Company has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low-value leases, except for sublease arrangements. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.

<u><u>Variable lease payments</u></u>

Variable lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease liability. The Company shall recognize those lease payments in profit or loss in the periods that triggered those lease payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 Income tax**

The tax expense for the period comprises current tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred taxes are recognized using the liability method for temporary differences other than those that arise from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit.

Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Trade and other receivables**

A receivable is recognized when the Company has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due.

Trade receivables are initially measured at their transaction price and other receivables are initially measured at fair value plus transaction costs. All receivables are subsequently stated at amortized cost using the effective interest method and including allowance for credit losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 Trade and other payables**

Trade and other payable are initially recognized at fair value. Subsequently to initial recognition, trade and other payables are stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at invoice amounts.

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**2. MATERIAL ACCOUNTING POLICY INFORMATION** (cont.)

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 Cash and bank balances**

Cash and bank balances in the statement of financial position comprise cash on hand and bank balances which are readily convertible to known amounts of cash and subject to insignificant risk of changes in value.

**3. CRITICAL JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**

In the application of the Company's accounting policies, which are described in note 2, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revision to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

*Critical judgement in applying accounting policies*

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

<u><u>Impairment assessment of ECL for trade receivables and contract assets</u></u>

As explained in note 2.5, ECL are measured as an allowance equal to lifetime ECL for low risk and watch list assets, or lifetime ECL for doubtful assets. An asset moves to doubtful, when its credit risk has increased significantly since initial recognition. IFRS 9 does not define what constitutes a significant increase in credit risk. In assessing whether the credit risk of an asset has significantly increased the Company takes into account qualitative and quantitative reasonable and supportable forward-looking information.

*Key sources of estimation uncertainty*

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

<u><u>Recognition of contract revenue arising from building renovation and construction services</u></u>

During the six months ended September 30, 2025, the Company recognized contract revenue arising from repair, maintenance, alteration and addition and painting works services of HK$93,535,624 (2024: HK$96,035,495) by reference to the progress towards complete satisfaction of a performance obligation at the end of the reporting period, measured based on the surveys of work performed to date. Notwithstanding that the management of the Company frequently reviews and revises the estimates of total contract revenue as the contract progresses, the actual outcome of the contracts in terms of its total revenue may be higher or lower than the estimates and this will affect the recognition of revenue.

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

**3. CRITICAL JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY** (cont.)

<u><u>Impairment assessment of ECL for trade receivables and contract assets</u></u>

The management of the Company estimates the amount of lifetime ECL of trade receivables and contract assets by first identifying significant balances for individual assessment and for the remaining balances, on a collective basis through grouping of various customers that have similar credit risk characteristics by reference to the nature and industry of customers. Internal credit rating has been given to each category of customers after considering aging, repayment history and past due status of respective customers. Estimated loss rates are based on probability of default and loss given default and are adjusted for forward-looking information. The credit loss allowance amount of the trade receivables and contract assets is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows.

As at September 30, 2025 and March 31, 2025, the carrying amounts of trade receivables were HK$22,483,730 (net of allowance of HK$22,459,446) and HK$21,721,349 (net of allowance of HK$21,618,677), respectively, while the carrying amounts of contract assets were HK$11,693,807 (net of allowance of HK$11,693,807) and HK$8,509,035 (net of allowance of HK$8,509,035), respectively.

The provision of ECL is sensitive to changes in estimates. The information about the ECL and the Company's trade receivables and contract assets is disclosed in note 21.

**4. PROPERTY, PLANT AND EQUIPMENT**

---

| | | | |
|:---|:---|:---|:---|
|  | **Office <br>equipment** | **Leasehold <br>property** | **Total** |
|  | **HK$** | **HK$** | **HK$** |
|  **Cost:** |  |  |  |
|  Balance at March 31, 2024 | 608373 |  | 608373 |
|  Additions | 19300 | 42000000 | 42019300 |
|  Balance at March 31, 2025 | 627673 | 42000000 | 42627673 |
|  Additions |  | 1787210 | 1787210 |
|  Balance at September 30, 2025 | 627673 | 43787210 | 44414883 |
|  **Accumulated depreciation** |  |  |  |
|  Balance at March 31, 2024 | 569855 |  | 569855 |
|  Depreciation | 29704 | 140000 | 169704 |
|  Balance at March 31, 2025 | 599559 | 140000 | 739559 |
|  Depreciation | 11821 | 70000 | 81821 |
|  Balance at September 30, 2025 | 611380 | 210000 | 821380 |
|  **Carrying amount** |  |  |  |
|  Balance at March 31, 2025 | 28114 | 41860000 | 41888114 |
|  Balance at September 30, 2025 | 16293 | 43577210 | 43593503 |
|  Balance at September 30, 2025 (US$) | 2094 | 5601811 | 5603905 |

---

The above items of property, plant and equipment are depreciated over their estimated useful lives, using straight-line method, at the following rates per annum:

---

| | |
|:---|:---|
|  Furniture and equipment | 20% |
|  Leasehold property | 4% |

---

The Group has pledged owned properties with carrying amounts of HK$43,577,210 (March 31, 2025: HK$41,860,000) to secure general banking facilities granted to the Group.

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

**WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**5. RIGHT-OF-USE ASSETS**

---

| | |
|:---|:---|
|  | **Motor <br>vehicle** |
|  | **HK$** |
|  **Cost:** |  |
|  Balance at March 31, 2024 | 3448597 |
|  Additions | 1200000 |
|  Disposals | (392000) |
|  Balance at March 31, 2025, and September 30, 2025 | 4256597 |
|  **Accumulated depreciation** |  |
|  Balance at March 31, 2024 | 2462844 |
|  Depreciation | 900645 |
|  Eliminated on disposals | (392000) |
|  Balance at March 31, 2025 | 2971489 |
|  Depreciation | 351199 |
|  Balance at September 30, 2025 | 3322688 |
|  **Carrying amount** |  |
|  Balance at March 31, 2025 | 1285108 |
|  Balance at September 30, 2025 | 933909 |
|  Balance at September 30, 2025 (US$) | 120053 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Total cash outflow for leases | (300660) | (434854) | (55863) |
|  Additions to right-of-use assets | 1109250 |  |  |

---

**6. TRADE AND OTHER RECEIVABLES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** | **HK$** | **US$** |
|  Trade receivables | 21721349 | 22483730 | 2890263 |
|  Less: Allowance for credit losses | (102672) | (24284) | (3122) |
|  | 21618677 | 22459446 | 2887141 |
|  Other receivables |  |  |  |
|  Deposits | 70000 | 130183 | 16735 |
|  | 21688677 | 22589629 | 2903876 |

---

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

**6. TRADE AND OTHER RECEIVABLES** (cont.)

The following is an aged analysis of trade receivables presented based on the invoice dates.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** | **HK$** | **US$** |
|  0 – 90 days | 21504422 | 9539983 | 1226356 |
|  91 – 180 days | 114255 | 12919463 | 1660785 |
|  Over 181 days |  |  |  |
|  | 21618677 | 22459446 | 2887141 |

---

Trade receivables are unsecured, non-interest bearing and are generally on 90 days (March 31, 2025: 90 days) credit terms.

As at 30 September, 2025, included in the Company's trade receivables balance are debtors with an aggregate amount of HK$12,919,463 (As at March 31, 2025: HK$114,255) which are past due as at the reporting date.

**7. AMOUNT DUE FROM A RELATED COMPANY**

This amount due from a related company is unsecured, interest-free and has no fixed terms of repayment.

**8. AMOUNT DUE FROM/TO A SHAREHOLDER**

This amount due from/to a shareholder is unsecured, interest-free and has no fixed terms of repayment.

**9. CONTRACT ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** | **HK$** | **US$** |
|  Unbilled revenue of building renovation and construction services | 4365821 | 2387355 | 306892 |
|  Retention receivables | 4143214 | 9306452 | 1196336 |
|  | 8509035 | 11693807 | 1503228 |

---

The contract assets primarily relate to the Company's right to consideration for work completed and not billed because the rights are conditioned on the Company's future performance. The contract assets are transferred to trade receivables when the Company is entitled to issue invoices to the customers.

Typical payment terms which impact on the amount of contract assets recognized are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The contract assets primarily relate to the Company's right to consideration for work completed but not yet billed, based on certification by external surveyors or customers. The contract assets are transferred to trade receivables when the Company is entitled to issue invoices to the customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company also typically agrees to a retention period for 5% to 10% of the contract value. This amount is included in contract assets until the end of the defect liability period as the Company's entitlement to this final payment is conditional on customer acceptance, usually being 1 to 2 years from the date of completion of construction projects.

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

**10. CASH AND BANK BALANCES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** | **HK$** | **US$** |
|  Cash and bank balances | 1265991 | 1004281 | 129099 |

---

**11. TRADE AND OTHER PAYABLES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** | **HK$** | **US$** |
|  Trade payables | 14053725 | 21119912 | 2714945 |
|  Other payables and accruals | 587330 | 274429 | 35278 |
|  | 14641055 | 21394341 | 2750223 |

---

Trade payables are non-interest bearing and normally settled on 30 to 60 days (March 31, 2025: 30 to 60 days) credit terms.

**12. BANK BORROWINGS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Type** | **Principal <br>amount** | **Maturity <br>date** | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  |  |  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** |  | **HK$** | **HK$** | **US$** |
|  Bank overdraft |  |  | 4975022 | 4856638 | 624316 |
|  Revolving Loan – Government | 4000000 | 25-Sep-31 |  | 4000000 | 514196 |
|  Government Guaranteed Loan I | 1000000 | 25-May-27 | 511489 | 441695 | 56779 |
|  Government Guaranteed Loan II | 2600000 | 12-Dec-33 | 2422374 | 2244904 | 288580 |
|  Mortgage loan | 29400000 | 20-Jan-55 | 29400000 | 28910004 | 3716356 |
|  |  |  | 37308885 | 40453241 | 5200227 |

---

Note: All bank borrowings contain a repayment on demand clause and are shown under current liabilities. The amounts due are presented based on scheduled repayment dates set out in the loan agreements.

As at September 30, 2025, the Group's bank loans were contractually repayable on demand pursuant to standard demand clauses in the relevant facility agreements. Accordingly, the entire carrying amount of the bank borrowings is classified as current liabilities in the consolidated statement of financial position, in accordance with IAS 1. The carrying amount of bank borrowings as at September 30, 2025 of HK$40,453,241 (March 31, 2025: HK$37,308,885) are secured by (i) a legal charge over the leasehold property held by the Group as disclosed in Note 25 and (ii) unlimited amount guarantees jointly issued by Mr. Man Fai Lee and related companies.

Bank loans carry interest at Hong Kong Prime Rate ("HKPR") of the relevant bank minus 2.25% (March 31, 2025: HKPR of the relevant bank minus 2.25%) per annum or one-month HIBOR plus 1.9% (March 31, 2025: one-month HIBOR plus 1.9%) per annum. Factoring loans carry interest at Hong Kong Dollar Best Lending Rate ("HKD BLR") per annum (March 31, 2025: HKD BLR) per annum.

The range of effective interest rates on bank borrowings as at September 30, 2025 (which are also equal to contracted interest rates) is 2.75% to 3.62% (March 31, 2025: 2.75% to 3.62%) per annum.

Bank overdrafts carry interest at market rates which range from 2.25% to 2.6% (March 31, 2025: 2.25% to 2.6%).

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

**13. LEASE LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** | **HK$** | **US$** |
|  **Lease liabilities payable:** |  |  |  |
|  Amount due for settlement within 12 months shown under current liabilities | 1295715 | 738980 | 94995 |
|  Amount due for settlement after 12 months shown under non-current liabilities | 964116 | 1156172 | 148624 |
|  Total lease liabilities | 2259831 | 1895152 | 243619 |

---

The weighted average incremental borrowing rates applied to lease liabilities range from 4.83% to 7.87% (2025: from 4.83% to 7.87%).

**14. SHARE CAPITAL**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br>shares** | **Total** | **Total** |
|  |  | **HK$** | **US$** |
|  Balance at April 1, 2024, March 31, 2025 and September 30, 2025 | 20000000 | 15600 | 2000 |

---

Ordinary shares of the Company have a par value of US$0.0001 per share (equivalent to approximately HK$15,600 for 20,000,000 shares in issue). The holder of ordinary shares is entitled to receive dividends as and when declared by the Company. Class A shares carry one vote per share, while Class B shares carry twenty votes per share in accordance with the Company's dual-class share structure.

**15. REVENUE**

Revenue represents the fair value of amounts received and receivable by the Company in respect of the provision of building renovation and construction services (which included renovation and maintenance works, alteration and addition works, and fitting-out works, and site formation and geotechnical works) to external customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Disaggregation of revenue from contracts with customers

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Alteration and improvement work | 96035495 | 93535624 | 11974463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Performance obligations for contracts with customers

The Company provides repair, maintenance, alteration and addition and painting works to external customers in Hong Kong. Such services are recognized as a performance obligation satisfied over time as the Company creates or enhances an asset that the customer controls as the asset is created or enhanced. Revenue is recognized for these construction services based on the certified value of works performed during the period by using the output method.

A contract asset, net of contract liability related to the same contract, is recognized over the period in which the construction services are performed representing the Company's right to consideration for the services performed because the rights are conditioned on the Company's future performance in achieving specified milestones or progress of the projects. The contract assets are transferred to trade receivables when the rights become unconditional. The Company typically transfers to trade receivables when the works performed during the period have been certified by the surveyors and issued the invoices to bill the customers.

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

**15. REVENUE** (cont.)

Unbilled retention receivables, prior to expiration of defect liability period, are classified as contract assets, which range from one to two years from the date of the practical completion of the construction. The relevant amount of contract asset is reclassified to trade receivables when the defect liability period expires. The defect liability period serves as an assurance that the construction services performed comply with agreed-upon specifications and such assurance cannot be purchased separately.

The Company allows a credit period ranging from 30 to 60 days to its customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Transaction price allocated to the remaining performance obligation for contracts with customers

The transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) for the six months ended September 30, 2025 and 2024 for contracts with customers that remain outstanding as at reporting date and the expected timings of recognizing revenue are as follows:

---

| | | |
|:---|:---|:---|
|  | **Alteration and <br>improvement <br>works** | **Alteration and <br>improvement <br>works** |
|  | **HK$** | **US$** |
|  Balance at September 30, 2025 |  |  |
|  Within one year | 202303712 | 26036514 |
|  More than one year but not more than two years | 220000000 | 28314028 |
|  More than two years | 260000000 | 33462033 |
|  | 682303712 | 87812575 |
|  Balance at September 30, 2024 |  |  |
|  Within one year | 199011311 | 25612781 |
|  More than one year but not more than two years | 202303712 | 26036514 |
|  More than two years | 220000000 | 28314028 |
|  | 621315023 | 79963323 |

---

**16. PROFIT FOR THE PERIOD**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Profit for the period from has been arrived at after charging: |  |  |  |
|  Depreciation of property, plant and equipment | 11957 | 81821 | 10475 |
|  Depreciation of right-of-use assets | 270760 | 351199 | 44961 |
|  Auditor's remuneration |  | 168029 | 21511 |
|  Directors' remuneration |  |  |  |
| &nbsp;&nbsp;&nbsp; Salaries and other allowances | 258000 | 666000 | 85262 |
|  Other staff costs: |  |  |  |
| &nbsp;&nbsp;&nbsp; Salaries and other allowances | 2313828 | 829222 | 106157 |
| &nbsp;&nbsp;&nbsp; Retirement benefits scheme contributions | 2950 | 20345 | 2605 |
|  | 2316778 | 849567 | 108762 |
|  Total staff costs | 2574778 | 1515567 | 194024 |

---

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

**17. FINANCE COSTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Interests on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank borrowings | 1318386 | 1465003 | 187550 |
| &nbsp;&nbsp;&nbsp; Lease liabilities | 42582 | 70175 | 8984 |
|  | 1360968 | 1535178 | 196534 |

---

**18. INCOME TAX EXPENSE**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Hong Kong profits tax |  |  |  |
|  – Current period | 1364659 | 1319296 | 168897 |

---

The following table sets forth the reconciliation from income tax calculated based on the applicable tax rates and profit before income tax presented in the unaudited interim condensed consolidated financial statements to the income tax expenses:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Profit before income tax | 9434611 | 7477261 | 957242 |
|  Income tax calculated at the Hong Kong statutory tax rate of 16.5% (2024: 16.5%) | 1556711 | 1233748 | 157945 |
|  Tax relief of 8.25% on the first HK$2 million | (165000) | (165000) | (21123) |
|  Tax effect of: |  |  |  |
|  Expenses not deductible for tax purpose | 106 | 396827 | 50802 |
|  Tax effect of deductible temporary differences not recognized | (25658) | (131845) | (16879) |
|  Income not subject to tax |  | (12934) | (1656) |
|  Tax benefit | (1500) | (1500) | (192) |
|  Income tax expense | 1364659 | 1319296 | 168897 |

---

<u><u>Hong Kong Income Tax</u></u>

Under the current Hong Kong Inland Revenue Ordinance, the Company incorporated in Hong Kong is subject to 16.5% income tax on their taxable income generated from operations in Hong Kong before April 1, 2018. Starting from the financial year commencing on April 1, 2018, the two-tiered profits tax regime took effect, under which the tax rate is 8.25% for assessable profits on the first HK$2 million and 16.5% for any assessable profits in excess of HK$2 million. As at September 30, 2025, deferred tax liability represents temporary difference arising from accelerated tax depreciation.

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

**19. DIVIDENDS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Dividends for shareholders of the Company recognized as distribution |  |  |  |

---

During the six months ended September 30, 2025, a final dividend of an aggregate amount of HK$Nil (September 30, 2024: HK$Nil) was declared to the shareholders of the Company.

**20. EARNINGS PER SHARE**

Earnings per share are calculated in accordance with IAS 33, Earnings per Share. Basic earnings per share are computed by dividing the net income attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Diluted earnings per share are computed in accordance with the treasury stock method and based on the weighted average number of shares plus dilutive share equivalents. Dilutive share equivalents are excluded from the computation of diluted earnings per share if their effects are anti-dilutive. The Company has no dilutive share equivalents.

**21. FINANCIAL RISKS MANAGEMENT**

The Company's activities expose it to a variety of financial risks from its operation. The key financial risks include credit risk, liquidity risk and market risk (including interest rate risk).

The Director reviews and agrees with policies and procedures for the management of these risks which are executed by the management team.

The following sections provide details regarding the Company's exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks.

There has been no change to the Company's exposure to these financial risks or the manner in which it manages and measures the risks.

<u><u>Credit risk</u></u>

Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a loss to the Company. The Company's exposure to credit risk arises primarily from trade and other receivables. For other financial assets (including cash), the Company minimizes credit risk by dealing exclusively with high credit rating counterparties.

The Company has adopted a policy of only dealing with creditworthy counterparties. The Company performs ongoing credit evaluation of its counterparties' financial condition and generally do not require a collateral.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period.

The Company has determined the default event on a financial asset to be when internal and/or external information indicates that the financial asset is unlikely to be received, which could include default of contractual payments due for more than 90 days or there is significant difficulty of the counterparty.

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

**21. FINANCIAL RISKS MANAGEMENT** (cont.)

To minimize credit risk, the Company has developed and maintained the Company's credit risk gradings to categorize exposures according to their degree of risk of default. The credit rating information is supplied by publicly available financial information and the Company's own trading records to rate its major customers and other debtors. The Company considers available reasonable and supportive forward-looking information which includes the following indicators:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internal credit rating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External credit rating

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtor's ability to meet its obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actual or expected significant changes in the operating results of the debtor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant increases in credit risk on other financial instruments of the same debtor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes in the expected performance and behavior of the debtor, including changes in the payment status of debtors in the company and changes in the operating results of the debtor

Regardless of the analysis above, a significant increase in credit risk is presumed if a debtor is more than 90 days past due in making contractual payment.

The Company determined that its financial assets are credit-impaired when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is significant difficulty of the debtor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A breach of contract, such as default or past due event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is becoming probable that the debtor will enter bankruptcy or other financial reorganization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a disappearance of an active market for that financial asset because of financial difficulty

The Company categorizes a receivable for potential write-off when a debtor fails to make contractual payments more than 365 days past due. Financial assets are written off when there is evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery.

The Company's internal credit risk grading framework comprises the following categories:

---

| | | |
|:---|:---|:---|
|  **Category** | **Definition of category** | **Trade receivables** |
|  I | Counterparty has low risk of default and does not have any past-due amounts. | 12 month ECL |
|  II | Amount is >90 days past due or there has been a significant increase in credit risk since initial recognition. | Lifetime ECL-not credit impaired |
|  III | Amount is >180 days past due or there is evidence indicating the asset is credit impaired (in default) | Lifetime ECL-credit impaired |
|  IV | There is evidence indicating that the debtor is in severe financial difficulty and the debtor has no realistic prospect of recovery. | Amount is written off |

---

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

**21. FINANCIAL RISKS MANAGEMENT** (cont.)

The table below details the credit quality of the Company's financial assets, as well as maximum exposure to credit risk by credit risk rating categories:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **September 30, 2025** | **Category** | **12-month <br>or lifetime <br>ECL** | **Gross <br>carrying <br>amount** | **Loss <br>allowance** | **Net carrying amount** | **Net carrying amount** |
|  |  |  | **HK$** | **HK$** | **HK$** | **US$** |
|  Trade receivables | I <br>Note 1 | Lifetime ECL (Simplified) | 22483730 | 24284 | 22459446 | 2887141 |
|  Other receivables and deposits | I <br>Note 2 | 12-month ECL | 130183 |  | 130183 | 16735 |
|  |  |  | 22613913 | 24284 | 22589629 | 2903876 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **March 31, 2025** | **Category** | **12-month <br>or lifetime <br>ECL** | **Gross <br>carrying <br>amount** | **Loss <br>allowance** | **Net carrying amount** | **Net carrying amount** |
|  |  |  | **HK$** | **HK$** | **HK$** | **US$** |
|  Trade receivables | I <br>Note 1 | Lifetime ECL (Simplified) | 21721349 | 102672 | 21618677 | 2780810 |
|  Other receivables and deposits | I <br>Note 2 | 12-month ECL | 70000 |  | 70000 | 9005 |
|  |  |  | 21791349 | 102672 | 21688677 | 2789815 |

---

#### Note 1: Trade receivables
For trade receivables, the Company has applied the simplified approach in IFRS 9 and use provision matrix to measure the loss allowance at lifetime ECL. In determining ECL on a collective basis, trade receivables are grouped based on similar credit risk and aging. The Company considers the historical credit loss experience based on the past due status of the debtors and historical customers' payment profile. It also incorporates forward-looking information into ECL estimates, considering macroeconomic factors relevant to its operations, e.g. the GDP growth of its region of operations and estimates of future economic conditions. The Company has identified the business risk in which it provides services to be the most relevant factor and the historical loss rates is adjusted accordingly based on the expected changes in this factor. Accordingly, the credit risk profile of trade receivables is presented based on their past due status in terms of the provision matrix.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **September 30, 2025** | **Average <br>loss rate** | **Trade <br>receivables, <br>gross** | **ECL** | **Trade <br>receivables, <br>net** | **Trade <br>receivables, <br>net** |
|  | | **HK$** | **HK$** | **HK$** | **US$** |
|  1 days to 90 days | 0.11% | 9550000 | 10017 | 9539983 | 1226356 |
|  91 days to 180 days | 0.13% | 12933730 | 14267 | 12919463 | 1660785 |
|  181 days to 365 days | 1.66% |  |  |  |  |
|  > 365 days | 100% |  |  |  |  |
|  |  | 22483730 | 24284 | 22459446 | 2887141 |

---

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

#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**21. FINANCIAL RISKS MANAGEMENT** (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **March 31, 2025** | **Average <br>loss rate** | **Trade <br>receivables, <br>gross** | **ECL** | **Trade <br>receivables, <br>net** | **Trade <br>receivables, <br>net** |
|  | | **HK$** | **HK$** | **HK$** | **US$** |
|  1 days to 90 days | 0.13% | 21531810 | 27388 | 21504422 | 2766114 |
|  91 days to 180 days |  | 114401 | 146 | 114255 | 14696 |
|  181 days to 365 days | 0.19% |  |  |  |  |
|  > 365 days | 100% | 75138 | 75138 |  |  |
|  |  | 21721349 | 102672 | 21618677 | 2780810 |

---

The following table shows the movement in lifetime ECL that have been recognized for trade receivables.

---

| | |
|:---|:---|
|  | **Lifetime ECL <br>for trade <br>receivables** |
|  | **HK$** |
|  Balance at April 1, 2024 (Audited) | 22012 |
|  Impairment loss recognized | 80660 |
|  Balance at March 31, 2025 (Audited) | 102672 |
|  Reversal of credit losses on trade receivables | (78388) |
|  Balance at September 30, 2025 (Unaudited) | 24284 |

---

#### Note 2: Other receivables and deposits
Other receivables and deposits are considered to be low credit risk and subject to immaterial credit loss. Credit loss for these assets have not been increased significantly since their initial recognition. Consequently, they are measured at the 12-month ECL.

#### Note 3: Cash and bank balances
Cash and bank balances are mainly deposits with reputable banks with high international credit rating. Credit loss for the assets have not been increased significantly since their initial recognition. Consequently, they are measured at the 12-month ECL.

#### Excessive risk concentration
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company's performance to developments affecting a particular industry.

#### Exposure to credit risk
The Group has concentration of credit risk as 74.4% (March 31, 2025: 77.2%) and 100% (March 31, 2025: 100%) of the total trade receivables was due from the Group's largest customer and the five largest customers, respectively. The Company has credit policies and procedures in place to minimize and mitigate its credit risk exposure.

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

#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**21. FINANCIAL RISKS MANAGEMENT** (cont.)

The following table sets forth a summary of single customers who represent 10% or more of the Company's revenue:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Customer A | 70598018 | 83024836 | 10628868 |

---

Liquidity risk refers to the risk that the Company will encounter difficulties in meeting its short-term obligations due to shortage of funds. The Company's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. It is managed by matching the payment and receipt cycles. The Company finances its working capital requirements through a combination of funds generated from operations and borrowings from banks.

The short-term bank facilities are contractually repayable on demand. Although there has been no historical demand by the bank for repayment, there is no assurance that such facilities will continue on similar terms. If the bank were to demand repayment, the liquidity could be adversely affected.

Based on the above considerations, management is of the opinion that the Company has sufficient funds to meet its working capital requirements and debt obligations, for at least the next 12 months. There are several factors that could potentially arise that could undermine the Company's plans, such as changes in the demand for its services, economic conditions, its operating results continuing to deteriorate and its shareholders unable to provide continued financial support.

The Company maintains sufficient cash and bank balances, and internally generated cash flows to finance their activities and management is satisfied that funds are available to finance the operations of the Company.

The table below analyses the Company's financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted <br>average <br>interest <br>rate** | **On <br>demand** | **Less <br>than <br>1 year** | **1 year to <br>2 years** | **Over <br>2 years** | **Total <br>undiscounted <br>cash flows** | **Carrying <br>amount at <br>September 30, <br>2025** | **Carrying <br>amount at <br>September 30, <br>2025** |
|  |  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** | **US$** |
|  **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
|  Trade and other payables | N/A | 21394341 |  |  |  | 21394341 | 21394341 | 2750223 |
|  Bank borrowings | 2.75% | 40453241 |  |  |  | 40453241 | 40453241 | 5200227 |
|  Lease liabilities | 6.49% |  | 738980 | 523354 | 632818 | 1895152 | 1895152 | 243619 |
|  |  | 61847582 | 738980 | 523354 | 632818 | 63742734 | 63742734 | 8194069 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted <br>average <br>interest <br>rate** | **On <br>demand** | **Less<br> than <br>1 year** | **1 year to <br>2 years** | **Over <br>2 years** | **Total <br>undiscounted <br>cash flows** | **Carrying <br>amount at <br>March 31, <br>2025** | **Carrying <br>amount at <br>March 31, <br>2025** |
|  |  | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** | **HK$** | **US$** |
|  **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
|  Trade and other payables | N/A | 14641055 |  |  |  | 14641055 | 14641055 | 1883279 |
|  Bank borrowings | 2.75% | 37308885 |  |  |  | 37308885 | 37308885 | 4799042 |
|  Lease liabilities | 6.49% |  | 1295715 | 579364 | 384752 | 2259831 | 2259831 | 290682 |
|  |  | 51949940 | 1295715 | 579364 | 384752 | 54209771 | 54209771 | 6973003 |

---

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

**21. FINANCIAL RISKS MANAGEMENT** (cont.)

#### Market risk
Market risk is the risk of changes in fair value of financial instruments and future cash flows from fluctuation of market prices, which is risk from volatility of market interest rates (interest rate risk).

*Interest rate risk*

Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk arise primarily from bank borrowings.

The sensitivity analysis below has been determined based on the exposure to interest rate for non-derivative instruments at the end of the reporting period. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

As of September 30, 2025 and March 31, 2025, if interest rates on bank borrowings had been 50 basis points higher/lower and all other variables were held constant, the Company's profit/loss for the period would decrease by approximately HK$202,266 and HK$186,544, respectively.

**22. FINANCIAL INSTRUMENTS BY CATEGORY**

At the reporting date, the aggregate carrying amounts of financial assets and receivables and financial liabilities at amortized cost were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** | **HK$** | **US$** |
|  **Financial assets measured at amortized cost** |  |  |  |
|  Trade and other receivables | 21688677 | 22589629 | 2903876 |
|  Cash and bank balances | 1265991 | 1004281 | 129099 |
|  | 22954668 | 23593910 | 3032975 |
|  **Financial liabilities measured at amortized cost** |  |  |  |
|  Trade and other payables | 14641055 | 21394341 | 2750223 |
|  Bank borrowings | 37308885 | 40453241 | 5200227 |
|  Lease liabilities | 2259831 | 1895152 | 243619 |
|  | 54209771 | 63742734 | 8194069 |

---

As at September 30, 2025, HK$40,453,241 of bank borrowings were classified as current liabilities because the lenders have a contractual right to demand repayment at any time. The Group expects, based on past practice, that the facilities will be maintained/renewed in the ordinary course of business.

**23. RETIREMENT BENEFITS PLAN**

The Company participates in the MPF Scheme for all qualifying employees in Hong Kong. The assets of the above scheme are held separately from those of the Company, in funds under the control of trustees. The Company contributes at the lower of HK$1,500 per month or 5% of the relevant payroll costs to the MPF Scheme.

The total cost charged to profit or loss of approximately HK$20,345 (2024: HK$29,250) represents contributions paid or payable to the above scheme by the Group for the six months ended September 30, 2025. As at 30 September, 2025, contributions of approximately HK$3,000 (31 March, 2025: HK$23,133) due in respect of the corresponding reporting periods had not been paid over to the scheme.

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

#### WORLDSTAR ENGINEERING HOLDINGS LIMITED <br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**23. RETIREMENT BENEFITS PLAN** (cont.)

During the period, there were no forfeited contributions which arose upon employees leaving the scheme prior to their interests in the Company's contribution becoming fully vested and which are available to reduce the contributions payable by the Company in future years.

**24. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES**

The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group's statement of cash flows as cash flows from financing activities.

---

| | | | |
|:---|:---|:---|:---|
|  | **Bank <br>borrowings** | **Lease <br>liabilities** | **Total** |
|  | **HK$** | **HK$** | **HK$** |
|  **Balance at March 31, 2025** | 37308885 | 2259831 | 39568716 |
|  Financing cash flows | 1679353 | (434854) | 1244499 |
|  Interest expenses | 1465003 | 70175 | 1535178 |
|  **Balance at September 30, 2025** | 40453241 | 1895152 | 42348393 |

---

**25. PLEDGE OF ASSETS**

At the end of the reporting period, the carrying amounts of the assets pledged by the Company to banks in order to secure bank borrowings and lease liabilities granted by these banks to the Group are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | **(Unaudited)** | **(Unaudited)** |
|  | **HK$** | **HK$** | **US$** |
|  Property, plant and equipment | 41860000 | 43577210 | 5601811 |
|  Right-of-use assets | 1285108 | 933909 | 120053 |
|  | 43145108 | 44511119 | 5721864 |

---

**26. RELATED PARTY DISCLOSURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transactions and balances

During the six months ended September 30, 2024 and 2025, the Company had following transactions and balances with its related party during both periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Relationship** | **Nature of <br>balances/transactions** | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  |  | **2024** | **2025** | **2025** |
|  |  | **HK$** | **HK$** | **US$** |
|  Related companies | Amount due from a related company | 32412782 | 10562002 | 1357736 |
|  | Sub-contract cost | 32820000 | 26700000 | 3432260 |
|  Ultimate holding company | Amount due from/(to) a shareholder | 87050 | (2984402) | 383642 |

---

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

**26. RELATED PARTY DISCLOSURES** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Compensation of key management personnel

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended September 30,** | **Six months ended September 30,** | **Six months ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$** | **HK$** | **US$** |
|  Director's fees |  |  |  |
|  Salaries and other allowances | 258000 | 666000 | 106157 |
|  | 258000 | 666000 | 106157 |

---

The remuneration of key management personnel is determined with regard to the performance of the individuals and market trends.

**27. CAPITAL MANAGEMENT**

The Company manages their capital to ensure that the Company is able to continue as a going concern and maintain an optimal capital structure so as to maximize shareholder's value. The capital structure of the Company consists of equity attributable to owners of the Company, comprising issued share capital and reserves as presented in the statements of changes in equity.

The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes during the six months ended September 30, 2025.

**28. Events after reporting period**

The Company has assessed all events from September 30, 2025, up through the date that these financial statements are available to be issued, there are not any material subsequent events that require disclosure in these financial statements.

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

#### 5,000,000 CLASS A ORDINARY SHARES

#### WORLDSTAR ENGINEERING HOLDINGS LIMITED

#### ____________________
PRELIMINARY PROSPECTUS

[ ], 2026

#### Stratosphere Capital, LLC
**Through and including [ ] 2026 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

------

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

#### PART II<br>INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Exculpation, Insurance, and Indemnification of Office Holders (Including Directors and Officers).
Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our memorandum and articles provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and other officer of us (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs.

#### Item 7. Recent Sales of Unregistered Securities.
We have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions.

On June 25, 2025, the Company allotted and issued 1 Class B Ordinary Share to Ogier Global Subscriber (Cayman) Limited. On July 10, 2025, Ogier Global Subscriber (Cayman) Limited transferred the 1 Class B Ordinary Share to Worldstar Pioneer Limited.

As part of the reorganization, the Company allotted and issued 19,999,999 Class A Ordinary Shares to Worldstar Pioneer Limited, for the acquisition of the entire share capital of WEHK.

On August 25, 2025, Worldstar Pioneer Limited entered into sale and purchase agreements for the sale of 1,600,000 Class A Ordinary Shares, 940,000 Class A Ordinary Shares, 940,000 Class A Ordinary Shares, 930,000 Class A Ordinary Shares, 930,000 Class A Ordinary Shares, 930,000 Class A Ordinary Shares and 930,000 Class A Ordinary Shares with Skyrise Innovation Limited, Emerald Solutions Limited, Oasis Pinnacle Limited, Visionary Strategic Limited, Elevate Advisory Limited, Bright Arise Limited and Leading First Holdings Limited at a consideration of HK$1,248,000, HK$733,200, HK$733,200, HK$725,400, HK$725,400, HK$725,400 and HK$725,400, respectively.

On September 5, 2025, the Company repurchased 12,799,999 Class A Ordinary Shares from Worldstar Pioneer Limited and issued 12,799,999 Class B Ordinary Shares to Worldstar Pioneer Limited, as consideration.

No underwriter or underwriting discount or commission was involved in any of the transactions set forth in Item 7.

All of the foregoing issuances were made outside of the U.S. pursuant to Regulation S or to U.S. entities pursuant to Section 4(a)(2) of the Securities Act.

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

#### Item 8. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

The exhibits of the registration statement are listed in the Exhibit Index to this registration statement and are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.

#### Item 9. Undertakings.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel that the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

#### Exhibit Index

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
| 1.1 | [Form of Underwriting Agreement](ea025446508ex1-1.htm) |
| 3.1 | [Articles of Association of the Company, as currently effective](ea025446508ex3-1.htm) |
| 4.1 | [Specimen Certificate for Class A ordinary shares](ea025446508ex4-1.htm) |
| 5.1 | [Opinion of Ogier regarding the validity of the Class A Ordinary Shares being registered](ea025446508ex5-1.htm) |
| 5.2 | [Opinion of David Fong & Co. regarding certain Hong Kong legal matters](ea025446508ex5-2.htm) |
| 8.1 | [Opinion of Ogier regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea025446508ex5-1.htm) |
| 10.1 | [Form of Director Agreement](ea025446508ex10-1.htm) |
| 10.2 | [Form of Executive Officer Agreement](ea025446508ex10-2.htm) |
| 10.3 | [Form of Independent Director Agreement](ea025446508ex10-3.htm) |
| 10.4 | [Form of Indemnification Agreement](ea025446508ex10-4.htm) |
| 10.5 | [Worldstar Engineering Holdings Limited 2026 Share Incentive Plan](ea025446508ex10-5.htm) |
| 10.6 | [Banking facility letter entered in January 2025, with The Hongkong and Shanghai Banking Corporation Limited](ea025446508ex10-6.htm) |
| 10.7 | [Term contract entered in December 2022, with Major Customer](ea025446508ex10-7.htm) |

---

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

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
| 21.1 | [List of subsidiaries of the Registrant](ea025446508ex21-1.htm) |
| 23.1 | [Consent of SFAI Malaysia PLT, Independent Registered Public Accounting Firm](ea025446508ex23-1.htm) |
| 23.2 | [Consent of Ogier (included in Exhibit 5.1)](ea025446508ex5-1.htm) |
| 23.3 | [Consent of David Fong & Co. (included in Exhibit 5.2)](ea025446508ex5-2.htm) |
| 24.1 | [Power of Attorney (included in the signature page to the Form F-1)](#T651) |
| 99.1 | [Code of Business Conduct and Ethics](ea025446508ex99-1.htm) |
| 99.2 | [Audit Committee Charter](ea025446508ex99-2.htm) |
| 99.3 | [Nominating Committee Charter](ea025446508ex99-3.htm) |
| 99.4 | [Compensation Committee Charter](ea025446508ex99-4.htm) |
| 99.5 | [Consent of Sham Tsz Leung](ea025446508ex99-5.htm) |
| 99.6 | [Consent of Ka Kit Ho](ea025446508ex99-6.htm) |
| 99.7 | [Consent of Yiu Wing Chan](ea025446508ex99-7.htm) |
| 99.8 | [Request for Waiver and Representation under Item 8.A.4 of Form 20-F](ea025446508ex99-8.htm) |
| 107 | [Filing Fee Table](ea025446508ex-fee.htm) |

---

____________

\* To be filed by amendment.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on June 30, 2026.

---

| | |
|:---|:---|
|  **Worldstar Engineering Holdings Limited** | **Worldstar Engineering Holdings Limited** |
|  By: | /s/ Man Fai Lee |
|  | Name: Man Fai Lee |
|  | Title: Chief Executive Officer |

---

#### POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints Mr. Man Fai Lee, as attorney-in-fact with full power of substitution, for him in any and all capacities, to do any and all acts and all things and to execute any and all instruments that said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the SEC thereunder, in connection with the registration under the Securities Act of shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the SEC with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement, and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
|  **Signatures** | **Title** | **Date** |
|  /s/ Man Fai Lee | Chairman of the board of directors, | June 30, 2026 |
|  Man Fai Lee | Director, and Chief Executive Officer <br>(Principal Executive Officer) |  |
|  /s/ Ming Fung Choi | Chief Financial Officer | June 30, 2026 |
|  Ming Fung Choi | (Principal Accounting and Financial Officer) |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant's duly authorized representative has signed this registration statement on Form F-1 in New York, NY, United States on June 30, 2026.

---

| | | |
|:---|:---|:---|
|  Authorized U.S. Representative | Authorized U.S. Representative | Authorized U.S. Representative |
|  By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**UNDERWRITING AGREEMENT**

**between**

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

**and**

**STRATOSPHERE CAPITAL, LLC** 

**as Representative of the Several Underwriters**

**<u>UNDERWRITING AGREEMENT</u>**

[DATE], 2026

Stratosphere Capital, LLC

As Representative of the several Underwriters named on Schedule 1 attached hereto

223 Second Avenue, No.5A

New York, NY 10003

Ladies and Gentlemen:

The undersigned, WORLDSTAR ENGINEERING HOLDINGS LIMITED, a Cayman Islands exempted company with limited liability (collectively, with its subsidiaries and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement (as hereinafter defined) as being its subsidiaries, or affiliates, the "**Company**"), hereby enters into this Underwriting Agreement (this "**Agreement**") with STRATOSPHERE CAPITAL, LLC (the "**Representative**"), and with the other underwriters named on <u>Schedule 1</u> hereto for which the Representative is acting as representative (the Representative and such other underwriters, collectively, the "**Underwriters**," and, each, individually, an "**Underwriter**," and the Underwriters, together with the Company, the "**Parties**") as follows:

1. <u>Purchase and Sale of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Firm Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. <u>Purchase of Firm Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1.1. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, severally and not jointly, and the Underwriters agree to purchase from the Company, severally and not jointly, an aggregate of [AMOUNT] shares ("**Firm Shares**") of the Company's Class A Ordinary Shares, par value $0.0001 per share (the "**Ordinary Shares**") as set forth opposite their respective names on <u>Schedule 1</u> hereto, at a purchase price (net of discounts and commissions) of $[●] per Firm Share, being equal to 93.0% of the public offering price of the Firm Shares. The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as defined in Section 2.1.1 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. <u>Payment and Delivery</u>. Delivery and payment for the Firm Shares shall be made at 10:00 a.m., New York City time, on the second (2<sup>nd</sup>) Business Day (as defined below) following the effective date (the "**Effective Date**") of the Registration Statement (as defined in Section 2.1.1 below) (or the third (3<sup>rd</sup>) Business Day following the Effective Date if the Registration Statement is declared effective after 4:01 p.m., New York City time) or at such other time as shall be agreed upon by the Representative and the Company, at the offices of CFN Lawyers LLC , counsel to the Representative, or at such other place (or remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of delivery and payment for the Firm Shares is called the "**Closing Date**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal Funds ("**Federal Funds**"), payable to the order of the Company upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Firm Shares (or through the facilities of the Depository Trust Company ("**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) Business Days prior to the Closing Date. The Company will permit the Representative to examine and package the Firm Shares for delivery, at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Representative for all of the Firm Shares. The term "**Business Day**" means any day other than a Saturday, a Sunday or a legal holiday or any other day on which commercial banks in the City of New York, New York, and the Cayman Islands are authorized or required by law to remain closed; *provided, however*, that, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home," "shelter-in-place," "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the city of New York, New York, are generally are open for use by customers on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3 <u>Engagement</u>. The Company shall engage the Representative for the Engagement Period (as defined below) to act as the Company's exclusive financial advisor, managing underwriter and/or book runner and investment banker underwriter and investment banker in connection with the Offering (as such term is defined in Section 1.2.1). "**Engagement Period**" means the period beginning on August 21, 2025 (the "**Engagement Date**") and ending on the earlier of (i) the Closing Date or (ii) twelve (12) months after August 21, 2025 (such date, the "**First Engagement Date**"); *provided, however*, that such Engagement Period is terminable (a) by the Company on or after the 270<sup>th</sup> day from the Engagement Date upon thirty (30) days' advance written notice by the Company, or (b) by the Representative on or after the 120<sup>th</sup> day from the Engagement Date upon thirty (30) days' advance written notice by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Over-Allotment Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. <u>Option Shares</u>. For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Shares, the Company hereby grants to the Underwriters an option to purchase up to [●] additional Ordinary Shares, representing fifteen percent (15%) of the total number of Firm Shares offered in the offering (the "**Option Shares**"), from the Company (such option, the "**Over-Allotment Option**"). The Option Shares shall be identical in all respects to the Firm Shares. The Option Shares shall be purchased for the account of each of the several Underwriters in the same proportion as the number of Firm Shares set forth opposite each Underwriter's name on <u>Schedule 1</u> hereto, bears to the total number of Firm Shares (subject to adjustment by the Representative to eliminate fractions). No Option Shares shall be sold or delivered unless the Firm Shares previously have been, or simultaneously are, sold and delivered. The Over-Allotment Option, or any portion thereof, may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative to the Company. The purchase price to be paid per Option Share shall be equal to the price per Firm Share set forth in Section 1.1.1 hereof. The Firm Shares and the Option Shares are hereinafter referred to together as the "**Public Securities**." The offering and sale of the Public Securities is herein referred to as the "**Offering**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. <u>Exercise of Option</u>. The Over-Allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Shares within 45 days after the Effective Date. The Underwriters shall not be under any obligation to purchase any Option Shares prior to the exercise of the Over-Allotment Option. The Over-Allotment Option granted hereby may be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed by electronic mail setting forth the number of Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares (the "**Option Closing Date**"), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the office of CFN Lawyers LLC or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-Allotment Option with respect to all or any portion of the Option Shares, subject to the terms and conditions set forth herein, the Company shall become obligated to sell to the Underwriters the number of Option Shares specified in such notice and, subject to the terms and conditions set forth herein, the Underwriters, acting severally and not jointly, shall purchase the number of Option Shares specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. <u>Payment and Delivery</u>. Payment for the Option Shares shall be made on the Option Closing Date by wire transfer in Federal Funds, payable to the order of the Company upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Option Shares (or through the facilities of DTC) for the account of the Underwriters. The Option Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company will permit the Representative to examine and package the Option Shares for delivery, at least one (1) full Business Day prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by the Representative for applicable Option Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Tail Fee</u>. The Company shall pay the Representative a cash fee equal to eight percent (8.0%) of the gross proceeds received by the Company ("Tail Fee") in a transaction or series of transactions (each of such transactions, a "Tail Financing") in which the Company's securities are sold by the Company or any of its affiliates to an investor which the Representative contacted or introduced to the Company during the Engagement Period, provided that such Tail Financing is consummated within 9 months after the Engagement Period. In compliance with FINRA Rule 5110(g)(5)(B), the Tail Fee will be terminated upon the Company's termination of the Engagement Letter for cause, in which case the Company will not be responsible for paying for the Tail Fee.

2. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below), as of the Closing Date and as of the Option Closing Date, if any, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. <u>Pursuant to the Securities Act</u>. The Company has filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement, and any amendment or amendments thereto, on Form F-1 (File No. 333-283121), including any related prospectus or prospectuses, for the registration of the Public Securities under the Securities Act of 1933, as amended (the "**Securities Act**"), which registration statement and amendment or amendments have been prepared by the Company in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the "**Securities Act Regulations**"). The conditions for use of Form F-1, as set forth in the General Instructions to Form F-1, to register the Public Securities under the Securities Act have been satisfied. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission at the time the registration statement became effective (including the Preliminary Prospectus included in the registration statement, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to Rule 430A of the Securities Act Regulations (the "**Rule 430A Information**")), is referred to herein as the "**Registration Statement**." If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then after such filing, the term "**Registration Statement**" shall include such registration statement filed pursuant to Rule 462(b). The Registration Statement has been declared effective by the Commission on the date hereof.

Each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a "**Preliminary Prospectus**." The Preliminary Prospectus, subject to completion, dated [●], 2026, that was included in the Registration Statement immediately prior to the Applicable Time is hereinafter called the "**Pricing Prospectus**." The final prospectus in the form first furnished to the Underwriters for use in the Offering is hereinafter called the "**Prospectus**." Any reference to the "most recent Preliminary Prospectus" shall be deemed to refer to the latest Preliminary Prospectus included in the Registration Statement.

"**Applicable Time**" means [●], New York City, New York, time, on the date of this Agreement.

"**Issuer Free Writing Prospectus**" means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act Regulations ("**Rule 433**"), including without limitation any "free writing prospectus" (as defined in Rule 405 of the Securities Act Regulations) relating to the Public Securities that is (i) required to be filed with the Commission by the Company, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Public Securities or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g).

"**Issuer General Use Free Writing Prospectus**" means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors (other than a "*bona fide* electronic road show," as defined in Rule 433(h)(5) under the Securities Act (the "**Bona Fide Electronic Road Show**")), as evidenced by its being specified in <u>Schedule 2-B</u> hereto.

"**Issuer Limited Use Free Writing Prospectus**" means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

"**Pricing Disclosure Package**" means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the Pricing Prospectus and the information included on <u>Schedule 2-A</u> hereto, all considered together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. <u>Pursuant to the Exchange Act</u>. The Company has filed with the Commission a Form 8-A (File No. ●) providing for the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), of the Public Securities. The registration of the Public Securities under the Exchange Act has been declared effective by the Commission on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Public Securities under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Stock Exchange Listing</u>. The Public Securities have been approved for listing on the Nasdaq Capital Market, the Nasdaq National Market or the NYSE American or such other stock exchanges as the Company and the Representative together determine (such stock exchange decided upon, the "**Exchange**"), subject only to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, delisting the Public Securities from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>No Stop Orders, etc</u>. Neither the Commission nor any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if any) from the Commission for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1. <u>Compliance with Securities Act and 10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At the time of effectiveness of the Registration Statement (or at the time of any post-effective amendment to the Registration Statement) and at all times subsequent thereto up to the Closing Date and the Option Closing Date, if any, the Registration Statement, the Preliminary Prospectus and the Prospectus do and will contain all material statements that are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations, and did or will, in all material respects, conform to the requirements of the Securities Act and the Securities Act Regulations. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus, at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to the Commission's Electronic Data Gathering, Analysis, and Retrieval System ("**EDGAR**"), except to the extent permitted by Regulation S-T promulgated under the Securities Act ("**Regulation S-T**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither the Registration Statement nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Pricing Disclosure Package, as of the Applicable Time, at the Closing Date and at any Option Closing Date (if any), did not, does not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus does not conflict in any material respect with the information contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing Prospectus as of the Applicable Time, did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however*, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the Pricing Prospectus or the Prospectus or any amendment thereof or supplement thereto. The Parties acknowledge and agree that such information provided by or on behalf of any Underwriter consists solely of the following: the names of the Underwriters, the information with respect to stabilizing transactions contained in the section "Underwriting – Price Stabilization, Short Positions, and Penalty Bids" the section "Discounts and Expenses" and the number of Firm Shares to be purchased by each Underwriter (such information, the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Prospectus nor any amendment or supplement thereto, as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2. <u>Disclosure of Agreements</u>. The agreements and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it or any of its properties is or may be bound or affected and that is (i) referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or (ii) material to the Company's business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company and the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned by the Company, and neither the Company nor any other party is in default thereunder and no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder except for such defaults that would not reasonably be expected to result in a Material Adverse Change (as defined in Section 2.5.1 below). Performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental or regulatory agency, authority, body, entity or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses (each, a "**Governmental Entity**"), including, without limitation, those relating to environmental laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3. <u>Prior Securities Transactions</u>. During the period starting three (3) years prior to the date of this Agreement, no securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4. <u>Regulations</u>. The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of material applicable federal, state, local and any applicable foreign laws, rules and regulations relating to the Offering and the Company's business as currently conducted or contemplated are correct and complete in all material respects and no other such laws, rules or regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus which are not so disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.5. <u>No Other Distribution of Offering Materials.</u> The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the Offering other than any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Prospectus and other materials, if any, permitted under the Securities Act and consistent with Section 3.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1. <u>No Material Adverse Change</u>. Since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change in the condition, financial or otherwise, results of operations, business, assets or prospects of the Company and its Subsidiaries (as defined below) taken as a whole, nor any change or development that, individually or in the aggregate, would have a material adverse effect on the condition (financial or otherwise), results of operations, business, assets or prospects of the Company and its Subsidiaries taken as a whole (a "**Material Adverse Change**"); (ii) there have been no material transactions entered into by the Company or its Subsidiaries, other than as contemplated pursuant to this Agreement; and (iii) no executive officer or director of the Company has resigned from any position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2. <u>Recent Securities Transactions, etc</u>. Subsequent to the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Disclosures in Commission Filings</u>. None of the Company's filings with, or other documents furnished to, the Commission contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided, however*, that this representation and warranty shall not apply to the Underwriters' Information. The Company has made all filings with the Commission required under the Exchange Act and the rules and regulations of the Commission promulgated thereunder (the "**Exchange Act Regulations**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Independent Accountants</u>. SFAI MALAYSIA PLT (the "**Auditor**"), whose report is filed with the Commission as part of the Registration Statement, the Pricing Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board ("**PCAOB**"), including the rules and regulations promulgated by such entity. The Auditor is currently registered and in good standing with the PCAOB. The Auditor has not, during the periods covered by the financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services, within the meaning of such term in Section 10A(g) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules (if any) included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, fairly present the financial condition, the results of operations and the cash flows of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("**GAAP**"), consistently applied throughout the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules, if any, included in the Registration Statement present fairly the information required to be stated therein. Except as included therein, no other historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations. The "as adjusted" financial information and the related notes, if any, included in the Registration Statement, the Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements of the Securities Act and the Securities Act Regulations and present fairly the information shown therein, and, in the judgment of the Company, the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission), if any, materially comply with Regulation G of the Exchange Act and Item 10(e) of Regulation S-K of the Securities Act, to the extent applicable. The Registration Statement, the Pricing Disclosure Package and the Prospectus disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (a) since the date of the last balance sheet included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company nor any of its direct or indirect subsidiaries, including each entity disclosed or described in the Registration Statement, the Pricing Disclosure Package and the Prospectus as being a subsidiary of the Company (each, a "**Subsidiary**" and, collectively, the "**Subsidiaries**"), has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its shares, (c) there has not been any change in the shares of the Company or any of its Subsidiaries, or, other than in the ordinary course of business, any grants under any stock compensation plan, and (d) there has not been any material adverse change in the Company's long-term or short-term debt. The Company represents that it has no direct or indirect Subsidiaries other than those listed in Exhibit 21.1 to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. <u>Authorized Securities</u>. The Company had, at the date or dates indicated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based on the assumptions stated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing Date or on the Option Closing Date, as the case may be, the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing Disclosure Package and the Prospectus, on the Effective Date, as of the Applicable Time and on the Closing Date and any Option Closing Date and there will be no stock options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued shares of the Company or any security convertible into any class of shares of the Company, or any contracts or commitments to issue or sell any class of shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1. <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the holders thereof have no contractual rights of rescission or the ability to require the Company to repurchase such securities, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights, rights of first refusal or rights of participation of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized share capital of the Company conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. Prior to the date hereof, all offers and sales of the outstanding shares, options, warrants and other rights to purchase or exchange such securities for the shares were at all relevant times either registered under the Securities Act and the applicable state securities or "blue sky" laws or based in part on the representations and warranties of the purchasers of such shares, or were sold to non-U.S. residents outside of the United States and exempt from such registration requirements. The description of the Company's stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, accurately and fairly present, in all material respects, the information required to be shown with respect to such plans, arrangements, options and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.2. <u>Securities Sold Pursuant to this Agreement</u>. The Public Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the holders thereof will not be subject to personal liability by reason of being such holders; the Public Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Public Securities has been duly and validly taken. The Public Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities of the Company or any options, warrants, rights or other securities exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include any such securities in the Registration Statement or any other registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. <u>Validity and Binding Effect of Agreements</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered by the Company, will constitute, the legal valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except in each case: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. <u>No Conflicts, etc</u>. The execution, delivery and performance by the Company of this Agreement and all other documents ancillary hereto and thereto, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in any violation of the provisions of the Company's Memorandum of Association (as amended or restated from time to time, the "**Charter**") or the Articles of Association of the Company (the "**Articles of Association**"); (ii) result in a breach or violation of, or conflict with any of the terms and provisions of, or constitute a default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement or any other agreement or instrument to which the Company is a party or as to which any property of the Company is subject; or (iii) violate any applicable law, rule, regulation, judgment, order or decree of any Governmental Entity as of the date hereof, except, in the case of (ii) or (iii), for those breaches, violations or conflicts which (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. <u>No Defaults; Violations</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no default exists in the due performance and observance of any term, covenant or condition of any license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except, in each case, for those defaults which (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change. The Company is not in violation of any franchise, license, permit, applicable law, rule, regulation, judgment, order or decree of any Governmental Entity, except, in each case, for those violations which (individually and in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.1. <u>Conduct of Business</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary consents, authorizations, approvals, licenses, certificates, clearances, permits and orders and supplements and amendments thereto (collectively, "**Authorizations**") of and from all Governmental Entities required as of the date hereof for the Company to conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except, in each case, where the failure to have such Authorizations (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.2. <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and all Authorizations required in connection therewith have been obtained. No Authorization of, and no filing with, any Governmental Entity, or another body is required for the valid issuance, sale and delivery of the Public Securities and the consummation of the transactions and agreements contemplated by this Agreement and as contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, except with respect to applicable federal and state securities or blue sky laws, the rules of the Exchange and the rules and regulations of the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. <u>D&O Questionnaires</u>. All information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors, officers, and holders of 10% or more of the Company's shares prior to the Offering (such individuals, the "**Insiders**") as supplemented by all information concerning the Company's directors and officers set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus provided to the Representative and its counsel, is true and correct and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires to become inaccurate, incorrect or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. <u>Litigation; Governmental Proceedings</u>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding, pending or threatened, against or involving the Company or any executive officer or director which has not been disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or in connection with the Company's listing application for the listing of the Public Securities on the Exchange, and is required to be disclosed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. <u>Good Standing</u>. The Company has been duly incorporated and is validly existing as a company and is in good standing under the laws of Cayman Islands, as of the date hereof. The Company is duly qualified to do business and is in good standing as a foreign corporation in each other jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to be so qualified or in good standing, individually or in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. <u>Insurance</u>. On the Closing Date, the Company will carry or will be entitled to the benefits of insurance (including, without limitation, directors' and officers' insurance), with reputable insurers, in such amounts and covering such risks which the Company believes are adequate, and all such insurance is in full force and effect, except for directors' and officers' liability insurance which the Company will obtain within a reasonable time subsequent to the Closing and except where the failure to maintain such insurance would not have or reasonably be expected to result in Material Adverse Change. The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.1. <u>Finder's Fees</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any Insider with respect to the sale of the Public Securities hereunder or any other arrangements, agreements or understandings of the Company or any of its shareholders that may affect the Underwriters' compensation, as determined by the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.2. <u>Payments Within Twelve (12) Months</u>. Except as disclosed in writing to the Representative or as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not made any direct or indirect payments in connection with the Offering (in cash, securities or otherwise) to: (i) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the payment to the Underwriters as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.3. <u>Use of Proceeds</u>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.4. <u>FINRA Affiliation</u>. There is no (i) Insider or (iii) 10% or more beneficial owner of the Company's unregistered equity securities, who acquired any equity securities of the Company during the 180-day period immediately preceding the filing of the Registration Statement that is an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.5. <u>Information</u>. All information provided by the Company in its FINRA questionnaire to counsel to the Underwriters specifically for use in connection with its public offering system filings (and related disclosure) with FINRA is true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. <u>Foreign Corrupt Practices Act</u>. None of the Company and its Subsidiaries or any director, officer, agent, employee or affiliate of the Company or any of its Subsidiaries or any other person acting on behalf of the Company or any of its Subsidiaries, has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any Governmental Entity (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that (i) might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (ii) if not given in the past, might have had a Material Adverse Change or (iii) if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. <u>Compliance with OFAC</u>. None of the Company and its Subsidiaries or any director, officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("**OFAC**"), and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 <u>Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in material compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, including the Money Laundering Control Act of 1986, as amended, and any similar money laundering statutes, rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, "**Money Laundering Laws**"), including but not limited to the Cayman Islands Proceeds of Crime Law, and no action, suit or proceeding by or before any Governmental Entity involving the Company with respect to Money Laundering Laws is pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or to counsel to the Underwriters on the Closing Date or on the Option Closing Date shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. <u>Lock-Up Agreements</u>. <u>Schedule 3</u> hereto contains a complete and accurate list of the Company's officers, directors and each owner of 5% or more of the Company's outstanding Ordinary Shares as of the Effective Date (or securities convertible, exchangeable or exercisable into Ordinary Shares) (collectively, the "**Lock-Up Parties**"). The Company has caused each of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement (as defined below), substantially in the form of <u>Exhibit A</u> hereto **(**the "**Lock-Up Agreement**"), prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. <u>Subsidiaries</u>. Each of the direct and indirect Subsidiaries of the Company is duly organized or incorporated as applicable and in good standing under the laws of its place of organization or incorporation, and each such Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a Material Adverse Change on the assets, business or operations of the Company and its Subsidiaries taken as a whole. The Company's ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27. <u>Related Party Transactions</u>. There are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28. <u>Board of Directors</u>. The Board of Directors of the Company (the "**Board**") is comprised of the persons set forth under the heading of the Pricing Prospectus and the Prospectus captioned "Management." The qualifications of the persons serving as Board members and the overall composition of the Board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder (the "**Sarbanes-Oxley Act**") applicable to the Company and the listing rules of the Exchange. At least one member of the Audit Committee of the Board qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at least a majority of the persons serving on the Board qualify as "independent," as defined under the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29. <u>Sarbanes-Oxley Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.1. <u>Disclosure Controls</u>. The Company has developed disclosure controls and procedures that will comply in all material respects with Rule 13a-15 or 15d-15 under the Exchange Act Regulations, and such controls and procedures will be effective to ensure that all material information concerning the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company's Exchange Act filings and other public disclosure documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.2. <u>Compliance</u>. The Company is, and at the Applicable Time and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement such programs and has taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30. <u>Accounting Controls</u>. The Company and its Subsidiaries are in the process of establishing systems of "internal control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that will comply in all material respects with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal controls. The Company's auditors and the Audit Committee of the Board have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are known to the Company's management and that have adversely affected or are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company's management, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31. <u>No Investment Company Status</u>. The Company is not, and, after giving effect to the Offering and the application of the net proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an "investment company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32. <u>No Labor Disputes</u>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or is threatened, and no key employee or significant group of employees of the Company plans to terminate employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33. <u>Intellectual Property Rights</u>. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property Rights**") described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and necessary for the conduct of the business of the Company and each of its Subsidiaries as currently carried on and as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. No action or use by the Company or any of its Subsidiaries necessary for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change, (i) there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property Rights owned by the Company; (ii) there is no pending or threatened action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (iii) the Intellectual Property Rights owned by the Company and the Intellectual Property Rights licensed to the Company have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (iv) there is no pending or threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims referred to in this Section 2.33, reasonably be expected to result in a Material Adverse Change; and (v) no employee of the Company is in or has ever been in violation in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee's employment with the Company, or actions undertaken by the employee while employed with the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. All material, technical information developed by and belonging to the Company which has not been patented has been kept confidential. The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus and are not described therein. None of the technology employed by the Company has been obtained or is knowingly being used by the Company in violation of any contractual obligation binding on the Company or any of its officers, directors or employees, or otherwise in violation of the rights of any persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34. <u>Taxes</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Change, each of the Company and its Subsidiaries has: (i) filed all returns (as defined below) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof; and (ii) paid all taxes (as defined below) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company or any of its Subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. Except as disclosed in the Registration Statement and the Prospectus, (i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries. There are no tax liens against the assets, properties or business of the Company or its Subsidiaries other than liens for taxes not yet delinquent or being contested in good faith by appropriate proceedings and for which reserves in accordance with GAAP have been established in the Company's books and records. The term "**taxes**" means all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35. <u>ERISA Compliance</u>. The Company is not incorporated in the United States, has no U.S. employees and is not subject to the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, "**ERISA**")).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36. <u>Compliance with Laws</u>. Each of the Company and each Subsidiary: (a) is and at all times has been in compliance with all statutes, rules, or regulations applicable to the business of the Company as currently conducted ("**Applicable Laws**"), except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (b) has not received any warning letter or other correspondence or notice from any Governmental Entity alleging or asserting noncompliance with any Applicable Laws or any Authorizations; (c) possesses all material Authorizations and such Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations; (d) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any activity conducted by the Company is in violation of any Applicable Laws or Authorizations and no Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (e) has not received notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and no such Governmental Entity is considering such action; and (f) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37. <u>Emerging Growth Company</u>. From the time of the initial submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly in or through any person authorized to act on its behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "**Emerging Growth Company**"). "**Testing-the-Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. The Company has not (i) alone engaged in any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the written consent of the Representative and with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company confirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38. <u>Environmental Laws</u>. The Company is in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable to their businesses ("**Environmental Laws**"), except where the failure to comply would not, singularly or in the aggregate, result in a Material Adverse Change. There has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company (or any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of the property now or previously owned or leased by the Company, in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which would not have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Change; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any toxic or other wastes or other hazardous substances, except for any such disposal, discharge, emission, or other release of any kind which would not have, singularly or in the aggregate with all such discharges and other releases, a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39. <u>Title to Property</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company or its Subsidiaries; and all of the leases and subleases material to the business of the Company and its Subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or any Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40. <u>Contracts Affecting Capital</u>. There are no transactions, arrangements or other relationships between and/or among the Company, any of its affiliates (as such term is defined in Rule 405 under the Securities Act) and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity, that could reasonably be expected to materially affect the Company's or its Subsidiaries' liquidity or the availability of or requirements for their capital resources required to be described or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus which have not been described or incorporated by reference as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41. <u>Loans to Directors or Officers</u>. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company or its Subsidiaries to or for the benefit of any of the officers or directors of the Company, its Subsidiaries, or any of their respective family members, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42. <u>Ineligible Issuer</u>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the Effective Date and at the time of any amendment thereto, at the earliest time thereafter that the Company or the Underwriters made a *bona fide* offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Public Securities and at the Effective Date, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43. <u>Industry Data</u>. The statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44. <u>Electronic Road Show</u>. If the Company makes available a Bona Fide Electronic Road Show, it shall be in compliance with Rule 433(d)(8)(ii) of the Securities Act Regulations such that no filing of any "road show" (as defined in Rule 433(h) of the Securities Act Regulations) is required in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45. <u>Margin Securities</u>. The Company owns no "margin securities" as such term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Public Securities to be considered a "purpose credit" within the meanings of Regulations T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46. <u>Dividends and Distributions</u>. Except as disclosed in the Pricing Disclosure Package, Registration Statement and the Prospectus, no Subsidiary of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47. <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48. <u>Integration</u>. Neither the Company nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49. <u>Confidentiality and Non-Competition</u>. No director, officer, key employee or consultant of the Company or any Subsidiary is subject to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer (other than the Company or its Subsidiaries) or prior employer that could materially affect his or her ability to be and act in his or her respective capacity of the Company or such Subsidiary or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50. <u>Corporate Records</u>. The minute books of the Company have been made available to the Representative and counsel to the Underwriters and such books (i) contain minutes of all material meetings and actions of the Board (including each Board committee) and shareholders of the Company, and (ii) reflect all material transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51. <u>Diligence Materials</u>. The Company has provided to the Representative and counsel to the Underwriters all materials necessary to respond in all material respects to the diligence request submitted to the Company or its counsel by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52. <u>Stabilization</u>. Neither the Company nor any of its employees, directors or shareholders (without the consent of the Representative) has taken, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 <u>Foreign Private Issuer Status</u>. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Act.

3. <u>Covenants of the Company</u>. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Amendments to Registration Statement</u>. The Company shall deliver to the Representative, prior to filing, any amendment or supplement to the Registration Statement or Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement to which the Representative shall reasonably object in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Federal Securities Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. <u>Compliance</u>. During the 45-day period prior to the filing of the Registration Statement with the Commission, and at all times thereafter prior to and following the Effective Date, the Company and its officers, directors and related parties will abide by all rules and regulations of the Commission relating to public offerings, including, without limitation, those relating to public statements and disclosures of material, non-public information. The Company, subject to Section 3.2.2, shall comply in all material respects with the requirements of Rule 430A of the Securities Act Regulations, and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed; (ii) of its receipt of any comments from the Commission; (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional information; (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Public Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and within the time period required by Rule 424(b), and shall take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, if it was not, it will promptly file such prospectus. The Company shall prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. <u>Continued Compliance</u>. The Company shall comply in all material respects with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations so as to permit the completion of the distribution of the Public Securities as contemplated in this Agreement and in the Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations ("**Rule 172**"), would be) required by the Securities Act to be delivered in connection with sales of the Public Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel to the Company or to the underwriters, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) amend or supplement the Pricing Disclosure Package or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A) give the Representative notice of such event; (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative or counsel to the Underwriters shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company will give the Representative notice of any filings made pursuant to the Exchange Act or the Exchange Act Regulations within two (2) Business Days prior to the Applicable Time. The Company shall give the Representative notice of its intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full or expiration of the Over-Allotment Option specified in Section 1.2 hereof and will furnish the Representative with copies of the related document(s) a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representative or Representative Counsel shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. <u>Exchange Act Registration</u>. The Company shall use its commercially reasonable efforts to maintain the registration of the Public Securities under the Exchange Act (except in connection with a going-private transaction) for a period of three years from the Effective Date, or until the Company is liquidated or is acquired, if earlier. For a period of three years from the Effective Date, the Company shall not deregister any of the Public Securities under the Exchange Act without the prior notice to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. <u>Free Writing Prospectuses</u>. The Company agrees that, unless it obtains the prior written consent of the Representative, it shall not make any offer relating to the Public Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the Representative shall be deemed to have consented to each Issuer General Use Free Writing Prospectus set forth in <u>Schedule 2-B</u>. The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed consented to, by the Representative as an "issuer free writing prospectus," as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5. <u>Testing-the-Waters Communications</u>. If at any time following the distribution of any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 of the Securities Act Regulations (a "**Written Testing-the-Waters Communication**") there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company shall promptly notify the Representative and shall promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Delivery to the Underwriters of Registration Statements</u>. The Company has delivered or made available or shall deliver or make available to the Representative and counsel to the Underwriters, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and certificates of experts, and will also deliver to each Underwriter, without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) upon receipt of a written request therefor from such Underwriter. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Delivery to the Underwriters of Prospectuses</u>. The Company has delivered or made available or will deliver or make available to each Underwriter, without charge, as many copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations, would be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Effectiveness and Events Requiring Notice to the Representative</u>. The Company shall use its commercially reasonable efforts to cause the Registration Statement to remain effective with a current prospectus for at least nine (9) months after the Applicable Time, and shall notify the Representative promptly and confirm the notice in writing: (i) of the effectiveness of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the filing with the Commission of any amendment or supplement to the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the occurrence of any event during the period described in this Section 3.5 that, in the reasonable judgment of the Company, makes any statement of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus untrue or that requires the making of any changes in (a) the Registration Statement in order to make the statements therein not misleading, or (b) in the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification at any time, the Company shall use its commercially reasonable efforts to obtain promptly the lifting of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Review of Financial Statements.</u> For a period of three (3) years after the date of this Agreement, the Company, at its expense, shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company's financial statements for each of the three fiscal quarters immediately preceding the announcement of any quarterly financial information, or if it provides announcements only of its semi-annual financial statement, then it shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company's financial statements for the non-year end semi-annual announcement immediately preceding the announcement of such financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Listing</u>. The Company shall maintain the listing of the Public Securities on the Exchange for at least three (3) years from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>PCAOB Firm</u>. As of the Effective Date, the Company shall have retained: (i) an independent PCAOB registered public accounting firm reasonably acceptable to the Representative, which will have responsibility for the review, audit and certification of the financial statements and the financial exhibits, which shall initially be SFAI MALAYSIA PLT, or another PCAOB accounting firm reasonably acceptable to the Representative, for at least one (1) year after the Closing Date; and (ii) a financial public relations firm reasonably acceptable to the Representative and the Company, which shall initially be [ ], which firm shall be experienced in assisting issuers in initial public offerings of securities and in their relations with their security holders for at least one (1) year from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Reports to the Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1. <u>Periodic Reports, etc</u>. For a period of three (3) years after the date of this Agreement, the Company shall furnish or make available to the Representative copies of such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities and also promptly furnish to the Representative: (i) a copy of each periodic report the Company shall be required to file with the Commission under the Exchange Act and the Exchange Act Regulations; (ii) a copy of every press release and every news item and article with respect to the Company or its affairs released by the Company; (iii) a copy of each Current Report on Form 8-K prepared and filed by the Company; (iv) a copy of each registration statement filed by the Company under the Securities Act; (v) a copy of each report or other communication furnished to shareholders and (vi) such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company as the Representative may from time to time reasonably request. Documents filed with the Commission via its EDGAR system shall be deemed to have been delivered to the Representative pursuant to this Section 3.9.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2. <u>Transfer Agent; Transfer Sheets</u>. For a period of three (3) years after the date of this Agreement, the Company shall retain a transfer agent and registrar in the United States reasonably acceptable to the Representative (the "**Transfer Agent**") and shall furnish to the Representative at the Company's sole cost and expense such transfer sheets of the Company's securities as the Representative may reasonably request, including the daily and monthly consolidated transfer sheets of the Transfer Agent and DTC. VStock Transfer, LLC is acceptable to the Representative to act as Transfer Agent for the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.3. <u>Trading Reports</u>. For a period of three (3) years after the date of this Agreement, during such time as the Public Securities are listed on the Exchange, the Company shall provide to the Representative, at the Company's expense, such reports published by the Exchange relating to price trading of the Public Securities, as the Representative shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <u>Payment of Expenses</u>. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the extent not paid at the Closing Date, or upon demand if there is no Closing, all expenses related to the Offering or otherwise incident to the performance of the obligations of the Company under this Agreement, including, but not limited to: (a) all filing fees and communication expenses relating to the registration of the Public Securities to be sold in the Offering with the Commission; (b) all corporate finance department financing fees associated with the review of the Offering by FINRA; (c) all fees and expenses relating to the listing of the Public Securities on the Exchange, including any fees charged by DTC; (d) all fees, expenses and disbursements relating to background checks of the Company's officers and directors; (e) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Public Securities under the securities laws of such states or foreign jurisdictions as the Representative may reasonably designate; (f) the costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any blue sky surveys and, if appropriate, any agreements among the Underwriters, selected dealers' agreement, Underwriters' questionnaires and Power(s) of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many Preliminary Prospectuses and final prospectuses as the Representative may reasonably deem necessary; (g) the costs and expenses of a financial public relations firm referred to in Section 3.8; (h) the costs of preparing, printing and delivering certificates representing the Public Securities; (i) fees and expenses of the transfer agent for the Public Securities; (j) stock transfer and/or stamp taxes, if any, payable upon the transfer of the Public Securities from the Company to the Underwriters; (k) the costs associated with advertising the Offering after the Closing Date in the national editions of the *Wall Street Journal* and *New York Times*; (l) and the costs associated with one set of bound volumes of the Offering materials as well as commemorative mementos and lucite tombstones, each of which the Company or its designee shall provide within a reasonable time after the Closing Date in such quantities as the Representative may reasonably request; (m) the fees and expenses of the Company's accountants; (n) the fees and expenses of the Company's legal counsel and other agents and representatives; (o) translation cost for due diligence purposes, (p) reasonable costs for road show meetings, including expenses incurred for the preparation of power point presentations for such road show meetings and (q) up to $260,000 to cover the Representative's accountable expenses for the Offering, including reasonable, out-of-pocket expenses (including, but not limited to, travel, communication, due diligence, and legal counsel fees and expenses) in connection with the performance of its services pursuant to the Offering, *provided, however*, that such expense limit in no way limits or impairs the indemnification and contribution provisions of this Agreement. For the sake of clarity, it is understood and agreed that the Company shall be responsible for the Representative's fees and disbursements detailed in this Section 3.10, irrespective of whether the Offering is consummated whether or not the Offering has a closing; provided, however, that if the Offering does not close, the Company shall only be responsible for up to $120,000 of the Representative's fees and disbursements. The Representative shall return to the Company any portion of advances against accountable expenses to the extent not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).The Representative may deduct from the net proceeds of the Offering payable to the Company on the Closing Date, or the Option Closing Date, if any, the expenses set forth herein to be paid by the Company to the Underwriters. In addition, the Company hereby agrees to pay the Representative a non-accountable expense allowance computed at the rate of one percent (1%) of the gross proceeds of the Public Securities sold in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <u>Application of Net Proceeds</u>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption "Use of Proceeds" in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. <u>Delivery of Earnings Statements to Security Holders</u>. The Company shall make generally available to its security holders as soon as practicable, but not later than the first day of the fifteenth (15<sup>th</sup>) full calendar month following the date of this Agreement, an earnings statement (which need not be certified by an independent registered public accounting firm unless required by the Securities Act or the Securities Act Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities Act) covering a period of at least twelve (12) consecutive months beginning after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. <u>Stabilization</u>. Neither the Company nor any of its employees, directors or shareholders has taken or shall take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14. <u>Internal Controls</u>. The Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15. <u>Accountants</u>. As of the date of this Agreement, the Company has retained an independent registered public accounting firm, as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board, reasonably acceptable to the Representative, and the Company shall continue to retain a nationally recognized independent registered public accounting firm for a period of at least three (3) years after the date of this Agreement. The Representative acknowledges that the Auditor is acceptable to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16. <u>FINRA</u>. For a period of 60 days from the later of the Closing Date or the Option Closing Date, the Company shall advise the Representative (who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director of the Company, (ii) any beneficial owner of 10% or more of any class of the Company's securities or (iii) any beneficial owner of the Company's unregistered equity securities which were acquired during the 180 days immediately preceding the filing of the Registration Statement is or becomes an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17. <u>No Fiduciary Duties</u>. The Company acknowledges and agrees that the Underwriters' responsibilities to the Company are solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18. <u>Company Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.1. <u>Restriction on Sales of Shares</u>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of one hundred and eighty (180) days from the Closing Date (the "**Lock-Up Period**"), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (iii) complete any offering of debt securities of the Company without notice to the Underwriter, other than entering into a line of credit or senior credit facility with a traditional bank or other lending institution, or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital shares of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of the Company or such other securities, in cash or otherwise. The restrictions contained in this Section 3.18.1 shall not apply to the Public Securities to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.2. <u>Lock-Up Agreements</u>. The Lock-Up Parties will enter into Lock-Up Agreements in favor of the Representative, pursuant to which (i) the Lock-Up Parties who are holders of 5% or more of the outstanding Ordinary Shares of the Company will agree, for a period of 6 months after the Effective Date , and (ii) the Lock-Up Parties who are directors and executive officers and affiliates of the Company will agree for (180) days after the Effective Date that they will neither offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any securities of the Company without Representative 's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19. <u>Release from Lock-up Period</u>. If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreements described in Section 3.18.2 and hereof for a Lock-Up Party and provides the Company with notice of the impending release or waiver at least three (3) Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of <u>Exhibit B</u> hereto through a major news service at least two (2) Business Days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20. <u>Blue Sky Qualifications</u>. The Company shall use its commercially reasonable efforts, in cooperation with the Underwriters, if necessary, to qualify the Public Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representative may reasonably designate and to maintain such qualifications in effect so long as required to complete the distribution of the Public Securities; *provided, however*, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21. <u>Reporting Requirements</u>. The Company, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations. Additionally, the Company shall report the use of proceeds from the issuance of the Public Securities as may be required under Rule 463 under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22. <u>Emerging Growth Company Status</u>. The Company shall promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Public Securities within the meaning of the Securities Act and (ii) fifteen (15) days following the completion of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23. <u>Press Releases</u>. Prior to the Closing Date and any Option Closing Date, the Company shall not issue any press release or other communication directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and consistent with the past practices of the Company and of which the Representative is notified), without the prior written consent of the Representative, which consent shall not be unreasonably withheld, unless in the judgment of the Company and its counsel, and after notification to the Representative, such press release or communication is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24. <u>Sarbanes-Oxley</u>. The Company shall at all times comply in all material respects with all applicable provisions of the Sarbanes-Oxley Act in effect from time to time.

4. <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Public Securities, as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Regulatory Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. <u>Effectiveness of Registration Statement; Rule 430A Information</u>. The Registration Statement shall have become effective not later than 5:30 p.m., New York City, New York, time, on the date of this Agreement or such later date and time as shall be consented to in writing by the Representative, and, at each of the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto shall have been issued by the Commission under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus shall have been issued and no proceedings for any of those purposes shall have been instituted or are pending or contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional information. A prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) under the Securities Act Regulations or a post-effective amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430A under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. <u>FINRA Clearance</u>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. <u>Exchange Clearance</u>. On the Closing Date, the Firm Shares shall have been approved for listing on the Exchange, subject only to official notice of issuance. On the first Option Closing Date (if any), the Option Shares shall have been approved for listing on the Exchange, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Company Counsel Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. <u>Closing Date Opinion of Counsel</u>. On the Closing Date, the Representative shall have received (i) the opinion, including certain "10b-5" negative assurances of Loeb & Loeb LLP, United States counsel to the Company ("**U.S. Counsel**") substantially as set forth in <u>Exhibit C</u> hereto; (ii) the opinion of David Fong & Co., Solicitors in form and substance satisfactory to the Representative; and (iii) the opinion of Ogier, Cayman Islands counsel to the Company ("**Cayman Counsel**") substantially as set forth in <u>Exhibit D</u> hereto, all of the documents in clauses (i), (ii), and (iii) of this Section 4.2.1 dated the Closing Date and addressed to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. <u>Option Closing Date Opinions of Counsel</u>. On the Option Closing Date, if any, the Representative shall have received the opinions of counsel listed in Section 4.2.1, dated the Option Closing Date, addressed to the Representative and in form and substance satisfactory to the Representative, confirming as of the Option Closing Date, the statements made by such counsel in their respective opinion and negative assurance statement delivered on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Comfort Letters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. <u>Cold Comfort Letter</u>. At the time this Agreement is executed, the Representative shall have received a cold comfort letter from the Auditor containing statements and information of the type customarily included in accountants' comfort letters with respect to the financial statements and certain financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, addressed to the Representative as representative of the Underwriters and in form and substance satisfactory to the Representative and the counsel to the Representative, dated as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. <u>Bring-down Comfort Letter</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received from the Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor reaffirms the statements made in the letter furnished pursuant to Section 4.3.1, except that the specified date referred to shall be a date not more than three (3) Business Days prior to the Closing Date or the Option Closing Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Officers' Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. <u>Officers' Certificate</u>. The Company shall furnish to the Representative a certificate, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), of its Chief Executive Officer and its Chief Financial Officer stating on behalf of the Company and not in an individual capacity that (i) such officers have carefully examined the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus, they believe that the Registration Statement and each amendment thereto after the Effective Date, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the Prospectus and each amendment or supplement thereto after the Effective Date, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (ii) since the Effective Date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) to the best of their knowledge after reasonable investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the representations and warranties of the Company in this Agreement are true and correct and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date (or any Option Closing Date if such date is other than the Closing Date), and (iv) there has not been, subsequent to the date of the most recent audited financial statements included in the Pricing Disclosure Package, a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <u>Secretary's Certificate</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate of the Company signed by the acting Secretary of the Company, dated the Closing Date or the Option Closing Date, as the case may be, respectively, certifying on behalf of the Company and not in an individual capacity: (i) that each of the Charter and Articles of Association is true and complete, has not been amended or modified and is in full force and effect; (ii) that the resolutions of the Board relating to the Offering are in full force and effect and have not been modified or rescinded; and (iii) as to the incumbency of the officers of the Company who have signed the certificates set forth in Section 4.4.1. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>No Material Changes</u>. Prior to and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have been no Material Adverse Change in the condition, financial or otherwise, business or prospects of the Company from the date of this Agreement; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or, to the knowledge of the Company, threatened against the Company or any Insider before or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding may reasonably be expected to cause a Material Adverse Change, except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii) no stop order shall have been issued by the Commission under the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv) the Registration Statement, the Pricing Disclosure Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing Disclosure Package nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <u>No Material Misstatement or Omission</u>. The Underwriters shall not have discovered and disclosed to the Company on or prior to the Closing Date and any Option Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of Representative Counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or that the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the opinion of Representative Counsel, is material or omits to state any fact which, in the opinion of Representative Counsel, is material and is necessary in order to make the statements, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <u>Corporate Proceedings</u>. All corporate proceedings and other legal matters incident to the authorization, form and validity of each of this Agreement, the Public Securities, the Registration Statement, the Pricing Disclosure Package, each Issuer Free Writing Prospectus, if any, and the Prospectus and all other legal matters relating to this Agreement, and the transactions contemplated hereby and thereby shall be reasonably satisfactory in all material respects to counsel to the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <u>Delivery of Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1. <u>Lock-Up Agreements</u>. On or before the date of this Agreement, the Company shall have delivered to the Representative executed copies of the Lock-Up Agreements from each of Lock-Up Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. <u>Additional Documents</u>. At the Closing Date and at each Option Closing Date (if any) Representative Counsel shall have been furnished with such documents as they may reasonably require for the purpose of enabling counsel to the Underwriters to deliver an opinion to the Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Public Securities as herein contemplated shall be satisfactory in form and substance to the Representative and Representative Counsel.

5. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Indemnification of the Underwriters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>General</u>. The Company shall indemnify and hold harmless each Underwriter, its affiliates and each of its and their respective directors, officers, members, employees, representatives, partners, shareholders, affiliates, counsel and agents and each person, if any, who controls any such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (such parties, collectively, the "**Underwriter Indemnified Parties**," and, each, an "**Underwriter Indemnified Party**"), against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, between any of the Underwriter Indemnified Parties and any third party, or otherwise) to which they or any of them may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement, the Pricing Disclosure Package, the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering, including any "road show" or investor presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document or written communication (in this Section 5, collectively called "**application**") executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the Public Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency, the Exchange or any other national securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with, the Underwriters' Information. With respect to any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement, the Pricing Disclosure Package, the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus, the indemnity agreement contained in this Section 5.1.1 shall not inure to the benefit of any Underwriter Indemnified Party to the extent that any loss, liability, claim, damage or expense of such Underwriter Indemnified Party results from the fact that a copy of the Prospectus was not given or sent to the person asserting any such loss, liability, claim or damage at or prior to the written confirmation of sale of the Public Securities to such person as required by the Securities Act and the Securities Act Regulations, and if the untrue statement or omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus was a result of non-compliance by the Company with its obligations under Section 3.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. <u>Procedure</u>. If any action is brought against an Underwriter Indemnified Party in respect of which indemnity may be sought against the Company pursuant to Section 5.1.1, such Underwriter Indemnified Party shall promptly notify the Company in writing of the institution of such action and the Company shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action, including the employment and fees of counsel (subject to the reasonable approval of such Underwriter Indemnified Party) and payment of actual expenses. Such Underwriter Indemnified Party shall have the right to employ its or the Underwriters' own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Underwriter Indemnified Party unless (i) the employment of such counsel at the expense of the Company shall have been authorized in writing by the Company in connection with the defense of such action, or (ii) the Company shall not have employed counsel to have charge of the defense of such action, or (iii) such Underwriter Indemnified Party or Underwriter Indemnified Parties shall have been advised by its or their counsel that there may be defenses available to it or them which are different from or additional to those available to the Company (in which case the Company shall not have the right to direct the defense of such action on behalf of the Underwriter Indemnified Party or Underwriter Indemnified Parties), in any of which events the reasonable fees and expenses of not more than one additional firm of attorneys selected by the Underwriter Indemnified Parties who are party to such action (in addition to local counsel) shall be borne by the Company. Notwithstanding anything to the contrary contained herein, if any Underwriter Indemnified Party shall assume the defense of such action as provided above, the Company shall have the right to approve the terms of any settlement of such action, which approval shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Indemnification of the Company</u>. Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company, its directors, its officers and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the several Underwriters, as incurred, but only with respect to such losses, liabilities, claims, damages and expenses (or actions in respect thereof) which arise out of or are based upon untrue statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and in strict conformity with, the Underwriters' Information. In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have the rights and duties given to the several Underwriters by the provisions of Section 5.1.2. The Company agrees promptly to notify the Representative of the commencement of any litigation or proceedings against the Company or any of its officers, directors or any person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Public Securities or in connection with the Registration Statement, the Pricing Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. <u>Contribution Rights</u>. If the indemnification provided for in this Section 5 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 5.1 or 5.2 in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and each of the Underwriters, on the other hand, from the Offering, or (ii) if the allocation provided by clause (i) of this Section 5.3.1 is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this Section 5.3.1 but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, with respect to such Offering of the Public Securities shall be deemed to be in the same proportion as the total proceeds from the Offering purchased under this Agreement (before deducting expenses) received by the Company bear to the total underwriting discount and commissions received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company, on the one hand, and the Underwriters, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Underwriters, on the other, the intent of the Parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the Parties agree that the written information furnished to the Company through the Representative by or on behalf of any Underwriter for use in any Preliminary Prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters' Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 5.3.1 were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this Section 5.3.1 shall be deemed to include, for purposes of this Section 5.3.1, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 5.3.1 no Underwriter shall be required to contribute any amount in excess of the total discount and commission received by such Underwriter in connection with the Offering. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Contribution Procedure</u>. Within fifteen (15) calendar days after receipt by any Party (or its representative) of notice of the commencement of any action, suit or proceeding, such Party ("**notifying party**") will, if a claim for contribution in respect thereof is to be made against another party ("**contributing party**"), notify the contributing party of the commencement thereof, but the failure of the notifying party to so notify the contributing party will not relieve the contributing party from any liability which it may have to any other Party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 calendar days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. The Underwriters' obligations to contribute as provided in this Section 5.3 are several and in proportion to their respective underwriting obligation, and not joint.

6. <u>Default by an Underwriter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Default Not Exceeding 10% of Firm Shares or Option Shares</u>. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Shares or the Option Shares, if the Over-Allotment Option is exercised hereunder, and if the number of the Firm Shares or Option Shares with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Shares or Option Shares that all Underwriters have agreed to purchase hereunder, then such Firm Shares or Option Shares to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Default Exceeding 10% of Firm Shares or Option Shares</u>. If the default addressed in Section 6.1 relates to more than 10% of the Firm Shares or Option Shares, the Representative may in its discretion arrange for itself or for another party or parties to purchase such Firm Shares or Option Shares to which such default relates on the terms contained herein. If, within one (1) Business Day after such default relating to more than 10% of the Firm Shares or Option Shares, the Representative does not arrange for the purchase of such Firm Shares or Option Shares, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative to purchase said Firm Shares or Option Shares on such terms. If neither the Representative nor the Company arranges for the purchase of the Firm Shares or Option Shares to which a default relates as provided in this Section 6, this Agreement will automatically be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3.10 and 8.3 hereof with respect to the Underwriter's expenses), or the several Underwriters; *provided, however*, that if such default occurs with respect to the Option Shares, this Agreement will not terminate as to the Firm Shares; and *provided, further*, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its default hereunder. For the avoidance of doubt, nothing contained in this Section 6 shall excuse a default by the Representative (in its capacity as an Underwriter) in its obligations to purchase the Firm Shares or the Option Shares, if the Over-Allotment Option is exercised hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Postponement of Closing Date</u>. If the Firm Shares or Option Shares to which the default relates are to be purchased by the non-defaulting Underwriters pursuant to Section 6.1, or are to be purchased by another party or parties pursuant to Section 6.2, the Representative or the Company shall have the right to postpone the Closing Date or Option Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus that in the opinion of counsel to the Underwriters may thereby be made necessary. The term "**Underwriter**" as used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such Firm Shares or Option Shares.

7. <u>Additional Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Board Composition and Board Designations</u>. The Company shall ensure that: (i) the qualifications of the persons serving as members of the Board and the overall composition of the Board comply with the Sarbanes-Oxley Act, the Exchange Act and the listing rules of the Exchange or any other national securities exchange, as the case may be, if the Company seeks to have its Public Securities listed on another exchange or quoted on an automated quotation system, and (ii) if applicable, at least one member of the Audit Committee of the Board qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Prohibition on Press Releases and Public Announcements</u>. The Company shall not issue press releases or engage in any other publicity, without the Representative's prior written consent, for a period commencing on the date of the Engagement Letter and ending at 5:00 p.m., New York City, New York, time, on the first (1<sup>st</sup>) Business Day following the fortieth (40<sup>th</sup>) day after the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business. The Company shall adhere to all "gun jumping" and "quiet period" rules and regulations of the Commission prior to, during and following the filing of the Registration Statement and the Closing Date.

8. <u>Effective Date of this Agreement and Termination Thereof</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Effective Date</u>. This Agreement shall become effective when both the Company and the Representative have executed the same and delivered counterparts of such signatures to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Termination</u>. The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in the Representative's reasonable opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange or the Nasdaq Stock Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or an escalation in major hostilities; or (iv) if a banking moratorium has been declared by a New York State or federal authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative's opinion, make it inadvisable to proceed with the delivery of the Firm Shares or Option Shares; or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder; or (viii) if the Representative shall have become aware after the date hereof of a Material Adverse Change, or an adverse material change in general market conditions as in the Representative's judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Public Securities or to enforce contracts made by the Underwriters for the sale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Expenses</u>. Notwithstanding anything to the contrary in this Agreement, except in the case of a default by the Underwriters, pursuant to Section 6.2 above, if this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Underwriters their actual and accountable out-of-pocket expenses related to the transactions contemplated herein then due and payable, including up to $260,000 to the Representative less amounts previously advanced, , and up to $120,000 less amounts previously advanced if the Offering is not consummated, and upon demand the Company shall pay the full amount thereof to the Representative on behalf of the Underwriters and the Representative shall return any portion of the advance not used to pay its accountable out-of-pocket expenses actually incurred; *provided, however*, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Survival of Indemnification</u>. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full force and effect and shall not be in any way affected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Representations, Warranties, Agreements to Survive</u>. All representations, warranties and agreements contained in this Agreement (except for Section 6.2) or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company or (ii) delivery of and payment for the Public Securities.

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Notices</u>. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered or certified mail, return receipt requested), personally delivered or sent by electronic mail and confirmed and shall be deemed given when so delivered and confirmed or if mailed, two (2) days after such mailing.

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| |
|:---|
| If to the Representative: |
| Stratosphere Capital, LLC |
| 223 Second Avenue, No.5A |
| New York, NY 10003 |
| Attn: Jason Li |
| Email: jason.li@stsphere.com |
| with a copy (which shall not constitute notice) to: |
| CFN Lawyers LLC |
| $4607 Albany |
| New York, 12207 |
| Attn: Sanny Choi, Esq. |
| Email: sanny.choi@cfnllc.us |
| If to the Company: |
| Worldstar Engineering Holdings Limited |
| Room 1104,11/f, Yuen Long Trading Center |
| No.33 Wang Yip Street, |
| West Yuen Long, New Territories, |
| Hong Kong |
| Attention: Mr. Lee Man Fai |
| Email: worldstarengltd@gmail.com |
| with a copy (which shall not constitute notice) to: |
| Loeb & Loeb LLP |
| 2206-19 Jardine House |
| 1 Connaught Place, Central |
| Hong Kong |
| Attn: Lawrence Venick, Esq. |
| Email: lvenick@loeb.com |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Entire Agreement</u>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitutes the entire agreement of the Parties with respect to the subject matter hereof and thereof, and supersedes all prior agreements and understandings of the Parties, oral and written, with respect to the subject matter hereof. Notwithstanding anything to the contrary set forth herein, it is understood and agreed by the Parties that all other terms and conditions of the Engagement Letter shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <u>Binding Effect</u>. This Agreement shall inure solely to the benefit of the Parties and the indemnified parties referred to in Section 5 and their respective successors, heirs and assigns, and shall be binding upon each of them, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. <u>Governing Law; Consent to Jurisdiction; Trial by Jury</u>. This Agreement shall be governed by and construed and enforced in accordance with the law of the State of New York. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the Supreme Court of the State of New York sitting in the County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <u>Execution in Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the Parties in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the Parties and delivered to each of the other Parties. Delivery of a signed counterpart of this Agreement by facsimile or email/.pdf transmission shall constitute valid and sufficient delivery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. <u>Waiver, etc</u>. The failure of any of the Parties to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof or the right of any of the Parties to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

[*Signature Page Follows*]

If the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between us.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **WORLDSTAR ENGINEERING HOLDINGS LIMITED** | **WORLDSTAR ENGINEERING HOLDINGS LIMITED** |
| By: |  |
| Name: | LEE MAN FAI |
| Title: | Chief Executive Officer and Chairman of the board of directors |

---

Confirmed as of the date first written above, on behalf of itself and as Representative of the several Underwriters named in <u>Schedule 1</u> hereto:

---

| | |
|:---|:---|
| **STRATOSPHERE CAPITAL, LLC** | **STRATOSPHERE CAPITAL, LLC** |
| By: |  |
| Name: | Jason Li |
| Title: | Chief Executive Officer |

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*Signature Page to the Underwriting Agreement*

**<u>SCHEDULE 1</u>**

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| | | |
|:---|:---|:---|
| **Underwriter** | **Total Number of Firm<br> Shares to be<br> Purchased** | **Number of Option<br> Shares to be<br> Purchased if the Over-<br> Allotment Option is <br> Fully Exercised** |
| Stratosphere Capital, LLC | 5000000 | 5750000 |
| **TOTAL** | 5000000 | 5750000 |

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**<u>SCHEDULE 2-A</u>**

**Pricing Information**

---

| | |
|:---|:---|
| Number of Firm Shares: | [●] |
| Number of Option Shares: | [●] |
| Public Offering Price per Firm Share: | $[●] |
| Public Offering Price per Option Share: | $[●] |
| Underwriting Discount per Firm Share: | 7.0% |
| Underwriting Discount per Option Share: | 7.0% |
| Proceeds to Company per Firm Share (before expenses): | $[●] |
| Proceeds to Company per Option Share (before expenses): | $[●] |

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**<u>SCHEDULE 2-B</u>**

**Issuer General Use Free Writing Prospectuses**

Free Writing Prospectus filed with the Securities and Exchange Commission on [DATE] and linked to here: [●]

**<u>SCHEDULE 3</u>**

**List of Lock-Up Parties**

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| | |
|:---|:---|
| Name | Position |

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**<u>EXHIBIT A</u>**

**Form of Lock-Up Agreement**

[●], 2026

**Stratosphere Capital, LLC**

223 Second Avenue, No.5A

New York, NY 10003

Ladies and Gentlemen:

This Lock-Up Agreement (this "**Agreement**") is being delivered to Stratosphere Capital, LLC (the "**Representative**") in connection with the Underwriting Agreement (the between WORLDSTAR ENGINEERING HOLDINGS, a Cayman Islands corporation (the "**Company**"), and the Underwriters dated [DATE], 2026 (the "**Underwriting Agreement**"), relating to the Offering. Capitalized terms used in this Agreement but not otherwise defined have the meanings set forth in the Underwriting Agreement.

In order to induce the Underwriters to continue their efforts in connection with the Offering, and in light of the benefits that the Offering will confer upon the undersigned in its capacity as a shareholder and/or an officer, director or employee of the Company, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with the Underwriters that, during the period beginning on and including the date of this Agreement through and including the date that is one hundred and eighty (180) days following the Effective Date (the "**Lock-Up Period**"), the undersigned will not, without the prior written consent of Representative, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, or announce the intention to otherwise dispose of, any shares now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (including, without limitation, shares which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities Act) (such shares, the "**Beneficially Owned Shares**") or securities convertible into or exercisable or exchangeable for shares, (ii) enter into any swap, hedge or similar agreement or arrangement that transfers in whole or in part, the economic risk of ownership of the Beneficially Owned Shares or securities convertible into or exercisable or exchangeable for shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition, or (iii) engage in any short selling of shares of the Company.

If (i) during the last 17 days of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results or becomes aware that material news or a material event will occur during the 16-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of such material news or material event, as applicable, unless the Underwriter waives, in writing, such extension.

If the undersigned is an officer or director of the Company, (i) the Representative agrees that, at least three Business Days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares, the Representative will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two Business Days after the publication date of such press release; provided, that such press release is not a condition to the release of the aforementioned lock-up provisions due to the expiration of the Lock-Up Period. The provisions of this paragraph will also not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this Agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The restrictions set forth in the immediately preceding paragraph of this Agreement shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transfers made by the undersigned: (a) as a *bona fide* gift to any member of the immediate family (as defined below) of the undersigned or to a trust the beneficiaries of which are exclusively the undersigned or members of the undersigned's immediate family, (b) by will or intestate succession upon the death of the undersigned, (c) as a *bona fide* gift to a charity or educational institution, or (d) if the undersigned is or was an officer, director or employee of the Company, to the Company pursuant to the Company's right of repurchase upon termination of the undersigned's service with the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transfers consented to, in writing by Underwriter; provided however, that in the case of any transfer described in clause (i) above, it shall be a condition to the transfer that the transferee executes and delivers to the Representative, acting on behalf of the Underwriters, not later than one Business Day prior to such transfer, a written agreement, in substantially the form of this Agreement (it being understood that any references to "immediate family" in the agreement executed by such transferee shall expressly refer only to the immediate family of the undersigned and not to the immediate family of the transferee) and otherwise satisfactory in form and substance to Underwriter. For purposes of this paragraph, "immediate family" shall mean a spouse, child, grandchild or other lineal descendant (including by adoption), father, mother, brother or sister of the undersigned.

The undersigned further agrees that (i) it will not, during the Lock-Up Period, make any demand or request for or exercise any right with respect to the registration under the Securities Act of any Ordinary Shares or other Beneficially Owned Shares or any securities convertible into or exercisable or exchangeable for shares or other Beneficially Owned Shares, and (ii) the Company may, with respect to any shares or other Beneficially Owned Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or other Beneficially Owned Shares owned or held (of record or beneficially) by the undersigned, cause the transfer agent or other registrar to enter stop transfer instructions and implement stop transfer procedures with respect to such securities during the Lock-Up Period.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and that this Agreement has been duly authorized (if the undersigned is not a natural person), executed and delivered by the undersigned and is a valid and binding agreement of the undersigned. This Agreement and all authority herein conferred are irrevocable and shall survive the death or incapacity of the undersigned (if a natural person) and shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

This Agreement shall automatically terminate upon the earliest to occur, if any, of (1) either the Underwriters, on the one hand, or the Company, on the other hand, advising the other in writing, they have determined not to proceed with the Offering, (2) termination of the Underwriting Agreement before the sale of any Public Securities, (3) the withdrawal of the Registration Statement, or (4) the Offering has not closed by the termination date of the Offering or such other date as may be agreed as the final date of the Offering if the Company and the Underwriter extend the duration of the Offering.

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.

[*Signature Page Follows*]

The undersigned has caused this Lock-Up Agreement to be executed as of the date first set forth above.

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| Very truly yours, |
| (Name - Please Print) |
| (Signature) |
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |

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Address:

**<u>EXHIBIT B</u>**

**Form of Press Release**

**WORLDSTAR ENGINEERING HOLDINGS [●], 202[●]**

WORLDSTAR ENGINEERING HOLDINGS (the "**Company**") announced today that Stratosphere Capital, LLC acting as representative for the underwriters in the Company's recent public offering of **[●]** of the Company's Class A Ordinary Shares, is [waiving] [releasing] a lock-up restriction with respect to **[●]** Class A Ordinary Shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on **[●]**, 20**[●]**, and the securities may be sold on or after such date.

**This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.**

**<u>EXHIBIT C</u>**

**Form of Opinion of Loeb & Loeb LLP**

**Stratosphere Capital, LLC**

223 Second Avenue, No.5A

New York, NY 10003

Ladies and Gentlemen:

We have acted as U.S. securities counsel to WORLDSTAR ENGINEERING HOLDINGS, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the "**Company**"), in connection with the registration statement on Form F-1 initially filed by the Company with the U.S. Securities and Exchange Commission (the "**Commission**") on [●] (File No. 333-[●]), as amended (the "**Registration Statement**"), including the information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act of 1933, as amended (the "**Securities Act**"). The Registration Statement was declared effective by the Commission on [ ]. The Registration Statement contains (i) a prospectus that relates to the initial public offering, issuance, and sale by the Company (the "**Offering**") of up to [●] class A ordinary shares, par value $0.0001 per share (the "**Ordinary Shares**"), including: (a) [●] Ordinary Shares (the "**IPO Shares**") issuable in connection with the Offering, and (b) up to [●] Ordinary Shares (the "**Option Shares**") for which the Underwriters (as defined below) have been granted an over-allotment option, pursuant to the terms and provisions of that certain Underwriting Agreement dated as of [ ] (the "**Underwriting Agreement**") by and between the Company and Stratosphere Capital, LLC, as the representative (the "**Representative**") of the several underwriters listed on Schedule 1 to the Underwriting Agreement (the "**Underwriters**"), and (ii) a prospectus that relates to the resale by two existing shareholders of up to [●] Ordinary Shares. The IPO Shares and the Option Shares are collectively referred to as the "**Registered Securities**" hereinafter. This letter of opinion is being delivered to you at the request of the Company pursuant to Section 4.2 of the Underwriting Agreement. Capitalized terms used in this opinion letter and not otherwise defined herein shall have the respective meanings given to them in the Underwriting Agreement.

In connection with this opinion letter, we have examined the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An executed copy of the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lock-Up Agreements as executed by each of the directors, officers, and 5% or greater shareholders of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registration Statement, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The preliminary prospectus, dated [ ], distributed to prospective purchasers of the IPO Shares and the Option Shares (the "**Preliminary Prospectus**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Pricing Disclosure Package;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The final prospectus dated [ ], as filed with the Commission pursuant to Rule 424(b) under the Securities Act (the "**Prospectus**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The registration statement on Form 8-A (File No. [ ]) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), relating to the Ordinary Shares, as filed with the Commission on [ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A copy of the Amended and Restated Memorandum and Articles of Association of the Company (the "**Memorandum and Articles**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Certificate of Good Standing, dated [ ], by the Registrar of Companies in the Cayman Islands, as to the good standing of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Copies of the agreements and instruments filed as exhibits to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Copies of the written resolutions of the Board of Directors of the Company dated [ ], approving and authorizing, among other things, the Offering, the execution and delivery by the Company of the Underwriting Agreement and the performance by the Company of the transactions contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) A certificate of the Chief Executive Officer and Chief Financial Officer of the Company dated [ ] as to certain matters required pursuant to the Section 4.4.1 of the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) A certificate of the Chief Executive Officer, acting in his capacity as the secretary of the Company dated [ ], certifying to us the completeness of certain corporate documents of the Company and as to the incumbency of the officers of the Company pursuant to the Section 4.4.2 of the Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) An opinion letter issued by Ogier, the Cayman counsel to the Company, dated [ ] (the "**Cayman Opinion**") and an opinion letter issued by Ogier dated [ ] and filed as exhibit 5.1 to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) An opinion letter issued by [●], the BVI legal counsel to the Company, dated [ ] (the "**BVI Opinion**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) An opinion letter issued by David Fong & Co., Solicitors, the Hong Kong legal counsel to the Company, dated [ ] (the "**Hong Kong Opinion**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) A letter from the Nasdaq Stock Market LLC dated [ ], approving the Company's application to list its Ordinary Shares on Nasdaq Capital Market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Such other documents, certificates, and records as we have deemed necessary or appropriate as a basis for the opinions set forth herein.

Items (a)-(r) above are referred to herein as the "**Authority Documents**." We have also examined a certificate of Mr. Lee Man Fai, the Chief Executive Officer of the Company, and Mr. Choi Ming Fung, the Chief Financial Officer of the Company, dated [ ], certifying to us as to certain factual matters necessary for us to render this opinion (the "**Back-up Certificate**").

In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of all originals of such latter documents. In making our examination of the documents executed by the parties, we have assumed that such parties had the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the due authorization by all requisite action, corporate or other, and execution and delivery by such parties of such documents and the validity and binding effect thereof (except as otherwise stated below). Except as expressly set forth herein, we have not undertaken any independent investigation to determine the existence or absence of facts material to the opinions expressed herein, and no inference as to our knowledge concerning such facts should be drawn from the fact that such representation has been relied upon by us in connection with the preparation and delivery of this opinion letter. As to any facts material to the opinions expressed herein which were not independently established or verified, we have relied upon oral or written statements and representations, including those made in the Underwriting Agreement, of officers and other representatives of the Company and others, in each case as we have deemed relevant and appropriate. We have not independently verified the facts so relied on.

In rendering the opinions in this opinion letter, we have relied on the Cayman Opinion as to the due incorporation of the Company and the validity of the Registered Securities and other Counsel Opinions as to certain legal matters contained therein. We assumed, except to the extent expressly set forth in and covered by our opinions below, that (a) each party to the Underwriting Agreement (i) is validly existing and in good standing under the laws of its jurisdiction of organization, (ii) has full power and authority to execute the Underwriting Agreement and to enter into the transactions contemplated therein, (iii) has taken all necessary action to authorize execution of the Underwriting Agreement on its behalf by the person or persons executing same, (iv) has properly executed and delivered the Underwriting Agreement, and (v) has duly obtained all consents or approvals of any nature from, and made all filings with, any governmental authorities necessary for such party to execute, deliver and perform its obligations under the Underwriting Agreement, (b) all acts have been taken without violation of any fiduciary duties and in accordance with any notice or disclosure requirements, (c) the execution and delivery of, and performance of their respective agreements under, the Underwriting Agreement by each party thereto do not violate any law, rule, regulation, judgment, injunction, order, decree, agreement, or instrument binding upon such party, (d) except with respect to the Company, the Underwriting Agreement is the legal, valid, and binding obligation of, and enforceable against, each party thereto, and (e) the truthfulness and factual accuracy (but not legal conclusions) of (i) the Company's representations and warranties contained in the Underwriting Agreement, (ii) each of the matters addressed in the Back-up Certificate, and (iii) each statement as to all other factual matters contained in the Authority Documents, including, without limitation, factual conclusions and characterizations and descriptions of purposes, intention, or other states of mind relating to the parties to the Authority Documents.

In rendering our opinions herein, we have also assumed that there is no oral or written agreement, understanding, course of dealing, or usage of trade that amends any term of the Underwriting Agreement, or any waiver of any such term, that the Underwriting Agreement is accurate and complete, and that there has been no mutual mistake of fact or actual or constructive fraud, misrepresentation, duress, undue influence, or similar inequitable conduct.

The opinions contained in this letter are only expressions of professional judgment regarding the legal matters addressed and are not guarantees that a court would reach any particular result.

Based on the foregoing and subject to the qualifications set forth below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Underwriting Agreement constitutes the valid and legally binding
 obligation of the Company, enforceable against the Company in accordance with its terms.

2. The Registration Statement, as of the date of its effectiveness, and
 the Preliminary Prospectus, the Prospectus and the Pricing Disclosure Package appeared on their face, as of their respective filing
 dates with the Commission, to be responsive with the applicable form requirements for registration statements on Form F-1 under the
 Securities Act and the applicable rules and regulations of the Commission thereunder (in each case other than the financial statements
 and schedules and other company and financial data included or incorporated by reference therein, as to which we express no opinion).
 The Company is not a party to any contract, agreement, or document of a character that is required to be filed as an exhibit to,
 or incorporated by reference in, the Registration Statement or described in the Registration Statement, the Preliminary Prospectus,
 the Pricing Disclosure Package or Prospectus that has not been so filed, incorporated by reference, or described as required.

3. The Registration Statement was declared effective under the Securities
 Act on [ ]. The Prospectus was filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act
 on [ ]. No stop order suspending the effectiveness of the Registration Statement has been issued and, to our knowledge,
 no proceedings for that purpose have been instituted or are pending or threatened under the Securities Act.

4. No consent, approval, authorization, license, registration, qualification,
 notice to or filing with, or order of or action by any United States federal or state court, Governmental Entity, administrative
 agency, or regulatory authority is required to be obtained or made by the Company in connection with (i) the issuance and sale of
 the IPO Shares or the Option Shares, or (ii) the due authorization, execution, delivery, or performance of the Underwriting Agreement
 and all exhibits and schedules thereto, and any other documents or agreements executed by the Company in connection with the Offering
 contemplated thereunder (the "**Transaction Documents**") or the consummation of the transactions contemplated thereby,
 except (a) such as have been obtained under the Securities Act or the Exchange Act, (b) such as may be required under state or foreign
 securities or Blue Sky laws in connection with the purchase and the distribution of the IPO Shares or the Option Shares by the Underwriters,
 (c) such as have been obtained pursuant to the requirements of the Financial Industry Regulatory Authority, Inc. or The Nasdaq Stock
 Market LLC, or (d) such as may be required under the laws of any foreign jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The execution and delivery of the Underwriting Agreement by the Company,
 the issuance and sale of the Registered Securities by the Company pursuant to the Underwriting Agreement, the performance by the
 Company of its obligations under the Underwriting Agreement, and the consummation by the Company of the transactions contemplated
 by the Underwriting Agreement, do not and will not (a) violate, any applicable law, statute, rule, or regulation of the U.S. federal
 government, the State of New York, or the Nasdaq Capital Market, (b) violate or constitute a default under any mortgage, deed of
 trust, note, indenture, loan, contract, commitment, or other agreement, in each case which (i) is governed by the laws of the State
 of New York or the federal laws of the United States of America and (ii) which has been (or should have been) filed or incorporated
 by reference as an exhibit to the Registration Statement pursuant to Item 601(b)(4) or (b)(10) of Regulation S-K, to which the Company
 is a party, (c) violate any judgment, order, or decree that has been issued by any federal court or any court of the State of New
 York, except in the case of clauses (a), (b), and (c), for such defaults or violations that would not, individually or in the aggregate,
 cause a Material Adverse Change.

6. Other than as set forth in the any Preliminary Prospectus, the Pricing
 Prospectus or the Prospectus, and each Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the
 Pricing Prospectus, there are no legal or governmental proceedings pending to which the Company, any director, officer or controlling
 shareholder is a party or of which any property of the Company is or the subject that, if determined adversely to the Company would
 have or may reasonably be expected to have a material adverse effect on the general affairs, business, prospects, management, financial
 position, shareholders' equity or results of operations of the Company, or any director, officer or controlling shareholder,
 or would prevent or impair the consummation of the transactions contemplated by the Underwriting Agreement, or that are required
 to be described in the Registration Statement and the Prospectus.

7. The Company is not and, after giving effect to the offer and sale of
 the Registered Securities and the application of the proceeds therefrom as described under "Use of Proceeds" in the Registration
 Statement, the Preliminary Prospectus, the Pricing Disclosure Package and the Prospectus, will not be an "investment company",
 as such term is defined in the Investment Company Act of 1940, as amended.

8. There are no agreements or understandings between the Company and any
 person pursuant to any agreement granting such person the right to require the Company to file a registration statement under the
 Securities Act with respect to any securities of the Company, except as described in the Registration Statement, the Preliminary
 Prospectus, the Pricing Disclosure Package or the Prospectus, or to require the Company to include such securities in the Registration
 Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The statements made in the Registration Statement, the Preliminary
 Prospectus, the Pricing Disclosure Package and the Prospectus under the caption "Material Tax Considerations— Material
 United States Federal Income Tax Considerations," to the extent such statements relate to matters of United States tax law,
 fairly summarize such provisions, characteristics or matters in all material respects. This opinion is given under Item 601 of Regulation
 S-K as our opinion regarding tax matters. All such statements are based upon laws and relevant interpretations thereof in effect
 as of the date of the Registration Statement, the Preliminary Prospectus, the Pricing Disclosure Package and the Prospectus, all
 of which are subject to change. Further, there can be no assurance that the Internal Revenue Service or a court will not take a contrary
 position.

10. The statements in the Registration Statement, the Preliminary Prospectus,
 the Pricing Disclosure Package and the Prospectus under the captions "Implications of Being an Emerging Growth Company and
 a Foreign Private Issuer," and "Shares Eligible for Future Sale," insofar as such statements purport to summarize
 documents or matters of law referred to therein, fairly and accurately summarize the documents or matters of law referred to therein
 in all material respects.

11. The issuance and sale of the Registered Securities pursuant to the
 Underwriting Agreement on the Closing Date are not subject to any preemptive rights pursuant to any material agreement filed as an
 exhibit to the Registration Statement that is governed by New York law. The Registered Securities have been or will be issued in
 compliance with applicable securities laws, rules and regulations and conform in all material respects to the descriptions thereof
 contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, and each such Issuer
 Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Form 8-A, at the time that it was filed with the Commission, complies
 with the requirements for registration statements on Form 8-A under the Exchange Act and the applicable rules and regulations of
 the Commission thereunder; the Form 8-A has become effective under the Exchange Act; and the Ordinary Shares were registered pursuant
 to Section 12(b) of the Exchange Act pursuant to the Form 8-A.

13. Neither the Company, nor any of its affiliates, nor any person acting
 on its behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
 under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities
 Act, which would require the registration of the sales of any such securities under the Securities Act.

The Company has received a letter from the Nasdaq Stock Market LLC dated [ ] approving the Company's application to list its Ordinary Shares on Nasdaq Capital Market, a copy of which letter is attached hereto as Schedule I.

The opinions set forth above are subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. We express no opinion other than as specifically set forth in opinions
 1 through 13 above. This opinion letter is predicated solely upon laws in existence and facts as we know them as of the date hereof
 and is limited to the matters expressly stated herein, and no opinion is implied or may be inferred beyond the matters expressly
 stated herein. We expressly disclaim any obligation to update this opinion after the date hereof for any reason, including but not
 limited to, any new or changed facts or laws which come to our attention after the date hereof.

B. In rendering the opinions set forth above, we have made no examination
 of, and we express no opinion with respect to, any accounting matters or, except as set forth in paragraph 9 above, tax matters.
 Our opinion in paragraph 4 above is not intended to cover consents, approvals, or filings that might be required solely as a result
 of the conduct by the Company of its business or operations.

C. Our opinions are limited to only those laws, rules, and regulations
 that we have, in the exercise of customary professional diligence, but without any special investigation, recognized as generally
 applicable to the transactions contemplated by the Underwriting Agreement and generally to business organizations of the same type
 as the Company that are not engaged in regulated business activities, and exclude the USA Patriot Act, the Trading with the Enemy
 Act, Executive Order 13224, and similar laws and regulations, as well as all laws, rules, and regulations of the type described in
 Section 19 of the Legal Opinion Accord of the American Bar Association Section of Business Law (1991), provided that we do not exclude
 United States federal securities laws and regulations administered by the Commission. The opinions expressed above are subject to
 the effect of, and we express no opinions herein as to, the application of the rules and regulations of the Financial Industry Regulatory
 Authority, Inc. and other self-regulatory agencies.

D. The foregoing opinions are limited to the laws of the State of New
 York and the federal laws of the United States of America, each as currently in effect, and no opinion is expressed with respect
 to the laws of any other jurisdiction or any effect that such other laws may have on the opinions expressed herein. The opinions
 expressed herein are limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly
 stated herein.

E. We express no opinion herein as to the following: (i) the enforceability
 of provisions in any agreement or document referred to herein relating to delay or omission of enforcement of rights or remedies,
 or waivers of defenses, waivers of jury trials, or waivers of benefits of stay, extension, moratorium, statutes of limitation or
 other nonwaivable benefits bestowed by operation of law; (ii) the enforceability of any choice of law or consent to jurisdiction
 provision in any agreement or document referred to herein; (iii) the enforceability of the indemnification or contribution provisions
 in any agreement or document referred to herein to the extent such provisions purport to indemnify any party against the consequences
 of its own negligence, gross negligence, recklessness, willful misconduct, fraud or similar illegal conduct; (iv) whether a court
 would grant any remedy sought with respect to immaterial breaches or to the extent any party has acted in bad faith in exercising
 remedies; or (v) whether a court would grant a particular remedy provided for in the Underwriting Agreement as opposed to another
 remedy provided for in the Underwriting Agreement or at law or in equity. In addition, certain other provisions of the Underwriting
 Agreement otherwise addressed in our enforceability opinion might not be enforceable under the applicable law but, in our opinion
 (and subject to the other comments, assumptions, limitations, qualifications and exceptions of this opinion letter), those provisions,
 even if unenforceable, would not (individually or in the aggregate) render the Underwriting Agreement unenforceable as a whole or
 result in the intended beneficiaries having inadequate rights and remedies under the Underwriting Agreement and applicable law for
 the practical realization of the principal benefits intended by the Underwriting Agreement. In all cases, we assume that a court
 would sever an unenforceable provision from the Underwriting Agreement, even in the absence of a severability clause.

We have participated in conferences with Underwriters and counsel of the Underwriters and with certain officers and employees of, and counsel and independent certified public accountants for, the Company, at which conferences the contents of the Registration Statement, the Preliminary Prospectus, the Pricing Disclosure Package, and the Prospectus and related matters were discussed, and, although we are not passing upon and do not assume any responsibility for, nor have we independently verified, the accuracy, completeness, or fairness of the statements contained in the Registration Statement, the Preliminary Prospectus, the Pricing Disclosure Package, or the Prospectus, except to the extent set forth in our opinions in paragraphs 9 and 10 above, in connection with the preparation of the Registration Statement, the Preliminary Prospectus, the Pricing Disclosure Package, and the Prospectus, nothing has come to our attention that would lead us to believe that (a) the Registration Statement or the Prospectus included therein (except for the financial statements and financial schedules and other financial and statistical data included therein, as to which we express no opinion) at the time the Registration Statement became effective contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (b) the Pricing Disclosure Package (except for the financial statements and financial schedules and other financial data included therein, as to which we express no opinion) as of the time the Underwriting Agreement was executed on [ ], or as amended or supplemented, if applicable, and as of the Closing Date, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or (c) the Prospectus (except for the financial statements and financial schedules and other financial and statistical data included therein, as to which we express no opinion), as of its date or as amended or supplemented, if applicable, and as of the Closing Date, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

This opinion letter is given only as of the time of its delivery, and we undertake no responsibility to update or supplement this opinion letter after its delivery. This opinion letter is furnished by us as counsel for the Company, is solely for your benefit in connection with the transaction described herein, and is not to be given to or relied upon by any other or entity (including, without limitation, by any person or entity that acquires Registered Securities from you) or used for any other purposes or quoted in whole or in part without our prior written consent. No interest you may have under or with respect to this opinion letter may be assigned without our prior written consent.

Very Truly Yours,

Loeb & Loeb LLP

Schedule I to Exhibit C of Underwriting Agreement

Nasdaq Approval Letter

**<u>EXHIBIT D</u>**

**Form of Opinion of Ogier**

[DATE]

**Stratosphere Capital, LLC**

223 Second Avenue, No.5A

New York, NY 10003

Dear Sirs

**WORLDSTAR ENGINEERING HOLDINGS (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1(File No. 333-[●]), as filed with the United States Securities and Exchange Commission (the Commission) on [date], including all amendments or supplements thereto (the Registration Statement), under the Securities Act of 1933, as amended (the Act). The Registration Statement relates to the offering by the Company (the Offering) of [●] ordinary shares of US$0.0001 par value each of the Company (the Ordinary Shares), plus an option to issue up to an additional [●] Ordinary Shares, or 15% of the total number of the Ordinary Shares (excluding shares subject to the over-allotment option) to be offered by the Company pursuant to the Offering to cover the over-allotment option to be granted to the underwriters (the Underwriters) (collectively, the Offering Shares).

[There will also be a resale by certain shareholders of the Company as stated in the Registration Statement (the Selling Shareholders) of [●] Ordinary Shares which are presently issued and outstanding (the Resale Shares).]

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Document. A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

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|:---|:---|
| **1** | **Documents examined** |

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For the purposes of giving this opinion, we have examined originals, copies, or drafts of the document(s) listed in Part A of Schedule 1 (the Document). In addition, we have examined the corporate and other documents and conducted the searches listed in Part B of Schedule 1. We have not made any searches or enquiries concerning, and have not examined any documents entered into by or affecting the Company or any other person, save for the searches, enquiries and examinations expressly referred to in Schedule 1.

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|:---|:---|
| **2** | **Assumptions** |

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In giving this opinion we have relied upon the assumptions set forth in Schedule 2 without having carried out any independent investigation or verification in respect of those assumptions.

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|:---|:---|
| **3** | **Opinions** |

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On the basis of the examinations and assumptions referred to above and subject to the qualifications set forth in Schedule 3 and the limitations set forth below, we are of the opinion that:

Corporate status

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated as an exempted company with
 limited liability and is validly existing and in good standing with the Registrar of Companies of the Cayman Islands (the Registrar).
 The Company is a separate legal entity and is subject to suit in its own name and has the capacity to sue in its own name.

Corporate power

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has all requisite power under its Memorandum and Articles
 to:

(i) execute and deliver the Document and to perform its obligations, and
 exercise its rights, under the Document;

(ii) own, lease and operate its properties and to conduct its business in
 accordance with its Memorandum and Articles and as described in the Registration Statement, the Preliminary Prospectus and the Prospectus;

(iii) the issuance, offer and sale of the Offering Shares by the Company;
 and

(iv) the listing of the shares of the Company on the Nasdaq Capital Market.

Corporate authorisation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has taken all requisite corporate action to authorise:

(i) the execution and delivery of the Document, the performance of its
 obligations, and the exercise of its rights, under the Document;

(ii) the issuance, offer and sale of the Offering Shares by the Company;

(iii) the listing of the shares of the Company on the Nasdaq Capital Market;
 and

(iv) the issuance, filing and delivery of the Registration Statement and
 Prospectus.

(d) The Company has taken all requisite corporation action to authorise
 the execution of the Registration Statement by the directors and officers of the Company.

Due execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company has duly executed and delivered the Document.

Share Capital

(f) The authorised share capital of the Company is US$50,000 divided into 250,000,000 Class A Ordinary Shares of a par value of US$0.0001 each and 250,000,000 Class B Ordinary Shares of a par value of US$0.0001 each.

(g) Based solely on the Register of Members (as defined in Schedule 1), the issued share capital of the Company is [●] ordinary Shares of par value of US$0.0001 each.

(h) Pursuant to section 48 of the Companies Act (Revised) of the Cayman Islands (the Companies Act), the register of members shall be prima facie evidence of any matters that the Companies Act directed or authorised to be inserted therein. A member registered in the register of member will be deemed, as a matter of Cayman Islands law, to have prima facie legal title to those shares as set against its name in the register of members.

No conflict

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The issuance of the Offering Shares by the Company pursuant to the
 Document, the issuance and delivery of the Registration Statement and Prospectus and the execution and delivery of the Document by
 the Company, and the consummation of the transactions therein contemplated, under it, do not contravene:

(i) the Memorandum and Articles; or

(ii) any law, regulation, order or public rule of the Cayman Islands applicable
 to the Company.

No approvals and consents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company is not required to obtain any consent, licence, approval,
 authorisation or exemption of any governmental or regulatory authority, agency or court in the Cayman Islands in connection with:

(i) the execution and delivery of the Document, the performance of its
 obligations, and the exercise of its rights, under the Document;

(ii) the issuance, offer and sale of the Offering Shares by the Company;

(iii) the listing of the shares of the Company on the Nasdaq Capital Market;

(iv) the issuance, filing and delivery of the Registration Statement and
 Prospectus; or

(v) the payment of dividends and other distributions declared and payable
 on the Offering Shares.

(k) There are no reporting obligations under the Cayman Islands law on
 the holders of the Offering Shares. The Underwriters will not be subject to any reporting or similar requirements under Cayman Islands
 law solely with respect to its holding of the Offering Shares.

**Issuance of Offering Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Offering Shares to be offered and issued by the Company as contemplated
 by the Registration Statement have been duly authorised for issue and when:

(i) issued and allotted by the Company against payment in full of the consideration
 therefor in accordance with the terms set out in the Registration Statement, the Document and the Memorandum and Articles; and

(ii) such issuance of Offering Shares has been duly registered in the Company's
 register of members as fully paid shares,will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Offering Shares (when issued under the Offering) shall rank *pari passu* with the existing issued Ordinary Shares in relation to voting and transfer rights and are freely transferable subject
 to the terms of the then effective memorandum and articles of association and the Document.

**Pre-emptive rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The issuance of the Offering Shares by the Company pursuant to the
 Document is not subject to any pre-emptive rights, written right of first offer, right of first refusal or any similar rights under
 the Memorandum and Articles or the Companies Act.

**Choice of law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The express choice of the laws of the jurisdiction specified in the
 Document to be the governing law of the Document (its **Proper Law**) will be recognised and applied by the courts of the Cayman
 Islands in any action brought in such courts in respect of the Document.

**Enforceability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Document constitutes legal, valid and binding obligations of the
 Company, enforceable against the Company in accordance with its terms.

**Submission to jurisdiction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) In the Document that contains a provision pursuant to which the Company)
 agrees to submit to the jurisdiction of the courts specified in such provision, such submission and is legal and valid.

**Enforcement of foreign judgments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Although there is no statutory enforcement in the Cayman Islands of
 judgments or orders obtained in foreign courts (other than certain courts of Australia and its external territories), the courts
 of the Cayman Islands will recognise and enforce a foreign judgment or order, without re-examination or re-litigation of the matters
 adjudicated upon, if the judgment or order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is given by a foreign court of competent jurisdiction;

(ii) is final and conclusive;

(iii) is not in respect of a tax, fine or other penalty;

(iv) was not obtained by fraud; and

(v) is not of a kind, the enforcement of which is contrary to public policy
 in the Cayman Islands.

The courts of the Cayman Islands will apply the rules of Cayman Islands private international law to determine whether the foreign court is a court of competent jurisdiction. Subject to these limitations, the courts of the Cayman Islands will recognise and enforce a foreign judgment for a liquidated sum and may also give effect in the Cayman Islands to other kinds of foreign judgments, such as declaratory orders, orders for performance of contracts and injunctions.

**Filings and recordings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To ensure the validity, enforceability or admissibility in evidence
 of the Document in the courts of the Cayman Islands, it is not necessary that the Document or any other document relating to them
 be filed or recorded with any governmental or regulatory authority, agency or court in the Cayman Islands.

**Pari passu ranking**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The obligations of the Company under the Document rank at least *pari passu* with all of its other unsecured and unsubordinated indebtedness or obligations other than obligations mandatorily preferred
 by law.

**No litigation revealed**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Based solely on our investigation of the Register of Writs and Other
 Originating Process (**Register of Writs**), no litigation was pending in the Cayman Islands against the Company, nor had any
 petition been presented or order made for the winding up of or the appointment of a restructuring officer to the Company, as of the
 close of business on the day before our inspection on [date].

**No taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No taxes, fees or charges are payable (by assessment, withholding,
 deduction or otherwise) to the government of the Cayman Islands in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the execution or delivery of the Document (provided the Document is
 executed and remain outside the Cayman Islands), or the performance by any of the parties of their respective obligations thereunder;

(ii) any payments made under, or pursuant to, the Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to payment of stamp duty and any applicable court fees, the enforcement of the Document;

(iv) the issue and allotment of the Offering Shares by the Company;

(v) the initial sale of the Offering Shares to the Representative in the manner contemplated in the Document;

(vi) the payment of dividends and other distribution declared and payable on the Offering Shares;

(vii) the entering of the Underwriters as the registered holder of the relevant Offering Shares;

(viii) the sale, resale and delivery outside of the Cayman Islands of the Offering Shares by the Underwriters to the initial purchasers thereof;

(ix) the listing of the Ordinary Shares on the Nasdaq Capital Market; or

(x) the issuance, filing and delivery of the Registration Statement and Prospectus.

The Cayman Islands have no form of income, corporate or capital gains tax nor do they have any estate duty, inheritance tax or gift tax.

**No deemed residence**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The Underwriters will not be deemed to be resident, domiciled, carrying
 on business or subject to tax in the Cayman Islands by reason only of the negotiation, preparation, execution, delivery, or enforcement
 of the Document by the Underwriters.

**Sovereign Immunity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company is not entitled to claim any immunity from legal process
 in the Cayman Islands.

**No licence**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) It is not necessary under the laws of the Cayman Islands (i) in order
 to enable any party to the Document to exercise or enforce their rights under the Document; or (ii) solely by reason of the execution,
 delivery and performance of the Document; or (iii) solely by reason of the holding of or the exercise of any rights of the Ordinary
 Shares, that any party to the Document, or as the case may be, any holder of the Ordinary Shares should be licensed, qualified or
 otherwise entitled to carry on business in the Cayman Islands or any other political subdivision thereof.

**Dividends**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Provided that the Company is able to pay its debts as they fall due
 prior to, and following the declaration and payment of the proposed dividend and subject to the availability of legally available
 funds, all dividends and other distributions declared and payable by the Company in respect of the Ordinary Shares in accordance
 with Cayman Islands law and the Memorandum and Articles may, under the current laws and regulations of the Cayman Islands, be paid
 to the registered holder of the Ordinary Shares, and where they are to be paid from the Cayman Islands, are freely transferable out
 of the Cayman Islands without the necessity of obtaining any consent of the Cayman Islands governing or any political subdivision
 or authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) There are no restrictions under Cayman Islands law which would prevent
 the Company from paying dividends to shareholders in U.S. Dollars or any other currency.

**No foreign exchange controls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) There are no foreign exchange controls or foreign exchange regulations under the laws of the Cayman Islands. The Company is free to acquire, hold and sell foreign currency without restrictions under the laws of the Cayman Islands.

**Disclosures in Registration Statement and the Prospectus**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) The statements contained in the Registration Statements and the Prospectus
 in the sections headed *"Prospectus Summary - Transfers of Cash To and From Our Subsidiaries", "Prospectus Summary - Enforceability of Civil Liabilities", "Risk Factors"*, *"Dividend Policy"*, *"Management* ",
 "*Description of Share Capital",* "*Material Income Tax Considerations - Cayman Islands Taxation* ",
 and *"Enforceability of Civil Liabilities"*, in so far as they purport to summarise the description of the Ordinary
 Shares, the Memorandum and Articles or laws or regulations of the Cayman Islands, are accurate in all material respects and fairly
 present the information and summarise the matters referred to therein.

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|:---|:---|
| **4** | **Matters not covered** |

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We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the Cayman Islands, and we have
 not, for the purposes of this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as
 to the meaning, validity, or effect of references in the Document to statutes, rules, regulations, codes or judicial authority of
 any jurisdiction other than the Cayman Islands;

(b) except to the extent that this opinion expressly provides otherwise,
 as to the commercial terms of, or the validity, enforceability or effect of the Document (or as to how the commercial terms of the
 Document reflect the intentions of the parties), the accuracy of representations, the fulfilment of warranties or conditions, the
 occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Document and
 any other agreements into which the Company may have entered or any other documents; or

(c) as to whether the acceptance, execution or performance of the Company's
 obligations under the Document will result in the breach of or infringe any other agreement, deed or document (other than the Company's
 Memorandum and Articles) entered into by or binding on the Company.

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|:---|:---|
| **5** | **Governing law of this opinion** |

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&nbsp;&nbsp;&nbsp;&nbsp;5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of
 the Cayman Islands;

(b) limited to the matters expressly stated in it; and

(c) confined to, and given on the basis of, the laws and practice in the
 Cayman Islands at the date of this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Unless otherwise indicated, a reference to any specific Cayman Islands
 legislation is a reference to that legislation as amended to, and as in force at, the date of this opinion.

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|:---|:---|
| **6** | **Who can rely on this opinion** |

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This opinion is given for your benefit in connection with the Document. With the exception of your professional advisers (acting only in that capacity), it may not be disclosed to or relied upon by any person or used for any other purpose or referred to or made public in any way without our prior written consent.

Yours faithfully

**Ogier**

**SCHEDULE 1 TO EXHIBIT D OF UNDERWRITING AGREEMENT**

Documents examined

**Part A**

The Document

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|:---|:---|
| 1 | The underwriting agreement dated [date] by and between the Company and Stratosphere Capital, LLC as representative of the underwriters named therein (the **Underwriting Agreement**). |

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**Part B**

Corporate and other documents

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|:---|:---|
| 1 | The certificate of incorporation of the Company dated 25 June 2025 issued by the Registrar. |
| 2 | The memorandum and articles of association of the Company adopted at incorporation and as amended by written resolutions of the then shareholder(s) of the Company dated 25 June 2025 and [●]. |
| 3 | The amended and restated memorandum and articles of association as adopted by special resolution passed on [date], and conditional upon and with effect from the date on which the Registration Statement becomes effective(the **Memorandum** and **Articles**). |
| 4 | A certificate of good standing dated [date] (the **Good Standing Certificate**) issued by the Registrar in respect of the Company. |
| 5 | The register of directors and officers of the Company dated [date] (the **Register of Directors**). |
| 6 | The register of members of the Company dated [date] (the **Register of Members**, and together with the Register of Directors, the **Registers**). |
| 7 | The written resolutions of the directors of the Company dated [●],[●]. |
| 8 | The written resolutions of the then shareholder(s) of the Company dated [●], [●]. |
| 9 | The written resolutions of the directors of the Company dated [●] and [date] approving, inter alia, the Company's filing of the Registration Statement and issuance of the Offering Shares (such written resolutions, collectively, the **IPO Board Resolutions**). |
| 10 | The written resolutions of all of the shareholders of the Company dated [date]. |

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(items [7] to [10] shall be collectively referred to as the **Reviewed Resolutions**)

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|:---|:---|
| 11.0 | A form of the share certificate in respect of the Ordinary Shares as exhibited in the Registration Statement (the **Share Certificates**). |
| 12.0 | A certificate from a director of the Company dated [date] as to certain matters of facts, a copy of which is attached hereto (the **Director's Certificate**). |
| 13.0 | The Registration Statement, the preliminary prospectus of the Company dated [date] in connection with the Offering forming part of the Registration Statement (the **Preliminary Prospectus**), and the final prospectus of the Company in connection with the Offering forming part of the Registration Statement (the **Prospectus**). |
| 14.0 | The Register of Writs at the office of the Clerk of Courts in the Cayman Islands as inspected by us on [date]. |

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**SCHEDULE 2 TO EXHIBIT D OF UNDERWRITING AGREEMENT**

Assumptions

**Assumptions of general application**

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|:---|:---|
| 1 | All original documents examined by us are authentic and complete. |
| 2 | All copies of original documents examined by us (whether in facsimile, electronic or other form) conform to the original documents and those original documents are authentic and complete. |
| 3 | All signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine. |
| 4 | Each of the Good Standing Certificate, the Registers and the Director's Certificate is accurate and complete as at the date of this opinion. |
| 5 | Where the Document has been provided to us in draft or undated form, that Document has been executed by all parties in materially the form provided to us and, where we have been provided with successive drafts of the Document marked to show changes from a previous draft, all such changes have been accurately marked. |

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**Status, authorisation and execution**

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| | |
|:---|:---|
| 6.0 | Each of the parties to the Document other than the Company is duly incorporated, formed or organised (as applicable), validly existing and in good standing under all relevant laws. |
| 7.0 | Any individuals who are parties to the Document, or who sign or have signed documents or give information on which we rely, have the legal capacity under all relevant laws (including the laws of the Cayman Islands) to enter into and perform their obligations under the Document, sign such documents and give such information. |
| 8.0 | The Document has been duly authorised, executed and unconditionally delivered by or on behalf of all parties to it in accordance with all applicable laws (other than, in the case of the Company, the laws of the Cayman Islands). |
| 9.0 | In authorising the execution and delivery of the Document by the Company, the exercise of its rights and performance of its obligations under the Document, each of the directors of the Company has acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her. |
| 10.0 | The Document has been duly executed and unconditionally delivered by the Company in the manner authorised in the IPO Board Resolutions. |

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**Choice of law**

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| | |
|:---|:---|
| 11.0 | The express choice in the Document of its Proper Law as the governing law of the Document was made in good faith. |
| 12.0 | The express choice of its Proper Law as the governing law of the Document whose Proper Law is not Cayman Islands law is a valid and binding selection under its Proper Law and all other relevant laws (other than the laws of the Cayman Islands). |
| 13.0 | There is nothing under any law (other than the laws of the Cayman Islands) that would or might affect the opinions herein. |

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**Enforceability**

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| | |
|:---|:---|
| 14.0 | The Document is legal, valid, binding and enforceable against all relevant parties in accordance with its terms under its Proper Law and all other relevant laws (other than, in the case of the Company, the laws of the Cayman Islands). |
| 15.0 | If an obligation is to be performed in a jurisdiction outside the Cayman Islands, its performance will not be contrary to an official directive, impossible or illegal under the laws of that jurisdiction. |
| 16.0 | No moneys paid to or for the account of any party under the Document represent, or will represent, criminal property or terrorist property (as defined in the Proceeds of Crime Act (Revised), and the Terrorism Act (Revised) respectively). None of the parties to the Document is acting or will act in relation to the transactions contemplated by the Document, in a manner inconsistent with United Nations sanctions or measures extended by statutory instrument to the Cayman Islands by order of His Majesty in Council. |
| 17.0 | None of the opinions expressed herein will be adversely affected by the laws or public policies of any jurisdiction other than the Cayman Islands. In particular, but without limitation to the previous sentence: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the laws or public policies of any jurisdiction other than the Cayman
 Islands will not adversely affect the capacity or authority of the Company; and

(b) neither the execution or delivery of the Document nor the exercise
 by any party to the Document of its rights or the performance of its obligations under them contravene those laws or public policies.

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|:---|:---|
| 18.0 | There are no agreements, documents or arrangements (other than the documents expressly referred to in this opinion as having been examined by us) that materially affect or modify the Document or the transactions contemplated by them or restrict the powers and authority of the Company in any way. |
| 19.0 | None of the transactions contemplated by the Document relate to any partnership interests, shares, voting rights in a Cayman Islands company, limited liability company, limited liability partnership, limited partnership, foundation company, exempted limited partnership, or any other person that may be prescribed in regulations from time to time (a **Legal Person**) or to the ultimate effective control over the management of a Legal Person (**Relevant Interests**) that are subject to a restrictions notice issued pursuant to the Beneficial Ownership Transparency Act (Revised) of the Cayman Islands (a **Restrictions Notice**). |

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**Approvals, consents and filings**

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| | |
|:---|:---|
| 20.0 | The Company has obtained all consents, licences, approvals and authorisations of any governmental or regulatory authority or agency or of any other person that it is required to obtain pursuant to the laws of all relevant jurisdictions (other than those of the Cayman Islands) to ensure the legality, validity, enforceability, proper performance and admissibility in evidence of the Document. Any conditions to which such consents, licences, approvals and authorisations are subject have been, and will continue to be, satisfied or waived by the parties entitled to the benefit of them. |
| 21.0 | All of the following that are necessary to ensure the validity, legality, enforceability or admissibility in evidence of the Document have been made or paid: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all notarisations, apostillings and consularisations required pursuant
 to the laws of all relevant jurisdictions (other than those of the Cayman Islands); and

(b) all filings, recordings, registrations and enrolments of the Document
 with any court, public office or elsewhere in any jurisdiction outside the Cayman Islands; and

(c) all payments outside the Cayman Islands of stamp duty, registration
 or other tax on or in relation to the Document.

**Submission to jurisdiction**

22 The submission by the Company to the jurisdiction of the courts specified in the Document is binding on the Company as a matter of all relevant laws (other than the laws of the Cayman Islands).

**Sovereign immunity**

23 The Company is not a sovereign entity of any state and does not have sovereign immunity for the purposes of the UK State Immunity Act 1978 (which has been extended by statutory instrument to the Cayman Islands).

**Pari passu ranking**

24 As a contractual matter under the governing law of the Document, the payment obligation of the Company under the Document is unsubordinated and the parties to the Document will not subsequently agree to subordinate or defer their claims.

**No Cayman Islands establishment**

25 No party to the Document (other than the Company) will enter into the Document or administer the transactions contemplated by it through a branch or office in the Cayman Islands.

**Sufficient authorised share capital**

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|:---|:---|
| 26 | The Company will not, from the date of this opinion, undertake any further issuance, allotment or reservation of shares, or enter into any contractual commitments to issue, allot or reserve any new shares for any purposes other than the shares required to be issued pursuant to the Offering and the Document (as the case may be). |

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**Register of Writs**

27 The Register of Writs constitutes a complete and accurate record of the proceedings affecting the Company before the Grand Court of the Cayman Islands as at the time we conducted our investigation of such register.

**SCHEDULE 3 TO EXHIBIT D OF UNDERWRITING AGREEMENT**

Qualifications

**Good Standing**

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| | |
|:---|:---|
| 1 | Under the Companies Act annual returns in respect of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the Cayman Islands. |
| 2 | **In good standing** means only that as of the date of the Good Standing Certificate the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company's good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act. |

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**Register of Writs**

3 Our examination of the Register of Writs cannot conclusively reveal whether or not there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any current or pending litigation in the Cayman Islands against the
 Company; or

(b) any application for the winding up or dissolution of the Company or
 the appointment of any liquidator, trustee in bankruptcy or restructuring officer in respect of the Company or any of its assets,

(c) as notice of these matters might not be entered on the Register of
 Writs immediately or updated expeditiously or the court file associated with the matter or the matter itself may not be publicly
 available (for example, due to sealing orders having been made). Furthermore, we have not conducted a search of the summary court.
 Claims in the summary court are limited to a maximum of CI $20,000.

**Choice of law**

4 Where the Proper Law of the Document is not Cayman Islands law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the courts of the Cayman Islands will not recognise the choice of its
 Proper Law as the governing law of the Document to the extent that such choice of Proper Law would be incompatible with the public
 policy of Cayman Islands law; and

(b) in any action brought in respect of the Document in the courts of the
 Cayman Islands, those courts will not apply its Proper Law unless that law is pleaded and proved in the courts of the Cayman Islands,
 nor will they apply that law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to matters of procedure; and

(ii) to the extent the application of that Proper Law would be incompatible
 with the public policy of Cayman Islands law or contrary to mandatorily-applicable provisions of Cayman Islands law.

**Enforceability**

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| | |
|:---|:---|
| 5 | In this opinion, the term "enforceable" means that the relevant obligations are of a type that the courts of the Cayman Islands will ordinarily enforce, but it does not mean that those obligations will necessarily be enforced in all circumstances in accordance with their terms. In particular, but without limitation: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enforcement may be limited by bankruptcy, insolvency, reorganization
 or similar laws affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement may be limited by general principles of equity. In particular,
 equitable remedies, such as specific performance and injunction, will only be granted by a court in its discretion and may not be
 available where the court considers damages to be an adequate remedy;

(c) a claim may be barred by statutes of limitation, or it may be or become
 subject to defences of set-off, abatement, laches or counterclaim and the doctrines of estoppel, waiver, election, forbearance or
 abandonment;

(d) a court may refuse to allow unjust enrichment;

(e) a person who is not a party to the Document that is governed by Cayman
 Islands law may not have the benefit of and may not be able to enforce its terms except to the extent that the Document expressly
 provides that the third party may, in its own right, enforce such rights (subject to and in accordance with the Contracts (Rights
 of Third Parties) Act, 2014);

(f) enforcement of an obligation of a party under the Document may be invalidated
 or vitiated by reason of fraud, duress, misrepresentation or undue influence or it may be limited by Cayman Islands law dealing with
 frustration of contracts;

(g) a provision of the Document that fetters any statutory power of a Cayman
 Islands' company, such as a provision restricting the company's power to commence its winding up, to alter its memorandum
 and articles of association or to increase its share capital, may not be enforceable;

(h) the effectiveness of a provision in the Document releasing a party
 from a liability or duty otherwise owed may be limited by law;

(i) a court will not enforce a provision of the Document to the extent
 that it may be illegal or contrary to public policy in the Cayman Islands or purports to bar a party unconditionally from, seeking
 any relief from the courts of the Cayman Islands or any other court or tribunal chosen by the parties;

(j) a provision of the Document is construed as being penal in nature,
 in that it provides that a breach of a primary obligation results in a secondary obligation that imposes a detriment on the contract-breaker
 out of all proportion to any legitimate interest of the innocent party in the enforcement of the primary obligation will not be enforceable
 (and we express no opinion as to whether such a provision is proportionate);

(k) a court may refuse to give effect to a provision in the Document (including
 a provision that relates to contractual interest on a judgment debt) that it considers usurious;

(l) a court may not enforce a provision of the Document to the extent that
 the transactions contemplated by it contravene economic or other sanctions imposed in respect of certain states or jurisdictions
 by a treaty, law, order or regulation applicable to the Cayman Islands;

(m) a court may refuse to give effect to a provision in the Document that
 involves the enforcement of any foreign revenue or penal laws;

(n) where a contract provides for the payment of legal fees and expenses
 incurred by a party to that contract in enforcing the contract, a party who succeeds in enforcing the contract is entitled to recover
 by court judgment the amount of the legal fees and expenses found to be due under the terms of the contract. In all other cases,
 costs of legal proceedings can only be recovered from another party to the proceedings by a court order, which is a matter for the
 discretion of the court, and such costs are liable to taxation (assessment by the court); and

(o) enforcement or performance of any provision in the Document which relates
 to a Relevant Interest may be prohibited or restricted if any such Relevant Interest is or becomes subject to a Restrictions Notice.

A court may determine in its discretion the extent of enforceability of a provision of the Document that provides for or requires, as the case may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) severability of any provision of the Document held to be illegal or
 unenforceable;

(q) any calculation, determination or certificate to be conclusive or binding,
 including if that calculation, determination or certificate is fraudulent or manifestly inaccurate or has an unreasonable or arbitrary
 basis;

(r) the vesting in a party of a discretion or of a power to determine a
 matter in its opinion, if that discretion is exercised unreasonably or the opinion is not based on reasonable grounds; or

(s) written amendments or waivers of the Document, if a purported amendment
 or waiver is effected by oral agreement or course of conduct,

(t) and we express no opinion on any provisions of that type.

---

| | |
|:---|:---|
| 6.0 | The law of the Cayman Islands may not recognise a difference between negligence and gross negligence. |
| 7.0 | Where the Document is dated "as of" a specific date, although the parties to the Document have agreed between themselves that, as a matter of contract and to the extent possible, their rights and obligations under it take effect from a date prior to the date of execution and delivery, the Document still comes into effect on the date it is actually executed and delivered. Rights of third parties under the Document also take effect from the date the Document is actually executed and delivered, rather than the "as of" date. |

---

**Jurisdiction clauses**

---

| | |
|:---|:---|
| 8.0 | Exclusive jurisdiction: Notwithstanding any provision of the Document providing for the exclusive jurisdiction of the courts of another country, the courts of the Cayman Islands may not stay or strike out proceedings brought in contravention of such a provision if the claimant shows that it is just and proper to allow such proceedings to continue. In relation to some matters the courts of the place of incorporation have exclusive jurisdiction and, where that place of incorporation or registration is not the Cayman Islands, the Cayman Islands court will not accept jurisdiction. |
| 9.0 | Non-exclusive jurisdiction: Notwithstanding any provision of the Document providing for the non-exclusive jurisdiction of the courts of another country, a Cayman Islands court will only refuse leave to serve a writ outside of the Cayman Islands if the Cayman Islands are not the most appropriate forum and will only stay or strike out proceedings if pursuing the case in the Cayman Islands court would be vexatious or oppressive. There is no presumption that the nomination of a non-exclusive forum will give priority to that forum over the Cayman Islands. |

---

**Stamp duty**

10 Cayman Islands stamp duty will be payable if the Document is executed in, or brought to, the Cayman Islands (including being produced to a court of the Cayman Islands).

**Public offering in the Cayman Islands**

---

| | |
|:---|:---|
| 11 | The Company is prohibited by section 175 of the Companies Act from making any invitation to the public in the Cayman Islands to subscribe for any of its securities and accordingly the Company will not issue or deliver the Registration Statement or the Prospectus from or within the Cayman Islands. |

---

None of the party to the Document have or will negotiate, prepare, execute or deliver the Document in or from within the Cayman Islands.

**Legal Ownership of Shares**

12 Our opinion refers solely to the legal owners of the shares in the Company as disclosed in the Register of Members. We make no comment as to the underlying beneficial owners of the shares.

## Exhibit 3.1

**Exhibit 3.1**

---

| | |
|:---|:---|
| ![](ea025446508ex3-1_img1.jpg) | ![](ea025446508ex3-1_img2.jpg) |

---

Dated 25 June 2025

**Companies Act (Revised)**

**Company Limited By Shares** 

**ARTICLES OF ASSOCIATION**

**OF**

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

**廣達工程控股有限公司**

![](ea025446508ex3-1_img3.jpg)

*Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 5 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 6 |
| **2** | **Shares** | **6** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 6 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 7 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 7 |
| Trusts not recognised | Trusts not recognised | 7 |
| Security interests | Security interests | 8 |
| Rights of Shares | Rights of Shares | 8 |
| Power to vary class rights | Power to vary class rights | 10 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 10 |
| No bearer Shares or warrants | No bearer Shares or warrants | 10 |
| Treasury Shares | Treasury Shares | 11 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 11 |
| Register of Members | Register of Members | 11 |
| Annual Return | Annual Return | 12 |
| **3** | **Share certificates** | **12** |
| Issue of share certificates | Issue of share certificates | 12 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 12 |
| **4** | **Lien on Shares** | **13** |
| Nature and scope of lien | Nature and scope of lien | 13 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 13 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 14 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 14 |
| Application of proceeds of sale | Application of proceeds of sale | 14 |
| **5** | **Calls on Shares and forfeiture** | **15** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 15 |
| Time when call made | Time when call made | 15 |
| Liability of joint holders | Liability of joint holders | 15 |
| Interest on unpaid calls | Interest on unpaid calls | 15 |
| Deemed calls | Deemed calls | 15 |
| Power to accept early payment | Power to accept early payment | 16 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 16 |
| Notice of default | Notice of default | 16 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 16 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 16 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 17 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 17 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 18 |

---

i *Auth Code: D18100722392 www.verify.gov.ky*

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---

| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **18** |
| Form of Transfer | Form of Transfer | 18 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 18 |
| Suspension of transfers | Suspension of transfers | 19 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 19 |
| Notice of refusal to register | Notice of refusal to register | 19 |
| **7** | **Transmission of Shares** | **19** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 19 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 20 |
| Indemnity | Indemnity | 20 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 20 |
| **8** | **Alteration of capital** | **20** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 20 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 21 |
| Reducing share capital | Reducing share capital | 21 |
| **9** | **Redemption and purchase of own Shares** | **22** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 22 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 22 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 22 |
| **10** | **Meetings of Members** | **23** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 23 |
| Power to call meetings | Power to call meetings | 23 |
| Content of notice | Content of notice | 24 |
| Period of notice | Period of notice | 24 |
| Persons entitled to receive notice | Persons entitled to receive notice | 25 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 25 |
| **11** | **Proceedings at meetings of Members** | **25** |
| Quorum | Quorum | 25 |
| Lack of quorum | Lack of quorum | 26 |
| Chairman | Chairman | 26 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 26 |
| Accommodation of Members at Virtual Meeting | Accommodation of Members at Virtual Meeting | 26 |
| Security | Security | 27 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 27 |
| Method of voting | Method of voting | 27 |
| Taking of a poll | Taking of a poll | 27 |
| Chairman's casting vote | Chairman's casting vote | 28 |
| Written resolutions | Written resolutions | 28 |
| Sole-Member Company | Sole-Member Company | 29 |
| **12** | **Voting rights of Members** | **29** |
| Right to vote | Right to vote | 29 |
| Rights of joint holders | Rights of joint holders | 30 |
| Representation of corporate Members | Representation of corporate Members | 30 |
| Member with mental disorder | Member with mental disorder | 31 |
| Objections to admissibility of votes | Objections to admissibility of votes | 31 |
| Form of proxy | Form of proxy | 31 |

---

ii *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

---

| | | |
|:---|:---|:---|
| How and when proxy is to be delivered | How and when proxy is to be delivered | 32 |
| Voting by proxy | Voting by proxy | 33 |
| **13** | **Number of Directors** | **33** |
| **14** | **Appointment, disqualification and removal of Directors** | **33** |
| First Directors | First Directors | 33 |
| No age limit | No age limit | 33 |
| Corporate Directors | Corporate Directors | 34 |
| No shareholding qualification | No shareholding qualification | 34 |
| Appointment of Directors | Appointment of Directors | 34 |
| Board's power to appoint Directors | Board's power to appoint Directors | 34 |
| Removal of Directors | Removal of Directors | 34 |
| Resignation of Directors | Resignation of Directors | 35 |
| Termination of the office of Director | Termination of the office of Director | 35 |
| **15** | **Alternate Directors** | **36** |
| Appointment and removal | Appointment and removal | 36 |
| Notices | Notices | 36 |
| Rights of alternate Director | Rights of alternate Director | 36 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 37 |
| Status of alternate Director | Status of alternate Director | 37 |
| Status of the Director making the appointment | Status of the Director making the appointment | 37 |
| **16** | **Powers of Directors** | **37** |
| Powers of Directors | Powers of Directors | 37 |
| Directors below the minimum number | Directors below the minimum number | 38 |
| Appointments to office | Appointments to office | 38 |
| Provisions for employees | Provisions for employees | 39 |
| Exercise of voting rights | Exercise of voting rights | 39 |
| Remuneration | Remuneration | 39 |
| Disclosure of information | Disclosure of information | 39 |
| **17** | **Delegation of powers** | **40** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 40 |
| Local boards | Local boards | 40 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 41 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 41 |
| Borrowing Powers | Borrowing Powers | 42 |
| Corporate Governance | Corporate Governance | 42 |
| **18** | **Meetings of Directors** | **42** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 42 |
| Calling meetings | Calling meetings | 42 |
| Notice of meetings | Notice of meetings | 42 |
| Use of technology | Use of technology | 42 |
| Quorum | Quorum | 43 |
| Chairman or deputy to preside | Chairman or deputy to preside | 43 |
| Voting | Voting | 43 |
| Recording of dissent | Recording of dissent | 43 |
| Written resolutions | Written resolutions | 43 |

---

iii *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

---

| | | |
|:---|:---|:---|
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 44 |
| **19** | **Permissible Directors' interests and disclosure** | **44** |
| **20** | **Minutes** | **44** |
| **21** | **Accounts and audit** | **45** |
| Auditors | Auditors | 45 |
| **22** | **Record dates** | **45** |
| **23** | **Dividends** | **46** |
| Source of dividends | Source of dividends | 46 |
| Declaration of dividends by Members | Declaration of dividends by Members | 46 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 46 |
| Apportionment of dividends | Apportionment of dividends | 47 |
| Right of set off | Right of set off | 47 |
| Power to pay other than in cash | Power to pay other than in cash | 47 |
| How payments may be made | How payments may be made | 48 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 48 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 48 |
| **24** | **Capitalisation of profits** | **49** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 49 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 49 |
| **25** | **Share Premium Account** | **50** |
| Directors to maintain share premium account | Directors to maintain share premium account | 50 |
| Debits to share premium account | Debits to share premium account | 50 |
| **26** | **Seal** | **50** |
| Company seal | Company seal | 50 |
| Duplicate seal | Duplicate seal | 50 |
| When and how seal is to be used | When and how seal is to be used | 50 |
| If no seal is adopted or used | If no seal is adopted or used | 51 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 51 |
| Validity of execution | Validity of execution | 51 |
| **27** | **Indemnity** | **51** |
| Release | Release | 52 |
| Insurance | Insurance | 52 |
| **28** | **Notices** | **53** |
| Form of notices | Form of notices | 53 |
| Electronic communications | Electronic communications | 53 |
| Persons entitled to notices | Persons entitled to notices | 54 |
| Persons authorised to give notices | Persons authorised to give notices | 54 |
| Delivery of written notices | Delivery of written notices | 54 |
| Joint holders | Joint holders | 54 |
| Signatures | Signatures | 54 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 55 |
| Date of giving notices | Date of giving notices | 55 |
| Saving provision | Saving provision | 56 |

---

iv *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

---

| | | |
|:---|:---|:---|
| **29** | **Authentication of Electronic Records** | **56** |
| Application of Articles | Application of Articles | 56 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 56 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 56 |
| Manner of signing | Manner of signing | 57 |
| Saving provision | Saving provision | 58 |
| **30** | **Transfer by way of continuation** | **58** |
| **31** | **Winding up** | **59** |
| Distribution of assets in specie | Distribution of assets in specie | 59 |
| No obligation to accept liability | No obligation to accept liability | 59 |
| **32** | **Amendment of Memorandum and Articles** | **59** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 59 |
| Power to amend these Articles | Power to amend these Articles | 59 |

---

v *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Articles of Association**

**of**

**Worldstar Engineering Holdings Limited**

**廣達工程控股有限公司**

---

| | |
|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** |

---

**Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Affiliate** means in respect of a person or entity, any other person or entity that, directly or indirectly (including through one or more intermediaries), controls, is controlled by, or is under common control with, such person or entity, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, a trust solely for the benefit of any of the foregoing, a company, partnership or entity wholly owned by one or more of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" in this definition shall mean the ownership, directly or indirectly, of securities possessing more than fifty percent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, securities having such power only by reason of the happening of a contingency not within the reasonable control of such partnership, corporation, natural person or entity), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

1 *Auth Code: D18100722392 www.verify.gov.ky*

1 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Class A Ordinary Share** means the class A ordinary shares of US$ US$0.0001 par value each of the Company, which have the rights set forth in these Articles;

**Class B Ordinary Share** means the class B ordinary shares of US$ US$0.0001 par value each of the Company, which have the rights set forth in these Articles;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Conversion Date** means in respect of a Conversion Notice means the day on which that Conversion Notice is delivered;

**Conversion Notice** means a written notice delivered to the Company at its office (and as otherwise stated therein) stating that a holder of Class B Ordinary Shares elects to convert the number of Class B Ordinary Shares specified therein pursuant to Article 2.9(a);

**Conversion Number** in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate;

**Conversion Rate** in relation to the conversion of Class B Ordinary Shares to Class A Ordinary Shares means, at any time, on a one-to-one basis. The foregoing Conversion Rate shall also be adjusted to account for any subdivision (by share split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class A Ordinary Shares in issue into a greater or lesser number of shares occurring after the original filing of the Articles without a proportionate and corresponding subdivision, combination or similar reclassification or recapitalisation of the Class B Ordinary Shares in issue;

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**Conversion Right** in respect of a holder of Class B Ordinary Shares, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class B Ordinary Shares, into the Conversion Number of Class A Ordinary Shares in its discretion;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share
and any premium payable in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been
fully paid or credited as paid in money or money's worth;

3 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

**General Meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a General Meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value for that Share and any
premium payable in respect of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for
that Share has not been fully paid or credited as paid in money or money's worth;

**Register of Members** means the register of Members maintained in accordance with the Act and includes (except where otherwise stated) any branch or duplicate register of the Members;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed
or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

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**Special Resolution** means a resolution of a General Meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.15; and

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any General Meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 In the interpretation of these Articles, the following provisions apply unless the context otherwise
requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the
Cayman Islands as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation
of these Articles, unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles
is not a Business Day, the act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes
the plural also denotes the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company, trust, partnership, joint venture,
association, body corporate or government agency.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical
form in respect to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where
the Company's registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing
or reproducing words in a visible form, but do not include an Electronic Record where the distinction between a document in writing and
an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar
expression are to be construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of any person attending
a meeting, such person's presence at a general meeting of Members (or any meeting of the holders of any class of Shares), which
may be satisfied by means of such person or, if a corporation or other non-natural person, its duly authorized representative (or, in
the case of any Member, a proxy which has been validly appointed by such Member in accordance with these Articles), being: (a) physically
present at the meeting; or (b) in the case of any meeting at
which Electronic Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by
means of the use of such Electronic Communication Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The headings in these Articles are intended for convenience only and shall not
affect the interpretation of these Articles.

**Exclusion of Table A Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The regulations contained in Table A in the First Schedule of the Act and any other
regulations contained in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

---

| | |
|:---|:---|
| 2 | Shares |

---

**Power to issue Shares and options, with or without special rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the provisions of the Act and these Articles about the redemption and
purchase of the Shares, the Directors have general and unconditional authority to allot (with or without confirming rights of renunciation),
grant options over or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions as they
may decide. No Share may be issued at a discount except in accordance with the provisions of the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Without limitation to the preceding Article, the Directors may so deal with the
unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether
in regard to dividend, voting, return of capital or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, options, warrants or convertible securities or securities
of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities
in the Company at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept
any application in whole or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A
fraction of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise),
limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Company may employ a broker in the issue of its capital and pay him any proper
commission or brokerage.

**Trusts not recognised**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any
right in a Share.

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**Security interests**

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged
to) recognise a security interest of which it has actual notice over shares. The Company shall not be treated as having recognised any
such security interest unless it has so agreed in writing with the secured party.

**Rights of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Subject to Article 2.1, the Memorandum and any Special Resolution to the contrary
and without prejudice to any special rights conferred thereby on the holders of any other Shares or class of Shares, Class A Ordinary
Shares and Class B Ordinary Shares shall carry equal rights and rank pari passu with one another in all respects other than as set out
below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Conversion Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the provisions hereof and to compliance with all fiscal and other laws
and regulations applicable thereto, including the Act, a holder of Class B Ordinary Shares shall have the Conversion Right in respect
of each Class B Ordinary Share in its holding. For the avoidance of doubt, a holder of Class A Ordinary Shares shall have no rights to
convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Class B Ordinary Share shall be converted at the option of the holder, at
any time after issue and without the payment of any additional sum, into such Conversion Number of fully paid Class A Ordinary Shares
calculated at the Conversion Rate. Such conversion shall take effect on the Conversion Date. A Conversion Notice shall not be effective
if it is not accompanied by the share certificates in respect of the relevant Class B Ordinary Shares and/or such other evidence (if any)
as the Directors may reasonably require to prove the title of the person exercising such right (or, if such certificates have been lost
or destroyed, such evidence of title and such indemnity as the Directors may reasonably require). Any and all taxes and stamp, issue and
registration duties (if any) arising on conversion shall be borne by the holder of Class B Ordinary Shares requesting conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the Conversion Date, every Class B Ordinary Share converted shall automatically
be re-designated and re-classified (or in such other manner as the Directors may direct that is not in contravention of applicable laws)
as the applicable Conversion Number of Class A Ordinary Shares with such rights and restrictions attached thereto and shall rank pari
passu in all respects with the Class A Ordinary Shares then in issue and the Company shall enter or procure the entry of the name of the
relevant holder of converted Class B Ordinary Shares as the holder of the corresponding number of Class A Ordinary Shares resulting from
the conversion of the Class B Ordinary Shares in,
and make any other necessary and consequential changes to, the register of members and shall procure that, if required, certificates in
respect of the relevant Class A Ordinary Shares, together with a new certificate for any unconverted Class B Ordinary Shares comprised
in the certificate(s) surrendered by the holder of the Class B Ordinary Shares, are issued to the holders thereof.

 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until such time as the Class B Ordinary Shares have been converted into Class A
Ordinary Shares, the Company shall: (A) at all times keep available for issue and free of all liens, charges, options, mortgages, pledges,
claims, equities, encumbrances and other third-party rights of any nature, and not subject to any pre-emptive rights out of its authorised
but unissued share capital, such number of authorised but unissued Class A Ordinary Shares as would enable all Class B Ordinary Shares
to be converted into Class A Ordinary Shares and any other rights of conversion into, subscription for or exchange into Class A Ordinary
Shares to be satisfied in full; and (B) not make any issue, grant or distribution or take any other action if the effect would be that
on the conversion of the Class B Ordinary Shares to Class A Ordinary Shares it would be required to issue Class A Ordinary Shares at a
price lower than the par value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Voting Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of Class A Ordinary Shares and Class B Ordinary Shares have the right
to receive notice of, attend, speak and vote at general meetings of the Company. Holders of shares of Class A Ordinary Shares and Class
B Ordinary Shares shall, at all times, vote together as a single class on all matters submitted to a vote for Members' consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject
to the vote at general meetings of the Company; whereas, each Class B Ordinary Share shall be entitled to twenty (20) votes on all matters
subject to the vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares
by a holder thereof to any person or entity which is not an Affiliate of such holder, such Class B Ordinary Shares validly transferred
to the new holder shall be automatically and immediately converted into such Conversion Number of Class A Ordinary Shares calculated based
on the Conversion Rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon
the Company's registration of such sale, transfer, assignment or disposition in
the Company's register of Members; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever
description on any of Class B Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale,
transfer, assignment or disposition unless and until any such pledge, charge, encumbrance or other third party right is enforced and results
in the third party holding fee simple ownership interest to the related Class B Ordinary Shares, in which case all the related Class B
Ordinary Shares shall be automatically converted into the same number of Class A Ordinary Shares upon the Company's registration
of the third party or its designee as a Member holding that number of Class A Ordinary Shares in the register of Members.

 

**Power to vary class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 If the share capital is divided into different classes of Shares then, unless the
terms on which a class of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares of that class consent in writing to
the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting
of the Members holding the issued Shares of that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 For the purpose of Article 2.10(b), all the provisions of these Articles relating
to general meetings apply, mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons
holding, or representing by proxy, not less than one third of the issued Shares of the class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 For the purposes of a separate class meeting, the Directors may treat two or more
or all the classes of Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected in
the same way by the proposals under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Unless the terms on which a class of Shares was issued state otherwise, the rights
conferred on the Member holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with the existing Shares of that class.

**No bearer Shares or warrants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 The Company shall not issue Shares or warrants to bearers.

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**Treasury Shares**

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Shares that the Company purchases, redeems or acquires by way of surrender in accordance
with the Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise
complied with.

**Rights attaching to Treasury Shares and related matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 No dividend may be declared or paid, and no other distribution (whether in cash
or otherwise) of the Company's assets (including any distribution of assets to Members on a winding up) may be made to the Company
in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 The Company shall be entered in the register of Members as the holder of the Treasury
Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise
any right in respect of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of
the Company and shall not be counted in determining the total number of issued shares at any given time, whether for the purposes of these
Articles or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Nothing in Article 2.17 prevents an allotment of Shares as Fully Paid Up bonus
shares in respect of a Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated
as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Treasury Shares may be disposed of by the Company in accordance with the Act and
otherwise on such terms and conditions as the Directors determine.

**Register of Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 The Directors shall keep or cause to be kept a register of Members as required
by the Act and may cause the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company
is maintaining one or more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's
principal register of Members and updated within such number of days of any amendment having been made to such branch register as may
be required by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the
register of Members may be maintained in accordance with section 40B of the Act.

 

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**Annual Return**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 The Directors in each calendar year shall prepare or cause to be prepared an annual
return and declaration setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies
for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 A Member shall only be entitled to a share certificate if the Directors resolve
that share certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine.
If the Directors resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share,
the Directors may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that
Member (and, upon transferring a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine for every certificate
after the first, several certificates each for one or more of that Member's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Every certificate shall specify the number, class and distinguishing numbers (if
any) of the Shares to which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed under seal
or executed in such other manner as the Directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Every certificate shall bear legends required under the applicable laws, including
the U.S. Securities Act (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Company shall not be bound to issue more than one certificate for Shares held
jointly by several persons and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed
on such terms (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the
evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company has a first and paramount lien on all Shares (whether Fully Paid Up
or not) registered in the name of a Member (whether solely or jointly with others). The lien is for all monies payable to the Company
by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person
is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 At any time the Board may declare any Share to be wholly or partly exempt from
the provisions of this Article.

**Company may sell Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Company may sell any Shares over which it has a lien if all of the following
conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled
to it in consequence of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with
the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen (14) Clear Days after that notice is deemed
to be given under these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Lien Default Shares may be sold in such manner as the Board determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 To the maximum extent permitted by law, the Directors shall incur no personal
liability to the Member concerned in respect of the sale.

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**Authority to execute instrument of transfer**

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 To give effect to a sale, the Directors may authorise any person to execute an
instrument of transfer of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 The title of the transferee of the Lien Default Shares shall not be affected by
any irregularity or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 Notwithstanding the provisions of Article 4.8, such person shall remain liable
to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect of those Lien Default
Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest
was payable before that sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce payment without
any allowance for the value of the Lien Default Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 The net proceeds of the sale, after payment of the costs, shall be applied in
payment of so much of the sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Lien Default
Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon surrender to the Company of that certificate
for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

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5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board may make calls on the Members in respect
of any monies unpaid on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving
at least 14 Clear Days' notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called
on his Shares as required by the notice.

5.2 Before receipt by the Company of any sum due under a call, that call may be revoked
in whole or in part and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company
may revoke the call in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining
instalments in whole or in part.

5.3 A Member on whom a call is made shall remain liable for that call notwithstanding
the subsequent transfer of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer
registered as Member in respect of those Shares.

**Time when call made**

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

**Liability of joint holders**

5.5 Members registered as the joint holders of a Share shall be jointly and severally
liable to pay all calls in respect of the Share.

**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become due and payable the person from whom
it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date
or otherwise, shall be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the
amount had become due and payable by virtue of a call.

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**Power to accept early payment**

5.8 The Company may accept from a Member the whole or a part of the amount remaining
unpaid on Shares held by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors may make arrangements on the
issue of Shares to distinguish between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If a call remains unpaid after it has become due and payable the Directors may
give to the person from whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will
be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10 is not complied with, the Directors
may, before the payment required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The
forfeiture shall include all dividends or other monies payable in respect of the forfeited Share and not paid before the forfeiture. Despite
the foregoing, the Board may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member
holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed
of on such terms and in such manner as the Board determine either to the former Member who held that Share or to any other person. The
forfeiture or surrender may be cancelled on such terms as the Directors think
fit at any time before a sale, re-allotment or other disposition. Where, for the purposes of its disposal, a forfeited or surrendered
Share is to be transferred to any person, the Directors may authorise some person to execute an instrument of transfer of the Share to
the transferee.

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**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members
as the holder of those Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if
any) for the forfeited or surrendered Shares.

5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable
to the Company for all monies which at the date of forfeiture or surrender were presently payable by him to the Company in respect of
those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a Director or the Secretary
shall be conclusive evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

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**Sale of forfeited or surrendered Shares**

 

5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not
be bound to see to the application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any
irregularity in, or invalidity of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

---

| | |
|:---|:---|
| **6** | **Transfer of Shares Form of Transfer** |

---

6.1 Subject to the following Articles about the transfer of Shares, and provided that
such transfer complies with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares to another person by
completing an instrument of transfer in a common form or in a form prescribed by the Designated Stock Exchange (if such Shares are listed
on the Designated Stock Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The transferor shall be deemed to remain the holder of a Share until the name of
the transferee is entered into the Register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where the Shares of any class in question are not listed on or subject to the
rules of any Designated Stock Exchange, the Directors may in their absolute discretion decline to register any transfer of such Shares
which are not Fully Paid Up or on which the Company has a lien. The Directors may also, but are not required to, decline to register any
transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate
(if any) for the Shares to which it relates and such other evidence as the Board may reasonably require to show the right of the transferor
to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders, the number of joint holders to whom
the Share is to be transferred does not exceed four;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the
Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum as the Designated Stock Exchanges may determine
to be payable, or such lesser sum as the Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

6.4 The registration of transfers may, on 14 Clear Days' notice being given by
advertisement in such one or more newspapers or by electronic means, be suspended and the register of Members closed at such times and
for such periods as the Directors may, in their absolute discretion, from time to time determine, provided always that such registration
of transfer shall not be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.5 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.6 If the Directors refuse to register a transfer of any Shares of any class not
listed on a Designated Stock Exchange, they shall within one month after the date on which the instrument of transfer was lodged with
the Company send to each of the transferor and the transferee notice of the refusal.

---

| | |
|:---|:---|
| **7** | **Transmission of Shares** |

---

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised by the Company as having any title
to the deceased Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative
or representatives.

7.2 Nothing in these Articles shall release the deceased Member's estate from
any liability in respect of any Share, whether the deceased was a sole holder or a joint holder.

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**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy
of a Member may elect to do either of the following:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

7.4 That person must produce such evidence of his entitlement as the Directors may
properly require.

7.5 If the person elects to become the holder of the Share, he must give notice to
the Company to that effect. For the purposes of these Articles, that notice shall be treated as though it were an executed instrument
of transfer.

7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and the transferee must
execute an instrument of transfer.

7.7 All the Articles relating to the transfer of Shares shall apply to the notice
or, as appropriate, the instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason of the death or bankruptcy of another
Member shall indemnify the Company and the Directors against any loss or damage suffered by the Company or the Directors as a result of
that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of
a Member shall have the rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered
as Member in respect of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting
of the holders of that class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution
do any of the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary
Resolution and with the attached rights, priorities and privileges set out in that Ordinary Resolution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount
than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into
Paid Up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that
fixed by the Memorandum, so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid
on each reduced Share shall be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have
not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled
or, in the case of Shares without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled
to fractions of a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding
to be determined by the Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable
to any person (including, subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute
an instrument of transfer of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to
see to the application of the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in,
or invalidity of, the proceedings in respect of the sale.

**Reducing share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Subject to the Act and to any rights for the time being conferred on the Members
holding a particular class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

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9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Subject to the Act and to any rights for the time being conferred on the Members
holding a particular class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of
the Company or the Member holding those redeemable Shares, on the terms and in the manner its Directors determine before the issue of
those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular
class, vary the rights attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed
at the option of the Company on the terms and in the manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares
on the terms and in the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors
may make the payment in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment
of those Shares or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding
those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect
of the Share other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register of Members with respect
to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may
determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date
when the Member's name is removed from the register of Members with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required by the applicable Designated Stock
Exchange Rules) be obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by
the Board, in accordance with these Articles.

10.2 All general meetings other than annual general meetings shall be called extraordinary
general meetings.

**Power to call meetings**

10.3 The Directors may call a general meeting at any time.

10.4 If there are insufficient Directors to constitute a quorum and the remaining Directors
are unable to agree on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing
additional Directors.

10.5 The Directors must also call a general meeting if requisitioned in the manner
set out in the next two Articles.

10.6 The requisition must be in writing and given by one or more Members who together
hold at least ten per cent of the rights to vote at such general meeting.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint
holder shall be obliged to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

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10.8 Should the Directors fail to call a general meeting within 21 Clear Days'
from the date of receipt of a requisition, the requisitioners or any of them may call a general meeting within three months after the
end of that period.

10.9 Without limitation to the foregoing, if there are insufficient Directors to constitute
a quorum and the remaining Directors are unable to agree on the appointment of additional Directors, any one or more Members who together
hold at least five per cent of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business
specified in the notice of meeting which shall include as an item of business the appointment of additional Directors.

10.10 If the Members call a meeting under the above provisions, the Company shall reimburse
their reasonable expenses.

**Content of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the
Electronic Communication Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member
or other participant of the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating
in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the
Designated Stock Exchange Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or
more proxies to attend and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 At least five (5) Clear Days' notice must be given to Members for any general meeting.

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10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the
Act with the consent of the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of
all those who have a right to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject to the provisions of these Articles and to any restrictions imposed on
any Shares, the notice shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors (if appointed).

10.16 The Board may determine that the Members entitled to receive notice of, attend
and vote at a meeting are those persons entered on the register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

10.18 In addition, where a notice of meeting is published on a website proceedings at
the meeting shall not be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to
which the notice relates.

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| | |
|:---|:---|
| **11** | **Proceedings at meetings of Members** |

---

**Quorum**

11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy at the meeting. A quorum is as follows:

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members holding Shares that
represent not less than one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present at the meeting within fifteen minutes of the time appointed
for the meeting, or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place
seven days hence, or to such other time or place as is determined by the Directors. If a quorum is not present at the meeting within fifteen
minutes of the time appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute
a quorum.

**Chairman**

11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the
chairman of the Board or such other Director as the Directors may determine. Absent any such person being present at the meeting within
fifteen minutes of the time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The
chairman of the meeting shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities,
and to act as the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If no Director is present within fifteen minutes of the time appointed for the
meeting, or if no Director is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose
one of their number to chair the meeting.

**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at
any general meeting and at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in
attendance at such meeting despite their attendance being virtual if adequate facilities are available to ensure that the Member is able
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

 

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In addition to any measures which the Board may be required to take due to the
location or venue of the meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable
in the circumstances to ensure the security of a meeting including, without limitation, the searching of any person attending the meeting
and the imposing of restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry
to, or eject from, a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors
by written notice provided to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise
called by Members pursuant to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during
the meeting at the discretion of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should a meeting be adjourned for more than 7 Clear Days, whether because of a
lack of quorum or otherwise, Members shall be given at least 7 Clear Days' notice of the date, time and place of the adjourned meeting
and the general nature of the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

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

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**Chairman's casting vote**

11.12 In the case of an equality of votes, the Chairman of the meeting shall be entitled to a second or casting
vote.

**Written resolutions**

11.13 Without limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing without
holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice of the resolution
as if the same were being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including,
if the Company so nominates, by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at a meeting
of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by which the resolution
must be passed if it is not to lapse, being a period of 7 days beginning with the date that the notice is first given;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including,
if the Company so nominates, by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of 5 days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 7 days beginning with the date that notice of it is first given.

11.15 If all Members entitled to be given notice of the Ordinary Resolution consent,
a written resolution may be passed as soon as the required majority have signified their agreement to the resolution, without any minimum
period of time having first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent
shall be in writing or given by Electronic Record and shall otherwise be given to the Company in accordance with Article 28 (*Notices*)
prior to the written resolution taking effect.

11.16 The Directors may determine the manner in which written resolutions shall be put
to Members. In particular, they may provide, in the form of any written resolution, for each Member to indicate, out of the number of
votes the Member would have been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour
of the resolution and how many against the resolution or to be treated as abstentions. The result of any such written resolution shall
be determined on the same basis as on a poll.

11.17 If a written resolution is described as a Special Resolution or as an Ordinary
Resolution, it has effect accordingly.

**Sole-Member Company**

11.18 If the Company has only one Member, and the Member records in writing his decision
on a question, that record shall constitute both the passing of a resolution and the minute of it.

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| | |
|:---|:---|
| **12** | **Voting rights of Members** |

---

**Right to vote**

12.1 Subject to the following, unless their Shares carry no right to vote, or unless
a call or other amount presently payable has not been paid, all Members are entitled to vote at a general meeting, and all Members holding
Shares of a particular class of Shares are entitled to vote at a meeting of the holders of
that class of Shares. Unless otherwise required under the Act or by these Articles, holders of Class A Ordinary Shares and Class B Ordinary
Shares shall at all times vote together as one class on all resolutions submitted to vote by the Members.

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12.2 Members may vote in person or by proxy.

12.3 On a poll, each Class A Ordinary Share shall be entitled to one (1) vote on all
matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled to twenty (20) votes on
all matters subject to vote at general meetings of the Company. A fraction of a Class A Ordinary Share shall entitle its holder to an
equivalent fraction of one (1) vote, and a fraction of a Class B Ordinary Share shall entitle its holder to an equivalent fraction of
twenty (20) votes.

12.4 No Member is bound to vote on his Shares or any of them; nor is he bound to vote
each of his Shares in the same way.

**Rights of joint holders**

12.5 If Shares are held jointly, only one of the joint holders may vote. If more than
one of the joint holders tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the register of
Members shall be accepted to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.6 Save where otherwise provided, a corporate Member must act by a duly authorised
representative.

12.7 A corporate Member wishing to act by a duly authorised representative must identify
that person to the Company by notice in writing.

12.8 The authorisation may be for any period of time, and must be delivered to the
Company before the commencement of the meeting at which it is first used.

12.9 The Directors of the Company may require the production of any evidence which they
consider necessary to determine the validity of the notice.

12.10 Where a duly authorised representative is present at a meeting that Member is
deemed to be present in person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A corporate Member may revoke the appointment of a duly authorised representative
at any time by notice to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised
representative before the Directors of the Company had actual notice of the revocation.

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**Member with mental disorder**

 

12.12 A Member in respect of whom an order has been made by any court having jurisdiction
(whether in the Cayman Islands or elsewhere) in matters concerning mental disorder may vote, by that Member's receiver, *curator bonis* or other person authorised in that behalf appointed by that court.

12.13 For the purpose of the preceding Article, evidence to the satisfaction of the Directors
of the authority of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant
meeting or the adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by
Electronic means. In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may only be raised at the
meeting or at the adjourned meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman
whose decision shall be final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form or in any other form
approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer,
secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence which they consider necessary
to determine the validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time by notice to the Company
duly signed in accordance with Article 12.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.18 will affect the validity of any acts carried
out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

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**How and when proxy is to be delivered**

 

12.20 Subject to the following Articles, the Directors may, in the notice convening
any meeting or adjourned meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing
a proxy shall be deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or
adjourned meeting to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such
direction from the Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company,
the form of appointment of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any
other way approved by the Directors) must be delivered so that it is received by the Company before the time for holding the meeting or
adjourned meeting at which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of
the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Cayman Islands specified in the notice convening
the meeting or in any form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in
an Electronic Record, an Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions
unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the
meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in relation to the
meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the chairman of the Company
may, in any event at his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 If the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When two or more valid but differing appointments of proxy are delivered or received
in respect of the same Share for use at the same meeting and in respect of the same matter, the one which is last validly delivered or
received (regardless of its date or of the date of its execution) shall be treated as replacing and revoking the other or others as regards
that Share. lf the Company is unable to determine which
appointment was last validly delivered or received, none of them shall be treated as valid in respect of that Share.

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12.23 The Board may at the expense of the Company send forms of appointment of proxy
to the Members by post (that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise (with or without
provision for their return by pre-paid post) for use at any general meeting or at any separate meeting of the holders of any class of
Shares, either blank or nominating as proxy in the alternative any one or more of the Directors or any other person. lf for the purpose
of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations are issued at the Company's
expense, they shall be issued to all (and not to some only) of the Members entitled to be sent notice of the meeting and to vote at it.
The accidental omission to send such a form of appointment or to give such an invitation to, or the non-receipt of such form of appointment
by, any Member entitled to attend and vote at a meeting shall not invalidate the proceedings at that meeting

**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as
the Member would have had except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment
of a proxy, a Member may attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on
the same resolution, unless in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall not confer any further
right to speak at the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not less than one person provided however
that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution,
the maximum number of Directors shall be unlimited.

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|:---|:---|
| **14** | **Appointment, disqualification and removal of Directors** |

---

**First Directors**

14.1 The first Directors shall be appointed in writing by the subscriber or subscribers
to the Memorandum, or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

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**Corporate Directors**

 

14.3 Unless prohibited by law, a body corporate may be a Director. If a body corporate
is a Director, the Articles about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about
Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed by Ordinary Resolution,
no Director shall be required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by the Directors. Any appointment
may be to fill a vacancy or as an additional Director.

14.6 A remaining Director may appoint a Director even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed the maximum (if one
is set); and any such appointment shall be invalid.

14.8 For so long as Shares are listed on a Designated Stock Exchange, the Directors
shall include at least such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules
require as determined by the Board.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint a person to be a Director
pursuant to these Articles, the Board shall have power at any time to appoint any person who is willing to act as a Director, either to
fill a vacancy or as an addition to the existing Board, subject to the total number of Directors not exceeding any maximum number fixed
by or in accordance with these Articles.

14.10 An appointment of a Director may be on terms that the Director shall automatically
retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event
or after any specified period in a written agreement between the Company and the Director, if any; but no such term shall be implied in
the absence of express provision. Each Director whose term of office expires shall be eligible for re-election at a meeting of the Members
or re-appointment by the Board.

**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

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**Resignation of Directors**

 

14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of the other Directors (not being less than two in number) to vacate
office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such Director);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from meetings of Directors for a continuous period
of six months.

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15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another Director, to act in his place as an alternate
Director. No appointment shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be given to the appointing Director and not to
the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee
of the Directors at which the appointing Director is not personally present, and generally to perform all the functions of the appointing
Director in his absence. An alternate Director, however, is not entitled to receive
any remuneration from the Company for services rendered as an alternate Director.

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**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by notice delivered to the Board or to the registered
office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were a Director of the Company, would cause his office
as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of the Director appointing him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and these Articles the business of the Company shall
be managed by the Directors who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

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**Directors below the minimum number**

 

16.3 lf the number of Directors is less than the minimum prescribed in accordance with these Articles, the
remaining Director or Directors shall act only for the purposes of appointing an additional Director or Directors to make up such minimum
or of convening a general meeting of the Company for the purpose of making such appointment. lf there are no Director or Directors able
or willing to act, any two Members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed
shall hold office (subject to these Articles) only until the dissolution of the annual general meeting next following such appointment
unless he is re-elected during such meeting.

**Appointments to office**

16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the Directors may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in writing to holding that office.

16.10 A Director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

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**Provisions for employees**

 

16.11 The Board may make provision for the benefit of any persons employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation
or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the Shares in any body corporate held or owned by
the Company in such manner in all respects as it thinks fit (including, without limitation, the exercise of that power in favour of any
resolution appointing any Director as a Director of such body corporate, or voting or providing for the payment of remuneration to the
Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as Director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business
including attendance at Directors' meetings.

16.14 Until otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
Directors) shall be entitled to such remuneration by way of fees for their services in the office of Director as the Directors may determine.

16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction to which the Company
is subject; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee consisting of one or more persons who
need not be Members. Persons on the committee may include non-Directors so long as the majority of those persons are Directors. For so
long as Shares are listed on a Designated Stock Exchange, any such committee shall be made up of such number of Independent Directors
as required from time to time by the Designated Stock Exchange Rules or otherwise required by applicable law.

17.2 The delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

17.5 For so long as the Shares are listed on a Designated Stock Exchange, the Board shall, if required by the
Designated Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance committee.
Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles.
Each of the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three
Directors (or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The committees
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The Board may establish any local or divisional board or agency for managing any of the affairs of the
Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be
managers or agents, and may fix their remuneration.

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17.7 The Board may delegate to any local or divisional board, manager or agent any of its powers and authorities
(with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to
act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the Directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

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**Borrowing Powers**

17.13 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets both present and future and uncalled capital, or any part thereof, and to issue debentures and other
securities, whether outright or as collateral security for any debt, liability or obligation of the Company or its parent undertaking
(if any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company, which shall be intended
to set forth the guiding principles and policies of the Company and the Board on various corporate governance related matters as the Board
shall determine by resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors
if requested to do so by a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally or by word of mouth or given in writing
or by Electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address,
at his last known address). A Director may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

18.5 A Director participating in this way is deemed to be present in person at the meeting.

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**Quorum**

18.6 The quorum for the transaction of business at a meeting of Directors shall be two unless the Directors
fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke
any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest in office taking precedence if more than
one is present), shall preside at all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within
five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall
choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting shall be decided by a majority of votes. If votes are equal
the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding a meeting if all Directors sign a document
or sign several documents in the like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

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18.14 A resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be
as effective as if it had been passed at a meeting of the Directors duly convened and held; and it shall be treated as having been passed
on the day and at the time that the last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a
Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated office or were
not entitled to vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or
alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein provided the Director discloses to his fellow directors the nature and extent of any
material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted
and he may be counted in the quorum at any meeting of the Directors at which any such contract or transaction or proposed contract or
transaction shall come before the meeting for consideration.

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|:---|:---|
| 20 | Minutes |

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20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board and of any such Officer's remuneration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors, a committee of the Board, the Company
or the holders of any class of shares or debentures, and all orders, resolutions and proceedings of such meetings.

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20.2 Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were
held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

21.2 The books of account shall be kept at the registered office of the Company and shall always be open to
inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

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

**Auditors**

21.4 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

21.5 At any general meeting convened and held at any time in accordance with these Articles, the Members may,
by Ordinary Resolution, remove the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary
Resolution, at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

21.7 The Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Company.

22 Record dates

22.1 Except to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend
is payable or distributable to the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding
that the date may be a date prior to that on which the resolution is passed.

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22.2 If the resolution does so specify, the dividend shall be payable or distributable to the persons registered
as the holders of those Shares at the close of business on the specified date in accordance with their respective holdings so registered,
but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

22.3 The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions
of realised capital profits or offers or grants made by the Company to the Members.

23 Dividends Source of dividends

23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend final dividends in accordance with the
respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such
dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the Directors in the dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

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If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the Directors may pay dividends on Shares which
confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to
dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares all dividends shall be declared and paid
according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount Paid Up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the
value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that
purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other
person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record and
the bank account nominated may be the bank account of another person. For the purposes of Article 23.10(b), subject to any applicable
law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share
or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge
to the Company.

23.12 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the register of Members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the Directors may pay it into a separate account in the Company's name.

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If a dividend is paid into a separate account, the Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or
not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if
any.

24.2 The amount resolved to be capitalised must be appropriated to the Members who would have been entitled
to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in
either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member or as that
Member directs. The Directors may resolve that any Shares issued to the Member in respect of Partly Paid Up Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

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25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

25.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the redemption or purchase price;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

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|:---|:---|
| 26 | Seal |

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**Company seal**

26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

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**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method
or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify each existing or former Director (including
alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business
or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or
Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether
threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

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No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's
own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred to in paragraph (a) is
or was interested.

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|:---|:---|
| 28 | Notices |

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**Form of notices**

28.1 Save where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules, any notice
to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the Designated Stock Exchange Rules and to any other rules which the Company is bound
to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by publishing that notice or
other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access to the notice or document on a website (instead
of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

53 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided that,
if the notice or document is published on that website for a part, but not all of, the publication period, the notice or document shall
be treated as being published throughout that period if the failure to publish that notice of document throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. For the purposes of this
Article 28.4 "publication period" means a period of not less than twenty-one days, beginning on the day on which the notification
referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any notice or other document to be given to a Member may be given by reference to the register of Members
as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within
any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules
and/or the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice
or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or Director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in such a way as to indicate its
execution or adoption by the giver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.10 An Electronic Record may be signed by an Electronic Signature.

54 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

**Date of giving notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.16 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
| (B) By leaving it at the Member's registered address | At the time and date it was left |
| (C) By posting it by prepaid post to the street or postal address of that recipient | 48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

55 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

**Saving provision**

28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company,
shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers;
and

56 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

57 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the Cayman Islands to deregister the Company in
the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company.

58 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

31.3 The Directors are authorised to present a winding up petition

31.4 The Directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

59 *Auth Code: D18100722392 www.verify.gov.ky*

![](ea025446508ex3-1_img2.jpg)

Dated 25 June 2025

---

| | | |
|:---|:---|:---|
| **Name and address of Subscriber** | **Number of<br> shares taken** | **Signature** |
| Ogier Global Subscriber (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands | 1 Class B Ordinary Share | <br>per: <u>/s/ Vilma Burke</u> <br> Name: Vilma Burke<br> Authorised Signatory |
| **Witness to above signature** | <br><u>/s/ Chelsea Ebanks</u> <br> Name: Chelsea Ebanks<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator | <br><u>/s/ Chelsea Ebanks</u> <br> Name: Chelsea Ebanks<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator |

---

60 *Auth Code: D18100722392 www.verify.gov.ky*

## Exhibit 4.1

**Exhibit 4.1**

![](ea025446508_ex4-1img1.jpg)

## Exhibit 5.1

**Exhibit 5.1**

![](ea025446508_ex5-1img1.jpg)

---

| | |
|:---|:---|
| **Worldstar Engineering Holdings Limited** <br> **廣達工程控股有限公司** | **D +852 3656 6054** |
| **Worldstar Engineering Holdings Limited** <br> **廣達工程控股有限公司** | **E nathan.powell@ogier.com** |
| **Worldstar Engineering Holdings Limited** <br> **廣達工程控股有限公司** | **D +852 3656 6023** |
| **Worldstar Engineering Holdings Limited** <br> **廣達工程控股有限公司** | **E janice.chu@ogier.com** |
| **Worldstar Engineering Holdings Limited** <br> **廣達工程控股有限公司** |  |
| **Worldstar Engineering Holdings Limited** <br> **廣達工程控股有限公司** | Reference: JTC/SWL/513617.00001 |

---

30 June 2026

Dear Sirs

**Worldstar Engineering Holdings Limited 廣達工程控股有限公司 (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of an aggregate of 5,000,000 Class A Ordinary Shares (as defined in below) (the **Public Offering Shares**), plus an option to issue up to 15% of the Public Offering Shares to be sold in the Offering to cover the over-allotment option (the **Over-allotment Option**) to be granted to the underwriters of the Company (the **Underwriters**) (collectively, the **IPO Shares**).

We are furnishing this opinion as Exhibit 5.1, Exhibit 8.1 and Exhibit 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined in below). The headings herein are for convenience only and do not affect the construction of this opinion.

---

| | |
|:---|:---|
| **1** | **Documents examined** |

---

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 certificate of incorporation of the Company dated 25 June 2025 issued by the Registrar of
 Companies of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 memorandum and articles of association of the Company as adopted on incorporation (the **Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certificate of good standing dated 16 June 2026 issued by the Registrar in respect of the
 Company (the **Good Standing Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 register of directors of the Company as provided to us on 16 June 2026 (the **Register of Directors**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 register of members of the Company as provided to us on 16 June 2026 (the **Register of Members**, together with the Register of Directors, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 copy of the written resolutions of the sole director of the Company 24 June 2026 approving
 among others, the Company's filing of the Registration Statement and issuance of and sale
 of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 certificate dated 26 June 2026 as to certain matters of fact signed by the sole director
 of the Company (the **Director's Certificate**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Registration Statement.

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands, <br> Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Joanne Collett<br> Dennis Li<br> Cecilia Li | Yuki Yan<br> David Lin<br> Alan Wong<br> Janice Chu<br> Zhao Rong Ooi<br> Rachel Huang\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup> | \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

**Page 2 of 4**

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 copy documents examined by us (whether in facsimile, electronic or other form) conform to
 the originals and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 signatures, seals, dates, stamps and markings (whether on original or copy documents) are
 genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each
 of the Good Standing Certificate, the Director's Certificate and the Registers is accurate
 and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 copies of the Registration Statement are true and correct copies and the Registration Statement
 conform in every material respect to the latest drafts of the same produced to us and, where
 the Registration Statement has been provided to us in successive drafts marked-up to indicate
 changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no
 invitation has been or will be made by or on behalf of the Company to the public in the Cayman
 Islands to subscribe for any shares of the Company and none of the shares have been offered
 or issued to residents of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Company is, and after the allotment and issuance of the IPO Shares, will be able to pay its
 liabilities as they fall due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there
 is no provision of the law of any jurisdiction, other than the Cayman Islands, which would
 have any implication in relation to the opinions expressed herein.

---

| | |
|:---|:---|
| **3** | **Opinions** |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has been duly incorporated as an exempted company with limited liability and is validly
 existing and in good standing with the Registrar.

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 authorised share capital of the Company is US$50,000 divided into 250,000,000 class A ordinary
 shares of par value US$0.0001 each (the **Class A Ordinary Shares**) and 250,000,000 class
 B ordinary shares of par value US$0.0001 each (the **Class B Ordinary Shares**).

**Corporate Authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has taken all requisite corporate action to authorise the issuance and sale of the
 IPO Shares.

Page **3** of **4**

**Valid Issuance of IPO Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 IPO Shares, when issued and sold in accordance with the Registration Statement and the duly
 passed Board Resolutions and once consideration set forth in the Registration Statement is
 paid in full, will be validly issued, fully paid and non-assessable (meaning that no further
 sums will be payable with respect to them). Once the register of members of the Company has
 been updated to reflect the issuance of the IPO Shares, the shareholders recorded in the
 register of members will be deemed to have legal title to the IPO Shares set against their
 respective names.

**Registration Statement - Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 statements contained in the Registration Statement in the section headed "*Cayman Islands Taxation* ", in so far as they purport to summarise the laws or regulations
 of the Cayman Islands, are accurate in all material respects and that such statements constitute
 our opinion.

---

| | |
|:---|:---|
| **4** | **Limitations and Qualifications** |

---

4.1 We
 offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to any laws other than the laws of the Cayman Islands, and we have not, for the purposes
 of this opinion, made any investigation of the laws of any other jurisdiction, and we express
 no opinion as to the meaning, validity, or effect of references in the Documents to statutes,
 rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman
 Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except
 to the extent that this opinion expressly provides otherwise, as to the commercial terms
 of, or the validity, enforceability or effect of the Registration Statement, the accuracy
 of representations, the fulfilment of warranties or conditions, the occurrence of events
 of default or terminating events or the existence of any conflicts or inconsistencies among
 the Registration Statement and any other agreements into which the Company may have entered
 or any other documents.

4.2 Under the Companies Act (Revised) (**Companies Act**) of the Cayman
Islands annual returns in respect of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment
of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register
of Companies, following which its assets will be vest in the Financial Secretary of the Cayman Islands and will be subject to disposition
or retention for the benefit of the public of the Cayman Islands.

4.3 In **good standing** means only that as of the date of this opinion the Company is up-to-date with the filing of its annual returns and
payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company's good standing with respect to any
filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act.

**Page 4 of 4**

---

| | |
|:---|:---|
| **5** | **Governing law of this opinion** |

---

5.1 This
 opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed
 by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited
 to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined
 to, and given on the basis of, the laws and practice in the Cayman Islands at the date of
 this opinion.

5.2 Unless
 otherwise indicated, a reference to any specific Cayman Islands legislation is a reference
 to that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| **6** | **Reliance** |

---

6.1 We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to our firm under the headings "*Enforceability of Civil Liabilities* ", "*Cayman Islands Taxation*" and "*Legal Matters*" of the Registration Statement. In giving such consent, we do not believe
that we are "experts" within the meaning of such term used in the Securities Act or the rules and regulations of the Commission
issued thereunder with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

6.2 This
 opinion may be used only in connection with the offer and sale of the IPO Shares and while
 the Registration Statement is effective.

Yours faithfully

---

| |
|:---|
| /s/ Ogier |
| **Ogier** |

---

## Exhibit 5.2

**Exhibit 5.2**

![](ea025446508_ex5-2img1.jpg)

Unit A, 12th Floor, China Overseas Building 139 Hennessy Road, Wanchai, Hong Kong Tel : +852 2950 7800 Fax : +852 2950 7811 香港灣仔軒尼詩道139號 中國海外大廈12樓A室 電話 : +852 2950 7800 傳真 : +852 2950 7811

Date: June 30, 2026

**Worldstar Engineering Holdings Limited**

Rm 1104, 11/F, Yuen Long Trading Centre<br> No. 33 Wang Yip St., West<br> Yuen Long, New Territories<br> Hong Kong

**<u>Attn: the Board of Directors</u>**

Dear Sirs,

**<u>Re: Hong Kong Legal Opinion in relation to Worldstar Engineering Holdings Limited</u>**

We are the legal advisers to Worldstar Engineering Holdings Limited, a company incorporated in the Cayman Islands (the "**Company**") and its subsidiary established in Hong Kong regarding to the laws of the Hong Kong Special Administrative Region of the People's Republic of China ("**Hong Kong**") in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended), and the rules and regulations promulgated thereunder (the "**Rules**"), relating to the initial public offering (the "**Offering**") by the Company of its class A ordinary shares (the "**Class A Ordinary Shares**") and listing of the Company's Class A Ordinary Shares on the Nasdaq Capital Market (the "**Nasdaq**"). We are qualified lawyers of Hong Kong and as such are qualified to issue this opinion on the laws and regulations of Hong Kong effective as of the date hereof. We have been requested to provide our opinion on the matters set forth below (the "**Engagement**").

**<u>Applicable law</u>**

1. This opinion is confined solely to laws of Hong Kong as applied by the Hong Kong courts as at the date
of this opinion. Accordingly, we express no opinion with regard to any system of law other than Hong Kong laws as at the date hereof as
currently applied by the Hong Kong courts. This opinion is to be construed in accordance with the Hong Kong laws. In this opinion, Hong
Kong law means Hong Kong domestic law only and not its conflict of law rules. We do not undertake to advise you of any change in facts
or law relevant to this opinion or the opinions expressed herein after the date hereof.

**<u>Assumptions</u>**

2. For the purpose of giving this opinion, we have examined the documents provided by Worldstar Engineering
Limited (the "**HK Subsidiary**") and obtained other relevant documents as we deemed necessary or advisable for the purpose
of rendering this opinion. Where certain facts were not independently established and verified by us, we have relied upon statements issued
or made by, among others, appropriate representatives of the Company or the HK Subsidiary.

3. Furthermore, we made due inquiries as to other facts and questions of law as we deem necessary when rendering
this opinion.

PARTNERS CONSULTANT SOLICITORS : : : DAVID L.K. FONG 方良佳律師，TIMOTHY C.K. KWAN 關智傑律師，HERMES H.C. SHIN 單浩銓律師 MATTHEW H.C. WONG 黃漢柱律師 BRUNO C.H. CHAN 陳震雄律師，JOANNE Y.C. CHAN 陳瑩真律師

![](ea025446508_ex5-2img2.jpg)

4. Company searches conducted by us with the Companies Registry are limited in respect to the information
it produces. Also, the company searches do not determine conclusively whether or not an order has been made or a resolution has been passed
for the winding up of a company or for the appointment of a liquidator or other person to control the assets of a company as notice of
such matters might not be filed immediately and, once filed, might not appear immediately on a company's public file.

5. In rendering this opinion, we have, without any further enquiry or independent verifications, made the
following assumptions (the "**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;(i) All signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a
person duly authorized by such party to execute the same, all documents (the "**Documents**") submitted to us in relation
to the Engagement as originals are authentic, and all documents submitted to us as certified or photostatic copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the parties (other than the HK Subsidiary) to the Documents, (a) if a legal person or other entity,
is duly organized and is validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation; or
(b) if an individual, has full capacity for civil conduct; each of them, has full power and authority to execute, deliver and perform
its/her/his obligations under such documents to which it is a party in accordance with the laws of its jurisdiction of organization or
incorporation or the laws that it/she/he is subject to;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Documents remain in full force and effect on the date of this opinion and have not been revoked, amended
or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no revocation or termination
has occurred, with respect to any of such Documents after they were submitted to us for the purposes of this legal opinion;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The accuracy and completeness of all factual representations provided by the Company to us;

&nbsp;&nbsp;&nbsp;&nbsp;(v) The information disclosed by the company searches referred to above is accurate and complete as of the
time of this opinion and conforms to records maintained by the Company and the companies involved. The search would not fail to disclose
any information which had been filed with or delivered to the Companies Registry but had not been processed at the time when the search
was conducted;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) The laws of jurisdictions other than Hong Kong which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) The instructions and information provided by the Company to us are true and accurate to our best knowledge
and belief; and

&nbsp;&nbsp;&nbsp;&nbsp;(viii) There has been no change in the information contained in the latest records of the Company and the companies
involved under the Companies Registry made up to the issuance of this opinion.

**<u>Opinions</u>**

6. Subject to the Assumptions and the Qualifications (as defined below), we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The HK Subsidiary is validly existing and in good standing under the laws of Hong Kong. The Company's
subsidiary in Hong Kong are operating its businesses legally and have fully complied with the laws of Hong Kong and are not facing any
material legal proceedings or any material legal, governmental, arbitrative proceedings, actions, decisions, demands or orders before
any competent court, government agency or arbitration body in Hong Kong;

![](ea025446508_ex5-2img2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hong Kong Courts may recognize and enforce judgments in civil and commercial matters by the Courts in
the mainland via the Mainland Judgments (Reciprocal Enforcement) Ordinance (Cap. 597) provided certain statutory requirements are satisfied.
Hong Kong Courts may also recognize and enforce judgments from courts in other jurisdictions in accordance with the Foreign Judgments
(Reciprocal Enforcement) Ordinance (Cap. 319) ()"**FJREO** "), the Foreign Judgments (Restriction on Recognition and Enforcement)
Ordinance (Cap. 46) and the common law principles. It is to be noted that probate and bankruptcy matters in relation to matrimonial matters
would not fall within the scope that the FJREO would cover;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The statements set forth in the Registration Statement under the captions "Risk Factors",
"Regulations," and "Enforceability of Civil Liabilities," in each case insofar as such statements purport to describe
or summarize the Hong Kong legal matters stated therein as at the date hereof, are true and accurate in all material respects, and fairly
present and summarize in all material respects the Hong Kong legal matters stated therein as at the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The statements set forth in the Registration Statement under the caption "Taxation - Hong Kong Taxation"
and "Legal Matters" are true and accurate in all material respects and that such statements constitute our opinions.

**<u>Qualifications</u>**

7. Our opinion expressed above is subject to the following qualifications (the "**Qualifications** "):

&nbsp;&nbsp;&nbsp;&nbsp;(i) Our opinion is limited to the laws of Hong Kong of general application on the date hereof. We have made
no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than Hong Kong. Accordingly, we express
or imply no opinion directly or indirectly on the laws of any jurisdiction other than Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The laws of Hong Kong referred to herein are laws and regulations publicly available and currently in
force on the date hereof and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof,
will not be changed, amended or revoked in the future with or without retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our opinion is subject to the effects of (a) certain legal or statutory principles affecting the enforceability
of contractual rights generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and
applicable statutes of limitation; (b) any circumstance in connection with formulation, execution or performance of any legal documents
that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful
form; (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation
of damages; and (d) the discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising their authority
in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) This opinion is issued based on the laws of Hong Kong that are currently in effect. For matters not explicitly
provided under the laws of Hong Kong, the future interpretation, implementation and application of the specific requirements under the
laws of Hong Kong are subject to the final discretion of competent Hong Kong legislative, administrative and judicial authorities, and
there can be no assurance that the government agencies will not ultimately take a view that is contrary to our opinion stated above;

&nbsp;&nbsp;&nbsp;&nbsp;(v) We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on
certificates and confirmations of responsible officers of the Company and public searches conducted in Hong Kong;

![](ea025446508_ex5-2img2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(vi) This opinion is intended to be used in the context which is specifically referred to herein. It should
be read as a whole and each paragraph of the opinion should not be read independently; and

&nbsp;&nbsp;&nbsp;&nbsp;(vii) As used in this opinion, the expression "to our best knowledge" or similar language with reference
to matters of fact refers to the current actual knowledge of the solicitors of this firm who have worked on matters for the Company in
connection with the Offering and the transactions contemplated thereunder. We have not undertaken any independent investigation to determine
the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from
our representation of the Company or the rendering of this opinion.

**<u>Consent</u>**

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

Yours faithfully,

/s/ David Fong & Co.

**David Fong & Co.**

## Exhibit 10.1

**Exhibit 10.1**

**<u>DIRECTOR APPOINTMENT AGREEMENT</u>**

**THIS DIRECTOR APPOINTMENT AGREEMENT** (this "**Agreement**"), dated as of [ \* ], 2026, is by and between **WORLDSTAR ENGINEERING HOLDINGS LIMITED**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and ***[\*]***, an individual (the "**Director**").

**<u>AGREEMENT</u>**

---

| | |
|:---|:---|
| **1** | **Appointment** |

---

1.1 The Director was appointed as Director on  ***[\*]*** and is hereby appointed as the [ Director/chief executive officer] of the Company. This Agreement will become effective immediately prior to the effectiveness of our registration statement for the initial public offering of ordinary shares of the Company (the "**Effective Date**") and serves to regulate the employment relationship between the Company and the Director from the Effective Date. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Director on [\*].

1.2 Subject to the remaining provisions of this Agreement, the term of such appointment shall commence from the Effective Date and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association (the "**Memorandum and Articles** "), as may be amended from time to time, or any applicable laws, rules, or regulations (the "**Expiration Date** "). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

1.3 The Company may terminate the appointment of the Director with immediate effect, without advance notice or remuneration, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits a material breach of his obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits any serious or repeated breach or non-observance of his obligations to the Company (which includes an obligation not to breach his duties to the Company, whether statutory, fiduciary or common law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is guilty of any negligence, fraud or dishonesty or have acted in a manner which, in the opinion of the Company acting reasonably, brings or is likely to bring the Director or the Company and its subsidiaries (the "**Group**") into disrepute or is materially adverse to the interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is convicted of any arrestable criminal offence other than an offence under road traffic legislation anywhere in the world for which a fine or non-custodial penalty is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is restricted or disqualified from acting as a Director of any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the opinion of the majority of the board of Directors of the Company (the "**Board** "), becomes incapable by reason of mental disorder of discharging his duties as a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has been absent for more than six consecutive months without permission of the Board from meetings of the directors held during that period and his alternate directors (if any) will not have attended any such meeting in his place during such period and all of his co-directors pass a resolution that by reason of such absence the Director has vacated his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is required in writing (whether in electronic form or otherwise) by all his co-directors to resign; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has not complied with the Company's anti-corruption and bribery policy and procedures or any applicable bribery or corruption legislation.

1.4 The Company may also terminate the employment of the Director without cause upon thirty (30) days' advance notice in writing.

1.5 The Director may resign in accordance to the Memorandum and Articles.

1.6 The Director agrees hold office for the term as stipulated in the Memorandum and Articles.

---

| | |
|:---|:---|
| **2** | **Role and Duties** |

---

2.1 The Director shall exercise all powers in good faith and in the best interests of the Group, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his office as a Director and chief executive officer of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his powers and obligations as an Director and chief executive officer of the Company and use his best endeavours to comply with and to cause the Company to comply with (i) this Agreement; (ii) every rule or law applicable to any member of the Group, whether in the United States, Singapore or elsewhere; (iii) NYSE American Company Guide; (iv) amended and restated Memorandum and Articles; (v) shareholders' and board resolutions of the Company; (vi) the United States Securities Act of 1933; and (vii) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

2.2 The Director shall carry out his duties and exercise his powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Director to cease performing any of his duties or exercising any of his power under this Agreement.

2.3 The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of Directors of the Company as may be in existence now or at any time during the term of this Agreement.

2.4 In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

2.5 Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

2.6 The Director further agrees not to assume employment with or provide services to any of the Company's competitors, or engage, whether as principal, partner, licensor or otherwise, any of the Company's competitors without the Company's prior express consent.

2.7 During the term of the employment of the Director and for a period of one (1) year following the last date of employment of the Director, the Director agrees not to, directly or indirectly, solicit or attempt to solicit any of the Company's employees, independent contractors, contacts, clients, suppliers, customers or other persons or entities introduced to the Director in his capacity as a representative of the Company for any purpose whatsoever, including but not limited to offering them employment or services that compete with the Company's business or may harm the business relationship of the Company with these persons or entities.

2.8 The Director agrees to attend and participate in such number of meetings of the Board and of the Board committees of which the Director may become a member as regularly or specially called.

---

| | |
|:---|:---|
| **3** | **Fees and Expenses** |

---

3.1 Upon the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration of [\*] , which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination ()"**Compensation** "). The Compensation may be reviewed during the term of this Agreement by the compensation committee of the Board pursuant to its terms of reference after the Effective Date. Any adjustment of the Compensation shall be recommended by the compensation committee of the Board (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

3.2 Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

---

| | |
|:---|:---|
| **4** | **Confidentiality** |

---

4.1 The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "**Confidential Information** "), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company.

4.2 The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process.

4.3 The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information.

4.4 The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company.

4.5 Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or pre-emption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

4.6 The Director will notify the Company promptly if the Director is subpoenaed or otherwise served with legal process in any manner involving the Company. In the event of any claim or litigation against the Company, or any officer, employee, or Director of the Company, based upon any alleged conduct, acts or omissions, the Director will cooperate with the Company and provide to the Company such information and documents in his possession or control as are necessary and reasonably requested by the Company or its counsel.

4.7 Nothing in paragraphs 4.1 to 4.6 will prevent the Director from disclosing information which he is entitled to disclose under any statutory provision, provided that the disclosure is made in accordance with the provisions of such statutory provision.

---

| | |
|:---|:---|
| **5** | **Insurance and Indemnity** |

---

5.1 The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit A hereto (the "**Indemnification Agreement** ").

---

| | |
|:---|:---|
| **6** | **Changes to Personal Details** |

---

The Director will advise the company secretary of the Company promptly of any change in address or other personal contact details.

---

| | |
|:---|:---|
| **7** | **Withholding** |

---

7.1 The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

---

| | |
|:---|:---|
| **8** | **Variation** |

---

8.1 No variation or modification of this Agreement will be effective unless it is in writing and signed by the Director and the Company (or respective authorized representatives). The failure to enforce at any time the provisions of this letter or to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this letter or any part hereof, or the right of either party hereto to enforce each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this letter to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time or at any prior or subsequent time.

---

| | |
|:---|:---|
| **9** | **Governing Law and Dispute Resolution** |

---

9.1 This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

9.2 This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws.

---

| | |
|:---|:---|
| **10** | **Entire Agreement** |

---

10.1 This Agreement, the Indemnification Agreement and the Offer Letter constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement.

---

| | |
|:---|:---|
| **11** | **Miscellaneous** |

---

11.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

11.2 The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

11.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

11.4 The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only and shall not be considered terms or conditions of this Agreement.

[*Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Director Appointment Agreement as of the date first above written.

---

| | |
|:---|:---|
| **WORLDSTAR ENGINEERING HOLDINGS LIMITED** | **WORLDSTAR ENGINEERING HOLDINGS LIMITED** |
| By: |  |
| Name: | [\*] |
| Title: |  |
| **The Director** | **The Director** |
| Signature: |  |
| Name: | [\*] |

---

EXHIBIT A

INDEMNIFICATION AGREEMENT

## Exhibit 10.2

**Exhibit 10.2**

**<u>EXECUTIVE OFFICER APPOINTMENT AGREEMENT</u>**

**THIS EXECUTIVE OFFICER APPOINTMENT AGREEMENT** (this "**Agreement**"), dated as of [\*], 2026, is by and between **Worldstar Engineering Holdings Limited**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and [\*], an individual (the "**Officer**").

**<u>AGREEMENT</u>**

---

| | |
|:---|:---|
| **1** | **Appointment** |

---

1.1 The Officer was appointed as Officer on  ***[\*]*** and is hereby appointed as the [ chief financial officer ] of the Company. This Agreement will become effective immediately prior to the effectiveness of our registration statement for the initial public offering of ordinary shares of the Company (the "**Effective Date**") and serves to regulate the employment relationship between the Company and the Officer from the Effective Date. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Officer on [\*] .

1.2 Subject to the remaining provisions of this Agreement, the term of such appointment shall commence from the Effective Date and shall continue until the Officer's successor is duly elected or appointed and qualified or until the Officer's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association (the "**Memorandum and Articles** "), as may be amended from time to time, or any applicable laws, rules, or regulations (the "**Expiration Date** "). In the event that the Officer's successor has not been duly elected or appointed as of the Expiration Date, the Officer agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

1.3 The Company may terminate the appointment of the Officer with immediate effect, without advance notice or remuneration, if the Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits a material breach of his obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits any serious or repeated breach or non-observance of his obligations to the Company (which includes an obligation not to breach his duties to the Company, whether statutory, fiduciary or common law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is guilty of any negligence, fraud or dishonesty or have acted in a manner which, in the opinion of the Company acting reasonably, brings or is likely to bring the Officer or the Company and its subsidiaries (the "**Group**") into disrepute or is materially adverse to the interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is convicted of any arrestable criminal offence other than an offence under road traffic legislation anywhere in the world for which a fine or non-custodial penalty is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is restricted or disqualified from acting as a Officer of any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the opinion of the majority of the board of Directors of the Company (the "**Board** "), becomes incapable by reason of mental disorder of discharging his duties as a Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has not complied with the Company's anti-corruption and bribery policy and procedures or any applicable bribery or corruption legislation.

1.4 The Company may also terminate the employment of the Officer without cause upon thirty (30) days' advance notice in writing.

1.5 The Officer may resign in accordance to the Memorandum and Articles.

1.6 The Officer agrees hold office for the term as stipulated in the Memorandum and Articles.

---

| | |
|:---|:---|
| **2** | **Role and Duties** |

---

2.1 The Officer shall exercise all powers in good faith and in the best interests of the Group, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his office as a Chief financial Officer of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his powers and obligations as a Chief financial Officer of the Company and use his best endeavours to comply with and to cause the Company to comply with (i) this Agreement; (ii) every rule or law applicable to any member of the Group, whether in the United States, Singapore or elsewhere; (iii) the NYSE American Company Guide; (iv) amended and restated Memorandum and Articles; (v) shareholders' and board resolutions of the Company; (vi) the United States Securities Act of 1933; and (vii) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

2.2 The Officer shall carry out his duties and exercise his powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Officer to cease performing any of his duties or exercising any of his power under this Agreement.

2.3 The Officer agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of Officers of the Company as may be in existence now or at any time during the term of this Agreement.

2.4 In the event that the Officer has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Officer is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Officer shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Officer acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

2.5 Whenever the Officer becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Officer to make available to the Company, the Officer shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

2.6 The Officer further agrees not to assume employment with or provide services to any of the Company's competitors, or engage, whether as principal, partner, licensor or otherwise, any of the Company's competitors without the Company's prior express consent.

2.7 During the term of the employment of the Officer and for a period of one (1) year following the last date of employment of the Officer, the Officer agrees not to, directly or indirectly, solicit or attempt to solicit any of the Company's employees, independent contractors, contacts, clients, suppliers, customers or other persons or entities introduced to the Officer in his capacity as a representative of the Company for any purpose whatsoever, including but not limited to offering them employment or services that compete with the Company's business or may harm the business relationship of the Company with these persons or entities.

2.8 The Officer agrees to attend and participate in such number of meetings of the Board and of the Board committees of which the Officer may become a member as regularly or specially called.

---

| | |
|:---|:---|
| **3** | **Fees and Expenses** |

---

3.1 Upon the Effective Date and during the term of this Agreement, the Officer shall receive a monthly remuneration of [\*], which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Officer shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination ()"**Compensation** "). The Compensation may be reviewed during the term of this Agreement by the compensation committee of the Board pursuant to its terms of reference after the Effective Date. Any adjustment of the Compensation shall be recommended by the compensation committee of the Board (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

3.2 Upon submission of adequate documentation by the Officer to the Company, the Officer shall be reimbursed for all reasonable expenses incurred in connection with the Officer's positions as a member of the Board and for services as a member of each committee of the Board to which the Officer may be appointed.

---

| | |
|:---|:---|
| **4** | **Confidentiality** |

---

4.1 The Officer agrees and acknowledges that, by reason of the nature of the Officer's duties on the Board, the Officer will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "**Confidential Information** "), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Officer has had access by reason of the Officer's relationship with the Company.

4.2 The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Officer or the Officer's representatives; or (ii) is required to be disclosed by the Officer due to governmental regulatory or judicial process.

4.3 The Officer agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information.

4.4 The Officer acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Officer by the Company or otherwise acquired or developed by the Officer, shall at all times be the property of the Company.

4.5 Upon termination of the Officer's services hereunder, the Officer shall return to the Company any such property or documents which are in the Officer's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Officer, generally known to the public. The obligations of the Officer under this subsection are in addition to, and not in limitation or pre-emption of, all other obligations of confidentiality which the Officer may have to the Company under general legal or equitable principles.

4.6 The Officer will notify the Company promptly if the Officer is subpoenaed or otherwise served with legal process in any manner involving the Company. In the event of any claim or litigation against the Company, or any officer, employee, or Officer of the Company, based upon any alleged conduct, acts or omissions, the Officer will cooperate with the Company and provide to the Company such information and documents in his possession or control as are necessary and reasonably requested by the Company or its counsel.

4.7 Nothing in paragraphs 4.1 to 4.6 will prevent the Officer from disclosing information which he is entitled to disclose under any statutory provision, provided that the disclosure is made in accordance with the provisions of such statutory provision.

---

| | |
|:---|:---|
| **5** | **Intentionally left blank** |

---

---

| | |
|:---|:---|
| **6** | **Changes to Personal Details** |

---

The Officer will advise the company secretary of the Company promptly of any change in address or other personal contact details.

---

| | |
|:---|:---|
| **7** | **Withholding** |

---

7.1 The Officer agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

---

| | |
|:---|:---|
| **8** | **Variation** |

---

8.1 No variation or modification of this Agreement will be effective unless it is in writing and signed by the Officer and the Company (or respective authorized representatives). The failure to enforce at any time the provisions of this letter or to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this letter or any part hereof, or the right of either party hereto to enforce each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this letter to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time or at any prior or subsequent time.

---

| | |
|:---|:---|
| **9** | **Governing Law and Dispute Resolution** |

---

9.1 This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

9.2 This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws.

---

| | |
|:---|:---|
| **10** | **Entire Agreement** |

---

10.1 This Agreement and the Offer Letter constitute the entire understanding between the parties with respect to the Officer's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Officer's service on the Board. The Officer acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement.

---

| | |
|:---|:---|
| **11** | **Miscellaneous** |

---

11.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

11.2 The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

11.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

11.4 The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only and shall not be considered terms or conditions of this Agreement.

[*Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Officer Appointment Agreement as of the date first above written.

---

| |
|:---|
| **WORLDSTAR ENGINEERING HOLDINGS LIMITED** |
| By: |
| Name: |
| Title: |
| **The Officer** |
| Signature: |
| Name: |

---

## Exhibit 10.3

**Exhibit 10.3**

**<u>INDEPENDENT DIRECTOR APPOINTMENT AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR APPOINTMENT AGREEMENT** (this "**Agreement**"), dated as of [***date***], is by and between **Worldstar Engineering Holdings Limited**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and [***independent director***], an individual (the "**ID**").

**<u>AGREEMENT</u>**

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| | |
|:---|:---|
| **1** | **Appointment** |

---

1.1 Subject to the provisions of this Agreement, the ID is hereby appointed as an independent director of the Company as of the date hereof. Such appointment will become effective immediately prior to the effectiveness of our registration statement for the initial public offering of ordinary shares of the Company (the "**Effective Date** ").

1.2 The appointment of the ID is subject to the memorandum and articles of association of the Company as is currently in effect and as may be modified or amended from time to time (the "**Memorandum and Articles** "). Nothing in this letter will be taken to exclude or vary the terms of the Memorandum and Articles as it applies to the ID as a director of the Company. Any continued appointment as independent director is subject to election by the Company's shareholders at the annual general meeting (the "**AGM**") at which either the Memorandum and Articles requires, or the board of directors of the Company (the "**Board**") resolves, that the ID stands for re-election.

1.3 The ID agrees hold office for the term as stipulated in the Memorandum and Articles.

1.4 Continuation of service of the ID as a director is also contingent on satisfactory performance, as determined by the nomination committee of the Board, and any relevant statutory provisions relating to the removal of a director.

1.5 The nomination committee of the Board may nominate the ID to serve for successive term(s), in its discretion and subject to agreement of the ID and re-election at the AGM in accordance with the Memorandum and Articles.

1.6 The ID may be appointed to serve on one or more committees of the Board. The ID has been appointed to, and has agreed to serve on, the audit, compensation and nominating and corporate governance committee during the initial term of service of the ID, which includes all committees to which the ID is being appointed. The committee charters for each of the committees are included as *Exhibit A* hereto.

1.7 The Company may terminate the appointment of the ID with immediate effect, without advance notice or remuneration, if the ID:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits a material breach of his obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits any serious or repeated breach or non-observance of his obligations to the Company (which includes an obligation not to breach his duties to the Company, whether statutory, fiduciary or common law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is guilty of any negligence, fraud or dishonesty or have acted in a manner which, in the opinion of the Company acting reasonably, brings or is likely to bring the ID or the Company and its subsidiaries (the "**Group**") into disrepute or is materially adverse to the interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is convicted of any arrestable criminal offence other than an offence under road traffic legislation anywhere in the world for which a fine or non-custodial penalty is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is restricted or disqualified from acting as a director of any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the opinion of the majority of the Board, becomes incapable by reason of mental disorder of discharging his duties as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has been absent for more than six consecutive months without permission of the Board from meetings of the directors held during that period and his alternate director (if any) will not have attended any such meeting in his place during such period and all of his co-directors pass a resolution that by reason of such absence the ID has vacated his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is required in writing (whether in electronic form or otherwise) by all his co-directors to resign; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has not complied with the Company's anti-corruption and bribery policy and procedures or any applicable bribery or corruption legislation.

1.8 The Company may also terminate the employment of the ID without cause
 upon thirty (30) days' advance notice in writing.

1.9 The ID may resign in accordance to the Memorandum and Articles of the Company.

1.10 On termination of the appointment the ID, the ID will at the request of the Company resign from his office as a director of the Company.

1.11 The status of the ID during his term of service as a director will be that of an independent contractor and not an employee of the Company.

---

| | |
|:---|:---|
| **2** | **Obligations as ID** |

---

2.1 The ID will be expected to spend a sufficient amount of time as may be necessary for the Board to address matters relating to the Company's investment policy and the use of funds raised by the Company from time to time and to attend any meetings of the Board as may be called from time to time. The ID will be expected to devote such time as is necessary for the proper performance of his duties and the ID should be prepared to attend quarterly board meetings (at which directors will be asked to approve the filing with the U.S. Securities and Exchange Commission (the "**SEC**") of annual and interim financial statements and the company's annual report as well as another board meeting called for the purposes of reviewing and approving the Company's budget for the subsequent year.

2.2 Meetings may involve the ID in some overseas travel, the expenses of which will be reimbursed by the Company in accordance with normal payroll practices. In addition, the ID will be required to consider all relevant papers before each meeting. Unless urgent and unavoidable circumstances prevent the ID from doing so, it is expected that the ID will attend the meetings outlined above.

2.3 The nature of the role makes it impossible to be specific about the maximum time commitment, and there is always the possibility of additional time commitment in respect of preparation time and ad hoc matters which may arise from time to time, and particularly when the Company is undergoing a period of increased activity. At certain times it may be necessary to convene additional Board, committee or shareholder meetings.

2.4 The time commitment will increase should the ID becomes a committee member or chair, or if the ID is given additional responsibilities.

2.5 By accepting this appointment, the ID undertakes that, taking into account all other commitments the ID may have, the ID is able to, and will, devote sufficient time to his duties as a director.

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| | |
|:---|:---|
| **3** | **Roles and Duties** |

---

3.1 The Board as a whole is collectively responsible for the success of the Company. The Board's role is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide oversight of the Company within a framework of prudent and effective controls which enable risk to be assessed and managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in conjunction with management, set the Company's strategic aims, ensure that the necessary financial and human resources are in place for the Company to meet its objectives, and review management performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in conjunction with management, set the Company's values and standards and ensure that its obligations to its shareholders and others are understood and met.

3.2 As an independent director, the ID will have the same general legal responsibilities to the Company as any other director. The ID will be expected to perform his duties, whether statutory, fiduciary or common law, faithfully, efficiently and diligently to a standard commensurate with both the functions of his role and his knowledge, skills and experience.

3.3 The ID will exercise his powers in his role as a director having regard to relevant obligations under prevailing law and regulation, including, without limitation,) every rule or law applicable to any member of the Group, whether in the United States, Singapore or elsewhere, the rules and regulations of the SEC, and the Corporate Governance Rules of the Nasdaq Capital Market ()"**Nasdaq** ").

3.4 The ID agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the terms of this Agreement.

3.5 In the role of the ID as a director, the ID will be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) constructively challenge proposals on strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) scrutinize the performance of management in meeting agreed goals and objectives and monitor the reporting of performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfy himself that the Company has processes in place to ensure the integrity of financial information and that financial controls and systems of risk management are robust and defensible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to the authority delegated to the compensation committee, determine appropriate levels of remuneration of executive directors, if any, and have a prime role in appointing and, where necessary, removing any executive directors, and in succession planning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) devote time to developing and refreshing his knowledge and skills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) uphold high standards of integrity and probity and support the Company and the other directors in instilling the appropriate culture, values and behaviours in the boardroom and beyond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) take into account the views of shareholders where appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) exercise relevant powers under, and abide by, the Memorandum and Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise his powers as a director in accordance with the Company's policies and procedures and internal control framework or any applicable bribery or corruption legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not do anything that would cause him to be disqualified from acting as a director under) any rule or law applicable to any member of the Group, whether in the United States, Singapore or elsewhere, Memorandum and Articles, rules and regulations of the SEC, or Nasdaq rules.

3.6 The ID will disclose any direct or indirect interest which the ID may have in any matter being considered at a Board meeting or committee meeting and, save as permitted under the Memorandum and Articles and the Company's code of ethics, the ID will not vote on any resolution of the Board, or of one of its committees, on any matter where the ID has any direct or indirect interest.

3.7 The ID will immediately report to the Company his own wrongdoing or the wrongdoing or proposed wrongdoing of any employee (where any) or director of which the ID becomes aware.

3.8 Unless specifically authorized to do so by the Board, the ID will not enter into any legal or other commitment or contract on behalf of the Company.

3.9 The ID will be entitled to request all relevant information about the Company's affairs as is reasonably necessary to enable the ID to discharge his responsibilities as a independent director.

3.10 In the event that the ID has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the ID is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the ID shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The ID acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

3.11 The ID further agrees not to assume employment with or provide services to any of the Company's competitors, or engage, whether as principal, partner, licensor or otherwise, any of the Company's competitors without the Company's prior express consent.

3.12 During the term of the engagement of the ID and for a period of one (1) year following the last date of engagement of the ID, the ID agrees not to, directly or indirectly, solicit or attempt to solicit any of the Company's employees, independent contractors, contacts, clients, suppliers, customers or other persons or entities introduced to the ID in his capacity as a representative of the Company for any purpose whatsoever, including but not limited to offering them employment or services that compete with the Company's business or may harm the business relationship of the Company with these persons or entities.

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| | |
|:---|:---|
| **4** | **Fees and Expenses** |

---

4.1 Upon the Effective Date and during the term of this Agreement, the
 ID shall receive a monthly remuneration of  ***[\*]*** which shall accrue on a day to day basis payable in arrears on
 the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the ID shall
 only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date
 of termination ()"**Compensation** "). The Compensation may be reviewed during the term of this Agreement by the compensation
 committee of the Board pursuant to its terms of reference after the Effective Date. Any adjustment of the Compensation shall be recommended
 by the compensation committee of the Board (when applicable) and approved by the Board duly convened pursuant to the then current
 Memorandum and Articles of the Company.

4.2 Upon submission of adequate documentation by the ID to the Company, the ID shall be reimbursed for all reasonable expenses incurred in connection with the ID's positions as a member of the Board and for services as a member of each committee of the Board to which the ID may be appointed.

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| | |
|:---|:---|
| **5** | **Independence** |

---

5.1 The Board of the Company has determined the ID to be independent, taking account of the guidance contained in Nasdaq rules.

5.2 It is accepted and acknowledged that the ID has business interests other than those of the Company. The Company expressly acknowledges that the ID (i) is or may become a full-time employee of another entity and that responsibilities of the ID to such entity must have priority over the responsibilities of the ID to the Company and (ii) sit or may sit on the board of directors of other entities, subject to any limitations set forth in the Sarbanes-Oxley Act of 2002 and the rules of Nasdaq.

5.3 Notwithstanding the foregoing, the ID acknowledges the importance of avoiding conflicts of interest and the appearance of conflicts of interest. Accordingly, the ID has disclosed all present or currently existing conflicts and agree to disclose to the Company any future commitments, whether such commitments create potential or actual conflicts of interest or the appearance of any conflicts. In the event that the ID becomes aware of any further potential or actual conflicts of interest, these should be disclosed to the Company as soon as they become apparent and the agreement of the Board may have to be sought. The ID should immediately recuse himself from decision making on any matter on which there is a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The ID represents to the Company that his execution and performance of his duties as a director of the Company do not and will not violate any agreement or obligation, whether written or not, that the ID may have with or to any person, including without limitation any prior or current employer.

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| | |
|:---|:---|
| **6** | **Confidentiality** |

---

6.1 The ID agrees and acknowledges that, by reason of the nature of the ID's duties on the Board, the ID will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company (the "**Confidential Information** "), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the ID has had access by reason of the ID's relationship with the Company.

6.2 The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the ID or the ID's representatives; or (ii) is required to be disclosed by the ID due to governmental regulatory or judicial process.

6.3 The ID agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information.

6.4 The ID acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the ID by the Company or otherwise acquired or developed by the ID, shall at all times be the property of the Company.

6.5 Upon termination of the ID's services hereunder, the ID shall return to the Company any such property or documents which are in the ID's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the ID, generally known to the public. The obligations of the ID under this subsection are in addition to, and not in limitation or pre-emption of, all other obligations of confidentiality which the ID may have to the Company under general legal or equitable principles.

6.6 The ID will notify the Company promptly if the ID is subpoenaed or otherwise served with legal process in any manner involving the Company. In the event of any claim or litigation against the Company, or any officer, employee, or director of the Company, based upon any alleged conduct, acts or omissions, the ID will cooperate with the Company and provide to the Company such information and documents in his possession or control as are necessary and reasonably requested by the Company or its counsel.

6.7 Nothing in paragraphs 6.1 to 6.6 will prevent the ID from disclosing information which he is entitled to disclose under any statutory provision, provided that the disclosure is made in accordance with the provisions of such statutory provision.

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| | |
|:---|:---|
| **7** | **Insurance and Indemnity** |

---

7.1 The Company and the ID agree that indemnification with respect to the ID's service on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit B hereto (the "**Indemnification Agreement** ").

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| | |
|:---|:---|
| **8** | **Changes to Personal Details** |

---

8.1 The ID will advise the company secretary of the Company promptly of any change in address or other personal contact details.

---

| | |
|:---|:---|
| **9** | **Withholding** |

---

9.1 The ID agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

---

| | |
|:---|:---|
| **10** | **Variation** |

---

10.1 No variation or modification of this Agreement will be effective unless it is in writing and signed by the ID and the Company (or respective authorized representatives). The failure to enforce at any time the provisions of this letter or to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this letter or any part hereof, or the right of either party hereto to enforce each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this letter to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time or at any prior or subsequent time.

---

| | |
|:---|:---|
| **11** | **Governing Law and Dispute Resolution** |

---

11.1 This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

11.2 This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws.

---

| | |
|:---|:---|
| **12** | **Entire Agreement** |

---

12.1 This Agreement, the Indemnification Agreement and the Offer Letter constitute the entire understanding between the parties with respect to the ID's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the ID's service on the Board. The ID acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement.

---

| | |
|:---|:---|
| **13** | **Miscellaneous** |

---

13.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

13.2 The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

13.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

13.4 The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Appointment Agreement as of the date first above written.

---

| |
|:---|
| **Worldstar Engineering Holdings Limited** |
| By: |
| Name: |
| Title: |
| **The Independent Director** |
| Signature: |
| Name: |

---

EXHIBIT A

COMMITTEE CHARTERS

EXHIBIT B

INDEMNIFICATION AGREEMENT

## Exhibit 10.4

**Exhibit 10.4**

**THIS INDEMNIFICATION AGREEMENT** (the "**Agreement**"), dated as of [***date***], is by and between **WORLDSTAR ENGINEERING HOLDINGS LIMITED**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and ________, a member of the Company's board of director (the "**Board**") (the "**Indemnitee**").

**<u>RECITAL</u>**

**WHEREAS**, highly competent persons have become more reluctant to serve corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

**WHEREAS**, the amended and restated memorandum and articles of association of the Company adopted by a special resolution passed on [\*] (the "**Memorandum and Articles**") require indemnification of the officers and directors of the Company (each an "**Indemnified Person**") indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, wilful default or fraud, in or about the conduct of the Company's business or affairs or in the execution or discharge of his duties, powers, authorities or discretions (including as a result of any mistake of judgment), including without prejudice to the generality of the foregoing, any costs, expenses (including reasonable attorneys' fees), losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere;

**WHEREAS**, the Memorandum and Articles and the Act expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board and other persons with respect to indemnification;

**WHEREAS**, the Company desires to provide the Indemnitee with specific contractual assurance of the Indemnitee's rights to full indemnification against litigation risks and expenses (regardless, among other things, of any amendment to or revocation of the Memorandum and Articles); and

**WHEREAS**, the Indemnitee agrees to serve as a director from and after the date hereof, provided that he is furnished the indemnification provided for herein.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the Indemnitee's agreement to serve as a director from and after the date hereof, the parties hereto agree as follows:

**1.** **Indemnity of the Indemnitee** 

1.1 The Company hereby agrees to hold harmless and indemnify the Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Proceedings Other Than Proceedings by or in the Right of the Company** 

The Indemnitee shall be entitled to the rights of indemnification provided in this <u>Section l.1(a)</u> if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company. Pursuant to this <u>Section 1.1(a)</u>, the Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted honestly and in good faith and in a manner the Indemnitee believed to be in the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Proceedings by or in the Right of the Company.** 

The Indemnitee shall be entitled to the rights of indemnification provided in this <u>Section 1.1(b)</u> if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this <u>Section 1.1(b)</u>, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection with such Proceeding if the Indemnitee acted honestly and in good faith and in a manner the Indemnitee believed to be in the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which the Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the courts of the Cayman Islands shall determine that such indemnification may be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Indemnification for Expenses of a Party Who is Wholly or Partly Successful.** 

Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

**2.** **Indemnification for Expenses of a Witness.** 

2.1 Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which the Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

**3.** **Advancement of Expenses.** 

3.1 Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding by reason of the Indemnitee's Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of the Indemnitee to repay any Expenses advanced if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this <u>Section 3</u> shall be unsecured and interest free.

**4.** **Procedures and Presumptions for Determination of Entitlement to Indemnification.** 

4.1 It is the intent of this Agreement to secure for the Indemnitee rights of indemnity that are as favorable as may be permitted under the Act and public policy of the Cayman Islands.

Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether the Indemnitee is entitled to indemnification under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of the Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to the Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by the Indemnitee for indemnification pursuant to the first sentence of <u>Section 4.1(a)</u> hereof, a determination with respect to the Indemnitee's entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board (1) by a majority vote of the Disinterested Directors, even though less than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by independent legal counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the shareholders of the Company. For purposes hereof, Disinterested Directors are those members of the Board who are not parties to the action, suit or proceeding in respect of which indemnification is sought by the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to <u>Section 4.1(b)</u> hereof, the Independent Counsel shall be selected as provided in this <u>Section 4.1(c)</u>. The Independent Counsel shall be selected by the Board. The Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "**Independent Counsel**" as defined in <u>Section 11</u> of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant to <u>Section 4.1(a)</u> hereof, no Independent Counsel shall have been selected and not objected to, either the Company or the Indemnitee may petition the applicable court in the Cayman Islands or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under <u>Section 4.1(b)</u> hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to <u>Section 4.1(b)</u> hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this <u>Section 4.1(c)</u>, regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that the Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indemnitee shall be deemed to have acted honestly and in good faith if the Indemnitee's action is based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to the Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this <u>Section 4.1(e)</u> are satisfied, it shall in any event be presumed that the Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the person, persons or entity empowered or selected under <u>Section 4</u> to determine whether the Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification absent (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; <u>provided</u>, <u>however</u>, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and <u>provided further</u>, that the foregoing provisions of this <u>Section 4.1(f)</u> shall not apply if the determination of entitlement to indemnification is to be made by the shareholders pursuant to <u>Section 4.1(b)</u> of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the shareholders for their consideration at an annual meeting thereof to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special general meeting of shareholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Indemnitee shall cooperate with the person, persons or entity making such determination with respect to the Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board or shareholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee's entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys' fees and disbursements) incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to the Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or create a presumption that the Indemnitee did not act honestly and in good faith and in a manner which he reasonably believed to be in the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful.

**5.** **Remedies of the Indemnitee.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that (i) a determination is made pursuant to <u>Section 4</u> of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to <u>Section 3</u> of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to <u>Section 4.1(b)</u> of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that the Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to <u>Section 4</u> of this Agreement, the Indemnitee shall be entitled to an adjudication in an appropriate court of the Cayman Islands , or in any other court of competent jurisdiction, of the Indemnitee's entitlement to such indemnification. the Indemnitee shall commence such proceeding seeking an adjudication within one hundred eighty (180) days following the date on which the Indemnitee first has the right to commence such proceeding pursuant to this <u>Section 5.1(a)</u>. The Company shall not oppose the Indemnitee's right to seek any such adjudication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

**6**. **Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the Memorandum and Articles, any agreement, a vote of shareholders, a resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of the Indemnitee under this Agreement in respect of any action taken or omitted by such the Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the Act, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Memorandum and Articles and this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors and officers liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company's obligation to indemnify or advance Expenses hereunder to the Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount the Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

**7.** **Exception to Right of Indemnification.** 

7.1 Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against the Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been made to or on behalf of the Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall not affect the rights of the Indemnitee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within the meaning of <u>Section 16.1(b)</u> of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any Proceeding (or any part of any Proceeding) initiated by the Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by the Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

**8.** **Duration of Agreement.** 

8.1 All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as the Indemnitee shall be subject to any Proceeding (or any proceeding commenced under <u>Section 5</u> hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.

**9.** **Security.** 

9.1 To the extent requested by the Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to the Indemnitee for the Company's obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

**10.** **Enforcement.** 

10.1 The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce the Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that the Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

10.2 This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

10.3 The Company shall not seek from a court, or agree to, a "bar order" which would have the effect of prohibiting or limiting the Indemnitee's rights to receive advancement of expenses under this Agreement.

**11.** **Definitions.** 

11.1 For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Corporate Status**" describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Disinterested Director**" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Enterprise**" shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that the Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Expenses**" shall include all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by the Indemnitee or the amount of judgments or fines against the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Proceeding**" includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which the Indemnitee was, is or will be involved as a party or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or of any inaction on his part while acting in his or her Corporate Status; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to <u>Section 5</u> of this Agreement to enforce his rights under this Agreement.

**12.** **Severability.** 

12.1 The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon the Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

**13.** **Modification and Waiver.** 

13.1 No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

**14.** **Notice By the Indemnitee.** 

14.1 The Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

**15.** **Notices.** 

15.1 All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the Indemnitee at the address set forth below the Indemnitee signature hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the Company at:

[\*]

or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be.

**16.** **Counterparts.** 

16.1 This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

**17.** **Headings.** 

17.1 The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

**18.** **Governing Law and Consent to Jurisdiction.** 

18.1 This Agreement shall be governed by the internal law of the Cayman Islands, without regard to its conflict of laws rules. Any unresolved controversy or claim arising out of or relating to this Agreement, except as (i) otherwise provided in this Agreement, or (ii) any such controversies or claims arising out of either party's intellectual property rights for which a provisional remedy or equitable relief is sought, shall be submitted to arbitration by one arbitrator mutually agreed upon by the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by the American Arbitration Association (the "**AAA** "), then by one arbitrator having reasonable experience in corporate finance transactions of the type provided for in this Agreement and who is chosen by the AAA. The arbitration shall take place in New York, New York, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having jurisdiction thereof. There shall be limited discovery prior to the arbitration hearing as follows: (a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated, (b) depositions of all party witnesses and (c) such other depositions as may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with the New York Code of Civil Procedure, the arbitrator shall be required to provide in writing to the parties the basis for the award or order of such arbitrator, and a court reporter shall record all hearings, with such record constituting the official transcript of such proceedings. Each party will bear its own costs in respect of any disputes arising under this Agreement. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the Southern District of New York or any court of the State of New York having subject matter jurisdiction.

[*Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Indemnification Agreement as of the date first above written.

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| |
|:---|
| **Worldstar Engineering Holdings Limited** |
| By: |
| Name: |
| Title: |

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| **The Indemnitee** |
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## Exhibit 10.5

**Exhibit 10.5**

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

**SHARE INCENTIVE PLAN**

**ARTICLE 1<br> PURPOSE**

The purpose of this WORLDSTAR ENGINEERING HOLDINGS LIMITED Share Incentive Plan (the "Plan") is to promote the success and enhance the value of WORLDSTAR ENGINEERING HOLDINGS LIMITED (the "Company") by linking the personal interests of the members of the Board, Employees and Consultants who contribute to the success of the Company to those of Company shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees and Consultants upon whose judgment, interests and special efforts the successful conduct of the Company's operation is largely dependent.

**ARTICLE 2<br> DEFINITIONS AND CONSTRUCTION**

Wherever the following terms are used in the Plan, they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. "<u>Administrator</u>" shall mean the entity that conducts the general administration of the Plan as provided in Article 10. With reference to the duties of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 10.6, or as to which the Board has assumed, the term "Administrator" shall refer to such person(s) unless the Committee or the Board has revoked such delegation or the Board has terminated the assumption of such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. "<u>Applicable Accounting Standards</u>" shall mean Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards, or such other accounting principles or standards as may apply to the Company's financial statements under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "<u>Applicable Laws</u>" shall mean (i) the laws of the Cayman Islands as they relate to the Company and its Shares; (ii) the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders of any jurisdiction applicable to Awards granted to residents; and (iii) the rules of any applicable securities exchange, national market system or automated quotation system on which the Shares are listed, quoted or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. "<u>Article</u>" shall mean an article of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. "<u>Articles of Association</u>" shall mean Company's Memorandum of Association and Articles of Association, as such may be restated and/or amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. "<u>Award</u>" shall mean an Option, an Employee Shares Option, a Restricted Share award, a Restricted Share Unit award, a Dividend Equivalents award, a Deferred Share award, a Share Payment award or a Share Appreciation Right, which may be awarded or granted under the Plan (collectively, "<u>Awards</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. "<u>Award Agreement</u>" shall mean any written notice, agreement, terms and conditions, contract or other instrument or document evidencing the grant of an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine consistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. "<u>Board</u>" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. "<u>Cause</u>" shall mean (unless otherwise expressly provided in the applicable Award Agreement or another applicable contract with the Holder that defines such term for purposes of determining the effect that a "for cause" termination has on the Holder's Awards) a termination of employment or service based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties or is incompetent in or (other than by reason of a Disability or analogous condition) incapable of performing those duties;

(b) has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information;

(c) has breached a fiduciary duty, or materially violated any other duty, law, rule, regulation or policy of the Service Recipient; or has been convicted of, or plead guilty or *nolo contendere* to, a felony or misdemeanor (other than minor traffic violations or similar offenses);

(d) has materially breached any of the provisions of any agreement with the Service Recipient;

(e) has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the Service Recipient; or

(f) has improperly induced a vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. "<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. "<u>Committee</u>" shall mean the Compensation Committee of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. "<u>Company</u>" shall mean WORLDSTAR ENGINEERING HOLDINGS LIMITED, an exempted company incorporated under the laws of the Cayman Islands with limited liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. "<u>Consultant</u>" shall mean any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. "<u>Corporate Transaction</u>" shall mean any of the following transactions, provided, however, that the Committee shall determine under (f) and (g) whether multiple transactions are related, and its determination shall be final, binding and conclusive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amalgamation, arrangement, consolidation or scheme of arrangement in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company's voting securities immediately prior to such transaction own fifty percent (50%) or more of the surviving entity;

(b) the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities pursuant to a tender or exchange offer made directly to the Company's shareholders which a majority of the Incumbent Board (as defined below) who are not affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders accept;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the individuals who, as of the Effective Date, are members of the Board (the "Incumbent Board"), cease for any reason to constitute at least fifty percent (50%) of the Board; provided, that if the election, or nomination for election by the Company's shareholders, of any new member of the Board is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new member of the Board shall be considered as a member of the Incumbent Board.

(d) the sale, transfer or other disposition of all or substantially all of the assets of the Company (other than to a Parent or Subsidiary);

(e) the completion of a voluntary or insolvent liquidation or dissolution of the Company;

(f) any reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a reverse takeover) in which the Company survives but (A) the Shares of the Company outstanding immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such transaction culminating in such takeover or scheme of arrangement, but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; or

(g) acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction.

(h) Notwithstanding anything in the foregoing to the contrary, with respect to compensation (A) that is subject to Section 409A of the Code and (B) for which a Corporate Transaction would accelerate the timing of payment thereunder, the term "Corporate Transaction" shall mean an event that is both (x) a Corporate Transaction (as defined above) and (y) a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as defined in Section 409A of the Code and authoritative guidance thereunder, but only to the extent necessary to comply with Section 409A of the Code as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. "<u>Deferred Share</u>" shall mean a right to receive Shares awarded under Section 7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. "<u>Director</u>" shall mean a member of the Board, as constituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. "<u>Disability</u>", unless otherwise defined in an Award Agreement, shall mean that the Holder qualifies to receive long-term disability payments under the Service Recipient's long-term disability insurance program, as it may be amended from time to time, to which the Holder provides services regardless of whether the Holder is covered by such policy. If the Service Recipient to which a Holder provides service does not have a long-term disability plan in place, "Disability" shall mean that the Holder is unable to carry out the responsibilities and functions of the position held by the Holder by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Holder will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. "<u>Dividend Equivalent</u>" shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on Shares, awarded under Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. "<u>Effective Date</u>" shall have the meaning set forth in Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20. "<u>Eligible Individual</u>" shall mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the Committee; provided, however, that Awards shall not be granted to Consultants or Non-Employee Directors who are resident of any country which pursuant to Applicable Laws does not allow grants to non-employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. "<u>Employee</u>" shall mean any person who is in the employ of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a Director's fee by a Service Recipient shall not be sufficient to constitute "employment" by the Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. "<u>Employee Shares Option</u>" shall mean a right to purchase Shares at a specified exercise price granted to an Employee of the Company under Article 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23. "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24. "<u>Fair Market Value</u>" shall mean, as of any date, the value of Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Shares are listed on one or more established and regulated securities exchanges, national market systems or automated quotation system on which Shares are listed, quoted or traded, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported on the website maintained by such exchange or market system or such other source as the Committee deems reliable;

(b) If the Shares are not listed on an established securities exchange, notational market system or automated quotation system, but are regularly quoted by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or

(c) In the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of the Company's business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company's business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. "<u>Holder</u>" shall mean a person who has been granted an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. "<u>Incentive Option</u>" shall mean an Option that is intended to meet the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27. "<u>Non-Employee Director</u>" shall mean a Director of the Company who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28. "<u>Non-Qualified Option</u>" shall mean an Option that is not an Incentive Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29. "<u>Option</u>" shall mean a right to purchase Shares at a specified exercise price, granted under Article 5. An Option shall be either a Non-Qualified Option or an Incentive Option; provided, however, that Incentive Options may only be granted to Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30. "<u>Parent</u>" shall mean any entity whether domestic or foreign, in an unbroken chain of entities ending with the Company, if each of the entities other than the first entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31. "<u>Plan</u>" shall mean this WORLDSTAR ENGINEERING HOLDINGS LIMITED Share Incentive Plan, as it may be amended or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32. "<u>Restricted Shares</u>" shall mean Shares awarded under Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33. "<u>Restricted Share Units</u>" shall mean the right to receive Shares awarded under Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34. "<u>Rule 16b-3</u>" shall mean Rule 16b-3 promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35. "<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36. "<u>Service Recipient</u>" shall mean the Company, any Parent or Subsidiary of the Company to which an Eligible Individual provides services as an Employee, Consultant or as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37. "<u>Share</u>" shall mean a Class A Ordinary Share of the Company, and such other securities of the Company that may be substituted for Shares pursuant to Article 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38. "<u>Share Appreciation Right</u>" shall mean a share appreciation right granted under Article 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39. "<u>Share Payment</u>" shall mean (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of a bonus, deferred compensation or other arrangement, awarded under Section 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40. "<u>Subsidiary</u>" shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41. "<u>Substitute Award</u>" shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity in connection with a Corporate Transaction; provided, however, that in no event shall the term "Substitute Award" be construed to refer to an award made in connection with the cancellation and repricing of an Option or Share Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42. "<u>Termination of Service</u>" shall mean,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to a Consultant, the time when the engagement of a Holder as a Consultant to a Service Recipient is terminated for any reason, with or without Cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment or service with the Company or any Subsidiary.

(b) As to a Non-Employee Director, the time when a Holder who is a Non-Employee Director ceases to be a Director for any reason, with or without Cause, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to an Employee, the time when the employee-employer relationship between a Holder and the Service Recipient is terminated for any reason, with or without Cause, including, without limitation, a termination by resignation, discharge, death, Disability or retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for Cause and all questions of whether particular leaves of absence constitute a Termination of Service; <u>provided</u>, <u>however</u>, that, with respect to Incentive Options and Awards subject to Section 409A of the Code, unless the Administrator otherwise provides in the terms of the Award Agreement or otherwise, a leave of absence, change in status from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status or other change interrupts employment for the purposes of Section 422(a)(2) or 409A of the Code and the then applicable regulations and revenue rulings under said Sections. For purposes of the Plan and subject to the requirements of Section 409A of the Code, a Holder's employee-employer relationship or consultancy relations shall be deemed to be terminated in the event that the Subsidiary employing or contracting with such Holder ceases to remain a Subsidiary following any merger, sale of securities or other corporate transaction or event (including, without limitation, a spin-off).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43. "<u>Trading Date</u>" shall mean the closing of the first sale to the general public of the Shares pursuant to an effective registration statement under Applicable Laws, which results in the Shares being publicly traded on one or more established stock exchanges or national market systems.

**ARTICLE 3<br> SHARES SUBJECT TO THE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Number of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.1(b) and Section 12.1, the aggregate number of Shares which may be issued or transferred pursuant to Awards under the Plan is 2,440,000. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for Non-Employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from time to time determine the terms, conditions and amounts of all such Non-Employee Director compensation in its discretion and pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time to time, provided that the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with <u>Applicable Accounting Standards</u>) of Awards granted to a Non-Employee Director as compensation for services as a Non-Employee Director during any fiscal year of the Company may not exceed US$100,000, increased to US$250,000 in the fiscal year in which the Plan's effective date occurs or in the fiscal year of a non-employee Director's initial service as a non-employee Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that an Award terminates, expires, or lapses for any reason, or is settled in cash and not Shares, then any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. Shares delivered by the Holder or withheld by the Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Shares forfeited by the Holder or repurchased by the Company are again returned to the Company, these shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company, any Parent or any Subsidiary shall not be counted against Shares available for grant pursuant to the Plan; *provided*, that such assumed or substituted awards issued in connection with the assumption of, or in substitution for, any outstanding options intended to qualify as "incentive stock options" within the meaning of Section 422 of the Code shall be counted against the aggregate number of Shares available for Awards of Incentive Options under the Plan. Additionally, in the event that a company acquired by the Company, any Parent or any Subsidiary or with which the Company, any Parent or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Individuals prior to such acquisition or combination. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan. Notwithstanding the provisions of this Section 3.1(b), (i) no more than 2,440,000 Shares may be issued pursuant to the exercise of Incentive Options and (ii) no Shares may again be optioned, granted or awarded if such action would cause an Incentive Option to fail to qualify as an incentive stock option under Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Shares Distributed</u>. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market.

**ARTICLE 4<br> GRANTING OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Participation</u>. The Administrator may, from time to time, select from among all Eligible Individuals, those to whom an Award shall be granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. No Eligible Individual shall have any right to be granted an Award pursuant to the Plan, and the granting of an Award in one year shall not be deemed the right to receive a grant of an Award in any subsequent year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Award Agreement</u>. Each Award shall be evidenced by an Award Agreement. Award Agreements evidencing Incentive Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Jurisdictions</u>. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in the jurisdictions in which the Service Recipients operate or have Eligible Individuals, or in order to comply with the requirements of any securities exchange, the Administrator, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries shall be covered by the Plan; (b) determine which Eligible Individuals are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals to comply with Applicable Laws; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the Plan as appendices); *provided, however*, that no such subplans and/or modifications shall increase the share limitations contained in Section 3.1; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any Applicable Laws including necessary local governmental regulatory exemptions or approvals or listing requirements of any such securities exchange. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Stand-Alone and Tandem Awards</u>. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

**ARTICLE 5<br> OPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>General</u>. The Committee is authorized to grant Options to Eligible Individuals on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Price</u>. The exercise price per Share subject to an Option shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; *provided, however*, that no Option may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder's consent. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable exchange rule and Section 409A of the Code), a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company's shareholders or the approval of the affected Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Vesting</u>. The period during which the right to exercise, in whole or in part, an Option vests in the Holder shall be set by the Administrator and the Administrator may determine that an Option may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipient or any other criteria selected by the Administrator. At any time after grant of an Option, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Option vests. No portion of an Option which is unexercisable at a Holder's Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Time and Conditions of Exercise</u>. The Administrator shall determine the time or times at which an Option may be exercised in whole or in part, including exercise prior to vesting and that a partial exercise must be with respect to a minimum number of shares. The Administrator shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Partial Exercise</u>. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with respect to fractional shares and the Administrator may, in its discretion, require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Manner of Exercise</u>. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Option or such portion of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all Applicable Laws or regulations, and the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that the Option shall be exercised pursuant to Section 9.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Full payment of the exercise price and applicable withholding taxes to the share administrator of the Company for the Shares with respect to which the Option, or portion thereof, is exercised, in a manner permitted by Sections 9.1 and 9.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Term</u>. The term of any Option granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A or Section 422 of the Code and regulations and rulings thereunder, in its sole discretion, the Administrator may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Option relating to such a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Evidence of Grant</u>. All Options shall be evidenced by an Award Agreement between the Company and the Holder. The Award Agreement shall include such additional provisions as may be specified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Incentive Options</u>. Incentive Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company (which qualify as a parent or subsidiary corporation under Sections 424(e) and (f) of the Code respectively). Incentive Options may not be granted to Non-Employee Directors or Consultants. The terms of any Incentive Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions of this Section 5.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Expiration of Option</u>. An Incentive Option may not be exercised to any extent by anyone after the first to occur of the following events, unless otherwise approved by the Administrator in a separate resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Ten years from the date it is granted, unless an earlier time is set in the Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Three months after the Holder's Termination of Service as an Employee (save in the case of termination on account of Disability or death); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) One year after the date of the Holder's Termination of Service on account of disability or death. Upon the Holder's Disability or death, any Incentive Options exercisable at the Holder's Disability or death may be exercised by the Holder's legal representative or representatives, by the person or persons entitled to do so pursuant to the Holder's last will and testament, or, if the Holder fails to make testamentary disposition of such Incentive Option or dies intestate, by the person or persons entitled to receive the Incentive Option pursuant to the applicable laws of descent and distribution as determined under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Individual Dollar Limitation</u>. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Options are first exercisable by a Holder in any calendar year may not exceed US$100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Options are first exercisable by a Holder in excess of such limitation, the excess shall be considered Non-Qualified Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ten Percent Owners</u>. An Incentive Option shall be granted to any Eligible Individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of shares of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five years from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Transfer Restriction</u>. The Holder shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Option within (i) two years from the date of grant of such Incentive Option or (ii) one year after the transfer of such Shares to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Expiration of Incentive Options</u>. No Award of an Incentive Option may be made pursuant to this Plan after the tenth anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Right to Exercise</u>. During a Holder's lifetime, an Incentive Option may be exercised only by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Substitute Awards</u>. Notwithstanding the foregoing provisions of this Article 5 to the contrary, in the case of an Option that is a Substitute Award, the price per share of the shares subject to such Option may be less than the Fair Market Value per share on the date of grant, *provided*, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Substitution of Share Appreciation Rights</u>. The Administrator may provide in the Award Agreement evidencing the grant of an Option that the Administrator, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option; *provided*, that such Share Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable.

**ARTICLE 6<br> AWARD OF RESTRICTED SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Award of Restricted Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Restricted Shares to Eligible Individuals, and shall determine the amount of, and the terms and conditions, including the restrictions applicable to each award of Restricted Shares, which terms and conditions shall not be inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Shares as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator shall establish the purchase price, if any, and form of payment for Restricted Shares; *provided, however*, that such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by Applicable Laws. In all cases, legal consideration shall be required for each issuance of Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Rights as Shareholders</u>. Subject to Section 6.4, upon issuance of Restricted Shares, the Holder shall have, unless otherwise provided by the Administrator, all the rights of a shareholder with respect to said shares, subject to the restrictions in his or her Award Agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; *provided, however*, that, (i) such dividends shall be withheld by the Company for the Holder's account and shall be subject to vesting and forfeiture to the same degree as the Restricted Shares to which such dividends relate and (ii) in the sole discretion of the Administrator, any extraordinary distributions with respect to the Shares shall be subject to the restrictions set forth in Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Restrictions</u>. All Restricted Shares (including any shares received by Holders thereof with respect to Restricted Shares as a result of share dividends, share splits or any other form of recapitalization) shall, in the terms of each individual Award Agreement, be subject to such restrictions and vesting requirements as the Administrator, in its sole discretion, shall provide. Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such restrictions may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by the Administrator, including, without limitation, criteria based on the Holder's duration of employment, directorship or consultancy with the Service Recipient, or other criteria selected by the Administrator. By action taken after the Restricted Shares are issued, the Administrator may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of such Restricted Shares by removing any or all of the restrictions imposed by the terms of the Award Agreement. Restricted Shares may not be sold or encumbered until all restrictions are terminated or expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Repurchase or Forfeiture of Restricted Shares</u>. If no price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Holder's rights in unvested Restricted Shares then subject to restrictions shall lapse, and such Restricted Shares shall be surrendered to the Company and cancelled without consideration. If a purchase price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Company shall have the right to repurchase from the Holder the unvested Restricted Shares then subject to restrictions at a cash price per share equal to the price paid by the Holder for such Restricted Shares or such other amount as may be specified in the Award Agreement. The Administrator in its sole discretion may provide that in the event of certain events the Holder's rights in unvested Restricted Shares shall not lapse, such Restricted Shares shall vest and shall be non-forfeitable, and if applicable, the Company shall not have a right of repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Certificates for Restricted Shares</u>. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Administrator shall determine. Certificates or book entries evidencing Restricted Shares must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, in its sole discretion, retain physical possession of any share certificate until such time as all applicable restrictions lapse.

**ARTICLE 7<br> AWARD OF DIVIDEND EQUIVALENTS, DEFERRED SHARES, SHARE PAYMENTS, RESTRICTED SHARE UNITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Dividend Equivalents</u>. Dividend Equivalents may be granted by the Administrator based on dividends declared on the Shares subject to an Award, to be credited as of dividend payment dates during the period between the date an Award is granted to a Holder and the date such Award vests, is exercised, is distributed or expires, as determined by the Administrator. Dividend Equivalents shall be subject to vesting and forfeiture to the same degree as the Award to which such Dividend Equivalents relate. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Share Payments</u>. The Administrator is authorized to make Share Payments to any Eligible Individual. The number or value of Shares of any Share Payment shall be determined by the Administrator and may be based upon any other criteria, including service to the Service Recipients, determined by the Administrator. Share Payments may, but are not required, to be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Deferred Shares</u>. The Administrator is authorized to grant Deferred Shares to any Eligible Individual. The number of shares of Deferred Shares shall be determined by the Administrator and may be based on any specific criteria, including service to the Service Recipients, as the Administrator determines, in each case on a specified date or dates or over any period or periods determined by the Administrator. Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule or other conditions or criteria set by the Administrator. Unless otherwise provided by the Administrator, a Holder of Deferred Shares shall have no rights as a Company shareholder with respect to such Deferred Shares until such time as the Award has vested and the Shares underlying the Award has been issued to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Restricted Share Units</u>. The Administrator is authorized to grant Restricted Share Units to any Eligible Individual. The number and terms and conditions of Restricted Share Units shall be determined by the Administrator. The Administrator shall specify the date or dates on which the Restricted Share Units shall become fully vested and non-forfeitable, and may specify such conditions to vesting as it deems appropriate, including service to the Service Recipients, in each case on a specified date or dates or over any period or periods, as the Administrator determines. The Administrator shall specify, or permit the Holder to elect, the conditions and dates upon which the Shares underlying the Restricted Share Units which shall be issued, which dates shall not be earlier than the date as of which the Restricted Share Units vest and become non-forfeitable and which conditions and dates shall be subject to compliance with Section 409A of the Code, to the extent applicable to the Holder. Restricted Share Units may be paid in cash, Shares or both, as determined by the Administrator. On the distribution dates, the Company shall issue to the Holder one unrestricted, fully transferable Shares (or the Fair Market Value of one such Share in cash) for each vested and non-forfeitable Restricted Share Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Exercise or Purchase Price</u>. The Administrator may establish the exercise or purchase price of shares of Deferred Shares, shares distributed as a Share Payment award or shares distributed pursuant to a Restricted Share Unit award; *provided, however*, that the value of the consideration shall not be less than the par value of the Shares underlying such Award, unless otherwise permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Exercise upon Termination of Service</u>. A Dividend Equivalent award, Deferred Share award, Share Payment award and/or Restricted Share Unit award is exercisable or distributable only while the Holder is an Employee, Director or Consultant, as applicable. The Administrator, however, in its sole discretion may provide that the Dividend Equivalent award, Deferred Share award, Share Payment award and/or Restricted Share Unit award may be exercised or distributed subsequent to a Termination of Service in certain events, subject to compliance with Section 409A of the Code, to the extent applicable to the Holder.

**ARTICLE 8<br> AWARD OF SHARE APPRECIATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Grant of Share Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Share Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on such terms and conditions as it may determine consistent with the Plan. The term of any Share Appreciation Right granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding Share Appreciation Right, and may extend the time period during which vested Share Appreciation Rights may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Share Appreciation Right relating to such a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Share Appreciation Right shall entitle the Holder (or other person entitled to exercise the Share Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Share Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the Share Appreciation Right from the Fair Market Value per share on the date of exercise of the Share Appreciation Right by the number of Shares with respect to which the Share Appreciation Right shall have been exercised, subject to any limitations the Administrator may impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The exercise price per Share subject to a Share Appreciation Right shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; *provided, however,* that no Share Appreciation Right may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder's consent. The exercise price per Share subject to a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable securities exchange rule), a downward adjustment of the exercise prices of Share Appreciation Rights mentioned in the preceding sentence shall be effective without the approval of the Company's shareholders or the approval of the affected Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of an Share Appreciation Right that is a Substitute Award, the price per share of the Shares subject to such Share Appreciation Right may be less than the Fair Market Value per share on the date of grant, *provided*, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the Shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Share Appreciation Right Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The period during which the right to exercise, in whole or in part, a Share Appreciation Right vests in the Holder shall be set by the Administrator and the Administrator may determine that a Share Appreciation Right may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipients, or any other criteria selected by the Administrator. At any time after grant of a Share Appreciation Right, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which a Share Appreciation Right vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No portion of a Share Appreciation Right which is unexercisable at Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Share Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Manner of Exercise</u>. All or a portion of an exercisable Share Appreciation Right shall be deemed exercised upon delivery of all of the following to the Administrator, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Share Appreciation Right, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Share Appreciation Right or such portion of the Share Appreciation Right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Share Appreciation Right shall be exercised pursuant to this Section 8.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Share Appreciation Right, in the sole discretion of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Full payment of the exercise price and applicable withholding taxes to the share administrator of the Company for the Shares with respect to which the Share Appreciation Right, or portion thereof, is exercised, in a manner permitted by Section 9.1 and 9.2.

**ARTICLE 9<br> ADDITIONAL TERMS OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Payment</u>. The Administrator shall determine the methods by which payments by any Holder with respect to any Awards granted under the Plan shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise of the Award) or Shares held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences under Applicable Accounting Standards, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) following the Trading Date, delivery of a notice that the Holder has placed a market sell order with a broker with respect to Shares then issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required, *provided*, that payment of such proceeds is then made to the Company upon settlement of such sale, or (d) other form of legal consideration acceptable to the Administrator in its sole discretion. The Administrator shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Holders. Notwithstanding any other provision of the Plan to the contrary, no Holder shall be permitted to make payment with respect to any Awards granted under the Plan to the extent prohibited by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Tax Withholding</u>. No Shares shall be delivered under the Plan to any Holder until such Holder has made arrangements acceptable to the Administrator for the satisfaction of any income, employment, social welfare or other tax withholding obligations under Applicable Laws. Each Service Recipient shall have the authority and the right to deduct or withhold, or require a Holder to remit to the applicable Service Recipient, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder's employment, social welfare or other tax obligations) required by Applicable Laws to be withheld with respect to any taxable event concerning a Holder arising as a result of the Plan. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement allow a Holder to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase up to the maximum expected aggregate amount of such liabilities based on the maximum statutory withholding rates for tax purposes that are applicable to such taxable income, provided that such withholding does not result in adverse tax or accounting consequences to the Company. The Administrator shall determine the Fair Market Value of the Shares, consistent with Applicable Laws, for tax withholding obligations due in connection with a broker-assisted cashless Option or Share Appreciation Right exercise involving the sale of shares to pay the Option or Share Appreciation Right exercise price or any tax withholding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Transferability of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in Section 9.3(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, as required under applicable domestic relations laws, unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the Holder or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of Applicable Law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) During the lifetime of the Holder, only the Holder may exercise an Award (or any portion thereof) granted to him under the Plan, unless it has been disposed of pursuant to applicable domestic relations law. After the death of the Holder, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Award Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Holder's will or under the then Applicable Laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 9.3(a), the Administrator, in its sole discretion, may determine to permit a Holder to transfer an Award other than an Incentive Option to certain persons or entities related to the Holder, including but not limited to members of the Holder's family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Holder's family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Administrator may establish, including the following conditions: (i) an Award transferred shall not be assignable or transferable other than by will or the laws of descent and distribution; (ii) an Award transferred shall continue to be subject to all the terms and conditions of the Award as applicable to the original Holder (other than the ability to further transfer the Award); and (iii) the Holder and the permitted transferee shall execute any and all documents requested by the Administrator, including, without limitation documents to (A) confirm the status of the transferee as a permitted transferee, (B) satisfy any requirements for an exemption for the transfer under Applicable Laws and (C) evidence the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Section 9.3(a), a Holder may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Holder and to receive any distribution with respect to any Award upon the Holder's death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Holder, except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator. If the Holder is married and resides in a community property jurisdiction, a designation of a person other than the Holder's spouse as his or her beneficiary with respect to more than 50% (or such other percentage as specified under Applicable Law) of the Holder's interest in the Award shall not be effective without the prior written or electronic consent of the Holder's spouse. If no beneficiary has been designated or survives the Holder, payment shall be made to the person entitled thereto pursuant to the Holder's will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Holder at any time provided the change or revocation is filed with the Administrator prior to the Holder's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Conditions to Issuance of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance of such Shares is in compliance with all Applicable Laws and the Shares are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or Committee may require that a Holder make such reasonable covenants, agreements, and representations as the Board or Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Share certificates delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all Applicable Laws. The Administrator may place legends on any Shares certificate or book entry to reference restrictions applicable to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator shall have the right to require any Holder to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No fractional Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not deliver to any Holder certificates evidencing Shares issued in connection with any Award and instead such Shares shall be recorded in the books of the Company (or, as applicable, the Administrator or the transfer agent of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Forfeiture Provisions</u>. Pursuant to its general authority to determine the terms and conditions applicable to Awards under the Plan, the Administrator shall have the right to provide, in the terms of Award Agreement made under the Plan, or to require a Holder to agree by separate written instrument, that: (a)(i) any proceeds, gains or other economic benefit actually or constructively received by the Holder upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b)(i) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, or (ii) the Holder at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, as determined by the Administrator in its discretion, or (iii) the Holder incurs a Termination of Service for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Applicable Currency</u>. Unless otherwise required by Applicable Laws, or as determined in the discretion of the Administrator, all Awards shall be designated in U.S. dollars. A Holder may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired and taken out of the jurisdiction in which the Holder resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in Hong Kong dollars or another foreign currency, as permitted by the Administrator, the amount payable will be determined by conversion from U.S. dollars at the exchange rate as selected by the Administrator on the date of exercise.

**ARTICLE 10<br> ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Administrator</u>. The Committee shall administer the Plan and, unless otherwise provided by the Board, shall consist of two or more members of the Board who have been appointed by the Board (or such greater number as may be required by Applicable Laws), each of whom shall be a "non-employee director" within the meaning of Rule 16b-3 or any successor rule of similar import and, to the extent required by an applicable securities exchange, an "independent director" within the meaning of such applicable securities exchange. Each Committee shall have such authority and be responsible for such functions as the Board has assigned to it in accordance with the Articles of Association. If no Committee has been appointed, the entire Board shall administer the Plan. Any reference to the Board in the Plan shall be construed as a reference to the Committee (if any) to whom the Board has assigned a particular function. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and (b) the Board or Committee may delegate its authority hereunder to the extent permitted by Section 10.6, except to the extent prohibited by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Duties and Powers of Committee</u>. It shall be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan and the Award Agreement, and to adopt such rules for the administration, interpretation and application of the Plan as are not inconsistent therewith, to interpret, amend or revoke any such rules and to amend any Award Agreement; *provided* that the rights or obligations of the Holder of the Award that is the subject of any such Award Agreement are not affected adversely by such amendment, unless the consent of the Holder is obtained or such amendment is otherwise permitted under Section 11.10. Any such grant or award under the Plan need not be the same with respect to each Holder. Any such interpretations and rules with respect to Incentive Options shall be consistent with the provisions of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which under Applicable Laws are required to be determined in the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Action by the Committee</u>. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of a Service Recipient, the Company's independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Authority of Administrator</u>. Subject to any specific designation in the Plan and the requirements of Applicable Laws, the Administrator has the exclusive power, authority and sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate Eligible Individuals to receive Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Determine the type or types of Awards to be granted to each Eligible Individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the date of grant, the exercise price, grant price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole discretion determines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prescribe the form of each Award Agreement, which need not be identical for each Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Decide all other matters that must be determined in connection with an Award, including without limitation, cancel or redeem an outstanding Award (including but not limited to an outstanding Option with an exercise price exceeding the Fair Market Value of the underlying Shares), in exchange for cash, another Award or a combination of Awards, on terms and conditions the Administrator determines and communicates to the Holder of such outstanding Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan, including the establishment of any "blackout period";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Adjust the exercise price per Share subject to an Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Decisions Binding</u>. The Administrator's interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Delegation of Authority</u>. To the extent permitted by Applicable Laws, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to Article 10; *provided, however*, that in no event shall an officer be delegated the authority to grant Awards to, or amend Awards held by officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 10.6 shall serve in such capacity at the pleasure of the Board and the Committee.

**ARTICLE 11<br> MISCELLANEOUS PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Effective Date</u>. The Plan has been adopted and approved by the Board. The Plan will be effective as of the date it is approved by the Company's shareholders (the "Effective Date"). The Plan will be deemed to be approved by the shareholders if it receives the affirmative vote of a majority (in excess of 50%) of the votes of the Shares entitled to vote and present at a meeting duly held in accordance with the applicable provisions of the Articles of Association. Awards may be granted or awarded prior to such shareholder approval, *provided*, that such Awards shall not be exercisable, shall not vest and the restrictions thereon shall not lapse and no Shares shall be issued pursuant thereto prior to the Effective Date, and *provided further*, that if such approval has not been obtained within twelve (12) months after adoption of the Plan by the Board, all Awards previously granted or awarded under the Plan shall thereupon be canceled and become null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Expiration Date</u>. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Amendment, Suspension or Termination of the Plan</u>. Except as otherwise provided in this Section 11.3, at any time and from time to time, the Administrator may amend, suspend or terminate the Plan; *provided, however*, that (a) to the extent necessary and desirable to comply with Applicable Laws, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 12), (ii) permits the Administrator to extend the term of the Plan or the exercise period for an Option or Share Appreciation Right beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements. Except as provided in the Plan or any Award Agreement, no amendment, suspension or termination of the Plan shall, without the consent of the Holder, impair any rights or obligations under any Award theretofore granted or awarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>No Shareholders Rights</u>. Except as otherwise provided herein, a Holder shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Holder becomes the record owner of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Paperless Administration</u>. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through the use of such an automated system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Effect of Plan upon Other Compensation Plans</u>. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for a Service Recipient. Nothing in the Plan shall be construed to limit the right of a Service Recipient: (a) to establish any other forms of incentives or compensation for Eligible Individuals, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Compliance with Laws</u>. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Shares and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable Laws (including but not limited to securities law and margin requirements), and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by Applicable Laws, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Titles and Headings, References to Sections of the Code or Exchange Act</u>. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Governing Law</u>. The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the Cayman Islands without regard to conflicts of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 <u>Section 409A</u>. To the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section. Notwithstanding the foregoing or anything elsewhere in the Plan or an Award Agreement to the contrary, if a Holder is a "specified employee" as defined in Section 409A of the Code at the time of Termination of Service with respect to an Award, then solely to the extent necessary to avoid the imposition of any additional tax under Section 409A of the Code, the commencement of any payments or benefits under the Award shall be deferred until the date that is six (6) months plus one (1) day following the date of the Holder's Termination of Service or, if earlier, the Participant's death (or such other period as required to comply with Section 409A). The Company makes no representations or warranties as to an Award's tax treatment under Section 409A of the Code or otherwise. No Service Recipient will have any obligation under this Section 11.10 or otherwise to avoid the taxes, penalties or interest under Section 409A of the Code with respect to any Award and will have no liability to any Holder or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant "nonqualified deferred compensation" subject to taxes, penalties or interest under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>No Rights to Awards</u>. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Holders or any other persons uniformly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>No Right to Employment or Services</u>. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Service Recipient to terminate any Holder's employment or services at any time, nor confer upon any Holder any right to continue in the employ or service of any Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 <u>Unfunded Status of Awards</u>. The Plan is intended to be an "unfunded" plan for incentive compensation. With respect to any payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Holder any rights that are greater than those of a general creditor of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 <u>Indemnification</u>. To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; *provided* he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Articles of Association, as a matter of Applicable Law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 <u>Relationship to other Benefits</u>. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of any Service Recipient except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 <u>Expenses</u>. The expenses of administering the Plan shall be borne by the Service Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 <u>Claw-back Provisions</u>. All Awards (including any proceeds, gains or other economic benefit the Holder actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back policy, including any claw-back policy adopted to comply with Applicable Laws (including without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such claw-back policy or the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 <u>Section 16 Compliance</u>. The provisions of this Plan are intended to ensure that no transaction under this Plan is subject to (and not exempt from) the short-swing recovery rules of Section 16(b) of the Exchange Act ("Section 16(b)"). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan to be exempt (pursuant to Rule 16b-3) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 <u>Subsidiary Employees</u>. In the case of a grant of an Award to any Employee of a Subsidiary of the Company, the Company may, if the Committee so directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the Employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of this Plan. All Shares underlying Awards that are forfeited or cancelled shall revert to the Company.

**ARTICLE 12<br> CHANGES IN CAPITAL STRUCTURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Adjustments</u>. In the event of any distribution, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, reorganization of the Company, including the Company becoming a subsidiary in a transaction not involving a Corporate Transaction, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the Shares or the share price of a Share, the Administrator shall make such proportionate and equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and substitutions of shares in a parent or surviving company); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per Share for any outstanding Awards under the Plan. The form and manner of any such adjustments shall be determined by the Administrator in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Corporate Transactions</u>. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between the Company and a Holder, or as approved by the Administrator, if a Corporate Transaction occurs, all outstanding Awards shall be converted, assumed, or replaced by a successor as provided in Section 12.3. To the extent a Holder's Awards are not converted, assumed, or replaced by a successor as provided in Section 12.3, such Awards shall vest and become fully exercisable and all forfeiture restrictions on such Awards shall lapse, unless otherwise provided in any Award Agreement or any other written agreement entered into by and between the Company and a Holder, or as approved by the Administrator. Upon, or in anticipation of, a Corporate Transaction, the Administrator may in its sole discretion provide for (a) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Holder the right to exercise such Awards during a period of time as the Administrator shall determine, (b) either the cancellation of any Award for an amount of cash, property, or a combination thereof with an aggregate value equal to the amount that could have been attained upon the exercise of such Award or realization of the Holder's rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, (i) if as of such date the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Holder's rights, then such Award may be terminated by the Company without payment and (ii) in the case of a Corporate Transaction with respect to which holders of Shares receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Administrator that the value of an Option or Share Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Share Appreciation Right shall conclusively be deemed valid)), or (c) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and exercise prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Assumption of Awards — Corporate Transactions</u>. In the event of a Corporate Transaction, each Award may be assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except as provided otherwise in an individual Award Agreement, an Award will be considered assumed if the Award either is (a) assumed by the successor entity or Parent thereof or replaced with a comparable award (as determined by the Administrator) with respect to capital shares (or equivalent) of the successor entity or Parent thereof or (b) replaced with a cash incentive program of the successor entity which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, with any performance targets deemed achieved at the greater of target and actual performance (as such performance targets are determined by the Administrator immediately prior to the Corporate Transaction). If an Award is assumed in a Corporate Transaction, then such Award, the replacement award or the cash incentive program automatically shall become fully vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights, immediately upon termination of the Holder's employment or service with all Service Recipients within twelve (12) months of the Corporate Transaction without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Outstanding Awards — Other Changes</u>. In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 12, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Administrator may consider appropriate to prevent dilution or enlargement of rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>No Other Rights</u>. Except as expressly provided in the Plan, no Holder shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Section 409A</u>. Notwithstanding anything in this Section 12 to the contrary: (i) any adjustments made pursuant to this Section 12 to Awards that constitute a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code, and (ii) any adjustments made pursuant to this Section 12 to Awards that do not constitute a "nonqualified deferred compensation plan" subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code.

WORLDSTAR ENGINEERING HOLDINGS LIMITED

**<u>RSU Award Agreement</u>**

This Award Agreement is made and entered into by and between:

&nbsp;&nbsp;&nbsp;&nbsp;1. WORLDSTAR ENGINEERING HOLDINGS LIMITED (the "Company"), and

2. the individual named below (the "Participant").

**<u>DEFINITIONS</u>**:

All capitalized terms herein shall have the same meaning as set out in the Plan.

---

| | |
|:---|:---|
| Participant: | [Name**]** |
| Plan: | WORLDSTAR ENGINEERING HOLDINGS LIMITED Share Incentive Plan adopted on [\*], which is attached hereto and which forms and integral part of this Award Agreement. |
| Total RSUs: | [Total number of RSUs granted] |

---

This RSU Award Agreement is made pursuant to the terms of the Plan. Terms used in this Agreement which are defined in the Plan shall have the same meaning as set forth in the Plan.

1. **<u>Grant of RSUs</u>.** The Company hereby grants to Participant Restricted Share Units ("RSUs") in a number equal to the Total RSUs listed above. Each RSU entitles the Participant, subject to the terms and conditions of the Plan and this Award Agreement, to receive one Class A Ordinary Shares of the Company, each with no par value or the lowest possible par value pursuant to statutory requirements.

2. **<u>Vesting of RSUs</u>**. The vesting period for the Total RSUs is on the date falling [ ] months from the date of the Listing.

"Listing" means the listing of WORLDSTAR ENGINEERING HOLDINGS LIMITED on any Recognized Exchange.

"Recognized Exchange" means such securities exchange as [\*] may conduct its Listing on, including, without limitation, The Hong Kong Stock Exchange Limited, the New York Stock Exchange and the National Association of Securities Dealers Automated Quotation Securities Market (NASDAQ).

3. **<u>Exercise and Participant actions</u>**. Unless terminated or cancelled in accordance with Paragraph 5 below, the RSUs will exercise as set out in the Plan. In connection with the exercise, the Participant shall do all such things and sign all such documents which are required in order for the Company to be able to deliver any shares or similar ownership units.

4. **<u>Code Section 409A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RSUs granted pursuant to this Award Agreement are intended to comply with or be exempt from Code Section 409A, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for any grants of RSUs hereunder if such action would result in the imposition of taxes under Code Section 409A. Notwithstanding anything in this Award Agreement to the contrary, if the grant of RSUs hereunder would result in the imposition of an additional tax under Code Section 409A, that grant of RSUs shall be reformed, to the extent permissible under Code Section 409A, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant's rights to RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Participant is identified by the Company as a "specified employee" within the meaning of Code Section 409A(a)(2)(B)(i) on the date on which the Participant has a "separation from service" (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any grant of RSUs hereunder payable or settled on account of a separation from service that is deferred compensation subject to Code Section 409A shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Participant's separation from service, (2) the date of the Participant's death, or (3) such earlier date as complies with the requirements of Code Section 409A.

5. **<u>Termination, Participant on leave and death of Participant</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Termination of Employment. A "Leaver" is someone who leaves his or her position as an Employee, voluntarily or involuntarily, but for reasons other than due to a lawful termination by the employer for breach of contract by the Participant. This includes situations where a Participant ceases to be an Employee of the Company Group as the result of the employer no longer being a Group Company. For a Leaver, RSUs which have vested at the date the Participant sent or received his or her notice (or the Participant is otherwise put on notice), are kept and will be exercised pursuant to the Plan. Any RSUs which, at the time the Leaver sent or received his or her notice, have not vested will stand as cancelled without any further liability for any Group Company. For a Participant who is not a Leaver and who otherwise leaves his or her position as an Employee, all RSUs shall stand as cancelled on the date such Participant sent or received his or her notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cancellation. Notwithstanding anything to the contrary in this Paragraph 5, in the event that a Leaver either willfully engages in a material breach of his or her ongoing obligations to employer, including obligations of confidentiality or non-solicitation, or publically disparages or otherwise brings a Group Company's name or reputation into disrepute, the Committee shall be entitled to cancel all vested RSUs granted to such Leaver. Cancellation of vested RSUs by the Committee pursuant to this Sub-paragraph 5(b) shall occur on written notice to the effected Leaver, which notice shall be given within sixty (60) days of a Group Company discovering the facts giving rise to such cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination due to death. In the event of the death of the Participant, those of the Participant's RSUs which are vested at the time of death shall continue in force and shall be exercised by the Participant's heir pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Leave period. For the avoidance of doubt, the rights granted to the Participant under this Plan shall be effective if the Participant is on a statutory leave of absence pursuant to the applicable legislation as may be in force from time to time. The rights granted to the Participant under this Plan shall also be effective if Participant's non-statutory personal leave of absence was less than three consecutive months and such leave was approved by the management of Participant's business unit in accordance with the Company's rules, regulations, policies and procedures (the "Approved Leave of Absence"). The rights granted to the Participant shall be cancelled as soon as the Approved Leave of Absence has exceeded three consecutive months.

6. **<u>Severability.</u>** In the event that any provision in this Award Agreement shall be invalid or unenforceable, such provision shall be severed from and such invalidity or unenforceability shall not be construed to have any effect on the remaining provisions of this Award Agreement. This Award Agreement shall be construed as to its fair meaning and not for or against either party.

7. **<u>Taxes</u>.** The Participant shall be fully liable for any and all tax liabilities imposed upon the Participant pursuant to an Award and any and all rights conferred to the Participant under an Award Agreement, including but not limited to, taxes imposed by the exercise and settlement of RSUs and delivery of shares or similar ownership units in the Company. The Company (or relevant Group Company) will pay applicable payroll tax, if any. The Company will declare any Award or delivery of shares or similar ownership units on the basis of an Award Agreement to the relevant tax authorities in accordance with applicable laws at all times.

8. **<u>Personal data</u>.** The Participant hereby agrees and consents to the Company and any Group Company collecting, using, disclosing and/or processing the Participant's personal data provided or received by the Company and/or any Group Company pursuant to this Award Agreement and the Plan for the purposes of (a) granting, issuing and/or repurchasing RSUs; (b) administering and facilitating any dividends and/or distributions that the Participant may be entitled to receive; (c) providing the Company's shareholders with information on the Company's RSU holders; and (d) any other purpose necessary for administering, facilitating and operating the RSU program under this Award Agreement and the Plan (collectively, the "Purposes"). The Participant also agrees and consents to the the transfer of Participant's personal data to companies within the Company Group or a third party administrator (whether inside or outside of Hong Kong) for the Purposes..

9. **<u>Securities Law regulations</u>.** The Company's Class A Ordinary Shares are listed on a stock exchange in the United States and the Company has registered with the U.S. Securities and Exchange Commission. There are certain laws, rules and regulations that apply to the subscription, sale and purchase of such an entity's securities, including but not limited to insider trading rules and notification obligations. Each Participant is obliged, and is personally responsible, to make him or her self familiar with such rules and to abide by the same.

Furthermore, the Company has adopted an Insider Trading Policy, which policy may be amended from time to time in the Company's sole discretion (the "Insider Trading Policy"). The Insider Trading Policy applies to all Company Group employees trading in the Company's securities. Each Participant is obliged, and is personally responsible, to make him or her self familiar with such the Insider Trading Policy and any other related Company rules and to abide by the same.

The Committee may adopt additional rules and procedures regarding the exercise of RSUs from time to time, provided that such rules and procedures are consistent with the provisions of this Plan or required by law. By executing this Award Agreement, Participant accepts and agrees to the Insider Trading Policy and the rules adopted by the Committee from time to time.

10. **<u>Assignability</u>.** Unless otherwise determined by the Committee or set forth in the Plan, no Award or any other benefit under this Award Agreement shall be assignable or otherwise transferable. Any attempted assignment of an Award or any other benefit under the Plan in violation of this Paragraph 10 shall be null and void.

11. **<u>Restrictions</u>.** No delivery of shares or similar ownership units shall be made unless the Company is satisfied based on the advice of its counsel that such delivery will be in compliance with applicable law.

12. **<u>Governing Law; Disputes</u>**. Any grant of RSUs and this Award Agreement shall be governed by and construed in accordance with laws of Hong Kong, without regard to its choice of law principles. Any dispute, controversy or claim arising out of, in connection with or relating to any Award of RSUs, the Award Agreement and the Plan shall be settled by arbitration in Hong Kong in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules for the time being in force, which rules are deemed to be incorporated by reference in this clause. The arbitrator may allocate all or part of the costs of the arbitration, including the fees of the arbitrator and the reasonable attorneys' fees of the prevailing party. The award of the arbitration tribunal shall be final and binding. Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.

13. **<u>Incorporation of Plan; Complete Agreement</u>.** This Award Agreement and the Plan constitutes the entire agreement between the parties with respect to its subject matter, and supersedes all other prior or contemporaneous agreements and understandings, whether oral or written.

SIGNED ON [date], 2025 BY AND BETWEEN:

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| | |
|:---|:---|
|  | WORLDSTAR ENGINEERING HOLDINGS LIMITED |
|  | BY: |
| **[Name of Participant]** | Name:<br> Title: |

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## Exhibit 10.6

**Exhibit 10.6**

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| | |
|:---|:---|
| ![](ea025446508_ex10-6img1.jpg) | HSBC |

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COMMERCIAL BANI NG<br> (CARM 241223 / CM 210120)

CONFIDENTIAL

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| | |
|:---|:---|
| The Director's |  |
| Worldstar Engineering Limited |  |
| Room 1104, 11/F |  |
| Yuen Long Trading Centre |  |
| 33 Wang Yip Street West |  |
| Yuen Long |  |
| New Territories |  |
|  | 21 January 2025 |

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Dear Sirs

**BANKING FACILITIES**

With reference to our' recent discussions, we are pleased to confirm our agreement to granting you the following facilities. The facilities will be made available subject to (a) the specific terms and conditions outlined herein; (b) the Bank's Terms and Conditions for Facilities; and (c) the general terms and conditions governing your' account(s) with the Bank or (as the case may be) the relationship terms of business. In case of any conflict, the terms of the Facility Letter shall prevail, Definitions contained in the Bank's Tenns and Conditions for Facilities apply to the Facility Letter, The Bank shall have an unrestricted discretion to reduce, cancel or suspend, oi determine whether or not to pens it drawings in relations to, the facilities. The facilities are subject to review at any time, and also subject to the Bank's overriding right of repayment on demand including the right to call for cash cover on demand for' prospective and contingent liabilities.

An arrangement fee of HKD30,000. Will be charged to the Borrower(s)'s account upon receipt of acceptance of the Facility better whether or not the facilities are drawn or cancelled by the Borrower(s).

Save as stated otherwise, the terms of the Facility Letter shall continue to apply unless we send you a new, revised or supplemental facility letter.

<u>BORROWER(S)</u>

Worldstar Engineering Limited

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| |
|:---|
| The **Hongkong** and Shanghai Banking **Corporation Limited** |
| Credit Services Team |
| 8/P Tower 2 HSBC Centre 1 Sham Mong Road Tai Kok Tsui Kowloon |
| Web: www.hsbc.com.hk |

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Page 1 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

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| | | |
|:---|:---|:---|
| <u>**FACILITIES**</u> | <u>**FACILITIES**</u> | <u>**Limit**</u> |
| (1) | Property Mortgaged Loan | HKD29,400,000. |
|  | The principal of the loan will be repayable by 359 consecutive equal monthly instalments of HKD81,666.- commencing 1 month after' drawdown to the debit of the Borrower's account plus a final instalment of HKD81,906.- to the debit of the Borrower's account payable on such date and in such manner or by such other repayment schedule as may be determined by the bank (in its sole discretion) and notified by the bank to you, The Bank's ability to demand repayment at any time shall trot be affected by the repayment schedule as aforesaid. |  |
| (2) | Overdraft | HKD5,000,000. |

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**<u>SECURITY AND OTMER DOCUMENTATION</u>**

The Bank will require to hold the following security document(s) and other document(s) in form and substance satisfactory to the Bank:

1. An "All Monies" Legal Charge over the property at House No.80 of Petrus Avenue, The Vineyard,
No.23 Ngau Tann Mei Road, Yuen Long, New Territories granted by Worldstar Engineering Limited as the mortgagor(s).

On receipt of the Borrower(s)'s acceptance of this Facility Letter, the Bank will instruct a law firm to prepare the security document(s). The law firm will also arrange for the registration of the security document(s) with the relevant government authority

The Borrower(s) is to effect and maintain insurance of the mortgaged property against loss oi' damage by fire in its full insurable value at the Borrower(s)'s cost so long as the Mortgage is in force. Such insurance may be covered under the Master Policy over the property provided that the Bank's interests as charge are noted therein. In this connection, please notify the relative management company in this respect.

Without prejudice to any rights or remedies that the Bank may have under the Mortgage document, in the event that the Borrower'(s) fails to pet form the above obligations, the Bank may without prior notice, at the Borrower(s)'s cost and on behalf of the Borrower(s) (whether in the name of the Borrower(s)'s or the Bank), take out an insurance with such insurance company on such terms as the Bank thinks fit or' renews the Borrower(s)'s existing insurance policy on such terms as the Bank thinks fit. The Bank shall be entitled to debit any money paid by the Bank for' such insurance or renewal to any of the Borrower(s)'s accounts with the Bank.

2. A Guarantee (Unlimited Amount) from Lee Man Fai.

3. A Guarantee (Unlimited Amount) from Worldstar Engineering Limited, Wide Fortune Engineering Limited, High
Talent Engineering Limited and Man Shing Engineering Limited. We attach our standard Guarantee (Unlimited Amount). Please arrange to sign
and return it to us, together with the supporting board resolution(s).

Page 2 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

The authorised signatories of Wide Fortune Engineering Limited, High 3'a1ent Engineering Limited and Man Shing Engineering Limited should be duly verified by their bankers. Please also let the Bank have a certified copy of Business Registration Certificate of Wide Fortune Engineering Limited, High Talent Engineering Limited and Man Shing Engineering Limited for the Bank's records.

4. A "Declaration by An Operating Company Using and Occupying a Mortgaged Property Unit" from the Boi tower(s).

<u>FURTHER NOTES</u>

As a condition for granting credit facilities to small and medium size enterprises ("SMEs"), an explicit consent from the related SME must be obtained to enable the Bank to report and retrieve information (whether or not such information is expressly set out in any agreement between you and the Bank) in relation to its banking facilities to and from the Commercial Credit Reference Agency ("CCRA"). Please arrange for the enclosed Customer Consent Form to be signed and returned to the Bank together with the Facility Letter. Please note that if this consent is not given, the Bank will be unable to proceed with the transaction.

Please be informed that your or your security provider(s)'s credit report(s) from a credit reference agency has been considered for this mortgage loan application. As provided for under the Code of Practice on Consumer Credit Data issued by the Privacy Commissioner for Personal Data, you or your security provider(s) may get a copy of the relevant credit report(s) by contacting Consumer Relationship Department of TransUnion Limited on 2577.1816, website: www.transunion.hk.

Without prejudicing or affecting the Bank's right to suspend, withdraw oi' make demand in respect of the whole or any part of the facilities made available to the Borrower(s) at any time or determine whether or' not to permit drawings in relation to the facilities, the Borrower(s) will, as the case may be:-

1) give the undertakings 5et out in the Schedule of Further Notes which will remain in full force until the facilities have been repaid in full; and/or

2) make the representations and warranties set out in the Schedule of Further Notes which will be deemed repeated daily until the facilities have been repaid in full; and/or

3) agree to the further conditions as set out in the Schedule of Further Notes.

Page 3 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

**<u>SCHEDULE OF FACILITIES</u>**

&nbsp;&nbsp;**PROPERTY MORTGAGED LOAN**

<u>Conditions for Utilisation</u>

Subject always to the Bank's right to suspend, withdraw or make demand for repayment in respect of the whole or any part of the facilities made available to the Borrower(s) at any time and determine whether or not to permit drawings in relation to the facilities:

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| | |
|:---|:---|
| 1 | Unless otherwise agreed by the Bank, 2 business days' advance notice of drawdown / rollover is to be given to the Bank. The reference to "business day" shall refer to the relevant definition of "Business Day" under the i'e1evant benchmark interest rates of such currency in the attached Appendix (Details of Benchmark Rates). |

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2 Each drawdown / rollover to be for periods (interest period) of l month subject always to availability of matching funds in the market.

---

| | |
|:---|:---|
| 3 | At the end of an interest period, the amount drawn may be rolled-over either in one or two or more amounts for further periods of 1 month subject always to availability of matching funds in the market |

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---

| | |
|:---|:---|
| 4 | With the Bank's prior approval in writing the Borrower(s) may, during an interest period, prepay a loan (in whole but not in part) by serving the Bank, 48 hours' advance notice in writing, subject to payment by the Borrower of the applicable prepayment fees and any break cost (i.e. the difference between the return the Bank would have received had the loan run to the last day of the then current interest period and the return the Bank would be able to obtain by placing an amount equal to the amount so repaid with a leading bank in the market for a period starting on the business day following receipt of that amount and ending on the last day of the cement interest period). |

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---

| | |
|:---|:---|
| 5 | Amounts repaid or prepaid will not be available for redrawing and will be applied to repayment of the total amount outstanding in inverse older of maturity. |

---

6 Any payment which is due to be made, or if any interest per rod would otherwise end on a day that is not a business day shall be made or end on the next business day in the same calendar month (if there is one) or the preceding business day (if there is not).

7 The Bank reserves the right to renegotiate the interest spreads should any event occur which changes the basis on which interest margins are presently calculated.

8 Please note that the Bank's Loans Section is responsible for the administration of facilities. For rate quotations and other day to day administrative matters, please contact Ms Olivia Wong on telephone number 2288 2534.

<u>**PRICING**</u>

For' any loans drawn in HIV, the Borrower'(s) may, request to have the benchmark interest rate switched:

(i) From HIBOR (as defined under Section 1 (General Section — IBOR referencing facilities) in the attached
Appendix (Details of Benchmark Rates)) +1.3% p.a. to BLR (Best Lending Rate) -0.5% p.a.; oi

(ii) From BLR (Best Lending Rate) -0.5% p.a. to HIBOR (as defined under Section I (General Section — IBOR referencing facilities) in the attached
Appendix (Details of Benchmark Rates)) +1.3% p.a., provided that
any switch falling under (i) above can only take place on the last day of the then current interest period of the relevant loan. The Boi
rower(s) may request to exercise such option to switch a total of I time per year.

Page 4 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

A switching fee of HKD2,000- will be debited from the Borrower(s)'s account upon each switch of pricing.

For details of benchmark interest rates and relevant defined terms used in this pi icing section, please refer to the Appendix (Details of Benchmark Rates) specified above. The Bank and the Borrower(s) may enter into an agreement to supplement or amend any of the provisions of the attached Appendix (Details of Benchmark dates) (the **"Rate Supplement").** A Rate Supplement shall be effective and binding on all parties if signed by the Borrower(s) and the Bank.

Any interest, commission or fee accruing in relation to HIV is to be calculated, subject to the below, without rounding. The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by the Borrower(s) under the Facility Letter shall be rounded to 2 decimal places.

The above pricing shall apply to all loans under this facility. But if the interest period of an existing loan under this facility has already commenced prior to the date of the Facility Letter, the above pricing shall not change the interest rate already fixed as applicable to that interest period of the existing loan and interest on that loan shall continue to be calculated on the same basis until the end of the relevant interest period.

**<u>PREPAYMENT</u>**

Advance repayment of the loan facility outside of the above-detailed payment schedule shall be subject to the Bank's prior approval. A prepayment fee of 2% and l% on the outstanding amount shall be charged on the 1st and 2nd years respectively of loan drawdown. All prepayments should be made on the interest payment dates only and amounts repaid shall not be available for subsequent re-drawing. This will not apply if prepayment is required as a result of the Bank malting demand on the Borrower(s).

**OVERDRAFT**

<u>PURPOSE</u>

The purpose of the facility is to support the daily administrative expenses and for customer standby usage. Without prejudicing the Bank's unrestricted discretion to cancel or suspend, determine whether or not to permit drawings in relation to, the facility, or' the Bank's overriding right of repayment on demand, if the Bank becomes aware that any part of the facility is not used for the specified purpose, the Bank (acting reasonably) reserves the right to revise the terms of the facility without the Borrower's consent. Notwithstanding any of the foregoing, the Bank is not bound to monitor or verify the application of any amount advanced pursuant to this facility letter.

**<u>PRICING</u>**

Interest will be charged at the Bank's HKD Best Lending Rate (BLR) + 1<sup>0</sup>/0 p.a.

"Best Lending Rate" or "BLR" means a rate to be determined by the Bank from time to time and published at www.hsbc.com.hk oi' is available upon request,

Page 5 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

<u>**SCHEDULE OF FURTHER NOTES**</u>

This schedule sets out the further points to note for the Borrower(s).

The Borrower(s)'s compliance or otherwise with the following condition(s) precedent, representations, warranties, undertakings or further conditions (as the case may be) will not in any way prejudice or affect the Bank's right to suspend, withdraw or make demand in respect of the whole or any part of the facilities wade available to the Borrower(s) at any time or- determine whether' or not to permit drawings in relation to the facilities, By signing the Facility Letter, the Borrower(s) expressly acknowledge that the Bank may suspend, withdraw or make demand for repayment of the whole or any part of the facilities at any time or determine whether oi' not to permit drawings in relation to the facilities, notwithstanding the fact that the following conditions precedent, representations, warranties, undertakings and further conditions (as the case may be) are included in the Facility Letter and whether or not the Borrower(s) has complied with any of them.

**Representations and Warranties**

1. Sanctions: None of the Borrower(s), any of its subsidiaries, any director or officer or any employee,
agent, or affiliate of the Borrower or any of its subsidiaries is an individual or entity ("Person") that is, oi is owned or
controlled by Persons that are, (i) the subject of any sanctions administered or enforced by the US Department of the Treasury's
Office of Foreign Assets Control, the US Department of State, the United Nations Security Council, the European Union, HM Treasury, or
the Hong Kong Monetary Authority (collectively, "Sanctions"), or (ii) located, organised or resident in a country or territory
that is, oi whose government is, the subject of Sanctions, including, without limitation, the Crimea region, the so called Donetsk People's
Republic and Luhansk People's Republic, Cuba, Iran, North Korea and Syria.

2. The Borrower(s) represents that the Borrowers request for the faci1ity(ies) stated in the Facility Letter
was not referred to the Bank by any intermediary. The Borrower(s) understands that the Bank does not appoint any third party to handle
credit applications from small and medium-sized enterprises.

3. Anti-bribery and corruption: None of the Borrower(s), nor to the knowledge of the Borrower(s), any director,
officer, agent, employee, affiliate or other person acting on behalf of the Borrower(s) or any of its/their subsidiaries is aware of or
has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable anti-bribery law, including
but not limited to, the United Kingdom Bribery Act 2010 (the **"UIF Bribery Act")** and the U.S. Foreign Corrupt Practices
Act of 1977 (the **"FCPA").** Furthermore, the Borrower(s) and, to the knowledge of the Borrower(s), its/their affiliates
have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations and have instituted
and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
therewith. No part of the proceeds of the facilities set out in the Facility Letter will be used, directly or indirectly, for any payments
that could constitute a violation of any applicable anti-bribery law.

Page 6 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

4. Anti-Money Laundering: The operations of the Borrower, its subsidiaries and their affiliates are and have
been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements and the money laundering
statutes and the rules and regulations thereunder and any related or similar rules, regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any governmental agency having jurisdiction over the Borrower or
any of its other subsidiaries (collectively, the **"Anti-Money Laundering** Laws") and no action, suit oi proceeding by
oi' before any court or governmental agency, authority or body or any arbitrator' involving the Borrower, any of its subsidiaries,
any of their affiliates and any of their' respective directors, officers, agents or employees, in each case, with respect to the
Anti-Money Laundering Laws is pending or, to the best knowledge of the Borrower, threatened. The Borrower acknowledges that it has instituted
and maintains policies and procedures reasonably designed to promote and achieve compliance with applicable Anti-Money Laundering Laws.

**Undertakings**

1. The Borrower(s) will promptly provide to the Banff any financial
or other information that the Bank may, from time to time, i'easonab1y request for' the purposes of understanding such Borrower's
financial position, business and operations and assessing such Borrower's ability to meet its obligations and liabilities under the Facility
Letter.

2. To maintain not less than 50% Operating Account credit turnover to the Bank.

3. The Borrower(s) warrants and undertakes that it will not use any part of facility(ies) (except 'Property
Mortgaged Loan', if granted), for' financing (or refinancing) any property holding, investment or leasing. If the Bank becomes
aware that any part of the facility(ies) (except 'Property Mortgaged Loan') is used contrary to this warranty and undertaking,
the Bank (acting reasonably) reserves the right to revise the terms of the facility(ies) without the Borrower(s)'s consent.

4. Sanctions: The Borrower(s) will not, directly or indirectly, use the proceeds of the facilities set out
in the Facility Letter, or lend, contribute or' otherwise make available such proceeds to any subsidiary, joint venture partner
or other Person, (i) to fund any activities or business of or with any Pei'son, or in any country or territory, that, at the time of such
funding, is, or whose government is, the subject of Sanctions or (ii) iii any other manner that would result in a violation of Sanctions
by any Person (including any Person participating in the facilities, whether as lender, underwriter', advisor, investor or otherwise),

---

| | |
|:---|:---|
| 5 | Anti-bribery and corruption: The Borrower will maintain in effect policies and procedures designed to promote compliance by the Borrower's, its subsidiaries and their respective director's, officers, employees, and agents with the FCPA, the UIF B1'ibery Act and any other applicable Anti-bribery laws. |

---

---

| | |
|:---|:---|
| 6 | Anti-Money Laundering: The Borrower undertakes that it shall (and shall ensure that each of its subsidiaries shall) conduct its business in compliance with; and maintain policies and procedures reasonably designed to promote and achieve compliance with, in each case, applicable anti-bribery laws, Sanctions and Anti-Money Laundering Laws, |

---

Page 7 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

**Further Conditions**

Compliance activity: The Bank and other members of the HSBC Group are required to act In accordance with the laws and regulations and comply with requests of public and regulatory authorities operating in various jurisdictions which relate to, amongst other things: (i) the prevention of money 1aundei'ing, terrorist financing, corruption, tax evasion and the provision of financial and other services to any persons or entities which may be subject to economic or trade sanctions; or (ii) the investigation or prosecution of, or the enforcement against„ any person for an offence against any laws or regulations.

The Bank may take, and may instruct members of the HSBC Group to take, any action which the Bank in its sole and absolute discretion considers appropriate to prevent or investigate crime or the potential breach of sanctions regimes or to act in accordance with i'e1evant laws, regulations, sanctions regimes, international guidance, relevant HSBC Group procedures and/or the direction of any public, regulatory or industry body relevant to any member of the HSBC Group. This includes the interception and investigation of any payment, communication or instruction, and the malting of further enquiries as to whether a person or entity is subject to any sanctions regime **("Compliance Activity").**

Neither the Bank nor any member of the HSBC Group will be liable to the Borrower(s) in respect of any loss (whether' direct, consequential or loss of profit, data or interest) or' delay, suffered or incurred by any party, caused in whole or in part by (i) actions taken, or delays or failure in performing any obligations under the Facility Letter by the Bank, or (ii) any steps taken by the Bank or any member of the HSBC Group, pursuant to Compliance Activity.

**"HSBC Group"** means HSBC Holdings plc, its subsidiaries, related bodies corporate, associated entities and undertakings and any of their' branches and member or office of the HSBC Group shall be construed accordingly.

Page 8 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

<u>APPENDIX : DETAILS OF BENCHMARK RATES</u>

Section 1

**General Section** — IBOR referencing facilities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Benchmark** | &nbsp;&nbsp;**Applicable Currency** | &nbsp;&nbsp;**Definition of Benchmark** |
| &nbsp;&nbsp;Hong Kong Interbank Offered Rate (HIBOR) \* and I | &nbsp;&nbsp;HKD | &nbsp;&nbsp;"HIBOR" means, in relation to any advance, the applicable Screen Rate at or around 11:00 am Hong long time on the proposed date of advance (or such other time or day if the market practice differs in the Hong Kong interbank market, as determined by the Dank), if any such rate is below zero, HIBOR will be deemed to be zero.<br>|
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;**"Business Day"** means a day (other than a Saturday or' Sunday) on which banks are open for general business in Hong Kong.<br>|
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;"Screen Rate" means the Relevant Administrator's Interest Settlement Rate for Hong Kong dollars and for the relevant period displayed on the appropriate page of the Reuters screen provided that (a) if in the Bank's sole determination its funding cost is in excess of HIBOR, the Bank may specify the cost of funding any facility or financial arrangement; or (b) if the screen page is replaced, not available or such service ceases to be available, the Bank may specify another page or service displaying the appropriate rate.<br>|
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;**"Relevant Administrator"** means the Hong Kong Association of Bails or any other person to whom the administrator function of the HIBOR fixing process is transferred from time to time. |

---

Note:

1. Interpolated rates, which refers to rate calculated using linear interpolation method as recommended by
The International Swaps and Derivatives Association (ISDA) for situation where there is no current quote available for' below maturities:-

● HIBOR: 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months

\* For tenors where fixing is not published by the relevant administrator and the interpolated rate does not apply, the benchmark rate shall be the rate as specified by the Bank in its sole discretion as its cost of funding the relevant facility or financial arrangement.

Section 2

Risk-free rates referencing for loan facilities- Not used

Section 3

**Risk-free rates referencing for trade facilities- Not used**

Page 9 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

<u>TERMS AND CONDITIONS FOR FACILITIES</u>

1. Interpretation

These terms and conditions are applicable to banking/credit facilities made available by The Hongkong and Shanghai Banking Corporation Limited (the "Bank", "HSBC" or "we", which expression shall include its successors and assigns) to the Borrower(s) and shall be read in conjunction with the facility letter, as may be amended from time to time, applicable to the Borrower(s) (together', the **"Facility Letter").**

2. Accrual of Interest & Other Sums

All interest and any other amount accruing under the Facility Letter will accrue daily and in each case is calculated on the basis of the actual numbers of days elapsed and a year of 360 days or 365 days, depending on the market practice for the currency (and as may be adjusted in case of a leap year). Notwithstanding any other provision in the Facility Letter, any interest or other amount accruing under the Facility Letter shall be payable on demand.

3. Availability and Utilisation

With respect to trade facilities, documents presented to the Bank for drawings must reflect and relate to a genuine transaction. Where documents presented are not in the original form, copies of such documents presented must strictly conform to the original. Please note that drawings without an underlying transaction, oi presentation of forged or fraudulent documentation can render companies and/or persons involved liable to prosecution. The Bank may, at its sole and absolute discretion, refuse to allow drawings under a facility if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the drawee is considered to be unacceptable to the Bank, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the drawee is not on the Bank's approved list, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the transaction in question does not meet the Bank's operational requirements in respect of the facilities.

4. Default Interest

Interest will be payable on sums which are overdue, drawings which are in excess of agreed limits and amounts demanded and not paid, at the maximum rate stipulated in the Bank's tariff book which is accessible at https://www.business.hsbc.com.hk/tariffs. The Bank will provide the Borrower or such relevant guarantor and/or security provider with a hard copy of the tariff book upon request. Interest at the applicable rate will be payable monthly in arrears to the debit of the Borrower(s)'s current account,

**5.** **Payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments shall be made by the Borrower(s), the guarantor(s) and/or the security provider(s) to the
Bank without set-off, countei'c1aiin, withholding or condition of any kind. If the Borrower(s), the guarantor(s) or such security provider
(where applicable) is compelled by law to ina1‹e such withholding, the sum payable shall bs increased so that the amount actually
received by the Bank is the amount it would have received if there had been no withholding.

Page 10 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You shall indemnify us against, and pay to us an amount equal.to, any loss, liability or cost which we
determine will be or has been (dii'ect1y or indirectly) suffered for or on account of Tax in connection with the Facility Letter, our
services or our transactions with you or in respect of your account, together with any interest, penalty, cost or expense incurred in
connection therewith.

"Tax" means any tax, levy, impost, duty, stamp duty or other charge oi withholding of a similar nature (including any penalty or interest payable ln connection with any failure to pay or any delay in paying any of the same).

6. Security rind Disclosure

6.1 The Bank shall proceed to register (where applicable) in Hong Kong, security provided to the Bank in connection
with facilities made available to the Borrower(s) or at the request of the Borrower(s). The costs and expenses, if any, will be charged
to the account of the Borrower(s). Where the security provided to the Bank requires registration or filing outside Hong long, the Borrower
undertakes that it shall, and where applicable, shall procure that such registration or' filing of security is attended to and completed
in a timely way so as to preserve the security interest of the Bank. The Bank shall be entitled to demand that evidence of such filing
and/or registration be provided to it. All costs in connection with the aforesaid overseas filing and/or registration (as the case may
be) shall be for the account of the Borrower(s).

6.2 By accepting the Facility Letter, the Borrower(s) is deemed to have consented to the Bank providing a
copy of the Facility Letter, related security documents, the Borrower's latest statement of account, related documents evidencing
the obligations to be guaranteed or secured by a guarantor or third party security provider, information on the outstanding liabilities
(whether actual or contingent) or such other information to (a) a guarantor or third paid security provider, such guarantor or third party
security provider's solicitors and other professional advisers; and (b) whom the bank assigns or transfers (or may potentially assign
or transfer) all or part of its rights and obligations under the Facility Letter.

6.3 Without prejudicing the rights of the Bank under other agreements with the Borrower(s), the Bank is entitled
to provide any information relating to any of the account(s) of the Borrower'(s) held with the Bank and any facilities which the
Bank may provide to the Borrower(s) from time to time or the conduct of such account and/oi' facilities and/or other information
concerning the Borrower(s) relationship with the Bank to any other company oi' office which belongs to or' is part of the HSBC Group.

6.4 The Bank shall be entitled to have solicitors of its choice
appointed to prepare the necessary documentation relating to the Facility Letter and/or the security to be provided. All their charges
and disbursements incurred in this respect will be for the Borrower(s)'s account. Any filing fees and fees incurred in obtaining
a legal opinion will also be for Borrower(s)'s account.

6.5 If the Bank is satisfied that all liabilities owed by the
Borrower(s) to the Bank have been irrevocably paid in full and that all facilities which might give rise to such liabilities have terminated,
subject to the Banff's right to retain any guarantee or security provided to it for such period as the Banff considers (in its
sole discretion) necessary, the Bank may, at the request and cost of the Borrower(s) or the relevant guarantor and/or security provider,
release, reassign or discharge (as appropriate) such guarantee or security.

Page 11 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

**7.** **Costs and Expenses** 

7.1 The Borrower(s) shall promptly on demand pay the Bank the amount of all costs and expenses (including
legal fees), stamp duties, taxes, other charges and registration costs incurred by the Bank in connection with the negotiation, preparation
and execution of the Facility Letter, security document(s) and/or any documentation relating to the facilities.

7.2 If the Borrower(s) requests an amendment, waiver or consent, the Borrower(s) shall, within three business
days of demand, reimburse the Bank for the amount of all costs and expenses (including legal fees) incurred by the Bank in responding
to, evaluating, negotiating or complying with that request or amendment.

7.3 The Borrower(s) shall, within three business days of demand, pay to the Bank the amount of all costs and
expenses (including legal fees), stamp duties, taxes, other charges and registration costs incurred by the Bank in connection with the
enforcement of, or' the preservation of any rights under the Facility Letter, security document(s) and/or any documentation relating
to the facilities.

7.4 If the effect of or a change in any law or regulation is to increase the cost to the Bank of advancing,
maintaining or funding the facility(ies) or to reduce the effective return to the Bank, the Bank may require payment on demand of such
amounts as the Bank consider necessary as compensation therefor.

**8.** **Indemnity** 

---

| | |
|:---|:---|
| 81 | Any amount received or recovered by the Bank in respect of any sum expressed to be due to the Bank from the Borrower in a currency other than the currency of denomination in which payment is due (the **"Intended Currency")** shall only constitute a discharge to it to the extent of the amount in the Intended Currency which the Bank is able, in accordance with its usual practice, to purchase with the amount so received or recovered in such other currency on the date of that receipt. |

---

8.2 The Borrower(s) shall pay and, within three business days of demand, indemnify the Bank against any cost, loss or liability that the
Bank incurs in relation to or as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a failure by the Borrower(s) to pay any amount due under the Facility Letter on its due date;

or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Facility Letter allows prepayment, such loan not being prepaid in accordance with a notice of prepayment given by the Borrower.

**9.** **Assignment** 

The Bank may assign its rights and transfer all or any part of its rights and obligations hereunder' or under any Facility Letter to any person by delivering to the Borrower(s) a notice in writing. Such transfer shall take effect as from the effective date as specified in the notice and the Bank shall thereafter be released from such obligations, No assignment or transfer of any right, benefit or obligation in the facility Letter shall be made by the Borrower(s) in any way.

**10.** **Pari Passu** 

The Borrower(s), the guarantor(s) and security provider(s) (where applicable) shall ensure that at all times the claims of the Bank under the facilities rank at least pari passu with the claims of all other unsecured creditors, except for claims preferred by mandatory provisions of law.

Page 12 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

**11.** **Prima facie** 

Any certification or determination by the Bank of a rate oi amount under the Facility Letter is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

12. Banking (Exposure Limits) Rules - exposures to connected parties

The Banking (Exposure Limits) Rules (Cap. 155S) and the related regulations in Hong Kong have imposed on the Bank certain limitations on advances to persons related to HSBC Group. In accepting the Facility Letter, the Borrower(s) should, to the best of its (their) knowledge, advise the Bank whether it is in any way related or connected to the HSBC Group. In the absence of such advice, the Bank will assume that the Borrower'(s) is not so related oi connected. The Bank would also ash, that if the Borrower(s) becomes aware that it (they) becomes so related or connected in future, that the Borrower(s) immediately advises the Bank in writing. You may refer' to the reference page for information on whether you may be considered as related oi connected to the HSBC Group.

13. Governing Law and Thir d Party Rights

13.1 The Facility Letter (including the schedule(s), where applicable), and these terms and conditions shall
be governed and construed in accordance with the laws of the Hong Kong Special Administrative Region.

13.2 The Borrower(s) submits to the non-exclusive jurisdiction of the Hong Kong courts.

13.3 No person other than the Bank and the Borrower(s) will have any right under the Contracts (Rights of Third
Panty) Ordinance to enforce or enjoy the benefit of any of the provisions of the terms and conditions of the Facility Letter.

**14.** **Process Agent** 

Without prejudice to any other mode of service allowed under any relevant law, each Borrower (other than a Borrower incorporated in Hong Kong (if the Borrower is a company) and a Borrower who is domiciled in Hong Kong (if the Borrower is an individual)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) irrevocably appoints the company stated after the Borrower's signature below as its agent for service
of process in relation to any proceedings before the Hong Kong courts in connection with the Facility Letter, security document(s) and
/or documentation relating to the facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agrees that failure by a process agent to notify the relevant Borrower of the process will not invalidate
the proceedings concerned.

Page 13 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

**<u>ACCEPTANCE</u>**

Please arrange for the **authorised signatories of the Borrower(s),** in accordance with the terms of the mandate given to the Bank, to sign and return the duplicate copy of the Facility Letter with Appendix to signify the Borrower(s)'s understanding and acceptance of the terms and conditions under which these facilities are granted.

The facilities will remain open for acceptance until the close of business on 11 February 2025 and if not accepted by that date will be deemed to have lapsed.

Please return the signed facility offer letter and the relevant security documents to Commercial Banking Mong Kok District at 3/F, HSBC Building Mongkok, 673 Nathan Road, Kowloon.

Should the Borrower(s) have any questions please feel free to contact Gary Molt, Senior Vice President or Frankie Yip, Assistant Relationship Management Support Manager on telephone no. 3663.4511 or 3663.2843.

Yours faithfully

For and on behalf of

The Hongkong and Shanghai Banking Corporation Limited

Gary Mok

Senior Vice President <br> led

Encl

Page 14 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

<u>Acceptance and Confirmation</u>

We, Worldstar Engineering Limited, confirm our acceptance of the offer and all terms and conditions contained above (including the Schedules, Appendix and Terms and Conditions for Facilities attached thereto).

For and on behalf of

Worldstar Engineering Limited

---

| | |
|:---|:---|
| Signature | Signature |
| Name | Name |
| Title | Title |
| Date | Date |

---

Page 15 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

Reference Page

*(This is for your reference only and aide not intended to be contractual terms.*

*You may also access the Banking (Exposure Limits) Rules at*

*https.'77www.elezislation.gov.hlJhk/capl55S)*

The Borrower may be considered as related or connected to the HSBC Group if you/it are/is:

a) a director, employee, controller or minority shareholder controller, of a member of the HSBC Group;

b) a relative of a director, employee, controller or minority shai'eho1dei controller, of a member of the
HSBC Group;

c) a firm, partnership oi non-listed company in which a member of the HSBC Group oi any of the following
entities is interested as director, partner, manager or agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a controller, minority shareholder controller or director of a member of the HSBC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a relative of a controller, minority shareholder controller or director of a member of the HSBC Group; or

d) a natural person, firm, pai4nership or non-listed company to whom a member of the HSBC Group has provided
a financial facility if any of the following entities is a guarantor of the facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a controller, minority shareholder controller or director of a member of the HSBC Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a relative of a controller, minority shareholder controller or director of a member of the HSBC Group.

<u>Relevant definitions</u>

1) A person has **"control"** if such person is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an indirect controller, that is, in relation to a company, any person in accordance with whose directions
or instructions the directors of the company or of another company of which it is a subsidiary are accustomed to act, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a majority shareholder controller, that is, in relation to a company, any person who, either alone or
with any associate or associates, is entitled to exercise, or control the exercise of, more than 50% of the voting power at any general
meeting of the company or of another company of which it is a subsidiary,

and **"controller"'** means either an **"indirect controller"** or **a "majority shareholder controller".**

2) "employee" includes permanent full time, permanent paid-time, fixed-term full time, fixed-term part-time staff and international assignees.

3) "HSBC Group" means HSBC Holdings plc, its subsidiaries, related bodies corporate, associated entities and undertakings and any of their branches and member' or office of the HSBC Group shall be construed accordingly.

Page 16 of 17

<u>Worldstar Engineering Limited</u> <u>21 January 2025</u>

4) "minority shareholder controller" in relation to a company, means any person who, either' alone or with any associate or associates, is entitled to exercise, or control the exercise of, 10% or more, but not more than 50%, of the voting power at any general meeting of the company oi of another company of which it is a subsidiary.

5) "relative" in relation to a natu1'al person, means the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a parent, grandparent or great grandparent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a step-parent or adoptive parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a brother or sister,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the spouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if the person is a party to a union of concubinage—the other party of the union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a cohabitee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) a parent, step-parent or adoptive parent of a spouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) a brother of sister of a spouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) a son, step-son, adopted son, daughter, step-daughter or adopted daughter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) a grandson, granddaughter, great grandson or great granddaughter.

Below QR code & Unique ID is for Bank use only

QR Code is a registered trademark of Denso Wave Incorporated

Page 17 of 17

## Exhibit 10.7

**Exhibit 10.7**

SUB-CONTRACT

CR CONSTRUCTION COMPANY LIMITED

![](ea025446508_ex10-7img1.jpg)

AND

WORLDSTAR ENGINEERING LIMITED

![](ea025446508_ex10-7img2.jpg)

IOF

TERM CONTRACT

FOR

MINOR WORKS 2022

FOR

NEW TERRITORIES WEST CLUSTER

CONTRACT NO. HA-TMC-040

**CR and Worldstar Sub-Contract**

**THIS SUB-CONTRACT** is made the <u>30</u> day of December two thousand and twenty-two.

<u>BETWEEN</u>

**CR CONSTRUCTION COMPANY LIMITED** whose registered business address is at Unit No. 3-16, Level 32, Standard Chartered Tower of Millennium City 1, No. 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong ("CR");

and

**WORLDSTAR ENGINEERING LIMITED** whose registered business address is at Room 1103, Yuen Long Trading Centre, 33 Wang Yip Street West, Yuen Long, New Territories, Hong Kong **("Worldstar").**

Hereinafter, each of the parties shall also be individually referred to as a **"Party"** and collectively referred to as the **"Parties".**

**WHEREAS**

A. Hospital Authority ("the Employer") awarded the "Term Contract for Minor Works 2022
for New Territories West Cluster for Hospital Authority (Contract No. HA-TMC-040)". **("the Contract")** to CR. The
Contract comprises of Builder's Works **("B.W. Work")** and Building Services Works ("B.S. Work") as demarcated
in the Summary of Tender pages ST/2 & ST/3 attached in Appendix 1. The Schedule of Rates referred in the Contract is Term Contracts
for Building Works 2019 Edition including Corrigendum, Amendments and Supplement, etc. as specified in the Contract. **("the Schedule of Rates")** 

B. CR entered a Subcontract with Alliance Contracting Company Limited **("Alliance")** for the B.S. Work of the Contract. A copy of
the Subcontract between CR and Alliance **("Alliance Subcontract")** is attached in Appendix 3.

C. CR intends to sub-let B.W. Work and all remaining Works (not specified in Appendix 1 but necessary for
the completion of the Contract) other than B.S. Works under Alliance Subcontract to Worldstar in a way that Worldstar shall take up full
obligation and liabilities under the Contract other than that of Alliance **("Remaining Work").** Worldstar shall be deemed
to allow all extra cost and time in this Subcontract for coordination and liaison with Alliance to ensure smooth interface between their
respective works and complete Remaining Work to fulfill the requirement under Contract. No claim whatsoever will be entertained by CR
for any additional cost that cannot be reimbursed from the Employer.

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

**NOW THEREFORE, IT IS MUTUALLY UNDERSTOOD AND AGREED AS FOLLOWS:**

1. <u>BASIS OF THIS SUB-CONTRACT</u> 

Worldstar is wholly responsible for the following:

Worldstar shall take up full obligations and liabilities under the Contract including overall management, coordination with the Employer/ Consultants/ Alliance /subcontractors, all works under the Contract, etc. to the satisfaction completion of the Contract except the construction of B.S. Work included in Alliance Subcontract.

- Worldstar shall study carefully the scope of work of Alliance under Alliance Subcontract and provide all necessary resources, plants, materials, labour etc. for the completion of the Contract to the satisfaction of the Employer.

Worldstar shall take the leading role to monitor, co-ordinate and liaise closely with the Alliance and proceed with the Contract timely to the satisfaction of the Employer. In avoidance of doubt, Worldstar shall take the lead to submit and perform all required under the Contract including but not limited to payment applications, final bills, notice, claims, programme, etc.;

- Worldstar shall act on behalf of CR in dealing with the Employer all matters in relation to the Contract;

- Worldstar shall indemnify CR for all loss and liability for costs, expenses, claims and damages incurred or suffered under the Contract due to the default, breach or any act, omission, non-observance or non-performance of Worldstar in connection with this Sub-Contract.

2. <u>CONTRACTUAL OBLIGATION S</u> 

Worldstar shall:

&nbsp;&nbsp;&nbsp;&nbsp;2.1 construct, complete and maintain the Remaining Work in accordance with the terns of the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;2.2 observe, perform, comply and ensure that its sub-contractors and of any tier shall observe, perform
 and comply with all requirements of CR Management Systems. CR Management Systems means the management systems devised by CR,
 including i) CR Documented
Quality Management System; ii) CR Documented Environmental Management System; and iii) CR Safety Management System (as all of them from
time to time revised by CR);

&nbsp;&nbsp;&nbsp;&nbsp;2.3 timeously discharge, observe, perform and comply with all the obligations of CR under the Contract relating
to the Remaining Work and without limiting the generality of the foregoing, Worldstar shall commence, complete and maintain the Remaining
Work within the time specified in the Contract or within such extended period or periods as may be granted under the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;2.4 at its own cost and expense provide all materials, plant, tools, equipment and adequate staff and workers
for carrying out and executing the Remaining Work in accordance with the Contract;

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

&nbsp;&nbsp;&nbsp;&nbsp;2.5 observe, perform and comply with and ensure that its sub-contractors
(including nominated sub-contractors) of any tier shall observe, perform and comply with the requirements of all applicable laws and
regulations relevant to the execution of the Remaining Work in accordance with the Contract including, without prejudice to the generality
of the foregoing, the Buildings Ordinance and the Factories and Industrial Undertakings Ordinance and any subsidiary legislation thereof
and practice directions issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;2.6 not in any way pledge the credit of CR;

&nbsp;&nbsp;&nbsp;&nbsp;2.7 not employ any person as an authorized representatives on any site if such person shall be disapproved
by CR;

&nbsp;&nbsp;&nbsp;&nbsp;2.8 notify CR as soon as practicable and in any event within three (3) working days any application or acknowledgement
or other communication made by Worldstar on behalf of CR in connection with the Contract and any notice or instruction given by the Employer
to Worldstar in connection with the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;2.9 allow CR and the Employer and all persons duly authorized by either of them to have access at all reasonable
times to any property, at which any Remaining Work are carried out by Worldstar;

&nbsp;&nbsp;&nbsp;&nbsp;2.10 settle in a timely manner all disputes involving Worldstar and claims made against Worldstar including
without limitation claims made against Worldstar under or by virtue of the Employment Ordinance, Cap. 57 and other rules or regulations
relating to the employment of any staff, workers and servant;

&nbsp;&nbsp;&nbsp;&nbsp;2.11 allow CR to conduct a safety audit for each period varying from four to six months during the duration
of the Contract, such safety audit to be carried out by the Safety Department of CR with the assistance of the site representatives;

&nbsp;&nbsp;&nbsp;&nbsp;2.12 submit to CR a monthly report on general progress of the Contract; the report should contain a list of
any deviations from programme and reasons shall be provided for actual or expected delays together with details of proposed action to
overcome the delay;

&nbsp;&nbsp;&nbsp;&nbsp;2.13 ensure and keep proper records showing that no illegal immigrants are employed for the carrying out, completion
and maintenance of the Remaining Work;

&nbsp;&nbsp;&nbsp;&nbsp;2.14 ensure and keep proper records showing that all its employees, servants, agents, sub-contractors, and
their own workers, suppliers etc. are properly and fully paid with respect to their services provided to Worldstar for the carrying out,
completion and maintenance of the Remaining Work;

&nbsp;&nbsp;&nbsp;&nbsp;2.15 nominate a representative to implement the CR Quality Systems and allow CR to carry out routine audit(s)
and/or special audit(s) for each management system as scheduled by CR to monitor Worldstar's implementation of the CR Quality Systems;

&nbsp;&nbsp;&nbsp;&nbsp;2.16 at its own costs and expenses assist CR during the external audit(s)
carried out by certified authorities/agencies for CR Quality Systems from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;2.17 keep and submit daily record of all employees employed for the execution of the Remaining Work in accordance
with the Construction **Workers** Registration Ordinance Cap.583 and provide the copy of the records to CR instantly after the submission
if required by CR. Worldstar shall not rectify any omission or mistake in completing
or submitting such daily return without CR's prior written consent. CR shall hold Worldstar responsible for the consequences of employing,
whether by Worldstar or its sub-contractors (including nominated sub-contractors) of any tier, any illegal immigrants or non-registered
workers for executing any of the Remaining Work;

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

&nbsp;&nbsp;&nbsp;&nbsp;2.18 Notwithstanding anything to the contrary herein contained, Worldstar is required to submit upon demand
detailed records of wages and other allowances and monies paid or payable to its employees or the employees of its sub-contractors (including
nominated sub-contractors) of any tier in respect of any of the Remaining Work under this Sub-contract together with records of evidence
of such payments to its employees and those sub-contractors of any tier, failing which CR is entitled to estimate such amounts and to
deduct or retain the same from monies (including retention monies) payable to Worldstar until CR is satisfied that all lawful wages and/or
other allowances and monies have been duly paid to all these employees by Worldstar; and

&nbsp;&nbsp;&nbsp;&nbsp;2.19 not enter into any sub-contract or ordering for any goods and/or services in the name of CR without the
consent of CR.

3. <u>CAPACITY</u> 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 For the purpose of discharging its obligations under this Sub-Contract and subject to the other provisions
of this Sub-Contract, Worldstar agrees that it shall act on behalf of CR in its dealings with the Employer in relation to the Contract
and in carrying out and executing the Remaining Work. Any notices or communications given by the Maintenance Surveyor to Worldstar shall
be deemed to be notices or communications given by CR under this Sub-Contract, Worldstar shall accordingly perform and comply with the
same. Any notice or communication received by the registered office of Worldstar shall be deemed to have been given to Worldstar whereas
those received by CR at its registered office shall not be deemed to have been given to Worldstar until CR passes such notice and communication
to Worldstar.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Worldstar may, with the prior written consent of CR, prepare printed material bearing the name of CR and
an express reference to the description of the Contract provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. such printed material shall be confined to letterheads, note papers and name cards; provided that Worldstar
shall not use such letterheads, note papers, etc. in signing any sub-contract with its own sub-contractors or ordering goods and services
from its own suppliers, or making any communication / notice to its own domestic sub-contractors / suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Worldstar shall custody of such printed material and shall not allow the use thereof otherwise than in
accordance with this Sub-Contract and shall indemnify and hold harmless CR against and from any loss, damages, liability, claims, demands,
costs and expenses (including without limitation legal costs on a full indemnity basis) arising from any improper use thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Worldstar shall authorize not more than two (2) representatives to use such printed material and their
authority shall be restricted to the use of such printed material in the proper discharge of the obligations and liabilities of Worldstar
under this Sub-Contract and not otherwise. Worldstar will provide CR with the names and positions of the authorized representatives. If,
at any time, CR objects to the appointment of any authorized representative, or to the continuation of the authorization of any representative
then Worldstar shall immediately withdraw that representative's authorization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. upon the expiration or sooner termination of this Sub-Contract, Worldstar shall surrender to CR all such
printed material bearing the name of CR including, but not limited to, letters, note papers and name cards for destruction or CR's discharge
of its obligation and liability under the Contract.

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

4. <u>TERMINATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 This Sub-Contract shall be terminated upon the termination of the Contract in accordance with the terms
thereof provided that upon termination of the Contract, Worldstar shall, unless otherwise directed by CR, continue to observe, perform
and comply with the obligations of CR under the Contract. It is hereby expressly agreed that upon termination of this Sub-Contract as
aforesaid, CR shall only be liable to pay to Worldstar the amount of payments actually received by CR in respect of any Remaining Work
actually and properly completed by Worldstar and in respect of which no payment has been received by Worldstar prior to the date of such
termination subject to any deductions, withholdings or set-off that CR shall be entitled to make whether by virtue of this Sub-Contract
or otherwise PROVIDED ALWAYS that the total of all payments made by CR shall not in any circumstance exceed the sum for Remaining Work
received by CR from Employer;

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Except as expressly provided herein, termination of this Sub-Contract as aforesaid shall not in any way
prejudice or affect the rights and remedies of either party in respect of any antecedent breach.

5. <u>INDEMNITY</u> 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Worldstar shall be liable for, and shall indemnify CR against any expenses, liabilities, losses, claims
or proceedings arising out of or in the course of or caused by the carrying out of the Remaining Work except that such expenses, liabilities,
losses, claims or proceedings is due to any act or neglect of CR or of any person for whom CR is responsible;

&nbsp;&nbsp;&nbsp;&nbsp;5.2 CR has provided name cards to the staff of Worldstar, who hereby undertakes full responsibility to ensure
that the above identities shall only be used for CR but not otherwise. Without prejudice to Worldstar's liability to indemnify under Clause
5.1, Worldstar shall indemnify CR for all liabilities, claims or proceedings due to any non-compliance with this provision;

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Worldstar agrees the following to indemnify CR or reward from CR concerning the result of performance
reports in every quarters:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Item | &nbsp;&nbsp;Criteria for Score System | &nbsp;&nbsp;**Penalty (HK$)** | &nbsp;&nbsp;Bonus **(HK$)** |
| &nbsp;&nbsp;a. | &nbsp;&nbsp;1" Adverse Performance Report or Contract Warning Letter relating to Worldstar's Work/ Remaining Work | &nbsp;&nbsp;**(-)500000** |  |
| &nbsp;&nbsp;b. | &nbsp;&nbsp;2"Adverse Performance Report or Contract Warning Letter relating to Worldstar's WorW Remaining Work | &nbsp;&nbsp;**(-)1000000** | &nbsp;&nbsp;--- |
| &nbsp;&nbsp;c. | &nbsp;&nbsp;Score between 50 and 60 |  | &nbsp;&nbsp;(\*) 0 |
| &nbsp;&nbsp;d. | &nbsp;&nbsp;Score between 60 and 69 | &nbsp;&nbsp;--- | &nbsp;&nbsp;(\*)100,000 |
| &nbsp;&nbsp;e. | &nbsp;&nbsp;Score 70 or above | &nbsp;&nbsp;- - | &nbsp;&nbsp;**(+)200,000** |

---

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

6. <u>PAYMENT AND VALUATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Worldstar is responsible for incorporating Alliance's payment application for B.S. Work and submit the
payment application to the Employer according to the requirement under the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 Upon the issuance of payment certificate to CR by the Employer for the Contract, Worldstar is responsible
to calculate and report to CR with substantiation regarding Alliance's entitlement **("Alliance's Entitlement")** under
the payment certificate for Alliance Subcontract for B.S. Work. For avoidance of doubt, Alliance's Entitlement shall be calculated according
to the Revised Contract Percentage stipulated in the Alliance Subcontract.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 CR shall be entitled to deduct, among other deductions, CR's Management Fees as **1.5% ("Management** Fee") of any payments certified by the Employer to CR under the Contact, provided that nothing in this Clause shall in any event
affect or prejudice any other rights of CR (whether under this Sub-Contract, at law or otherwise) to make any other deductions, withholdings
or set-off against payments to be made to Worldstar hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;6.4 Subject to the deduction including but not limited to the deductions of the Management Fee, Alliance's
Entitlement and all other contra charge/ deductions/ withholding entitled by CR (whether by virtue of this Sub-Contract or otherwise),
Worldstar shall be entitled to be paid by CR all payments made by the Employer under the Contract **("the Remuneration").** For easy reference, the Remuneration should be calculated according to the following formula:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;= | &nbsp;&nbsp;Amount Certified in the Payment Certificate of the Contract | &nbsp;&nbsp;X | &nbsp;&nbsp;(1-1.5%) | &nbsp;&nbsp;- | &nbsp;&nbsp;Alliance's Entitlement under Payment Certificate of the Contract | &nbsp;&nbsp;- | &nbsp;&nbsp;CR's contra charge/ deductions/ withholding/ set-off/ be reimbursed, etc. |

---

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

&nbsp;&nbsp;&nbsp;&nbsp;6.5 CR is entitled to make contra charge/ deductions from the Remuneration including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The cost of bond/ guarantee as required under the Contract, which was procured by CR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cost of the CAR and Employees' Compensation insurance policies, which was procured and maintained by CR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost of Project Manager, Q.S. Manager and other team members working on the project assigned by CR (except Contracts Manager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all levies except related to Alliance's Entitlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all dumping fee, charges, etc. for the Contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all administrative charges for all safety and environmental offences
according to CR's house rules attached in Appendix A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all uniform supplied by CR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the deductions for sums payable to designated sub-contractors/nominated
sub-contractors for making direct payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Retention Money, if any, as specified in the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any other deduction, withholdings or set-off that CR shall be entitled to make (whether by virtue of this Sub-Contract or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;6.6 CR is entitled to withhold any sum disputed with Alliance from
the Remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;6.7 CR's entitlement to the deductions including but not limited
to the deductions for sums payable and all designated/ nominated sub-contractors, if any, Retention Money as specified in the Contract,
and withholdings or set-off as CR shall be entitled to make (whether by virtue of this Sub-Contract or otherwise),

&nbsp;&nbsp;&nbsp;&nbsp;6.8 CR shall in the absence of disputes with designated/nominated
sub-contractors make direct payments, if any, to them for their certified works, and deduct the same from the Remuneration as above-mentioned;

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

&nbsp;&nbsp;&nbsp;&nbsp;6.9 CR shall be entitled to deduct from the Remuneration any sums which CR shall be entitled to deduct, withhold
or set-off or be reimbursed under or by virtue of this Sub-Contract. For the avoidance of doubt CR shall be entitled to deduct, among
other deductions, Management Fee of any payments certified by the Employer to CR under the Contract, provided that nothing in this Clause
shall in any event affect or prejudice any other rights of CR (whether under this Sub-Contract, at law or otherwise) to make any other
deductions, withholdings or set-off against payments to be made to Worldstar hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;6.10 Without prejudice to any other rights and remedies of CR and without limiting the obligations and liabilities
of Worldstar under this Sub-Contract, CR shall assign a Project Manager working on the project to conduct project management work;

&nbsp;&nbsp;&nbsp;&nbsp;6.11 Without limiting Worldstar's obligations, Worldstar shall bear and pay the levies except related
to Alliance's entitlement under the statutory ordinances including the Industrial Training (Construction Industry) Ordinance, the Pneumoconiosis
(Compensation) Ordinance and the Construction Workers Registration Ordinance;

&nbsp;&nbsp;&nbsp;&nbsp;6.12 Worldstar shall, on behalf of CR and from time to time and at such time as CR shall be entitled to do
so under the Contract, make prompt applications to the Employer in writing for payments due to CR under the Contract. For the said purpose,
Worldstar shall submit to the Employer all necessary documents and information required by Employer in support of such applications for
payments and shall send to CR copies of all applications immediately after submission thereof to the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;6.13 CR shall issue interim payment to Worldstar 21 days after CR received such payment from the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;6.14 Worldstar can apply for deposit payment, which shall limit to 20% of the estimated amount of Work Orders
in the periodical Forecast Work Order List issued by the Employer's Consultants. CR shall accumulate off set 10% of the gross amount
of the Payment certified in each Payment Certificate of the Contract. Worldstar can make further application for deposit payment for new
Work Orders upon the issuance of new periodical Forecast Work Order List although previous deposit payment made by CR was not yet totally
offsetted. The accumulated balance of deposit payments in Worldstar's account shall be limited to maximum **HK20,000,000** at **any** time. For avoidance of doubt, the deposit payment will be released to Worldstar in three monthly installments payment in the proportion
of 2:1:1 and the deposit payment calculation example is attached in Appendix 2.

7. <u>ASSIGNMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Worldstar shall not assign or sub-let, in any form, the whole of this Sub-Contract or the obligations
or liabilities hereunder provided that Worldstar may assign or sub-let any portion of any piece of the Remaining Work either on a labour
and material basis or labour only basis and provided however that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Worldstar shall obtain the prior written consent of CR if any agreement shall be made in the name of CR
or otherwise;

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in the event that Worldstar enters into any agreement with a sub-contractor, whether in the name of CR
or otherwise, that agreement shall contain provisions whereby in the event of this Sub-Contract being terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any agreement that does not contain provisions described in Paragraph b above shall not be valid

&nbsp;&nbsp;&nbsp;&nbsp;7.2 References in this Sub-Contract (other than in Clause 7.1)
to sub-contractors of Worldstar shall be references to sub-contractors engaged in the execution of the Remaining Work irrespective of
whether the sub-contractors are engaged in the name of CR, Worldstar or otherwise.

8. <u>INSURANCE</u> 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 CR shall be responsible for the cost of the CAR and Employees' Compensation insurance policies, which
will be procured and maintained by CR. CR shall notify Worldstar for the amount of premium to be set-off from his account. And CR shall
deduct such premium from Worldstar to cover the CAR and Employees' Compensation Insurance accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;8.2 As such, Worldstar shall be responsible for the excess / deductibles under the CAR insurance policies.
Worldstar may request for examination of such policies and may at his own cost effect other policies for further coverage.

9. <u>GOVERNING LAW</u> 

This Sub-Contract shall be governed and construed in accordance with the laws of the Hong long Special Administrative Region.

10. <u>DISPUTE RESOLUTION</u> 

All disputes, differences etc. between CR and Worldstar hereto with respect to any matter arising out of or in relation to this Sub-Contract shall after written notice by any party to each of the other party to this Sub-Contract be referred to a single arbitrator agreed for that purpose and, in default of such agreement, within thirty (30) days of such notice being served to a person to be appointed in accordance with and subject to the provisions of the Arbitration Ordinance or any statutory modification thereof from time to time in force. Unless CR and Worldstar otherwise agree such reference shall not take place until after the completion of the Works.

**Hospital Authority Term Contract (Contract No. HA-TMC-040)**

**CR and Worldstar Sub-Contract**

In Witness o hereof, this Sub-Contract has been executed as a deed on the date first above written.

 SEALED with the COMMON SEAL of) CR CONSTRUCTION CO.
LTD. and SIGNED)) by
....................................................) its
representative authorized to sign the Contract by) the
board of directors in the presence of: -)
(Signature of witness))) .......
......................................................................
....................) (Name and occupation of witness))
SEALED with the COMMON SEAL of) WORLDSTAR ENGINEERING
LIMITED) and SIGNED) by)
its representative authorized to sign the Contract by) the
board of directors in the presence of: -)
(Signature of witness)) (Name and occupation
of witness))
Hospital .Authority Term Contract (Contract No. HA-"FMC-040)

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| Worldstar Engineering (BVI) Limited | British Virgin Islands |
| Worldstar Engineering Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ea025446508_ex23-1img1.jpg) | **SFAI MALAYSIA PLT** |
| ![](ea025446508_ex23-1img1.jpg) | 202206000021 (LLP0031758-LCA) & AF 002216 |
| ![](ea025446508_ex23-1img1.jpg) | Chartered Accountants |
| ![](ea025446508_ex23-1img1.jpg) | Block C2-G, |
| ![](ea025446508_ex23-1img1.jpg) | Ground Floor, Setiawalk, |
| ![](ea025446508_ex23-1img1.jpg) | Persiaran Wawasan, |
| ![](ea025446508_ex23-1img1.jpg) | 47160 Puchong, |
| ![](ea025446508_ex23-1img1.jpg) | Selangor, Malaysia. |
| ![](ea025446508_ex23-1img1.jpg) | Tel: 603 – 7802 9000 |

---

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in the Registration Statement on Form F-1 under the Securities Act of 1933 of our report dated October 6, 2025, with respect to the consolidated statements of financial position of Worldstar Engineering Holdings Limited and its subsidiaries (collectively referred to as the "Group") as of March 31, 2024 and 2025 and April 1, 2023, the related consolidated statements of profit or loss, changes in equity and cash flows for each of the two years in the period ended March 31, 2025.

We also consent to the reference to our firm under the heading "Experts" in such Registration Statements.

**/s/ SFAI MALAYSIA PLT**

**(PCAOB No. 7167)**

Malaysia

June 30, 2026

## Exhibit 99.1

**Exhibit 99.1**

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

**CODE OF CONDUCT AND ETHICS**

(Conditionally adopted by a board resolution dated [ ], 2026

with effect from the effective date of the registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| I. | Introduction | 1 |
| II. | Standards of Conduct | 1 |
| III. | Compliance with Laws, Rules and Regulations | 1 |
| IV. | Insider Trading | 2 |
| V. | Conflicts of Interest | 2 |
| VI. | No Loans to Executive Officers or Directors | 3 |
| VII. | Outside Directorships and Other Outside Activities | 3 |
| VIII. | Corporate Opportunities | 3 |
| IX. | Fair Dealing | 4 |
| X. | Customer Relationships | 4 |
| XI. | Supplier Relationships | 4 |
| XII. | Export Controls | 5 |
| XIII. | Gifts and Entertainment | 5 |
| XIV. | Government Business | 5 |
| XV. | Political Contributions | 6 |
| XVI. | Protection and Proper Use of Company Assets | 6 |
| XVII. | Use of Computers and Other Equipment | 6 |
| XVIII. | Use of Software | 7 |
| XIX. | Use of Electronic Communications | 7 |
| XX. | Confidentiality | 7 |
| XXI. | Recordkeeping | 7 |
| XXII. | Records on Legal Hold | 8 |
| XXIII. | Disclosure | 8 |
| XXIV. | Outside Communications | 8 |
| XXV. | Discrimination and Harassment | 9 |
| XXVI. | Health and Safety | 9 |
| XXVII. | Compliance Standards and Procedures | 9 |
| XXVIII. | General Compliance Guidelines | 11 |
| XXIX. | Amendment, Modification and Waiver | 11 |

---

-i-

**<u>I. INTRODUCTION</u>**

This Code of Conduct and Ethics (the "**Code**") summarizes the ethical standards and key policies that guide the business conduct of Worldstar Engineering Holdings LImited (the "**Company**").

The purpose of this Code is to promote ethical conduct and deter wrongdoing. The policies outlined in this Code are designed to ensure that the Company's employees, including its officers (collectively referred to herein as "**employees**"), and members of its board of directors ("**directors**") act in accordance with not only the letter but also the spirit of the laws and regulations that apply to the Company's business. The Company expects its employees and directors to exercise good judgment to uphold these standards in their day-to-day activities and to comply with all applicable policies and procedures in the course of their relationship with the Company.

Employees and directors are expected to read the policies set forth in this Code and ensure that they understand and comply with them. All employees and directors are required to abide by the Code. The Code should also be provided to and followed by the Company's agents and representatives, including consultants. The Code does not cover every issue that may arise, but it provides general guidelines for exercising good judgment. Employees and directors should refer to the Company's other policies and procedures for implementing the general principles set forth below. Any questions about the Code or the appropriate course of conduct in a particular situation should be directed to the Company's Chief Executive Officer, Chief Financial Officer, Director of Human Resources or General Counsel, as appropriate. Any violations of laws, rules, regulations or this Code should be reported immediately. The Company will not allow retaliation against an employee or director for such a report made in good faith. Employees and directors who violate this Code will be subject to disciplinary action.

Each employee and director must sign the acknowledgement form at the end of this Code and return the form to the Company's Human Resources Department indicating that he or she has received, read, understood and agreed to comply with the Code. The signed acknowledgment form will be placed in the individual's personnel file.

**<u>II. STANDARDS OF CONDUCT</u>**

The Company expects all employees and directors to act with the highest standards of honesty and ethical conduct. The Company considers honest conduct to be conduct that is free from fraud or deception and is characterized by integrity. The Company considers ethical conduct to be conduct conforming to accepted professional standards of conduct. Ethical conduct includes the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, as discussed below.

**<u>III. COMPLIANCE WITH LAWS, RULES AND REGULATIONS</u>**

Employees and directors must comply with all laws, rules and regulations applicable to the Company and its business, as well as applicable Company policies and procedures. Each employee and director must acquire appropriate knowledge of the legal requirements relating to his or her duties sufficient to enable him or her to recognize potential problems and to know when to seek advice from the Company's Chief Financial Officer or General Counsel. Violations of laws, rules and regulations may subject the violator to individual criminal or civil liability, as well as to discipline by the Company. These violations may also subject the Company to civil or criminal liability or the loss of business. Any questions as to the applicability of any law, rule or regulation should be directed to the Company's Chief Financial Officer or General Counsel.

**<u>IV. INSIDER TRADING</u>**

The purpose of the Company's insider trading policy is to establish guidelines to ensure that all employees and directors comply with laws prohibiting insider trading. No employee or director in possession of material, non-public information may trade the Company's securities (or advise others to trade) from the time they obtain such information until after adequate public disclosure of the information has been made. Employees and directors who knowingly trade Company securities while in possession of material, non-public information or who tip information to others will be subject to appropriate disciplinary action up to and including termination. Insider trading is also a crime.

Employees and directors also may not trade in the shares of other companies about which they learn material, non-public information through the course of their employment or service with the Company.

Any questions as to whether information is material or has been adequately disclosed should be directed to the Company's Chief Financial Officer or General Counsel. Additional information regarding insider trading can be found in the Company's Insider Trading Policy.

**<u>V. CONFLICTS OF INTEREST</u>**

A "conflict of interest" occurs when a person's private interest interferes in any way – or even appears to interfere – with the interests of the Company as a whole.

A conflict situation can arise when an employee or director takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when an employee or director, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company. Loans to, or guarantees of obligations of, such persons are of special concern.

Conflicts of interest are prohibited as a matter of Company policy. The mere existence of a relationship with outside firms is not automatically prohibited. Nonetheless, conflicts of interest may not always be clear, so if a question arises, higher levels of management or the Company's Audit Committee should be consulted. Any employee or director who becomes aware of a conflict or a potential conflict should bring it to the attention of a supervisor, manager or other appropriate persons within the Company.

In certain exceptional circumstances, a situation involving a conflict of interest may be permitted. See Section XXVIII regarding waivers of this Code.

**<u>VI. NO LOANS TO EXECUTIVE OFFICERS OR DIRECTORS</u>**

It is the policy of the Company not to extend or maintain credit, to arrange for the extension of credit, or to renew an extension of credit, in the form of a personal loan to or for any director or executive officer of the Company. Any questions about whether a loan has been made to a director or executive officer in violation of this policy should be directed to the Company's Chief Executive Officer or Chief Financial Officer.

**<u>VII. OUTSIDE DIRECTORSHIPS AND OTHER OUTSIDE ACTIVITIES</u>**

Although an employee's activities outside the Company are not necessarily a conflict of interest, a conflict could arise depending upon the employee's position with the Company and the Company's relationship with the other employer or activity. Outside activities may also be a conflict of interest if they cause, or are perceived to cause, an employee to choose between that interest and the interests of the Company.

An employee may not serve as a director, partner, employee of or consultant to, or otherwise work for or receive compensation for personal services from, any affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company or any other business entity that does or seeks to do business with the Company. In certain exceptional circumstances, an executive officer may be permitted to serve as a director of such an entity (but in no circumstances will an employee be permitted to serve as a director of a competitor of the Company). See Section XXVIII regarding waivers of this Code. Serving in such a capacity for a company that is not an affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company may be permitted, but such activities must be approved in advance by the employee's supervisor, the Human Resources Department and the Company's Chief Financial Officer.

Employees are encouraged to serve as a director, trustee or officer of non-profit organizations in their individual capacity and on their own time, but they must obtain prior approval from the Company's Chief Financial Officer to do so as a representative of the Company.

The guidelines in this Section VII are not applicable to directors that do not also serve in management positions within the Company.

**<u>VIII. CORPORATE OPPORTUNITIES</u>**

Employees and directors are prohibited from:

● Personally taking for themselves opportunities that are discovered through the use of corporate property, information or position;

● Using corporate property, information or position for personal gain; and

● Competing with the Company.

In the interest of clarifying the definition of "Competing with the Company," if any member of the Board of Directors of the Company who is also a partner or employee of an entity that is a holder of the Company's Ordinary Shares, or an employee of an entity that manages such an entity (each, a "Fund"), acquires knowledge of an opportunity of interest for both the Company and such Fund other than in connection with such individual's service as a member of the Board of Directors (including, if applicable, such board member acquiring such knowledge in such individual's capacity as a partner or employee of the Fund or the manager or general partner of a Fund), then, provided that such director has acted in good faith, such an event shall be deemed not to be "Competing with the Company" under this Section VIII.

Employees and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so in a legal and ethical manner arises.

**<u>IX. FAIR DEALING</u>**

The Company seeks to excel while operating fairly and honestly, never through unethical or illegal business practices. Each employee and director should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. No employee or director should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practices.

**<u>X. CUSTOMER RELATIONSHIPS</u>**

Employees must act in a manner that creates value for the Company's customers and helps to build a relationship based upon trust. The Company and its employees have provided products and services for many years and have built up significant goodwill over that time. This goodwill is one of our most important assets, and Company employees must act to preserve and enhance the Company's reputation.

**<u>XI. SUPPLIER RELATIONSHIPS</u>**

The Company's suppliers make significant contributions to the Company's success. To create an environment where the Company's suppliers have an incentive to work with the Company, suppliers must be confident that they will be treated lawfully and in an ethical manner. The Company's policy is to purchase supplies based on need, quality, service, price and terms and conditions. The Company's policy is to select significant suppliers or enter into significant supplier agreements though a competitive bid process where possible. In selecting suppliers, the Company does not discriminate on the basis of race, color, religion, sex, national origin, age, sexual preference, marital status, medical condition, veteran status, physical or mental disability, or any other characteristic protected by applicable law. A supplier to the Company is generally free to sell its products or services to any other party, including Company competitors. In some cases where the products or services have been designed, fabricated, or developed to the Company's specifications, the agreement between the parties may contain restrictions on sales.

**<u>XII. EXPORT CONTROLS</u>**

The Company requires compliance with laws and regulations governing export controls in both the United States and in the countries where the Company conducts its business. A number of countries maintain controls on the destinations to which products may be exported. Some of the strictest export controls are maintained by the United States against countries that the U.S. government considers unfriendly or as supporting international terrorism. The U.S. regulations are complex and apply both to exports from the United States and to exports of products from other countries, when those products contain U.S.-origin components or technology. In some circumstances, an oral presentation containing technical data made to foreign nationals in the United States may constitute an export subject to control. Any questions about export control laws and regulations should be directed to the General Counsel.

**<u>XIII. GIFTS AND ENTERTAINMENT</u>**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. A problem may arise if:

● The receipt by one of our employees of a gift or entertainment would compromise, or could reasonably be viewed as compromising, that person's ability to make objective and fair business decisions on behalf of the Company; or

● The offering by one of our employees of a gift or entertainment would appear to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships, or could reasonably be viewed as such an attempt.

Employees must use good judgment and ensure there is no violation of these principles. No gift or entertainment should be given or accepted by any Company employee, family member of an employee or agent unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe or payoff, (5) does not violate any laws or regulations and (6) is not one of a series of small gifts or entertainments that can be construed as part of a larger, expensive gift. Any questions about whether any gifts or proposed gifts are appropriate should be directed to the Company's Chief Financial Officer. You should also review the Company's Foreign Corrupt Practices Act Compliance Policy regarding the specific conditions for gifts and entertainment.

**<u>XIV. GOVERNMENT BUSINESS</u>**

Employees should understand that special requirements might apply when contracting with any governmental body (including national, state, provincial, municipal, or other similar governmental divisions on local jurisdictions). Because government officials are obligated to follow specific codes of conduct and laws, special care must be taken in government procurement. Some key requirements for doing business with government are:

● Accurately representing which Company products are covered by government contracts;

● Not improperly soliciting or obtaining confidential information, such as sealed competitors' bids, from government officials prior to the award of a contract; and

● Hiring present and former government personnel may only occur in compliance with applicable laws and regulations (as well as consulting the Company's Chief Financial Officer or General Counsel and the Human Resources Department).

When dealing with public officials, employees and directors must avoid any activity that is or appears illegal or unethical. Promising, offering or giving of favors, gratuities or gifts, including meals, entertainment, transportation, and lodging, to government officials in the various branches of U.S. government, as well as state and local governments, is restricted by law. Employees and directors must obtain pre-approval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate, before providing anything of value to a government official or employee. The foregoing does not apply to lawful personal political contributions.

In addition, the U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. Illegal payments to government officials of any country are strictly prohibited. Additional information regarding the Foreign Corrupt Practices Act can be found in the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XV. POLITICAL CONTRIBUTIONS</u>**

It is the Company's policy to comply fully with all local, state, federal, foreign and other applicable laws, rules and regulations regarding political contributions. The Company's funds or assets must not be used for, or be contributed to, political campaigns or political practices under any circumstances without the prior written approval of the Company's Chief Financial Officer and, if required, the Company's Board of Directors. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XVI. PROTECTION AND PROPER USE OF COMPANY ASSETS</u>**

Theft, carelessness and waste have a direct impact on the Company's profitability. Employees and directors should protect the Company's assets and ensure their efficient use. All Company assets should be used for legitimate business purposes.

Company assets include intellectual property such as patents, trademarks, copyrights, business and marketing plans, engineering and manufacturing ideas, designs, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information is a violation of Company policy.

**<u>XVII. USE OF COMPUTERS AND OTHER EQUIPMENT</u>**

The Company strives to furnish employees with the equipment necessary to efficiently and effectively perform their jobs. Employees must care for that equipment and use it responsibly and only for Company business purposes. If employees use Company equipment at their home or off site, precautions must be taken to protect such Company equipment from theft or damage. Employees must immediately return all Company equipment when their employment relationship with the Company ends. While computers and other electronic devices are made accessible to employees to assist them to perform their jobs and to promote our interests, all such computers and electronic devices, whether used entirely or partially on the Company's premises or with the aid of the Company's equipment or resources, must remain fully accessible to the Company and will remain the sole and exclusive property of the Company.

Employees should not maintain any expectation of privacy with respect to any electronic communications made using Company equipment. To the extent permitted by applicable law, the Company retains the right to gain access to any such information, at any time, with or without your knowledge, consent or approval.

**<u>XVIII. USE OF SOFTWARE</u>**

All software used by employees to conduct Company business must be appropriately licensed. Employees should never make or use illegal or unauthorized copies of any software, whether in the office, at home, or on the road, since doing so may constitute copyright infringement and may expose the employee and the Company to potential civil and criminal liability. The Company's information technology department will inspect Company computers periodically to verify that only approved and licensed software has been installed. Any non-licensed/supported software will be removed.

**<u>XIX. USE OF ELECTRONIC COMMUNICATIONS</u>**

Employees must use electronic communication devices in a legal, ethical, and appropriate manner. Electronic communications devices include computers, e-mail, connections to the Internet, intranet and extranet and any other public or private networks, voice mail, video conferencing, facsimiles, telephones or future types of electronic communication. Employees may not post or discuss information concerning Company products or business on the Internet without the prior written consent of the Company's Chief Executive Officer or Chief Financial Officer. It is not possible to identify every standard and rule applicable to the use of electronic communications devices. Employees are therefore encouraged to use sound judgment whenever using any feature of the Company's communications systems.

**<u>XX. CONFIDENTIALITY</u>**

Employees and directors should maintain the confidentiality of information entrusted to them by the Company or its affiliates, customers, partners, distributors and suppliers, except when disclosure is specifically authorized by the Company's Chief Executive Officer or Chief Financial Officer or required by law.

Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its affiliates, customers, partners, distributors and suppliers if disclosed. Any questions about whether information is confidential should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel.

**<u>XXI. RECORDKEEPING</u>**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the transactions and matters to which they relate and must conform both to applicable legal requirements and to the Company's system of internal controls. All assets of the Company must be carefully and properly accounted for. The making of false or misleading records or documentation is strictly prohibited. Unrecorded funds or assets should not be maintained.

The Company complies with all laws and regulations regarding the preservation of records. Records should be retained or destroyed only in accordance with the Company's document retention policies. Any questions about these policies should be directed to the Company's Chief Financial Officer or General Counsel, as appropriate. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XXII. RECORDS ON LEGAL HOLD</u>**

A legal hold suspends all document destruction procedures in order to preserve appropriate records under special circumstances, such as litigation or government investigations. The General Counsel determines and identifies what types of Company records or documents are required to be placed under a legal hold and will notify employees if a legal hold is placed on records for which they are responsible. Employees must not destroy, alter or modify records or supporting documents that have been placed under a legal hold under any circumstances. A legal hold remains effective until it is officially released in writing by the General Counsel. If an employee is unsure whether a document has been placed under a legal hold, such employee should preserve and protect that document while the Legal Department is contacted.

**<u>XXIII. DISCLOSURE</u>**

The information in the Company's public communications, including filings with the Securities and Exchange Commission, must be full, fair, accurate, timely and understandable. All employees and directors are responsible for acting in furtherance of this policy. In particular, each employee and director is responsible for complying with the Company's disclosure controls and procedures and internal controls for financial reporting. Any questions concerning the Company's disclosure controls and procedures and internal controls for financial reporting should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

**<u>XXIV. OUTSIDE COMMUNICATIONS</u>**

The Company has established specific policies regarding who may communicate information to the public, the press and the financial analyst communities:

● The Company's Chief Executive Officer, Chief Financial Officer and investor relations personnel are official spokespeople for financial matters.

● The Company's corporate communications personnel are official spokespeople for public comment, press, marketing, technical and other such information.

● All communications made to public audiences, including formal communications and presentations made to investors, customers or the press, require prior approval in accordance with the Company's established policies for such communications, including review by investor relations or corporate communications personnel, as applicable, with final review by the Company's Chief Executive Officer or Chief Financial Officer, who will ensure that all necessary review is undertaken.

These designees are the only people who may communicate externally on behalf of the Company. Employees and directors should refer all inquiries or calls from the press, from shareholders or from financial analysts to the investor relations department or the Company's Chief Financial Officer, who will see that the inquiry is directed to the appropriate authority within the Company.

Employees and directors may not publish or make public statements outside the scope of employment with or service to the Company that might be perceived or construed as attributable to the Company without preapproval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate. Any such statement must include the Company's standard disclaimer that the publication or statement represents the views of the specific author and not of the Company.

**<u>XXV. DISCRIMINATION AND HARASSMENT</u>**

The diversity of the Company's employees is a tremendous asset. We are firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. Examples include derogatory comments based on racial or ethnic characteristics and unwelcome sexual advances.

**<u>XXVI. HEALTH AND SAFETY</u>**

The Company strives to provide each employee with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for all employees by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions.

Violence and threatening behavior are not permitted. Employees should report to work in condition to perform their duties, free from the influence of illegal drugs or alcohol. The use or possession of illegal drugs in the workplace will not be tolerated.

**<u>XXVII. COMPLIANCE STANDARDS AND PROCEDURES</u>**

No code of conduct and ethics can replace the thoughtful behavior of an ethical employee or director or provide definitive answers to all questions. Since the Company cannot anticipate every potential situation, certain policies and procedures have been put in place to help employees and directors approach questions or problems as they arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Designated Ethics Officer**

The Company's Chief Financial Officer has been designated as the Company's Ethics Officer with responsibility for overseeing and monitoring compliance with the Code. The Ethics Officer reports directly to the Chief Executive Officer with respect to these matters and also will make periodic reports to the Company's Audit Committee regarding the implementation and effectiveness of this Code as well as the policies and procedures put in place to ensure compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Seeking Guidance**

Employees and directors are encouraged to seek guidance from supervisors, managers or other appropriate personnel when in doubt about the best course of action to take in a particular situation. In most instances, questions regarding the Code should be brought to the attention of the Company's Director of Human Resources, General Counsel or Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting Violations**

If an employee or director knows of or suspects a violation of the Code, or of applicable laws and regulations, he or she must report it immediately to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate. If the situation warrants or requires it, the reporting person's identity will be kept anonymous to the extent legally permitted and practical.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. No Retaliation**

Any employee or director who observes possible unethical or illegal conduct is encouraged to report his or her concerns. Reprisal, threats, retribution or retaliation against any person who has in good faith reported a violation or suspected violation of law, this Code or other Company policies, or against any person who is assisting in any investigation or process with respect to such a violation, is prohibited.

Any employees involved in retaliation will be subject to serious disciplinary action by the Company. Furthermore, the Company could be subject to criminal or civil actions for acts of retaliation against employees who "blow the whistle" on U.S. federal securities law violations and other federal offenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Investigations**

Reported violations will be promptly investigated. The Board of Directors or its designated committee will be responsible for investigating violations and determining appropriate disciplinary action for matters involving members of the Board of Directors or executive officers. The Board of Directors or its designated committee may designate others to conduct or manage investigations on its behalf and recommend disciplinary action. Subject to the general authority of the Board of Directors to administer this Code, the Chief Financial Officer and the General Counsel will be jointly responsible for investigating violations (including the initiating of any such investigation) and determining appropriate disciplinary action for other employees, agents and contractors. The Chief Financial Officer and the General Counsel may designate others to conduct or manage investigations on their behalf and recommend disciplinary action. The Board of Directors reserves the right to investigate violations and determine appropriate disciplinary action on its own or to designate others to do so in place of, or in addition to, the Chief Financial Officer and the General Counsel. It is imperative that the person reporting the violation not conduct an investigation on his or her own. However, employees and directors are expected to cooperate fully with any investigation made by the Company into reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Discipline/Penalties**

Employees and directors who violate the laws or regulations governing the Company's business, this Code, or any other Company policy, procedure or requirement may be subject to disciplinary action, up to and including termination. Employees and directors who have knowledge of a violation and fail to move promptly to report or correct it, or who direct or approve violations, may also be subject to disciplinary action, up to and including termination.

Furthermore, violations of some provisions of this Code are illegal and may subject the employee or director to civil and criminal liability.

**<u>XXVIII. GENERAL COMPLIANCE GUIDELINES</u>**

We must all work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult to know if a violation has occurred. Since we cannot anticipate every situation that will arise, it is important that we have a way to approach a new question or problem. These are the steps to keep in mind:

● Make sure you have all the facts possible. To reach the right solutions, we must be as fully informed as possible.

● Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper? This will enable you to focus on the specific question you are faced with, and the alternatives you have. Use your judgment and common sense; if something seems unethical or improper, follow up on it.

● Clarify your responsibility and role. In most situations, there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem.

● Discuss the problem with your manager. This is the basic guidance for all situations. In many cases, your manager will be more knowledgeable about the question, and will appreciate being brought into the decision-making process. Remember that it is your manager's responsibility to help solve problems.

● Seek help from Company resources. If you do not feel comfortable approaching your manager with your question, discuss it with your local Human Resources representative.

● You may report ethical violations in confidence and without fear of retaliation. If you find yourself in a situation that requires that your identity be kept confidential, your anonymity will be protected to the extent possible. The Company does not permit retaliation of any kind against employees for good faith reports of ethical violations.

● Always ask first, act later when confronted with an ethical issue: If you are unsure of what to do in any situation, seek guidance before you act.

**<u>XXIX. AMENDMENT, MODIFICATION AND WAIVER</u>**

This Code may be amended or modified by the Board of Directors or a committee of the Board of Directors.

Any amendment or waiver of this Code for a director, executive officer or any financial or accounting officer at the level of the principal accounting officer or controller or above, may be made only by the Board of Directors, and must be promptly disclosed to shareholders if and as required by applicable law or the rules of the share exchange on which the Company's shares are traded. Waivers with respect to other employees or applicable contractors may be made only by the Company's Chief Executive Officer. Any waiver of this Code with respect to a conflict of interest transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act of 1933, as amended, must be approved in advance by the Company's Audit Committee.

\* \* \* \* \*

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE AUDIT COMMITTEE** 

**OF THE BOARD OF DIRECTORS OF** 

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

(Conditionally adopted by a board resolution dated [ ], 2026 with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Audit Committee of the Board of Directors (the "**Board**") of Worldstar Engineering Holdings Limited (the "**Company**") shall be to:

● provide oversight of the Company's accounting and financial reporting processes and the audit of the Company's financial statements;

● assist the Board in monitoring (i) the integrity of the Company's financial statements, (ii) the Company's internal accounting and financial controls, (iii) the Company's compliance with legal and regulatory requirements, and (iv) the independent auditor's qualifications, independence and performance; and

● provide to the Board such information and materials as it may deem necessary to make the Board aware of significant financial matters that require the attention of the Board.

**MEMBERSHIP REQUIREMENTS**

The Audit Committee members will be appointed by, and will serve at the discretion of, the Board. The Audit Committee will consist of at least three (3) members of the Board. Members of the Audit Committee must meet the following criteria (as well as any additional criteria required by the regulations of the Nasdaq Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of NASDAQ, and (ii) the rules of the SEC;

● each member must not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three (3) years;

● each member must be financially literate as determined by the Board in accordance with applicable law; and

● at least one (1) member must have accounting or related financial management expertise, as the Board interprets such qualifications in its business judgment, by virtue of such member's past employment experience in finance or accounting, requisite professional certification in finance or accounting, or any other comparable experience or background that results in such individual's financial sophistication.

The Board may designate one (1) member of the Audit Committee as its chairperson. In the absence of that designation, the Audit Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES**

● The Audit Committee shall appoint and oversee the work of the independent auditors, approve the compensation of the independent auditors, and review and, if appropriate, discharge the independent auditors. In this regard, the independent auditors shall report directly to the Audit Committee, and the Audit Committee shall have the sole authority to approve the hiring and discharging of the independent auditors, all audit engagement fees and terms and all permissible non-audit engagements with the independent auditors.

● The Audit Committee shall pre-approve (or, where permitted under the rules of the SEC, subsequently approve) engagements of the independent auditors to render audit services and/or establish pre-approval policies and procedures for such engagements, provided that (i) such policies and procedures are detailed as to the particular services rendered, (ii) the Audit Committee is informed of each such service, and (iii) such policies and procedures do not include delegation to management of the Audit Committee's responsibilities under the Securities Exchange Act of 1934, as amended. The Audit Committee shall also pre-approve any non-audit services proposed to be provided to the Company by such independent auditors.

● The Audit Committee shall review the independence of the independent auditors, including (i) obtaining on a periodic basis a formal written statement from the independent auditors delineating all relationships between the independent auditors and the Company, consistent with Independence Standards Board Standard No. 1, (ii) maintaining an active dialogue with the independent auditors regarding any disclosed relationship or services that may impair the objectivity and independence of the independent auditors, and (iii) to the extent there are any such relationships, monitoring and investigating them and, if necessary, taking, or recommending to the Board that the Board take, appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall evaluate, at least annually, the independent auditors' qualifications, performance and independence, which evaluation shall include a review and evaluation of the lead partner of the independent auditors and consideration of whether there should be rotation of the lead audit partner or the auditing firm, and take appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall review, in consultation with the independent auditors, the annual audit plan and scope of audit activities and monitor such plan's progress.

● The Audit Committee shall (i) discuss and, as appropriate, review with management and the independent auditors the Company's annual financial statements and annual reports on Form 20-F, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations," (ii) discuss with the independent auditors any other matters required to be discussed by Statement on Auditing Standards No. 114, and (iii) recommend to the Board whether the audited financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations should be included in the Company's Form 20-F.

● The Audit Committee shall discuss with management and the independent auditors significant financial reporting issues raised and judgments made in connection with the preparation of the Company's financial statements, including the review of (i) major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles, (ii) major issues as to the adequacy of the Company's internal controls and any special audit steps adopted in light of material control deficiencies, (iii) analyses prepared by management and/or the independent auditors setting forth significant financial reporting issues raised and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements, (iv) the effect of regulatory and accounting initiatives, as well as off-balance sheet arrangements, on the Company's financial statements, and (v) the type and presentation of information to be included in earnings press releases, as well as any financial information and earnings guidance to be provided to analysts and rating agencies, including any proposed use of "pro forma" or "adjusted" non-GAAP information.

● The Audit Committee shall receive, review and discuss reports from the independent auditors on (i) the major critical accounting policies and practices to be used, (ii) significant alternative treatments of financial information within GAAP that have been discussed with management, (iii) ramifications of the use of such alternative disclosures and treatments, (iv) any treatments preferred by the independent auditors, and (v) other material written communications between the independent auditors and management, such as any management letter or schedule of unadjusted differences.

● The Audit Committee shall review on a regular basis with the Company's independent auditors any problems or difficulties encountered by the independent auditors in the course of any audit work, including management's response with respect thereto, any restrictions on the scope of the independent auditors' activities or on access to requested information, and any significant disagreements with management. The Audit Committee shall resolve any disagreements between management and the independent auditors regarding financial reporting.

● The Audit Committee shall discuss with management and the independent auditors any correspondence with regulators or governmental agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

● The Audit Committee shall discuss guidelines and policies with respect to risk assessment and risk management.

● The Audit Committee shall appoint the director of internal audit for the Company, approve the compensation of the director of internal audit and review and, if appropriate, discharge the director of internal audit. In this regard, the Audit Committee shall have the sole authority to approve the hiring and discharging of the director of internal audit.

● The Audit Committee shall discuss with the Company's general counsel legal matters that may have a material impact on the financial statements or the Company's compliance procedures.

● The Audit Committee shall review the adequacy and effectiveness of the Company's internal control policies and procedures on a regular basis, including the responsibilities, budget and staffing of the Company's audit function, as well as the need for any special audit procedures in response to material control deficiencies, through inquiry and discussions with the Company's independent auditors and management. In addition, the Audit Committee shall review the reports prepared by management, and attested to by the Company's independent auditors, assessing the adequacy and effectiveness of the Company's internal controls and procedures, prior to the inclusion of such reports in the Company's periodic filings as required under SEC rules. The Audit Committee shall review disclosure regarding the Company's internal controls that are required to be included in SEC reports.

● The Audit Committee shall establish procedures for receiving, retaining and treating complaints received by the Company regarding accounting, internal accounting controls or auditing matters and procedures for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

● The Audit Committee shall review, approve and monitor the portions of the Company's code of ethics applicable to its senior financial officers.

● The Audit Committee shall review and approve in advance any proposed related party transaction.

● The Audit Committee shall oversee compliance with the SEC requirements for disclosure of auditor's services and Audit Committee member qualifications and activities.

● The Audit Committee shall make regular reports to the Board, which reports shall include any issues that arise with respect to the quality or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the performance and independence of the Company's independent auditors.

● The Audit Committee shall set hiring policies with regard to employees and former employees of the Company's independent auditor.

● The Audit Committee shall review and reassess the adequacy and scope of this Charter annually and recommend any proposed changes to the Board for approval.

● At least annually, the Audit Committee shall evaluate its performance.

● The Audit Committee shall have the authority to engage independent counsel and other advisers, as it determines necessary to carry out its duties. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of (i) compensation to the independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest services for the Company, (ii) compensation to any advisers employed by the Audit Committee, and (iii) ordinary administrative expenses of the Audit Committee that are necessary or appropriate for carrying out its duties.

● Periodically, the Audit Committee shall meet separately with the Company's management, with internal auditors (or other personnel responsible for the internal audit function) and with the independent auditors.

● The Audit Committee may form subcommittees for any purpose that the Audit Committee deems appropriate and may delegate to such subcommittees such power and authority as the Audit Committee deems appropriate. The Audit Committee shall not delegate to a subcommittee any power or authority required by law, regulation or listing standard to be exercised by the Audit Committee as a whole.

● The Audit Committee will set its own schedule of meetings and will meet at least quarterly, with the option of holding additional meetings at such times as it deems necessary. The Audit Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

● The Audit Committee shall perform such other functions as assigned by law, the Company's articles of association or the Board.

**LIMITATION OF AUDIT COMMITTEE'S ROLE**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete, accurate and in accordance with GAAP and applicable rules and regulations. These are the responsibilities of management and the independent auditors.

It is recognized that the members of the Audit Committee are not full-time employees of the Company, that it is not the duty or responsibility of the Audit Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and that each member of the Audit Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which the Audit Committee receives information, and (ii) the accuracy of the financial and other information provided to the Audit Committee, in either instance absent actual knowledge to the contrary.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

(Conditionally adopted by a board resolution dated [ ], 2026 with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of Worldstar Engineering Holdings Limited (the "**Company**") shall be to:

● identify individuals qualified to become Board members consistent with criteria approved by the Board;

● recommend that the Board select the director nominees for the next annual meeting of shareholders;

● develop and recommend to the Board a set of Corporate Governance Guidelines; and

● oversee the evaluation of the Board and management.

**MEMBERSHIP REQUIREMENTS** 

The Committee members must be appointed and may be removed, with or without cause, by the Board. The Committee shall consist of at least three (3) members of the Board, each of whom must an independent director in accordance with (i) the Corporate Governance Standards of Nasdaq Capital Market, and (ii) the rules of the SEC. The Board may designate one (1) member of the Committee as its chairperson. In the absence of that designation, the Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES** 

● The Committee shall identify individuals qualified to become members of the Board and ensure that the Board has the requisite expertise and that its membership consists of persons with sufficiently diverse and independent backgrounds. The Committee shall also recommend to the Board the nominees for election to the Board at the next annual meeting of shareholders.

● The criteria to be used by the Committee in recommending directors and by the Board in nominating directors are as set forth in the Corporate Governance Guidelines.

● The Committee shall annually review the Board committee structure and recommend to the Board for its approval directors to serve as members of each committee.

● The Committee shall develop and recommend to the Board the Corporate Governance Guidelines. The Committee shall, from time to time as it deems appropriate, review and reassess the adequacy of such guidelines and recommend any proposed changes to the Board for approval.

● The Committee shall review the Company's Code of Conduct and Business Ethics, and shall, from time to time as deems appropriate, make any changes it deems necessary. Any changes will be recommended to the Board for its approval.

● The Committee shall oversee the annual self-evaluations of the Board and may assist the Board (and/or its other committees) in periodically reviewing the performance of the Company's officers.

● The Committee may make recommendations to the Board regarding governance matters, including, but not limited to, the Company's certificate of incorporation, bylaws, and the charters of the Company's other committees.

● The Committee shall report regularly to the Board regarding the activities of the Committee.

● The Committee shall at least annually perform an evaluation of the performance of the Committee.

● The Committee shall periodically review and reassess this Charter and submit any recommended changes to the Board for its consideration.

The Committee has the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Company's bylaws that are applicable to the Committee.

The Committee has sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms. The Committee has the authority to retain any other advisors that the Committee believes to be desirable and appropriate and has the authority to approve related fees and retention terms.

In addition to the duties and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities consistent with this Charter, the purposes of the Committee, and the Company's bylaws.

In fulfilling its responsibilities, the Committee has the authority to delegate any or all of its responsibilities to a subcommittee of the Committee.

## Exhibit 99.4

**Exhibit 99.4**

**CHARTER OF THE COMPENSATION COMMITTEE** 

**OF THE BOARD OF DIRECTORS OF**

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

(Conditionally adopted by a board resolution dated [ ], 2026 with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Compensation Committee of the Board of Directors (the "**Board**") of Worldstar Engineering Holdings Limited (the "**Company**") shall be to discharge the Board's responsibilities relating to compensation of the Company's directors and executive officers. The Compensation Committee has overall responsibility for evaluating and approving the Company's compensation plans, policies and programs. The Compensation Committee shall undertake the specific responsibilities and duties set forth in this Charter and such other duties as the Board may from time to time prescribe.

**MEMBERSHIP REQUIREMENTS** 

The Compensation Committee members will be appointed by the Board. The Compensation Committee shall consist of at least three (3) members of the Board. Members of the Compensation Committee must meet the following criteria (as well as any additional criteria required by the regulations of Nasdaq Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of NASDAQ, and (ii) the rules of the SEC; and

● each member must (i) be a "Non-employee Director" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended, and (ii) satisfies the requirements of an "outside director" for purposes of Section 162(m) of the Internal Revenue Code.

The members of the Compensation Committee shall serve until such member's successor is duly elected and qualified or until such member's earlier resignation or removal. The members of the Compensation Committee may be removed, with or without cause, by a majority vote of the Board. The Board may designate one (1) member of the Compensation Committee as its chairperson.

**MEETINGS**

The Compensation Committee shall meet at least annually, and more often as it deems appropriate to fulfill the responsibilities set forth in this Charter. The Compensation Committee may establish its own schedule, which it shall provide to the Board in advance.

**AUTHORITY AND RESPONSIBILITIES**

● The Compensation Committee shall review and approve the corporate goals and objectives relevant to the Chief Executive Officer's and other executive officers' compensation.

● The Compensation Committee shall evaluate the performance of the Chief Executive Officer and other executive officers of the Company and, based on such evaluation, review and recommend to the full Board, the annual salary, bonus, stock options and other benefits, direct and indirect, of the Chief Executive Officer and other executive officers. The Chief Executive Officer may not be present during voting or deliberations on her compensation.

● The Compensation Committee shall review and recommend to the full Board compensation of directors, as well as director's and officer's indemnification and insurance matters.

● The Compensation Committee shall review and make recommendations to the Board with respect to the Company's incentive-compensation plans and equity-based plans, and oversee the activities of the individuals responsible for administering those plans.

● The Compensation Committee shall cause to be prepared, and then review and approve, the annual report on executive compensation for inclusion in the Company's proxy statement, pursuant to and in accordance with applicable rules and regulations of the SEC.

● The Compensation Committee shall retain or obtain the advice of a compensation consultant, if needed.

● The Compensation Committee shall report regularly to the Board including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such other matters as are relevant to the Compensation Committee's discharge of its responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such recommendations as the Compensation Committee may deem appropriate.

● The Compensation Committee shall maintain minutes or other records of meetings and activities of the Compensation Committee.

● The Compensation Committee shall review and reassess this Charter annually.

This above list of responsibilities is presented for illustrative purposes and is not intended to be exhaustive. The Compensation Committee may conduct additional activities as appropriate in light of changing business, legislative, regulatory, legal or other conditions. The Compensation Committee shall also fulfill other responsibilities delegated to it from time to time by the Board.

## Exhibit 99.5

**Exhibit 99.5**

June 30, 2026

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

Rm 1104, 11/F, Yuen Long Trading Centre

No. 33 Wang Yip St., West

Yuen Long, New Territories

Hong Kong

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of WORLDSTAR ENGINEERING HOLDINGS LIMITED (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| /s/ Sham Tsz Leung |
| Name: Sham Tsz Leung |

---

## Exhibit 99.6

**Exhibit 99.6**

June 30, 2026

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

Rm 1104, 11/F, Yuen Long Trading Centre

No. 33 Wang Yip St., West

Yuen Long, New Territories

Hong Kong

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of WORLDSTAR ENGINEERING HOLDINGS LIMITED (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| /s/ Ka Kit Ho |
| Name: Ka Kit Ho |

---

## Exhibit 99.7

**Exhibit 99.7**

June 30, 2026

**WORLDSTAR ENGINEERING HOLDINGS LIMITED**

Rm 1104, 11/F, Yuen Long Trading Centre

No. 33 Wang Yip St., West

Yuen Long, New Territories

Hong Kong

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of WORLDSTAR ENGINEERING HOLDINGS LIMITED (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Sincerely yours, |
| /s/ Yiu Wing Chan |
| Name: Yiu Wing Chan |

---

## Exhibit 99.8

**Exhibit 99.8**

June 30, 2026

Division of Corporation Finance<br> Office of Finance<br> Securities and Exchange Commission<br> 100 F Street, N.E.<br> Washington, D.C. 20549

Re: Worldstar Engineering Holdings Limited Registration Statement on Form F-1<br> Application for Waiver of Requirements of Form 20-F, Item 8.A.4

I am the Chief Financial Officer of Worldstar Engineering Holdings Limited, a Cayman Islands company (the "Company"). The Company has publicly filed with the Securities and Exchange Commission (the "Commission") a Registration Statement on Form F-1, as amended (the "Registration Statement") relating to a proposed initial public offering ("IPO") of the Company's Ordinary Shares. This letter respectfully requests a waiver of the requirements of Item 8.A.4 of Form 20-F.

The Registration Statement at the time of effectiveness will contain audited financial statements for the two years ended March 31, 2024 and 2025 in accordance with the standards of PCAOB, and unaudited U.S. GAAP financial statements for the six months ended September 30, 2024 and 2025. Item 8.A.4 of Form 20-F, which is applicable to the Registration Statement pursuant to Item 4(a) of Form F-1, states that because this is the Company's initial public offering ("IPO"), it must have audited financial statements of a date not older than 12 months from the date of the offering unless a waiver is obtained. See also Division of Corporation Finance, Financial Reporting Manual, Section 6220.3.

Instruction 2 to Item 8.A.4 of Form 20-F provides that the Commission will waive the 12-month age of financial statements requirement "in cases where the company is able to represent adequately to us that it is not required to comply with this requirement in any other jurisdiction outside the United States and that complying with this requirement is impracticable or involves undue hardship." See also the Staff's 2004 release entitled International Reporting and Disclosure Issues in the Division of Corporation Finance (available on the Commission's website at http://www.sec.gov/divisions/corpfin/internatl/cfirdissues1104.htm) at Section III.B.c, in which the Staff notes:

"the instruction indicates that the staff will waive the 12-month requirement where it is not applicable in the registrant's other filing jurisdictions and is impracticable or involves undue hardship. As a result, we expect that the vast majority of IPOs will be subject only to the 15-month rule. The only times that we anticipate audited financial statements will be filed under the 12-month rule are when the registrant must comply with the rule in another jurisdiction, or when those audited financial statements are otherwise readily available."

We hereby respectfully request that the Staff of the Commission waive the requirement of Item 8.A.4 of Form 20-F. In connection with this request, we, as counsel to the Company, represent to the Commission that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is not currently a public reporting company in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company is not required by any jurisdiction outside the United States to file any consolidated financial statements, audited under any generally accepted auditing standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with Item 8.A.4 is impracticable and involves undue hardship for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company does not anticipate that its audited financial statements for the year ended March 31, 2026 will be available until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In no event will the Company seek effectiveness of the Registration Statement if its audited financial statements are older than 15 months at the time of the offering.

Please do not hesitate to contact Ming Fung Choi at +852 3126 5102 if you have any questions regarding the foregoing or if we can provide any additional information

---

| |
|:---|
| Very truly yours, |
| */s/ Ming Fung Choi* |
| Ming Fung Choi |
| Chief Financial Officer |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Worldstar Engineering Holdings Limited**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, par value US$0.0001 per share | (1) | 457(o) | 5750000 | $6.00 | $34500000.00 | 0.0001381 | $4764.45 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $34500000.00 |  | 4764.45 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $4764.45 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 (the "Securities Act"), as amended. Includes the shares that the underwriters have the option to purchase to cover over-allotments, if any.