# EDGAR Filing Document

**Accession Number:** 0002078905
**File Stem:** 0001213900-26-006155
**Filing Date:** 2026-1
**Character Count:** 1251601
**Document Hash:** ce3e0825ce17deeacedfa4aa66a6e7b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-006155.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001213900-26-006155

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 66

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cloud Data Holdings Corp
- **CENTRAL INDEX KEY:** 0002078905
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292851
- **FILM NUMBER:** 26547521

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1507-1510 0FFICE TOWER, CONVENTION PLAZA
- **STREET 2:** 1 HARBOR ROAD, WAN CHAI
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** (852)7076-5882

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1507-1510 0FFICE TOWER, CONVENTION PLAZA
- **STREET 2:** 1 HARBOR ROAD, WAN CHAI
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000

#### As filed with the U.S. Securities and Exchange Commission on January 2 1, 202 6

#### 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

#### ___________________________

#### Cloud Data Holdings Corporation
(Exact name of registrant as specified in its charter)

#### ___________________________

---

| | | |
|:---|:---|:---|
|  **Cayman Islands** | **7379** | **Not Applicable** |
|  (State or Other Jurisdiction of <br>Incorporation or Organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

---

**1507-1510 Office Tower, Convention Plaza<br>1 Harbor Road, Wan Chai, Hong Kong<br>(852) 7076-5882<br>(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**COGENCY GLOBAL INC.<br>122 East 42**<sup>nd</sup> **Street, 18**<sup>th</sup> **Floor<br>New York, NY 10168<br>+1 800**-221-0102

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

*Copies to:*

---

| | |
|:---|:---|
|  **Yao Zhang, Esq. <br>Shuang Li, Esq. <br>Sunsea Law Group P.C. <br>18300 Karman Ave Suite 970<br>Irvine, CA 92612 <br>+1 628**-588-2348 | **Fang Liu, Esq. <br>VCL Law LLP <br>1945 Old Gallows Road, Suite 260<br>Vienna, VA 22182<br>+1 (703) 919**-7285  |

---

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

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

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, 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 earliest 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 Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

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

#### SUBJECT TO COMPLETION

#### PRELIMINARY PROSPECTUS DATED JANUARY 21 , 202 6

#### Cloud Data Holdings Corporation

#### 3 , 7 50,000 Ordinary Shares
This is the initial public offering of ordinary shares, par value US$0.0001 per share (the "Ordinary Shares," and each an "Ordinary Share"), of Cloud Data Holdings Corporation ("Cloud Data" or the "Company"). The Company is offering 3,750,000 Ordinary Shares, representing approximately 18.07% of the Ordinary Shares following the completion of this offering (the "Offering"), assuming the underwriters do not exercise the over-allotment option. The underwriters may also purchase up to 562,500 Ordinary Shares within 45 days to cover over-allotments, if any. Prior to this Offering, there has been no public market for our Ordinary Shares. We anticipate that the initial public offering price will be between US$4.00 and US$4.50 per Ordinary Share.

The Company has applied to list its Ordinary Shares on the Nasdaq Capital Market under the symbol "CDN." The closing of this Offering is conditioned upon the final approval from the Nasdaq Capital Market of our listing application.

**Neither the United States Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

Upon the completion of this Offering, we will have 20,750,000 Ordinary Shares issued and outstanding, assuming the underwriters do not exercise their option to purchase additional Ordinary Shares. See "Description of Share Capital" for more details. We will not be considered a "controlled company" as defined under the Nasdaq Stock Market Rules as we do not currently expect that more than 50% of our voting power will be held by an individual, a group or another company immediately following the completion of this Offering. See "Principal Shareholders."

Cloud Data is a Cayman Islands holding company which does not have any substantive business operations by itself. It conducts all of its operations through the sole operating subsidiary in Hong Kong, Cloud Data Network Limited ("Cloud Data HK"). We currently do not have any operations in Mainland China. We do not use a variable interest entity structure. As used in this prospectus, "we," "us," "our company," or "our," refer to Cloud Data Holdings Corporation and its subsidiaries. Investors in the Ordinary Shares are not purchasing equity securities of the Hong Kong operating subsidiary that have substantive business operations but instead are purchasing equity securities of a Cayman Islands holding company. This holding company structure involves unique risks to investors, and shareholders may face difficulties enforcing their legal rights under United States securities laws against our directors and officers who are located outside of the United States.

We are subject to various legal and operational risks and uncertainties arising from our corporate presence in, and the significant operations of our sole operating subsidiary in, Hong Kong, a special administrative region of the People's Republic of China ("PRC"). According to Article 18 of the Basic Law of the Hong Kong Special Administrative Region (the "Basic Law"), national laws of the PRC do not apply in Hong Kong except for those listed in Annex III to the Basic Law, which primarily cover matters such as the national flag, national anthem, and diplomatic privileges. As of the date of this prospectus, PRC laws and regulations relating to data protection, cybersecurity, and anti-monopoly enforcement have not been listed in Annex III, and therefore do not apply directly in Hong Kong. Additionally, there is no legislative mandate requiring the laws of Hong Kong to be aligned with those of the PRC. Despite the foregoing, the legal and operational risks that arise from operating in the PRC may also apply to businesses operating in Hong Kong due to long-arm provisions under the current PRC laws and regulations, and we cannot assure you that such national laws will not be applied to businesses operating in Hong Kong in the future. Should the PRC government exert significant oversight over the current and future operations in Hong Kong, or exert more oversight and control over offerings conducted overseas and/or foreign investment in issuers like us, we may face material adverse changes in our operations and/or value of our Ordinary Shares. See "Risk Factors — Risks Relating to Doing Business in Jurisdictions in which Our Operating Subsidiary Operates — *All of our operations are conducted through our Hong Kong operating subsidiary. Due to the long*-arm *provisions under 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 securities to investors, and/or cause the value of such securities to significantly decline or become worthless. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be quick with little advance notice, and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain."* on page 17 of this prospectus.

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Since our operations are in Hong Kong and Cloud Data HK collect, hold, process or use personal data in Hong Kong, we are subject to data privacy and protection laws, and in particular the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) ("PDPO"). See "Risk Factor — Risks Relating to Doing Business in Jurisdictions in which Our Operating Subsidiary Operates — *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*." on page 22 and "Regulation — Regulations Related to Our Business Operations in Hong Kong — *Data Privacy*" on page 81.

As advised by our PRC counsel, AllBright Law Offices (Fuzhou) ("PRC Counsel"), based on PRC laws and regulations effective as of the date of this prospectus and subject to the manner in which Cloud Data HK currently conducts its business outside of Mainland China, the Company and its subsidiaries will not be deemed to be an "Operator" or a "data processor" that are required to file for cybersecurity review by the Cyberspace Administration of China (the "CAC") before listing in the United States. Should we have any future operations in Mainland China and should (i) we fail to receive or maintain such permissions or approvals, (ii) we inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by respective PRC regulatory agencies. Further, as confirmed and advised by our PRC Counsel, AllBright Law Offices (Fuzhou), based on PRC laws and regulations as effective as of the date of this prospectus, we are not subject to the Trial Measures for Administration of Overseas Securities Offerings and Listings by Domestic Companies and five interpretive guidelines (collectively, the "CSRC Filing Rules") or go through the filing procedures under the CSRC Filing Rules before our Ordinary Shares can be listed or offered in the U.S., because (i) we are headquartered in Hong Kong and most of our officers are employed by our HK operating subsidiary; (ii) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China, nor is it controlled by any mainland Chinese company directly or indirectly; (iii) all of our revenues and profits are generated by our subsidiary in Hong Kong, none of our business activities are conducted in Mainland China, and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in our audited consolidated financial statements for the same period; (iv) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China; (v) pursuant to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). See "Risk Factors — Risks Relating to Doing Business in Jurisdictions in which Our Operating Subsidiary Operates — *There remain some uncertainties as to whether we will be required to obtain approvals from the PRC authorities to list on the U.S. exchanges and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval. We may become subject to a variety of PRC laws and other obligations regarding data security in relation to offerings that are conducted overseas, 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 and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or become worthless*." on page 20 of this prospectus.

We currently do not have cash management policies that dictate how funds are transferred between Cloud Data and its subsidiaries, and investors of our Company. Cash is usually transferred within our group in the following manners: (i) funds are transferred from the Company to Cloud Data BVI, and further to our operating subsidiary in Hong Kong, in the form of capital contributions or loans, as the case may be; and (ii) dividends or other distributions may be paid by our operating subsidiary in Hong Kong to the Company through Cloud Data BVI. If the Company intends to distribute dividends to its shareholders, it will depend on payment of dividends from our operating subsidiary in accordance with the laws and regulations of Hong Kong, and the dividends will be distributed by the Company to all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders are U.S. investors or investors in other countries or regions. See "Prospectus Summary — Cash Flows through Our Organization" on page 7.

The Company has not previously declared or paid any cash dividend or dividend in kind, and has no plan to declare or pay any dividends in the near future on our Ordinary Shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. See "Prospectus Summary — Cash Flows through Our Organization." There could be limitations on our ability to transfer cash between the Company and its subsidiaries, and investors of our Company. See "Risk Factor — Risks Relating to Doing Business in Jurisdictions in which Our Operating Subsidiary Operates — *The Chinese government may intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong*." on page 18 of this prospectus.

Trading in our securities on U.S. markets, including Nasdaq, may be prohibited under the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023 (the "HFCAA") if the Public Company Accounting Oversight Board (the "PCAOB") determines that it is unable to inspect or investigate completely our auditor for two consecutive years because of the position taken by authorities in a foreign jurisdiction. On December 16,

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2021, the PCAOB issued the HFCAA Determination Report to notify the SEC of its determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong (the "2021 Determinations"). Our auditor, Guangdong Prouden CPAs GP, headquartered in Mainland China, is subject to the determinations announced by the PCAOB on December 16, 2021. On December 15, 2022, the PCAOB announced that it was able to conduct inspections and investigations of PCAOB-registered public accounting firms headquartered in Mainland China and Hong Kong in 2022. The PCAOB vacated its previous 2021 Determinations accordingly. As a result, we do not expect to be identified as a "Commission-Identified Issuer" under the HFCAA.

However, whether the PCAOB will continue to be able to satisfactorily conduct inspections and investigations 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, including positions taken by authorities of the PRC. The PCAOB is expected to continue to demand complete access to inspections and investigations against accounting firms headquartered in Mainland China and Hong Kong in the future. The PCAOB is required under the HFCAA to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in the Mainland China and Hong Kong. The possibility of being a "Commission-Identified Issuer" and risk of delisting could continue to adversely affect the trading price of our securities. If the PCAOB determines in the future that it no longer has full access to inspect and investigate accounting firms headquartered in Mainland China and Hong Kong and we continue to use such accounting firm to conduct audit work, we would be identified as a "Commission-Identified Issuer" under the HFCAA following the filing of the annual report for the relevant fiscal year, and if we were so identified for two consecutive years, trading in our securities on U.S. markets would be prohibited under the HFCAA, and U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. For more details, see "Risk Factors — Risks Relating to Doing Business in Jurisdictions in which Our Operating Subsidiary Operates — *Trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it is unable to inspect or investigate completely our auditor, and as a result, U.S. national securities exchanges, such as Nasdaq, may determine to delist our securities. The delisting of the Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment."*

You should read this prospectus, together with additional information described under the heading "Where You Can Find More Information," carefully before you invest in any of our securities.

**We are an "emerging growth company" under the U.S. federal securities laws and will be subject to reduced public company reporting requirements. Investing in our securities involves a high degree of risks. See "Risk Factors" beginning on page 10 of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total** | **Total** |
|  Initial public offering price<sup>(1)</sup> | US$ | 4.00 | US$ | 15000000 |
|  Underwriting discount<sup>(</sup><sup>2</sup><sup>)</sup> | US$ | 0.28 | US$ | 1050000 |
|  Proceeds, before expenses, to us | US$ | 3.72 | US$ | 13950000 |

---

____________

(1) Initial public offering price per share is assumed to be US$4.00, which is the low point of the range set forth on the cover page of this prospectus.

(2) We have agreed to pay the underwriters a discount equal to 7% of the gross proceeds of the Offering. For additional information on underwriting compensation, see "Underwriting" beginning on page 106.

This Offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares offered by the Company if any such shares are taken. We have granted the underwriters an option, exercisable one or more times in whole or in part, to purchase up to 15% additional Ordinary Shares from us at the initial public offering price, less underwriting discounts, within 45 days from the pricing date of this Offering to cover over-allotments, if any. If the underwriter(s) exercise the option in full, with the initial public offering price per share at US$4.00, the total underwriting discounts payable to the underwriter(s) will be US$1,207,500, and the total proceeds to us, before expenses, will be US$16,042,500.

The underwriters expect to deliver the Ordinary Shares against payment in U.S. dollars in New York, New York on or about , 2026.

PROSPECTUS DATED , 2026.

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T99100) | 1 |
|  [THE OFFERING](#T99101) | 9 |
|  [RISK FACTORS](#T99102) | 10 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA](#T994001) | 35 |
|  [USE OF PROCEEDS](#T99103) | 36 |
|  [DIVIDEND POLICY](#T99104) | 37 |
|  [CAPITALIZATION](#T99105) | 38 |
|  [DILUTION](#T99106) | 39 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T99107) | 40 |
|  [CORPORATE HISTORY AND STRUCTURE](#T99108) | 42 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T99109) | 43 |
|  [INDUSTRY OVERVIEW](#T99110) | 56 |
|  [BUSINESS](#T99111) | 71 |
|  [REGULATION](#T99112) | 81 |
|  [MANAGEMENT](#T99113) | 83 |
|  [PRINCIPAL SHAREHOLDERS](#T99114) | 88 |
|  [RELATED PARTY TRANSACTIONS](#T99115) | 89 |
|  [DESCRIPTION OF SHARE CAPITAL AND CAYMAN ISLANDS COMPANY LAW](#T99116) | 91 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T99117) | 99 |
|  [TAXATION](#T99118) | 101 |
|  [UNDERWRITING](#T99119) | 106 |
|  [EXPENSES OF THE OFFERING](#T99120) | 110 |
|  [LEGAL MATTERS](#T99121) | 111 |
|  [EXPERTS](#T99122) | 111 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T99123) | 111 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#T99124) | F-1 |

---

You should rely only on the information contained in this prospectus or in any related free writing prospectus that we filed with the U.S. Securities and Exchange Commission. We and the underwriters have not authorized anyone to provide any information other than that contained in this prospectus or in any free writing prospectus prepared by or on our behalf or to which we have referred you. We take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, the Ordinary Shares only in jurisdictions where such offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or the sale of any ordinary share.

Neither we nor the underwriters 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 Persons outside the United States who came into possession of this prospectus must inform themselves about and observe any restrictions relating to this Offering of the Ordinary Shares and the distribution of this prospectus outside of the United States.

Until , 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that buy, sell, or trade Ordinary Shares, whether or not participating in this Offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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#### Conventions That Apply to This Prospectus
Unless otherwise indicated or the context otherwise requires and for purposes of this prospectus only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Articles" or "Articles of Association" are to the amended and restated articles of association of our Company adopted on January 20, 2026, as amended, supplemented and/or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "bandwidth" are to a measure of data transfer capacity, often relevant for pricing and service-level commitments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BVI Act" are to the BVI Business Companies Act, as amended, supplemented or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "cabinet," or "rack" are to standardized enclosures used to physically house multiple servers and network devices within an IDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cloud Data BVI" are to "Cloud Data (BVI) Holdings Corporation," a company incorporated under the laws of the BVI on August 20, 2024, and wholly-owned by the Company after the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cloud Data HK" and "our operating subsidiary" are to Cloud Data Network Limited, a company incorporated under the laws of Hong Kong with limited liability, a direct wholly owned subsidiary of Cloud Data BVI and our sole operating subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Companies Act" are to the Companies Act (as revised) of the Cayman Islands, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company" and "Cloud Data" are to Cloud Data Holdings Corporation, an exempted company incorporated in the Cayman Island with limited liability on August 8, 2024, which will issue the Ordinary Shares being offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Controlling Shareholder" and "Mr. Liao" are to Mr. Chang Liao, who beneficially owns an aggregate of 7,650,000 Ordinary Shares through his wholly owned company Qiantian Holdings Limited, which will represent approximately 36.87% of the total issued and outstanding Ordinary Shares, representing approximately 36.87% of the total voting power, immediately after the completion of this Offering, assuming the underwriters do not exercise their over-allotment option. See "Management" and "Principal Shareholders" for more information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Enterprise-level Data Center" are to large-scale data center designed to serve the needs of major enterprises and institutions. It is typically equipped with highly reliable infrastructure to meet stringent requirements for data security and business continuity, supporting enterprises' day-to-day operations, enterprise data centers provide robust computing and storage.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GW" are to gigawatts, a measure of the total power capacity available to support data center operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HKD" or "HK$" are to Hong Kong dollar(s), the lawful currency of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hong Kong" are to the Hong Kong special administrative region of the People's Republic of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IDC" are to Internet Data Center, a specialized facility used to house computing infrastructure and networking equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IPO" are to an initial public offering of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Mainland China" are to the PRC or China excluding, for the purpose of this prospectus only, Hong Kong, Taiwan, and the Macau Special Administrative Regions of the People's Republic of China;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Memorandum" or "Memorandum of Association" are to the amended and restated memorandum of association of our Company adopted on January 20, 2026, as amended, supplemented and/or otherwise modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Memorandum and Articles" or "Memorandum and Articles of Association" are to the Memorandum of Association and the Articles of Association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Mbps (Megabits per second)" and "Gbps (Gigabits per second)" are units of data transfer speed used to measure network bandwidth, and 1 Gbps equals 1,000 Mbps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Nasdaq" are to Nasdaq Stock Market LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ordinary Shares" are to our ordinary shares, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PCAOB" are to Public Company Accounting Oversight Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC" or "China" are to the People's Republic of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" or "U.S. Securities and Exchange Commission" are to the United States Securities and Exchange Commission;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. dollars" or "US$" or "$" or "USD" or "dollars" are to United States dollar(s), the lawful currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. GAAP" refers to the accounting principles generally accepted in the United States of America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "95<sup>th</sup> percentile billing" means a bandwidth billing method used in the data center and telecommunications industries, under which customer usage is measured at regular intervals throughout a billing cycle. The recorded usage data points are sorted from highest to lowest, and the top five percent of usage samples (representing the most extreme short-term spikes) are discarded. The 95<sup>th</sup> percentile value (the highest remaining usage level) is then used as the basis for billing.

We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Unless the context indicates otherwise, all information in this prospectus assumes no exercise by the underwriters of their over-allotment option.

This prospectus contains information derived from various public sources and certain information from an industry report commissioned by us and prepared by Frost & Sullivan to provide information regarding our industry and market position. Such information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. The industry in which we operate is subject to uncertainties and risks due to variety of factors, including those described in the "RISK FACTORS" section. These and other factors could cause results to differ materially from those expressed in these publications and reports.

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#### PROSPECTUS SUMMARY
*This summary highlights selected information from this prospectus. It may not contain all the information that is important to you. You should carefully read the entire prospectus and the other documents referred to in this prospectus before making an investment in our Ordinary Shares. You should carefully consider, among other things, our consolidated financial statements and the related notes and the sections titled "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus. For additional information, see "Where You Can Find More Information" in this prospectus.*

#### Overview
The Company is a holding company incorporated in the Cayman Islands. All substantive business operations are conducted by our Hong Kong subsidiary, Cloud Data HK, which is an integrated internet infrastructure service provider.

As companies move ahead with digital transformation strategies, adopt cloud-based architectures, or expand reach across multiple regions around the globe, they are often required to manage servers, bandwidths, IP addresses, connectivity, and cloud access through multiple providers, each with distinct set of technical specifications and requirements. In addition, coordinating service provisioning and ongoing client communication across multiple parties and downstream users can further increase operational complexity and coordination burden as the business growth. We aim to address these challenges by serving as a centralized service provider and coordinator between enterprise customers, Internet Data Center (IDC) infrastructure providers, and cloud service providers.

Our business is structured across four operating segments: (i) IDC services, where we procure servers, IP addresses, and bandwidth from upstream suppliers and integrate these external resources into comprehensive service packages for which we assume primary responsibility for service delivery to enterprise customers; (ii) IDC connectivity services, where we support IDC infrastructure provider customers by facilitating their service delivery to downstream clients through contract processing management, downstream client relationship management, and standby technical support; (iii) cloud facilitation and support services, which relate to the consolidation and customization of cloud resources into integrated service solutions; and (iv) other services, which consist of standalone technical support services tailored to address diverse customer needs.

We operate under an asset-light model and do not own or operate any self-built data centers, servers, or proprietary cloud platforms as of the date of this prospectus. We purchase IDC capacity, network transmission services, and cloud resources from upstream suppliers, and provide customized solutions based on our customers' demands. This business model allows us to achieve operational flexibility and reduce capital expenditures. By leveraging upstream supplier resources, we help customers reduce the complexity of managing their IT infrastructure across multiple platforms and vendors. Pricing for these tailored solutions is determined by resources usage, service level requirements, and contract duration. Looking ahead, we plan to deploy limited owned infrastructure resources, such as self-owned racks, in order to enhance service stability and operational control, subject to market demand and capital availability.

The Hong Kong IDC markets have experienced strong and sustained growth, underpinned by increasing demand from technology, fintech, e-commerce, and multinational enterprises for low-latency, high-security infrastructure. According to the F&S Report (as defined below), Hong Kong's IDC installed capacity reached approximately 1.6GW in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 13.4% through 2029. Market revenue expanded from approximately US$2.0 billion in 2020 to about US$3.6 billion in 2024, representing a CAGR of 14.8%, and is projected to rise to US$6.9 billion in 2029. In parallel, Hong Kong's cloud services market has accelerated, expanding from approximately US$731.5 million in 2020 to approximately US$1,630.6 million in 2024, and projected to reach approximately US$3,451.6 million by 2029, becoming an increasingly important component of the region's digital economy. These local developments are part of broader global trends. The global IDC industry provides the foundational infrastructure for digital services such as cloud computing, artificial intelligence, and cross-border e-commerce. The number of Enterprise-level Data Center worldwide increased at a CAGR of 3.6% from 2020 to 2024 and is expected to continue expanding. The Asia-Pacific region, particularly Southeast Asia and other developing markets, has emerged as the most dynamic area for IDC growth in recent years, driven by rising demand for scalable, high-performance digital infrastructure. Meanwhile, the global cloud services market has grown at a CAGR of approximately 24.0% from 2020 to 2024, becoming a critical enabler of digital transformation across sectors. For the fiscal years ended March 31, 2024 and 2025, our customers primarily included technology companies based in Hong Kong and Canada. Looking ahead, we

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plan to selectively expand into international markets and pursue strategic partnerships within the IDC and cloud service supply chains. We believe the structural growth of the Hong Kong market, together with global momentum in digital infrastructure and cloud services, will support our long-term development.

For the fiscal years ended March 31, 2024 and 2025, our total revenue increased from US$2.29 million to US$3.00 million, representing a year-over-year growth of 31.2%, primarily driven by the continued expansion of our IDC connectivity services, with revenue from this segment rising to US$2.08 million in fiscal 2025 compared to US$1.66 million in fiscal 2024. Our gross margin improved from 55.0% in fiscal 2024 to 57.2% in fiscal 2025. For the six months ended September 30, 2025, our total revenue increased by approximately 57.1% compared to the same period in 2024, primarily driven by increased demand for our IDC connectivity service and cloud facilitation and support service. From the six months ended September 30, 2024 to the same period in 2025, our gross margin improved from 56.5% to 70.4%. We believe our flexible service model and focus on integration position us well to capture future growth opportunities as enterprise customers continue to seek scalable and cost-efficient infrastructure solutions.

#### Our Competitive Strengths
We attribute the following competitive strengths to our growing success, and we believe that they will continue to provide us with the long-term competitive advantages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value-added integration of upstream resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Focused B2B service delivery model

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong management team with industry expertise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong supplier relationships and flexible sourcing model

#### Our Growth Strategies
We intend to grow our business using the following key strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Focus on continuous improvement of our service framework and customer experience

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhance service integration and network optimization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selectively pursue international expansion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversify customer base and enhance service value

#### Summary of Risk Factors
An investment in our securities involves a high degree of risk. You should carefully consider the risks summarized below. These risks are discussed more fully in the "RISK FACTORS" section starting on page 10 of this prospectus. These risks include, but are not limited to, the following:

#### Risks Relating to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our historical growth may not be indicative of our future performance, and our revenue and operating results may fluctuate significantly. (page 10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a limited operating history with respect to certain of our current business lines, and our evolving business model may not be successful. (page 11)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A substantial part of our business depends on clients continuing their use of our services. Any decline in our client retention would harm our future operating results. (page 11)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As we do not currently operate our own data centers, we have limited control over the physical and technical performance of these facilities. Failures on the part of our suppliers could impact our service levels and damage our reputation. (page 11)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely entirely on third-party infrastructure, systems, and service providers, and any disruption, degradation, or loss of access to these external resources could materially and adversely affect our operations and reputation. (page 12)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our gross margins may fluctuate and may not be sustainable if we scale our business, adjust our service mix, or strategically modify our asset-light operating model. (page 12)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to adequately protect our intellectual property, and we may be exposed to infringement claims by third parties. (page 13)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our insurance coverage may be inadequate to protect us from potential losses. (page 13)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is substantially dependent on a limited number of suppliers, creating significant concentration risk that could materially adversely affect our operations and financial performance. (page 13)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into transactions with related parties, some of which are also our major suppliers. (page 14)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on third-party platforms and infrastructure to support our operations, and cybersecurity risks could disrupt our services, damage our reputation, and adversely affect our business. (page 14)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenues. (page 14)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to attract and retain our core management team and other key personnel for our operation. (page 15)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to successfully implement our future business plans and objectives. (page 15)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As we lease a property for our business operations, we are exposed to risks in relation to unpredictable and increasing rental and relocation costs. (page 16)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to litigation, arbitration, or other legal proceeding risk. (page 16)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired. (page 16)

#### Risks Relating to Doing Business in Jurisdictions in which Our Operating Subsidiary Operates
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of our operations are conducted through our Hong Kong operating subsidiary. Due to the long-arm provisions under 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 securities to investors, and/or cause the value of such securities to significantly decline or become worthless. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be quick with little advance notice, and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. (page 17)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chinese government may intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. (page 18)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Hong Kong legal system embodies uncertainties that could limit the legal protections available to you and us. (page 18)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may be difficult for overseas regulators to conduct investigations or collect evidence within the territory of China, including Hong Kong. (page 20)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse regulatory developments in 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 China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs and subject us to additional disclosure requirements. (page 20)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There remain some uncertainties as to whether we will be required to obtain approvals from the PRC authorities to list on the U.S. exchanges and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval. We may become subject to a variety of PRC laws and other obligations regarding data security in relation to offerings that are conducted overseas, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our

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business, financial condition and results of operations and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or become worthless. (page 20)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. (page 22)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with Hong Kong Competition Law may result in material and adverse effect on our business, financial condition and results of operations. (page 23)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or become worthless. (page 24)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it is unable to inspect or investigate completely our auditor, and as a result, U.S. national securities exchanges, such as Nasdaq, may determine to delist our securities. The delisting of the Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. (page 25)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The recent joint statement by the SEC, proposed rule changes submitted by Nasdaq, and an act passed by the U.S. Senate and the U.S. House of Representatives all call for additional and more stringent criteria to be applied to emerging market companies. These developments could add uncertainties to our offering, business operations, share price, and reputation. (page 26)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The enactment of the PRC law on Safeguarding the Hong Kong National Security Law could impact Cloud Data HK. (page 27)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we 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 matter, which could harm our business operations, this Offering, and our reputation and could result in a loss of your investment in our Ordinary Shares, in particular if such matter cannot be addressed and resolved favorably. (page 27)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A downturn in the Hong Kong, Mainland China, or global economy, or a change in the economic and political policies of China, could materially and adversely affect our business and financial condition. (page 28)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing geopolitical tensions around the world may have a material adverse effect on our business, financial condition, and results of operations. (page 28)

#### Risks Relating to Our Ordinary Shares and This Offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our Ordinary Shares prior to this Offering, and you may not be able to resell our Ordinary Shares at or above the price you paid, or at all. (page 29)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading price of the Ordinary Shares is likely to be volatile and could fluctuate widely due to factors beyond our control, which could result in substantial losses to investors. (page 29)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may raise additional capital in the future to fund our business growth, and such financing may result in an immediate trading halt or delisting of our Ordinary Shares from Nasdaq due to public interest concerns. (page 30)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities or industry analysts cease to publish research or reports about our business, or if they adversely change their recommendations regarding the Ordinary Shares, the market price for the Ordinary Shares and trading volume could decline. (page 30)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We currently do not expect to pay dividends in the foreseeable future after this Offering and you must rely on the price appreciation of our Ordinary Shares for return on your investment. (page 31)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because our initial public offering price is higher than our net tangible book value per share, you will experience immediate dilution. (page 31)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Chief Executive Officer and a director together beneficially own a substantial majority of our voting power, which may limit your ability to influence the outcome of important transactions. (page 31)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must rely on the judgment of our management as to the use of the net proceeds from this Offering, and such use may not produce income or increase our share price. (page 31)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantial future sales or perceived potential sales of our Ordinary Shares in the public market could cause the price of our Ordinary Shares to decline. (page 31)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law. (page 32)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements. (page 32)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies. (page 33)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 the Ordinary Shares. (page 33)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company." (page 34)

#### Corporate History and Structure
We commenced our operations in 2013. On June 4, 2013, Cloud Data HK was incorporated under the laws of Hong Kong. As of the date of this prospectus, we conduct all of our business operations through Cloud Data HK.

In connection with the proposed initial public offering of the Company's shares, we undertook certain corporate restructuring activities to establish an offshore structure with the Company as our ultimate holding company (the "Reorganization") which does not have any substantive business operations by itself. On August 8, 2024, the Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act (as revised) of the Cayman Islands (the "**Companies Act**"). On August 20, 2024, Cloud Data BVI was incorporated under the BVI Act as an intermediary holding company. As part of the Reorganization, Cloud Data BVI acquired all of the equity interests in Cloud Data HK on July 14, 2025.

The chart below illustrates our corporate structure after the completion of the Reorganization and as of the date of this prospectus.

![](tflowchart_001.jpg)

For a more detailed description of our history, see "Corporate History and Structure" in this prospectus.

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#### Holding Company Structure
The Company is an exempted company incorporated in the Cayman Islands with no material operations of its own. We conduct our operations through our operating subsidiary. The Ordinary Shares offered in this Offering are shares of the Cayman Islands holding company, instead of shares of our operating subsidiary. Investors in our Ordinary Shares should be aware that they may never directly hold equity interests in our operating subsidiary.

As a result of our corporate structure, our ability to pay dividends to our shareholders depends upon dividends paid by our operating subsidiary. If our existing operating subsidiary or any newly formed ones incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to us.

#### Corporate Information
We were incorporated in the Cayman Islands on August 8, 2024. The principal executive office of our operating subsidiary is located at 1507-1510 Office Tower, Convention Plaza, 1 Harbor Road, Wan Chai, Hong Kong. Our telephone number at this address is (852) 7076-5882. Investors should submit any inquiries to the address and telephone number of our principal executive office. Our registered office in the Cayman Islands is located at McGrath Tonner Corporate Services Limited, Genesis Building, 5<sup>th</sup> Floor, Genesis Close, PO Box 446, Cayman Island, KY 1-1106. Our agent for service of process in the U.S. is COGENCY GLOBAL INC. located at 122 East 42nd Street, 18th Floor, New York, NY 10168.

Our principal website is *http://www.cd510.com*. The information contained on our website is not a part of this prospectus.

#### Implications of Being an Emerging Growth Company
As a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements compared to those that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, in the assessment of the emerging growth company's internal control over financial reporting. The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. We have elected to take advantage of the benefits of this extended transition period provided under the JOBS Act for complying with new or revised accounting standards. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenue of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this Offering; (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of the Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above. We are an "emerging growth company" as the term is used in the JOBS Act and, as such, we are subject to certain reduced public company reporting requirements. See the applicable disclosure under "Risk Factors — Risks Relating to Our Ordinary Shares and This Offering — *We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements*."

#### Implications of Being a Foreign Private Issuer
We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt under the Exchange Act from, among other things, the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently

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or as promptly as U.S. companies whose securities are registered under the Exchange Act. We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. As a foreign private issuer, we are not generally required to provide quarterly financial information to the shareholders. However, once listed on Nasdaq, we will be required to file an interim balance sheet and income statement as of the end of our second quarter. The information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers.

In addition, as a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq corporate governance requirements. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance requirements.

#### Implication of the Holding Foreign Companies Accountable Act
Trading in our securities on U.S. markets, including the Nasdaq, may be prohibited under the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023 (the "HFCAA") if the Public Company Accounting Oversight Board (the "PCAOB") determines that it is unable to inspect or investigate completely our auditor for two consecutive years because of the position taken by authorities in a foreign jurisdiction. On December 16, 2021, the PCAOB issued the HFCAA Determination Report to notify the SEC of its determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong (the "2021 Determinations"), including our auditor. On December 15, 2022, the PCAOB announced that it was able to conduct inspections and investigations of PCAOB-registered public accounting firms headquartered in Mainland China and Hong Kong in 2022. The PCAOB vacated its previous 2021 Determinations accordingly.

However, whether the PCAOB will continue to be able to satisfactorily conduct inspections and investigations 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, including positions taken by authorities of the PRC. The PCAOB is expected to continue to demand complete access to inspections and investigations against accounting firms headquartered in Mainland China and Hong Kong in the future.

The PCAOB is required under the HFCAA to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in the Mainland China and Hong Kong. The possibility of being a "Commission-Identified Issuer" and risk of delisting could continue to adversely affect the trading price of our securities. If the PCAOB determines in the future that it no longer has full access to inspect and investigate accounting firms headquartered in Mainland China and Hong Kong and we continue to use such accounting firm to conduct audit work, we would be identified as a "Commission-Identified Issuer" under the HFCAA following the filing of the annual report for the relevant fiscal year, and if we were so identified for two consecutive years, trading in our securities on U.S. markets would be prohibited under the HFCAA, and U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. For more details, see "Risk Factors — Risks Relating to Doing Business in Jurisdictions in which Our Operating Subsidiary Operates — *Trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it is unable to inspect or investigate completely our auditor, and as a result, U.S. national securities exchanges, such as Nasdaq, may determine to delist our securities. The delisting of the Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment*."

#### Cash Flows through Our Organization
We currently do not have cash management policies that dictate how funds are transferred among the Company, its subsidiaries, and our shareholders. Cash is usually transferred within our group in the following manner: (i) funds may be transferred to Cloud Data HK from the Company as needed through Cloud Data BVI, in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by Cloud Data HK to the Company through Cloud Data BVI.

In the fiscal years ended March 31, 2024 and 2025 and the six months ended September 30, 2025, and as of the date of this prospectus, the Company did not transfer any cash to or from any of its subsidiaries, except for the cash transfers within our group in connection with the Reorganization.

The ability of the Company to pay dividends, if any, to its shareholders and to service any debt it may incur will depend upon dividends paid by its subsidiaries, particularly our Hong Kong subsidiary that conduct all our business operations. The Company has not previously declared or paid any cash dividend or dividend in kind, and has no plan to declare or pay any dividends in the near future on our Ordinary Shares. On July 31, 2024, the board of directors of

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Cloud Data HK approved and declared a dividend distribution of US$588,020 to Mr. Liao. The dividend was fully paid on September 24, 2024. Except as stated above, no other dividends have been declared or paid by the Company or its subsidiaries during the two fiscal years ended March 31, 2024 and 2025 and the six months ended September 30, 2025, and as of the date of this prospectus. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

As of the date of this prospectus, our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other; nor do they maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. There can be no assurance that the PRC government will not intervene or impose restrictions to prevent the cash maintained in Hong Kong from being transferred out or restrict the deployment of the cash into our business or for the payment of dividends.

#### Market and Industry Data
This prospectus contains market data, industry data, estimates and forecasts concerning our industry that were obtained from third-party sources including market research databases, publicly available information, and industry publications and reports, including internal surveys and industry forecasts. We have relied on certain data from such sources we believe to be reliable based on our management's knowledge of the industry, but the accuracy and completeness of such information is not guaranteed. We have not sought the consent of the sources to refer to such publicly available information in this prospectus, and we have not independently verified the accuracy or completeness of the data. In addition, we do not necessarily know what assumptions and limitations regarding general economic growth were used or were applicable in preparing the third-party forecasts we cite, and you are cautioned not to place undue reliance on these estimates. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factors" section. These and other factors could cause results to differ materially from those expressed in these publications and reports.

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#### THE OFFERING

---

| | |
|:---|:---|
|  Offering price | We currently estimate that the initial public offering price will be between US$4.00 and US$4.50 per share |
|  Ordinary Shares offered by us | 3,750,000 Ordinary Shares (or 4,312,500 Ordinary Shares if the underwriters exercise the option to purchase additional Ordinary Shares in full) |
|  Ordinary Shares outstanding immediately before this Offering | <br>17,000,000 Ordinary Shares |
|  Ordinary shares outstanding immediately after this Offering | <br>20,750,000 Ordinary Shares (or 21,312,500 Ordinary Shares if the underwriters exercise the option to purchase additional Ordinary Shares in full) |
|  Over-allotment option to purchase additional Ordinary Shares | <br>We have granted the Representative an option to purchase up to 562,500 additional Ordinary Shares, representing 15% of the Ordinary Shares sold in the offering, at the initial public offering price within 45 days of the date of this prospectus, less underwriting discounts, solely for the purpose of covering over-allotments. |
|  Use of proceeds | We intend to use our net proceeds from this Offering as follows: <br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 33% is expected to be used to support the development and expansion of our data center infrastructure in Hong Kong; <br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 25% is expected to be used to support the establishment of data center operations in Japan as part of our international market expansion; and <br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately 42% is expected to be used for the development and enhancement of our proprietary network monitoring and optimization systems to strengthen our value-added service offerings; and <br> &nbsp;&nbsp;&nbsp;&nbsp;• the balance for general corporate purposes, which may include funding working capital needs and potential strategic investments and acquisitions, although we have not identified any specific strategic investments and acquisition opportunities. |
|  Lock-up | Our directors, officers and all holders of the Company's securities (including warrants, options, convertible securities, and Ordinary Shares of the Company) have agreed with the underwriters not to offer, issue, sell, encumber, grant any option for the sale of or otherwise dispose of any of the securities for a period of three (3) months starting from the pricing date of this Offering without the written consent of the Representative. See "Shares Eligible for Future Sale" and "Underwriting." |
|  Listing | We have applied for the listing of the Ordinary Shares on the Nasdaq Capital Market under the symbol "CDN." The Ordinary Shares will not be listed on any other stock exchange or traded on any automated quotation system. |
|  Risk Factors | See "Risk Factors" and other information included in this prospectus for a discussion of the risks you should carefully consider before deciding to invest in the Ordinary Shares. |
|  Transfer Agent | Transhare Corporation |
|  Payment and settlement | The underwriters expect to deliver the Ordinary Shares against payment on or about [ ], 2026. |

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#### RISK FACTORS
*An investment in our Ordinary Shares involves a high degree of risk. Before deciding whether to invest in our Ordinary Shares, you should consider carefully the risks described below, together with all the other information set forth in this prospectus, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely affected, which could cause the trading price of our Ordinary Shares to decline, resulting in a loss of all or part of your investment. The risks described below and elsewhere in the prospectus as referenced above are not the only ones that we face. Additional risks not presently known to us or that we currently deem immaterial may also affect our business. You should only consider investing in our Ordinary Shares if you can bear the risk of loss of your entire investment.*

#### Risks Relating to Our Business and Industry

#### Our historical growth may not be indicative of our future performance, and our revenue and operating results may fluctuate significantly.
Hong Kong's IDC market has shown strong and sustained growth, supported by a stable policy environment, a sound regulatory and compliance framework, and increasingly integrated data collaboration with Mainland China. According to the F&S Report, the market expanded from approximately US$2.0 billion in 2020 to about US$3.6 billion in 2024, representing a compound annual growth rate (CAGR) of 14.8%, and is projected to reach around US$6.9 billion by 2029, with a forecasted CAGR of approximately 14.0%. Meanwhile, the cloud services market in Hong Kong has also accelerated, growing from approximately US$731.5 million in 2020 to approximately US$1,630.6 million in 2024, becoming an increasingly important part of the digital economy in the Asia-Pacific region. These favorable market trends have contributed to our growth in recent years. However, our operating history may not serve as an adequate basis for evaluating our prospect and operating results, and our historical growth may not be indicative of our future growth or financial results. Also see "— *Our gross margins may fluctuate and may not be sustainable if we scale our business, adjust our service mix, or strategically modify our asset*-light *operating model*."

As we expand our business and scale our operations, we face new challenges that may affect our ability to sustain past growth rates. These include potential pressure on our margins, operational complexity, and the need to adapt to shifting customer preferences. Our future revenues and operating results are also inherently unpredictable and may fluctuate significantly due to a range of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in customer demand for IDC-related resources, such as IP addresses, server rentals, and bandwidth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in pricing, utilization rates, and contract terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pricing pressure or changes in upstream supplier costs, particularly for IDC capacity and network transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delays in customer onboarding, IDC capacity expansion, or new facility partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evolving market preferences, including migration to cloud-native architectures or hyperscale cloud providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evolving data compliance requirements, sustainability expectations, or jurisdiction-specific data handling regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory developments or technological shifts affecting our service offerings.

In addition, competitive pressures, particularly from service providers with broader geographic reach, better pricing, or more advanced technologies, may impair our customer retention and growth. These risks may be exacerbated by macro-economic conditions and changes in the broader digital infrastructure landscape.

Therefore, there can be no assurance that we will be able to maintain the same pace of growth or replicate our past success as our business evolves. If we fail to adapt to changing market conditions or are unable to execute our growth strategies effectively, our results of operations, financial condition, and prospects may be materially and adversely affected.

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#### We have a limited operating history with respect to certain of our current business lines, and our evolving business model may not be successful.
Our operating entity was established in 2013 and has operated for a number of years; however, certain of our current service offerings are relatively recent and continue to evolve. As a result, investors may have limited historical information upon which to evaluate our performance with respect to these business lines. Although we have developed operational experience over time, our current business model has not been fully proven and remains subject to significant uncertainties.

We continue to expand and refine our business operations and are therefore subject to risks commonly associated with companies in a growth phase, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources and lack of revenues, any of which could have a material adverse effect on us and may force us to reduce or curtail operations. Our ability to successfully plan for, model, and manage future growth depends on numerous factors, many of which are beyond our control. There can be no assurance that our growth initiatives will result in sustained revenue growth, positive cash flows, or profitability.

Furthermore, our business lines are subject to material legal, regulatory, tax, and other risks in each jurisdiction in which we operate. These business lines rely on third-party infrastructure providers and cloud service providers and may be affected by changes in regulatory frameworks, supplier availability, pricing structures, or market conditions. Our services may not achieve the level of market acceptance we anticipate, may face competitive pressures, and may not continue to be profitable. We may also fail to effectively implement our business strategies, adapt our service offerings to evolving customer requirements, or generate returns for our investors.

In addition, our revenues and operating costs may fluctuate. We may incur upfront costs associated with expansion and development, and revenues from such initiatives may take time to materialize, if at all. If we are unable to manage our growth effectively or control expenses, our ability to continue operations may depend on our ability to raise additional capital, obtain financing, or monetize assets. The occurrence of any of these risks could have a material adverse effect on our business, financial condition, results of operations, and future prospects.

***A substantial part of our business depends on clients continuing their use of our services. Any decline in our client retention would harm our future operating results.***

We do not have long term contracts with most of our clients, and therefore rely on their continued use of our services. As a result, client retention, particularly during periods of declining transactional volume, is an important part of our strategic business plan. There can be no assurance that our clients will continue to use our services to meet their ongoing needs, particularly in the face of competitors' products and services offerings. Our client retention rates may decline due to a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to demonstrate to our clients the value of our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price, performance and functionality of our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability, price, performance and functionality of competing products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our clients' ceasing to use or anticipating a declining need for our services in their operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidation in our client base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of economic downturns and global economic conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reductions in our clients' spending levels.

If our retention rates are lower than anticipated or decline for any reason, our net sales may decrease and our profitability may be harmed, which could negatively impact our results of operations, financial position and cash flow.

***As we do not currently operate our own data centers, we have limited control over the physical and technical performance of these facilities. Failures on the part of our suppliers could impact our service levels and damage our reputation.***

We primarily rely on third-party service providers to supply IDC infrastructure and network transmission services that are essential to the delivery of our service offerings. As of the date of this prospectus, we do not operate our own data centers, and therefore, we have limited control over the operational performance, maintenance standards, security protocols, and overall reliability of these facilities.

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Any failure, disruption, or under-performance by our suppliers, such as power outages, bandwidth congestion, equipment malfunction, or security breaches, could interrupt or degrade the quality of services we provide to our customers. Even if such events are not caused by us, we may nevertheless be held responsible by customers or face reputational harm. In addition, if our suppliers are unable or unwilling to meet the service level standards we require, we may incur costs or be required to allocate additional resources to resolve customer issues.

Furthermore, if any of our major third-party providers terminates or fails to renew its contractual relationship with us on favorable terms, or at all, we may not be able to secure suitable replacement providers in a timely manner, or on commercially reasonable terms. Also see "— *We rely entirely on third*-party *infrastructure, software, and technology systems, and our business and reputation could suffer if these third*-party *systems and services are no longer available to us*." Additionally, we may need to adjust to changes in the licensing terms or service standards of these providers. Any material degradation in service quality could adversely impact customer satisfaction and our competitive position.

***We rely entirely on third-party infrastructure, systems, and service providers, and any disruption, degradation, or loss of access to these external resources could materially and adversely affect our operations and reputation.***

We do not own or operate any self-built data centers, cloud platforms, or core infrastructure systems. Instead, our business model is entirely dependent on upstream third-party providers for IDC resources and cloud services. These third-party providers are critical to our ability to assemble and deliver service packages to customers. If any of these upstream providers experience technical failures, service outages, cyberattacks, supply shortages, or financial distress, or if they terminate or materially alter their commercial arrangements with us, we may lose access to essential infrastructure or face substantial degradation in service quality.

In addition, many of the functional tools used to support service usage and management, such as bandwidth monitoring systems, are provided directly by suppliers to our customers under our IDC connectivity services. If those tools fail, become inaccurate, or are withdrawn by the suppliers, our customers may encounter difficulties in managing their own bandwidth usage or verifying service levels, which could damage our customer relationships or lead to disputes.

If any of our suppliers terminate their services or fail to provide us with reliable and secure access on commercially reasonable terms, our operations may be disrupted. We may not be able to find suitable alternatives in a timely manner, or at comparable cost, which could result in service interruptions, increased expenses, or delays in deploying new solutions. Transitioning to new suppliers may require material technical integration, contract renegotiation, and employee retraining. These transitions may also limit our ability to provide uninterrupted service or maintain consistent user experience. Any such disruptions could harm customer satisfaction, weaken our competitive position, and materially and adversely affect our business and financial condition.

***Our gross margins may fluctuate and may not be sustainable if we scale our business, adjust our service mix, or strategically modify our asset-light operating model.***

Our current operations are conducted under an asset-light business model, which relies on outsourced infrastructure, third-party service providers, and other operating arrangements. This model has contributed to our cost structure and supported our gross margins, which improved from 55.0% in fiscal year 2024 to 57.2% in fiscal year 2025, and from 56.5% for the six months ended September 30, 2024 to 70.4% for the same period in 2025.

The increase in gross margin for the six months ended September 30, 2025 was primarily attributable to increased demand for certain cloud-related services. Revenue from these services is generated on a net basis, as we do not procure resources or operate underlying physical infrastructure, but instead connect customers to third-party cloud platforms and provide value-added services. As a result, these services generally involve lower direct costs compared to infrastructure-dependent offerings and contributed to higher gross margins during the period. Demand for such cloud-related services may fluctuate over time. There can be no assurance that the level of demand for cloud services experienced during the six months ended September 30, 2025 will continue. In addition, such services may not account for a similar proportion of our business in the future. If we expand or scale infrastructure-dependent services, or if the mix of our services shifts toward offerings with higher direct costs, our overall gross margins may decline.

Further, as part of our long-term operational plan, we may deploy a limited amount of self-owned infrastructure equipment to enhance service stability, performance optimization, redundancy, or customization of our service offerings. Any such deployment would increase fixed costs, including capital expenditures, depreciation, maintenance, and personnel expenses. If we pursue these initiatives, we may not be able to achieve the same level of operating leverage in the near term, and our historical gross margins may not be maintained.

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Even if we continue to operate primarily under an asset-light model, our ability to scale efficiently will depend on factors such as pricing and capacity provided by third-party service providers, competitive dynamics, and customer demand. Accordingly, historical gross margin performance should not be relied upon as an indication of our future results, and our margins may vary from period to period.

#### We may not be able to adequately protect our intellectual property, and we may be exposed to infringement claims by third parties.
As of the date of this prospectus, we do not own any registered trademarks or patents, nor do we have any pending applications, which is primarily due to the nature of our business. However, as our business develops and our brand presence grows, we may pursue trademark registrations in selected jurisdictions to enhance our brand protection. There is no guarantee, however, that such applications will be successful, or that the resulting rights will be sufficient to prevent unauthorized use by third parties. Our lack of any formal intellectual property registrations may limit our ability to prevent competitors or other third parties from misappropriating or imitating our branding or services.

Moreover, third parties may assert claims that our operations infringe on their intellectual property rights. If we are unable to resolve such claims or obtain appropriate licenses on commercially reasonable terms, we may be required to change our business practices or suspend certain activities, which could adversely affect our business, financial condition, and results of operations.

#### Our insurance coverage may be inadequate to protect us from potential losses.
We provide liability insurance for our employees as required by relevant applicable laws and regulations. We currently do not maintain any insurance covering our properties, equipment, or inventory, and we do not carry any business interruption or product liability insurance or any third-party liability insurance to cover claims in respect of personal injuries or any damages arising from accidents on our properties or in relation to our operations. In addition, we do not maintain professional liability insurance that includes coverage on any negligence in management, information leakage, breach of confidentiality obligations and cybersecurity incidents. Although we have not experienced such incidents in the past, if these incidents were to occur, there can be no assurance that insurance coverage will be available, responsive, or that available coverage will be sufficient to cover losses and claims related to such incidents we may experience.

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.

***Our business is substantially dependent on a limited number of suppliers, creating significant concentration risk that could materially adversely affect our operations and financial performance.***

Our business operations are substantially dependent on a concentrated group of suppliers who provide the infrastructure resources we integrate and deliver to customers. We define major suppliers as those representing more than 10% of our total purchases in any given period. For the year ended March 31, 2024, our top two suppliers represented approximately 65% and 31% of our total purchases, respectively. For the year ended March 31, 2025, our top three suppliers accounted for approximately 52%, 25%, and 21% of our total purchases, respectively. For the six months ended September, 2025, our top two suppliers represented approximately 44% and 42% of our total purchases, respectively. Additionally, a significant portion of our supplier relationships involve related parties, which introduces additional risks. See "— *We have entered into transactions with related parties, some of which are also our major suppliers.*"

We generally operate without long-term supply agreements with our suppliers, relying instead on ongoing commercial relationships that may be terminated or modified with limited notice. This approach, while providing operational flexibility, creates substantial uncertainty regarding future service availability, pricing, and terms. The absence of contractual commitments means we cannot guarantee continued access to essential infrastructure resources at competitive rates, potentially disrupting our ability to serve customers or forcing us to accept significantly higher costs that would compress our margins.

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#### We have entered into transactions with related parties, some of which are also our major suppliers.
A substantial portion of our major suppliers are related parties, which creates additional layers of risk beyond typical supplier arrangements. For the year ended March 31, 2024, two related party suppliers, Zhongshan Weijia Network Technology Limited ("Zhongshan Weijia") and Happy Fortune Data Limited ("HAPPY"), accounted for approximately 65% and 31% of our total purchases, respectively. For the year ended March 31, 2025, related party suppliers Zhongshan Weijia and HAPPY represented approximately 52% and 21% of our total purchases, respectively. For the six months ended September, 2025, related party suppliers Zhongshan Weijia and HAPPY represented approximately 42% and 44% of our total purchases, respectively. See "RELATED PARTY TRANSACTIONS — Other Related Party Transactions — *Purchases from Related Parties*" for additional details.

Our significant reliance on related party suppliers may create actual or perceived conflicts of interest that could compromise our negotiating position and independence in commercial arrangements. These relationships may limit our ability to negotiate optimal terms, as commercial decisions may be influenced by considerations beyond pure business merit. The inherent conflicts in related party relationships may also affect our ability to make independent business judgments regarding supplier selection, pricing, and performance evaluation.

#### We rely on third-party platforms and infrastructure to support our operations, and cybersecurity risks could disrupt our services, damage our reputation, and adversely affect our business.
We operate under an asset-light model and do not collect, store, or process customer business data directly. Our customers independently deploy and manage their own equipment within third-party IDC facilities provided by our upstream partners. In addition, suppliers may offer their own software platforms, cloud interfaces, and network monitoring tools directly to our customers for service management and data visibility. We do not control or operate these platforms, and we have minimal direct exposure to customer data or IT systems.

However, because our services are integrated with infrastructure and systems managed by external vendors, any cyberattack, data breach, or technical failure affecting those supplier platforms may indirectly affect the availability or quality of services delivered to our customers. Such cybersecurity risks may include malware infections, unauthorized access, network intrusions, or outages at supplier-managed facilities or cloud platforms. These events could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interrupt connectivity between customers and their infrastructure resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delay provisioning or troubleshooting efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Undermine customer trust in our coordination capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require remediation efforts and damage our commercial reputation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lead to contractual disputes or increased oversight costs.

Although we do not operate any proprietary systems that directly handle customer data, we take steps to ensure that our upstream providers follow industry-standard security protocols, including network isolation, encryption, and access control. However, we cannot fully eliminate the risk of supplier-side incidents. If a significant cybersecurity breach occurs at the supplier level, it could materially and adversely affect our business, results of operations, and financial condition.

#### We have a substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenues.
For the fiscal year ended March 31, 2024, two third-party customers accounted for approximately 72% and 26% of our total revenue. For the fiscal year ended March 31, 2025, three third-party customers accounted for approximately 69%, 17% and 12% of our total revenue. For the six months ended September 30, 2025, two third-party customers accounted for approximately 69% and 27% of our total revenue. There are inherent risks whenever a large percentage of total revenues are concentrated with a limited number of customers.

In particular, we are substantially dependent on one third-party customer, Baishengda International Co., Limited ("BSD"), which accounted for approximately 72% and 69% of our total revenue for the fiscal years ended March 31, 2024 and 2025, respectively. A significant reduction in business from BSD, whether due to changes in its demand,

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internal budget allocations, engagement of alternative service providers, or other operational decisions, would materially and adversely affect our revenue and results of operations, particularly if we are unable to offset such loss with new customer acquisitions or increased business from other existing customers.

More broadly, it is not possible for us to predict the future level of demand for our services from any of our customers. If one or more of our major customers experience declining or delayed sales due to market, economic, or competitive conditions, their demand for our services may reduce which may compel us to lower our prices, which could have an adverse effect on our margins and financial position and could negatively affect our revenues and results of operations. In addition, we have not entered into long-term agreements with our major customers. While many of our agreements are subject to automatic renewal, there can be no assurance that such renewals will occur, or that our customers will not seek to terminate or renegotiate their arrangements on terms less favorable to us. See "BUSINESS — Key Terms of *Our* Customer Agreements."

#### We may not be able to attract and retain our core management team and other key personnel for our operation.
Our success and growth depend on our knowledge, experience, and expertise of our management team, who is responsible for overseeing financial condition and performance, sales and marketing, operational process, and business strategy formulation, as well as the ability to identify, hire, train, and retain suitable, skilled, and qualified employees. In particular, Mr. Liao, our chief executive officer and chairman of the board, has accumulated over 15 years of experience in the digital services industry. See "Management." Mr. Liao has made significant contribution to our success and has an indispensable value in guiding our future development. In addition, the Chief Technology Officer of Cloud Data HK, Mr. Ming Zhao, has over 20 years of experience helping enterprise customers solve technical and business challenges. He has worked across areas such as cloud infrastructure, cybersecurity, data analytics, and other emerging technologies. He is skilled at designing practical, end-to-end solutions and communicating clearly with both technical teams and business leaders. His prior experience as a technical architect at Microsoft, where he led the development of enterprise cloud systems, gives him a strong foundation to support our product development and system integration. His ability to connect technical planning with business needs helps us build solutions that are reliable, efficient, and aligned with our customers' long-term goals. There is no assurance that we will be able to continue to retain the services of any or all of our management team and key personnel. If any of these personnel is unable or unwilling to continue to serve in his or her present position, and we are unable to find a suitable replacement in a timely manner, at acceptable cost or at all, the loss of their services may cause disruption to our business and may have an adverse impact on our ability to manage or operate our business effectively. The results of our operations may be adversely affected as a result.

#### We may be unable to successfully implement our future business plans and objectives.
Our future business plans may be hindered by factors beyond our control, such as intensified competition within the IDC and cloud service industries; our ability to cope with high exposure to financial, operational, market, and credit risks as our business operations and customer base expand; and our ability to provide, maintain, and enhance the technical infrastructure, human talent, and service capabilities necessary to meet our customers' evolving needs. As such, we cannot assure that our future business plans will materialize, that our objectives will be accomplished fully or partially, or that our business strategies will generate the intended benefits to us as initially contemplated. If we fail to successfully implement our business development strategies, our business performance could be materially and adversely affected.

As over 80% of our revenue is currently derived from our IDC-related services, to the extent that any diversification efforts into new service lines or emerging technologies prove unsuccessful, our business performance could be materially and adversely affected by volatile swings in customer demand, technological shifts, or changes in enterprise IT spending patterns. While we plan to introduce our self-operated IDC capacity by deploying self-owned racks and launching in-house server colocation services to serve customers directly, there is no assurance that we will be able to successfully secure the necessary resources or deploy facilities on schedule. We may face challenges in project execution, cost control, or regulatory approvals. Any delay or failure in building and operating such facilities could hinder our ability to deliver stable and scalable services to customers and may impact our long-term growth trajectory. Furthermore, we may not be able to offer prices more competitive than those of our current suppliers, and we may incur additional costs associated with facility construction, equipment procurement, or ongoing operations, which could adversely affect our profitability.

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#### As we lease a property for our business operations, we are exposed to risks in relation to unpredictable and increasing rental and relocation costs.
Our office facilities are presently located on a leased premises. At the end of each lease term, we may not be able to negotiate an extension of the lease and may therefore be forced to move to a different location, or the rent we pay may increase significantly. In the event that our rental expenses for our office located in Hong Kong increase, our operating expenses will increase and also affect our operating cash flows and, in turn, materially and adversely affect our business, results of operations, and prospects.

Furthermore, the leases for the office facilities we use could be challenged by third parties or government authorities, which may cause interruptions to our business operations. We cannot assure you that our use of such leased properties will not be challenged. In the event that our use of leased properties is successfully challenged, we may be subject to fines and forced to relocate the affected operations. We can provide no assurance that we will be able to find suitable replacement sites at desirable locations on terms acceptable to accommodate our future growth on a timely basis or at all or that we will not be subject to material liability resulting from third parties' challenges on our use of such properties.

#### We may be subject to litigation, arbitration, or other legal proceeding risk.
We may be subject to arbitration claims and lawsuits in the ordinary course of our business. As of the date of this prospectus, the Company and its subsidiaries are not a party to, and are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition, or operations. Actions brought against us may result in settlements, awards, injunctions, fines, penalties, and other results adverse to us. A substantial judgment, settlement, fine, or penalty could be material to our operating results or cash flows for a particular period, depending on our results for that period, or could cause us significant reputational harm, which could harm our business prospects.

In addition, even if we prevail in any litigation or enforcement proceedings against us, we could incur significant legal expenses defending against the claims, even those without merit. Moreover, because even claims without merit can damage our reputation or raise concerns among our clients, we may feel compelled to settle claims at significant cost.

***If we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired.***

Prior to this Offering, we were a private company with limited accounting personnel and other resources with which to address our internal controls and procedures. We will be in a continuing process of developing, establishing, and maintaining internal controls and procedures that will allow our management to report on, and our independent registered public accounting firm to attest to, our internal controls over financial reporting if and when required to do so under Section 404 of the Sarbanes-Oxley Act of 2002. Although our independent registered public accounting firm is not required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act until the date we are no longer an emerging growth company, our management will be required to report on our internal controls over financial reporting under Section 404.

As of March 31, 2025, our management assessed the effectiveness of our internal control over financial reporting. Management concluded that as of March 31, 2025, our internal control over financial reporting was ineffective. The material weaknesses identified are related to: (i) lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address U.S. GAAP technical accounting issues and prepare and review financial statements and related disclosures in accordance with U.S. GAAP and reporting requirements set forth by the Securities and Exchange Commission (the "SEC"); and (ii) lack of formal risk assessment process and internal control framework over financial reporting. Following the identification of the material weakness and other control deficiencies, we have taken measures and plan to continue to take measures to remedy these control deficiencies. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Internal Control Over Financial Reporting."

The implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting, and we cannot conclude that they have been fully remedied. Our failure to correct theses material weaknesses or our failure to discover and address any other material weaknesses could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations and prospects, as well as the trading price of our Ordinary

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Shares, may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud. Upon completion of this Offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 will require that we include a report from management on the effectiveness of our internal control over financial reporting in our annual report on Form 20-F beginning with our second annual report on Form 20-F after becoming a public company. In addition, once we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.

#### Risks Relating to Doing Business in Jurisdictions in which the Operating Subsidiary Operates
***All of our operations are conducted through our Hong Kong operating subsidiary. Due to the long-arm provisions under 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 securities to investors, and/or cause the value of such securities to significantly decline or become worthless. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be quick with little advance notice, and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.***

We are a holding company with no business operations, and we conduct all our operations through our Hong Kong operating subsidiary, Cloud Data HK. Hong Kong is a special administrative region of the PRC. Although some of our clients are companies from Mainland China or companies that have shareholders and directors that are individuals from Mainland China, Cloud Data HK does not have operations in Mainland China or is not regulated by any regulator in Mainland China. Furthermore, pursuant to the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China ("Basic Law"), national laws of Mainland China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law ("Annex III") and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong. National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III and therefore do not currently apply directly to Hong Kong.

For the fiscal years ended March 31, 2024 and 2025 and the six months ended September 30, 2025, our operating subsidiary had customers mainly from Hong Kong and Canada, and did not record any revenue from Mainland China. However, due to certain long-arm provisions in the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in China as they may affect companies incorporated and operating in Hong Kong. The PRC government may choose to exercise additional oversight and discretion over Hong Kong, and the policies, regulations, rules, and the enforcement of laws of the PRC 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 and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system are by their very nature uncertain.

In addition, these PRC laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, which may result in inconsistency 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, any associated inquiries or investigations, or any other government actions may:

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

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

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

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

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We are aware that the PRC government recently initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the PRC legislative or administrative regulation-making bodies will respond or what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or what the potential impact that any such modified or new laws and regulations would have on our daily business operations and the ability to accept foreign investments and list on a U.S. or other foreign exchange.

All of the legal and operational risks associated with operating in the PRC also apply to our operations in Hong Kong. The PRC government may intervene or influence our operations at any time and may exert more control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of our Ordinary Shares. The promulgation of new PRC laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact our ability to conduct our business could require us to change certain aspects of our business to ensure compliance, 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. Any actions by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in Hong Kong or China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless.

***The Chinese government may intervene or impose restrictions on our ability to move money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong.***

As a holding company, Cloud Data may rely on dividends and other distributions on equity paid by its subsidiaries for its cash and financing requirements. According to the BVI Act, a British Virgin Islands business company may make a distribution by way of a dividend provided that, immediately following such distribution, the value of its assets exceeds its liabilities and it is able to pay its debts as they fall due. Under Hong Kong law, dividends may only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves permitted by law, and cannot be paid out of share capital. Accordingly, Cloud Data BVI and Cloud Data HK are each permitted under the laws of their respective jurisdictions to provide funding to Cloud Data through dividend distributions, subject to the above requirements.

There is currently no restriction or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of Hong Kong, and existing laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between the ultimate holding company and our operating subsidiary in Hong Kong. However, the PRC government may, in the future, impose restrictions or limitations on our ability to move 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, including our plans to introduce a presence in Japan or other jurisdictions, and may affect our ability to receive funds from our operating subsidiary in Hong Kong. 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 our ability to conduct our business could require us to change certain aspects of our business to ensure compliance; 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 implemented, our business, financial condition, and results of operations could be adversely affected and the value of our Ordinary Shares could decrease or become worthless.

#### The Hong Kong legal system embodies uncertainties that could limit the legal protections available to you and us.
All of our operations are conducted through our Hong Kong operating subsidiary. Hong Kong is a special administration region of the PRC. On July 1, 1997, the PRC assumed sovereignty of Hong Kong under the "one country, two systems" principle which ensures that Hong Kong has its own governmental and legal system that is independent from Mainland China and, as a result, has its own distinct rules and regulations. The constitutional document of Hong Kong, the Basic Law, provides that Hong Kong enjoys the freedom to function with a high degree of autonomy

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for its affairs, including currencies, immigration and customs operations, and its independent judiciary system and parliamentary system. 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 continues using the English common law system. The Special Administrative Region of Hong Kong is responsible for its own domestic affairs including, but not limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition.

In contrast, the PRC legal system is a civil law system based on written statutes unlike the common law system applicable in Hong Kong; prior court decisions may be cited for reference but have limited precedential value. Since 1979, the PRC government has promulgated laws and regulations governing economic matters in general, such as foreign investment, corporate organization and governance, commerce, taxation, and trade. However, China has not developed a fully integrated legal system. As a result, recently enacted laws and regulations may not sufficiently cover all aspects of economic activities in China. In particular, because these laws and regulations are relatively new and due to the limited volume of published cases and their non-binding nature, interpretation and enforcement of these newer laws and regulations involve greater uncertainties than those in jurisdictions available to you. In addition, the PRC's legal system is based in part on government policies and administrative rules and many have retroactive effects. As a result, we cannot predict the effect of future developments in China's legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations by national laws.

Any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems.

We are unable to assure you that Hong Kong will continue to enjoy a high autonomy and the relative political freedoms as enjoyed by it in previous years. There have been ignited criticism from many people in Hong Kong, who were of view that the PRC leadership was reneging on its pledge to abide by the "one country, two systems" policy that allows for a democratic, autonomous Hong Kong under Beijing's rule. For instance, on June 10, 2014, Beijing released a new report asserting its authority over the territory. On July 14, 2020, the United States signed an executive order to end the special status enjoyed by Hong Kong post-1997. If the autonomy currently enjoyed by Hong Kong is compromised, it could potentially impact Hong Kong's common law legal system and ma, 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. On March 23, 2024, the Hong Kong government has enacted the Safeguarding National Security Ordinance ("SNSO"), which is a domestic security legislation under Article 23 of the Basic Law, to prohibit four types of offenses, including secession, subversion, terrorist activities and collusion with a foreign country or with external elements to endanger national security, as well as other offences relating to the endangering of national security, which has been considered as having further significantly undermined the autonomy of Hong Kong. It is difficult for us to predict the degree of adverse impact of the legislation of the SNSO on Hong Kong or our business in Hong Kong. However, in any event, since all of our operations are based in Hong Kong, any change of the political arrangements between Hong Kong and the PRC may pose an adverse impact to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions. 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.

If the PRC were to, in fact, renege on its agreement to allow Hong Kong to function autonomously, this could potentially impact Hong Kong's common law legal system and may, in turn, bring about uncertainty in, for example, the enforcement of our contractual rights. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the preemption of local regulations by national laws. These uncertainties could limit the legal protections available to you.

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#### It may be difficult for overseas regulators to conduct investigations or collect evidence within the territory of Hong Kong.
Shareholder claims or regulatory investigations that are common in the United States may be difficult to pursue as a matter of law or practicality in Hong Kong.

Our principal business operations are conducted through our Hong Kong subsidiary, and approximately 74%, 83% and 73% of our revenue were generated from Hong Kong customers in the fiscal years ended March 31, 2024 and 2025 and the six months ended September 30, 2025, respectively. Hong Kong has a legal system separate from Mainland China. 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 section 186 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.

***Adverse regulatory developments in 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 China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs and subject us to additional disclosure requirements.***

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 China, in particular with respect to restrictions on China-based companies raising capital offshore, may lead to additional regulatory review in 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 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 PRC-based operating companies (including Hong Kong) 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 China and that both countries should strengthen communications on regulating 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.

***There remain some uncertainties as to whether we will be required to obtain approvals from the PRC authorities to list on the U.S. exchanges and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval. We may become subject to a variety of PRC laws and other obligations regarding data security in relation to offerings that are conducted overseas, 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 and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or become worthless.***

On December 28, 2021, the CAC, jointly with the relevant authorities, formally published Measures for Cybersecurity Review (2021), which took effect on February 15, 2022, and replaced 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 operators (together with the operators of critical information infrastructure, the "Operators") carrying out data

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processing activities that affect or may affect national security, shall conduct a cybersecurity review, and 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.

On February 17, 2023, the CSRC, as approved by the State Council, released the CSRC Filing Rules, which came into effect on March 31, 2023. Under the CSRC Filing Rules, a filing-based regulatory system shall be applied to "indirect overseas offerings and listings" of PRC domestic companies, which refers to securities offerings and listings in an overseas market made under the name of an offshore entity but based on the underlying equity, assets, earnings, or other similar rights of a domestic company that operates its main business domestically. The CSRC Filing Rules state that any post-listing follow-on offering by an issuer in the same overseas market, including issuance of shares, convertible notes, and other similar securities, shall be subject to filing requirement within three business days after the completion of the offering.

As advised by our PRC Counsel, AllBright Law Offices (Fuzhou), the Company and its subsidiaries will not be deemed to be an "operator of critical information infrastructure," any "data processor" carrying out data processing activities, and we are not subject to cybersecurity review by the CAC for this Offering or required to obtain regulatory approval from the CAC nor any other PRC authorities for our and our subsidiary's operations in Hong Kong, since (i) Cloud Data HK is incorporated and operating in Hong Kong only without any subsidiary or variable interest entity structure in Mainland China, and it is unclear whether the Measures for Cybersecurity Review (2021) shall be applied to a Hong Kong company; (ii) as of date of this prospectus, Cloud Data HK has in aggregate collected and stored the personal information of less than one thousand individuals in Mainland China only and we have acquired the customers' separate consents for collecting and storing of their personal information and data; (iii) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (iv) data processed in our business should not have a bearing on national security nor affect or may affect national security; (v) all of the data Cloud Data HK has collected is stored in servers located in Hong Kong; and (vi) as of the date of this prospectus, neither we nor Cloud Data HK have been informed by any PRC governmental authority of being classified as "operator of critical information infrastructure" or "data processor" that is subject to CAC cybersecurity review or a CSRC review.

Further, based on laws and regulations currently in effect in the PRC as of the date of this prospectus, as confirmed and advised by our PRC Counsel, AllBright Law Offices (Fuzhou), we are not subject to the CSRC Filing Rules or go through the filing procedures under the CSRC Filing Rules before our Ordinary Shares can be listed or offered in the U.S, because (i) we are headquartered in Hong Kong and most of our officers are employed by our HK operating subsidiary; (ii) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China, nor is it controlled by any mainland Chinese company directly or indirectly; (iii) all of our revenues and profits are generated by our subsidiaries in Hong Kong, none of our business activities are conducted in Mainland China, and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in our audited consolidated financial statements for the same period; (iv) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China; (v) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).

However, as further advised by our PRC Counsel, AllBright Law Offices (Fuzhou), given the uncertainties arising from the legal system in Mainland China and Hong Kong, including uncertainties regarding the interpretation and enforcement of the PRC laws and regulations and the significant authority of the PRC government to intervene or influence the offshore holding company headquartered in Hong Kong, there remains significant uncertainty in the interpretation and enforcement of the CSRC Filing Rules, PIPL, relevant Mainland China data privacy, cybersecurity laws and other regulations. 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 Cloud Data HK and the listing of our Ordinary Shares on the U.S. or other foreign exchanges. As the CSRC Filing Rules are newly issued, there remains uncertainty as to how it will be interpreted or implemented. Therefore, we cannot assure you that when and whether we will be subject to such filing requirements, or will be able to get clearance from the CSRC in a timely manner, or at all, even though we believe that none of the situations that would clearly prohibit overseas listing and offering applies to us.

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Although we are currently not required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities; specifically, we are currently not required to obtain any permission or approval from the CSRC, the CAC or any other PRC governmental authority to operate our business or to list our securities on a U.S. securities exchange or issue securities to foreign investors. We cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. However, there remains uncertainty as to how the Measures for Cybersecurity Review (2021) will be interpreted or implemented and the relevant PRC governmental authority may not take a view that is consistent with our PRC counsel. Also, significant uncertainty exists in relation to the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users under the Measures, or if other regulations promulgated in relation to the Measures are deemed to apply to us, our business operations and the listing of our Ordinary Shares in the U.S. could be subject to cybersecurity review by the CAC, in the future. In the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be completed in a timely fashion or at all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties which could materially and adversely affect our business, financial condition, and results of operations.

Furthermore, if the CSRC Filing Rules, Measures for Cybersecurity Review (2021), the PIPL, become applicable to us or Cloud Data HK, our operation and the listing of our Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or the CSRC Overseas Issuance and Listing review in the future. If the applicable laws, regulations, or interpretations change and Cloud Data HK become subject to the CAC or CSRC review, we cannot assure you that Cloud Data HK will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. Compliance with these laws and regulations could significantly increase the cost to us of providing our service offerings, require significant changes to our operations or even prevent us from providing certain service offerings in jurisdictions in which we currently operate or in which we may operate in the future. If there is a significant change to the current political arrangements between Mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and/or if we were required to obtain such permissions or approvals in the future in connection with the listing or continued listing of our securities on a stock exchange outside of the PRC, it is uncertain how long it will take for us to obtain such approval, and, even if we obtain such approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining the necessary permissions from the PRC authorities to conduct offerings or list outside of the PRC may subject us to sanctions imposed by the CSRC, CAC, or other PRC regulatory authorities. It could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into the Mainland China as foreign investments or accept foreign investments, ability to offer or continue to offer Ordinary Shares to investors or list on the U.S. or other overseas exchange may be restricted, and the value of our Ordinary Shares may significantly decline or become worthless, our business, reputation, financial condition, and results of operations may be materially and adversely affected. The CSRC, the CAC, or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this Offering before settlement and delivery of our Ordinary Shares. In addition, if the CSRC, the CAC, or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this Offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of our securities.

***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 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 ourselves and Cloud Data HK, because a substantial portion of our operations take place in Hong Kong, we are subject to a variety of laws and other obligations regarding data privacy and protection in Hong Kong.

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In particular, the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) (the "PDPO" or the "Personal Data (Privacy) Ordinance") 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 fulfillment 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" or the "Data Protection Principles"), 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 fulfillment 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 Privacy 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 Privacy Commissioner may provide legal assistance to the aggrieved data subjects if the Privacy Commissioner deems fit to do so.

We believe that we have been in compliance with the data privacy and personal information requirements of the PDPO and we have not encountered any investigations involving a breach 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 operating subsidiary conducting business operations in Hong Kong have 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.

#### Failure to comply with Hong Kong Competition Law may result in material and adverse effect on our business, financial condition and results of operations.
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 providers offering similar products and services. 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. Currently, the merger rule only applies where an undertaking that directly or indirectly holders a "carrier license" within the meaning of the Telecommunications Ordinance (Chapter 106 of the Laws of Hong Kong) is involved in a merger, and is therefore not applicable to our business.

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

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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.

The Company confirms that 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.

***If the PRC government chooses to extend the oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or become worthless.***

As of the date of this prospectus, neither Cloud Data nor any of our subsidiaries are required to obtain any permission or approval from Hong Kong authorities to operate our business. Based on management's internal assessment that the Company and its subsidiaries currently have no operations in the PRC, the management understands that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities before listing in the U.S. and to issue our Ordinary Shares to foreign investors. We also understand that we are not required to obtain any permissions or approvals from any Chinese authorities to operate our businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authorities. However, uncertainties still exist. Recent statements, laws and regulations by the PRC government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the CSRC Filing Rules published by CSRC on February 17, 2023, which came into effect on March 31, 2023, also have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in Mainland China-based issuers. It remains uncertain whether, and to what extent, these regulatory regimes or future changes in PRC laws, regulations or policies may be applied to companies operating primarily in Hong Kong, such as ours. Also see "— *There remain some uncertainties as to whether we will be required to obtain approvals from the PRC authorities to list on the U.S. exchanges and offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval. We may become subject to a variety of PRC laws and other obligations regarding data security in relation to offerings that are conducted overseas, 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 and may hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or become worthless*." Given the potential for rapid changes in PRC regulatory requirements, we cannot assure you that future developments will not affect our ability to raise capital overseas or otherwise access foreign investment.

It is also uncertain whether the Hong Kong government will be mandated by the PRC government, despite the constitutional constraints of the Basic Law, to control over offerings conducted overseas and/or foreign investment of entities in Hong Kong, including our operating subsidiary. Any actions by the PRC government to exert more oversight and control over offerings (including of businesses whose primary operations are in Hong Kong) that are conducted overseas and/or foreign investments in Hong Kong-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors.

Furthermore, if there is a significant change to current political arrangements between Mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and, in such event, if we are required to obtain such approvals in the future and we do not receive or maintain the approvals or is denied permission from China or Hong Kong authorities, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors, which would materially affect the interests of the investors and cause significant the value of our Ordinary Shares significantly decline or become worthless.

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***Trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it is unable to inspect or investigate completely our auditor, and as a result, U.S. national securities exchanges, such as Nasdaq, may determine to delist our securities. The delisting of the Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.***

As an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB, Guangdong Prouden CPAs GP is required under the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. Guangdong Prouden CPAs GP is currently inspectable by the PCAOB. However, if there is significant change to current political arrangements between Mainland China and Hong Kong, companies operated in Hong Kong like us may face similar regulatory risks as those operated in Mainland China, and we cannot assure you that our current auditor's work will continue to be able to be inspected by the PCAOB.

As part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in particular Mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress that, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges ("EQUITABLE") Act prescribes increased disclosure requirements for these issuers and, beginning in 2025, the delisting from U.S. national securities exchanges, such as the Nasdaq, of issuers included on the SEC's list for three consecutive years, thus reducing the time period for triggering the prohibition on trading. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets. On May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President's Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB, or other federal agencies and departments with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to U.S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such risks. On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year (as defined in the interim final rules) 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. Under the HFCA Act, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our Ordinary Shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCAA, which, if enacted, would amend the HFCA Act and require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the prohibition on trading. On September 22, 2021, the PCAOB adopted a final rule implementing the AHFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the AHFCAA, whether 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. On November 5, 2021, the SEC approved the PCAOB's Rule 6100, Board Determinations under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the AHFCAA, whether it 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. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the AHFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the SEC announced that the PCAOB designated Mainland China and Hong Kong as the jurisdictions where the PCAOB is not allowed to conduct full and complete audit inspections as mandated under the HFCA Act. On August 26, 2022, the

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PCAOB signed a Statement of Protocol with the CSRC and the PRC MOF in respect to cooperation on the oversight of PCAOB-registered public accounting firms based in Mainland China and Hong Kong. Pursuant to the Statement of Protocol, the PCAOB conducted inspections on select registered public accounting firms subject to the Determination Report in Hong Kong between September 2022 and November 2022. On December 15, 2022, the PCAOB board announced that it has completed the inspections, determined that it had complete access to inspect or investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong, and voted to vacate the Determination Report. As a result of the announcement, any companies audited by registered public accounting firms headquartered in Mainland China and Hong Kong would not face immediate threat of trading prohibitions at this time. However, if any regulatory change or step taken by PRC regulators in the future precludes the PCAOB from accessing auditing papers of registered public accounting firms in Mainland China and Hong Kong, or the PCAOB re-evaluates its determination as a result of any obstruction with the implementation of the Statement of Protocol in the future, then the companies audited by those registered public accounting firms may be subject to a trading prohibition on U.S. markets pursuant to the HFCA Act. On December 29, 2022, the Consolidated Appropriations Act, 2023 (the "CAA") was signed into law by President Biden. The CAA contained, among other things, an identical provision to the AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two.

The Company's registered public accounting firm is headquartered in China, and is subject to regular inspection by PCAOB. However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our current auditor because of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause trading in our securities to be prohibited under the HFCA Act and ultimately result in a determination by a securities exchange to delist our securities. Delisting of our Ordinary Shares would force holders of our Ordinary Shares to sell their Ordinary Shares. The market price of our Ordinary Shares could be adversely affected as a result of anticipated negative impacts of these executive or legislative actions, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance. The SEC is assessing how to implement other requirements of the AHFCAA, including the listing and trading prohibition requirements described above. Future developments in respect to increasing U.S. regulatory access to audit information are uncertain, as the legislative developments are subject to the legislative process and the regulatory developments are subject to the rule-making process and other administrative procedures.

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

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

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

On May 20, 2020, the U.S. Senate passed the HFCA Act requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the HFCA Act.

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

As a result of this scrutiny, criticism, and negative publicity, the traded stock of many U.S.-listed Chinese companies sharply decreased in value and, in some cases, has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effect this sector-wide scrutiny, criticism, and negative publicity will have on us, our offerings, business, and our share price. If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and/or defend our company. This situation will be costly and time-consuming and distract our management from developing our growth. If such allegations are not proven to be groundless, we and our business operations will be severely affected and you could sustain a significant decline in the value of our shares.

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

***If we 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 matter, which could harm our business operations, this Offering, and our reputation and could result in a loss of your investment in our Ordinary Shares, in particular if such matter cannot be addressed and resolved favorably.***

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

If we 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. Our stock price could decline because of such allegations, even if the allegations are false.

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***A downturn in the Hong Kong, Mainland China, or global economy, or a change in the economic and political policies of China, could materially and adversely affect our business and financial condition.***

Our business 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 PRC 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 they may have a negative effect on us.

Economic conditions in Hong Kong and Mainland China are sensitive to global economic conditions. Although we mainly operate our business in Hong Kong and a large portion of our revenue were from corporate clients in Hong Kong, one of our large customer is from Canada, and we source and deliver IDC resources such as IP addresses associated with various countries and regions such as Japan, Turkey, Taiwan, and the United States, based on customer demand and deployment needs. As such, the demand for our products and services may be dependent on the global economy. If there is any significant decline in the global economy, our profitability and business prospects will be materially affected.

Geopolitical developments may further exacerbate this risk. For example, rising tension between the U.S. and China may have an adverse effect on global economic conditions. Additionally, major market disruptions and adverse changes in market conditions and uncertainty in the regulatory climate worldwide may adversely affect our business and industry or impair our ability to borrow or make any future financial arrangements. The credit and financial markets have experienced extreme volatility and disruptions due to the current conflict between Ukraine and Russia, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global economy. Although we do not have direct exposure to Russia, the Middle East, or their neighboring regions, prolonged instability or broader sanctions may negatively impact the global economy growth and indirectly affect the outlook of our business. For further discussion, see "— *Ongoing geopolitical tensions around the world may have a material adverse effect on our business, financial condition, and results of operations*."

#### Ongoing geopolitical tensions around the world may have a material adverse effect on our business, financial condition, and results of operations.
As a global business, we face risks associated with heightened tensions in geopolitical and economic relations. Rivalries and sanctions between major powers, including the United States and China, and unrest, terrorist threats, wars and other conflicts involving Ukraine, the Middle East and elsewhere have created increased global uncertainty. Such geopolitical tensions, along with trade disputes and regional conflicts, may result in economic instability, market volatility, and regulatory changes, which could impact our operations and consumer demand. Since February 2025, the United States has proposed to impose multiple rounds of tariffs on a wide range of goods imported from multiple countries, including China, and China has responded with retaliatory tariffs. Historically, tariffs have led to increased trade and political tensions, between the U.S. and China, as well as between the U.S. and other countries. Political tensions as a result of trade policies could reduce trade volume, cross-border investment, technological exchange, and other economic activities between major economies, resulting in a material adverse effect on global economic conditions and the stability of global financial and stock markets. Moreover, the heightened geopolitical uncertainty and potential for further escalation may discourage investments in securities issued by China-based issuers (including us) and affect the global macroeconomic environment. For example, it has been reported that the U.S. administration may consider imposing further restrictions or prohibitions on trading of Chinese securities. Although cross-border trade is not our principal business, any such geopolitical developments could materially and adversely affect our overall financial performance and prices of our Ordinary Shares.

Furthermore, such tensions may lead to consumer boycotts, increased security measures, and travel restrictions, all of which could negatively affect our ability to conduct business and expand into new markets. Any restrictions on international trade and capital flows may have a negative impact on our ability to access capital and expand our operations. As a result, any of these events could have a material adverse effect on our business, financial condition, and results of operations.

Separately, we may also be subject to review and enforcement under domestic and foreign laws that screen foreign investment and acquisitions. In both the U.S. and non-U.S. jurisdictions, these regulatory requirements may treat companies differently based on the type of company in question and investor profile in the company. As a result of these laws, investments by particular investors may need to be filed with local regulators, which in turn may

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impose added costs on our business, impact our operations, and/or limit our ability to engage in strategic transactions that might otherwise be beneficial to us and our investors. These laws are also regularly changed and updated. For example, recently the Office of Investment Security of the U.S. Department of the Treasury issued a final rule (the "Outbound Investment Rule") to implement the Executive Order 14105, which provided for the establishment of a new national security regulatory framework to control outbound investment from the United States in certain sensitive industry sectors in the People's Republic of China, including Hong Kong and Macau. The Outbound Investment Rule took effect in January 2025 and restricts U.S. persons' direct and indirect investment into companies with specified connections to China that engage in specified "Covered Activities" within three areas of technology: semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems. Notably, President Trump issued the America First Trade Policy Memorandum on February 20, 2025, which proposes to further expand the set of technologies of concern. These rules may limit our ability to engage in certain kinds of business operations; they may also limit our ability to raise capital from U.S. and other sources if we engage in the development of such technologies of concern. Continuing changes in both U.S. and non-U.S. jurisdictions to foreign investment laws and rules could adversely affect our strategic initiatives, financial performance, and growth prospects.

#### Risks Relating to Our Ordinary Shares and This Offering
***There has been no public market for our Ordinary Shares prior to this Offering, and you may not be able to resell our Ordinary Shares at or above the price you paid, or at all.***

Prior to this initial public offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on the Nasdaq Capital Market. Our shares will not be listed on any other exchange or quoted for trading on any over-the-counter trading system. If an active trading market for our Ordinary Shares does not develop after this Offering, the market price and liquidity of our Ordinary Shares will be materially and adversely affected.

Negotiations with the Underwriter will determine the initial public offering price for our Ordinary Shares which may bear no relationship to their market price after the initial public offering. We cannot assure you that an active trading market for our Ordinary Shares will develop or that the market price of our Ordinary Shares will not decline below the initial public offering price.

***The trading price of the Ordinary Shares is likely to be volatile and could fluctuate widely due to factors beyond our control, which could result in substantial losses to investors.***

The trading price of the Ordinary Shares is likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen because of broad market and industry factors, including the performance and fluctuation of the market prices of other companies with business operations located mainly in China that have listed their securities in the United States. This volatility may result from a wide range of factors, some of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variations in our revenues, earnings, cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in operating metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announcements of new solutions and services and expansions by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination or non-renewal of contracts or any other material adverse change in our relationship with our key customers or strategic investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in financial estimates by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Detrimental negative publicity about us, our competitors or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The absence of cash dividends on our Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Release of lockup or other transfer restrictions on our outstanding equity securities or sales of additional equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conditions in the IDC and cloud services industry in Hong Kong;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General economic and securities market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory developments affecting us or our industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential litigation or regulatory investigations.

Any of these factors may result in large and sudden changes in the volume and price at which the Ordinary Shares will trade. Furthermore, the stock market in general experiences price and volume fluctuations that are often unrelated or disproportionate to the operating performance of companies like us. As a relatively small-capitalization company with a limited number of Ordinary Shares available for trading, our stock may be subject to sharp price increases followed by rapid declines, wide bid-ask spreads, and low liquidity. In such cases, small trades may cause significant changes in the share price, making it difficult for investors to liquidate holdings without impacting the market price.

This volatility may be also caused by market sentiment toward China-based companies listed in the United States, particularly following negative news, allegations of inadequate corporate governance, or fraudulent conduct involving unrelated issuers. Even if we have not engaged in any such activities, adverse developments involving other China-based issuers may negatively affect investor attitudes toward us and suppress the trading price of our Ordinary Shares.

Moreover, significant stock price fluctuations may trigger shareholder litigation. In the past, public companies experiencing volatility in their share prices have often become subject to securities class action suits. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***We may raise additional capital in the future to fund our business growth, and such financing may result in an immediate trading halt or delisting of our Ordinary Shares from Nasdaq due to public interest concerns.***

Under Nasdaq Listing Rule 5101, Nasdaq has broad discretionary authority to terminate the listing of securities, subject to a timely-requested hearing, if it determines that continued listing is not in the public interest, even if the issuer is in compliance with Nasdaq's enumerated listing criteria. As we continue to grow, we may seek to raise additional capital through the public or private sale of equity securities, and such financings may involve securities other than ordinary shares, including warrants, convertible notes, or other equity-linked instruments. These securities may contain complex terms and adjustment mechanisms. For example, if we were to use warrants as part of a future capital-raising transaction, we cannot assure you that such warrants would not include exercise price reset provisions, share combination or recapitalization adjustment provisions, or similar features that could result in a downward adjustment to the exercise price and a corresponding increase in the number of ordinary shares issuable upon exercise, such that the aggregate exercise price would remain unchanged. If Nasdaq determines the terms of any of our future offering raise public interest concerns due to the dilutive nature of the transaction, or any other reason, Nasdaq may issue a determination letter to delist our Ordinary Shares pursuant to its discretionary authority under Listing Rule 5101. In that event, even if we were to timely request a hearing with respect to Nasdaq's determination to delist our Ordinary Shares, Nasdaq may still impose an immediate halt on the trading of our Ordinary Shares pursuant to Nasdaq Listing Rule 4120(a)(5) pending the outcome of such hearing. If trading in our Ordinary Shares were to be halted or if Nasdaq were to determine to delist our Ordinary Shares, investors could lose all or part of their investment and our ability to raise additional capital through the public or private sale of equity securities would be adversely affected.

***If securities or industry analysts cease to publish research or reports about our business, or if they adversely change their recommendations regarding the Ordinary Shares, the market price for the Ordinary Shares and trading volume could decline.***

The trading market for the Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts who cover us downgrade the Ordinary Shares, the market price for the Ordinary Shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for the Ordinary Shares to decline.

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***We currently do not expect to pay dividends in the foreseeable future after this Offering and you must rely on the price appreciation of our Ordinary Shares for return on your investment.***

We currently intend to retain most, if not all, of our available funds and any future earnings after this Offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our Ordinary Shares as a source for any future dividend income.

Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. Under Cayman Islands law, a Cayman Islands exempted 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 share premium account unless, immediately following the date on which the dividend is proposed to be paid, the company is able to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Ordinary Shares will likely depend entirely upon any future price appreciation of our Ordinary Shares. There is no guarantee that our Ordinary Shares will appreciate in value after this Offering or even maintain the price at which you purchased the Ordinary Shares. You may not realize a return on your investment in our Ordinary Shares and you may even lose your entire investment in our Ordinary Shares.

#### Because our initial public offering price is higher than our net tangible book value per share, you will experience immediate dilution.
If you purchase Ordinary Shares in this Offering, you will pay more for your Ordinary Shares than the amount paid by our existing shareholders for their Ordinary Shares on a per share basis. As a result, you will experience immediate dilution, representing the difference between the initial public offering price of per Ordinary Share, and our adjusted net tangible book value per Ordinary Share, after giving effect to our sale of the Ordinary Shares offered in this Offering. See "Dilution" for a more complete description of how the value of your investment in the Ordinary Shares will be diluted upon completion of this Offering.

***Our Chief Executive Officer and a director together beneficially own a substantial majority of our voting power, which may limit your ability to influence the outcome of important transactions.***

As of the date of this prospectus, our Chief Executive Officer, Chang Liao, and director, Xiao Xiao, together beneficially own more than 71% of our total voting power, and will beneficially own approximately 58.80% of our outstanding shares immediately after this Offering. While these shareholders collectively hold a controlling interest, there has been no agreement or arrangement between them to act in concert, and there is no assurance that they will do so in the future. Nevertheless, because of their combined holdings, they may be able to control or significantly influence the outcome of matters requiring shareholder approval, including the election and removal of directors, amendments to our organizational documents, and approval of significant corporate transactions. As a result, this concentration of ownership may limit or preclude your ability to influence the outcome of important corporate matters, including a change in control, for the foreseeable future.

***You must rely on the judgment of our management as to the use of the net proceeds from this Offering, and such use may not produce income or increase our share price.***

Our management will have considerable discretion in the application of the net proceeds received by us. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not improve our efforts to achieve or maintain profitability or increase our share price. The net proceeds from the Offering may be placed in investments that do not produce income or that lose value.

***Substantial future sales or perceived potential sales of our Ordinary Shares in the public market could cause the price of our Ordinary Shares to decline.***

Sales of our Ordinary Shares in the public market after this Offering, or the perception that these sales could occur, could cause the market price of our Ordinary Shares to decline. All Ordinary Shares sold in this Offering will be freely transferable without restriction or additional registration under the Securities Act. The remaining Ordinary Shares issued and outstanding after this Offering will be available for sale, upon the expiration of the lock-up period in

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connection with this Offering, subject to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. Any or all of these shares may be released prior to the expiration of the lock-up period at the discretion of the Underwriter of this Offering. To the extent shares are released before the expiration of the lock-up period and sold into the market, the market price of our Ordinary Shares could decline.

After completion of this Offering, certain holders of our Ordinary Shares may cause us to register under the Securities Act the sale of their shares, subject to the lock-up period in connection with this Offering. Registration of these shares under the Securities Act would result in Ordinary Shares representing these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration. Sales of these registered shares in the form of Ordinary Shares in the public market could cause the price of our Ordinary Shares to decline.

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

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Memorandum and Articles of Association, the Companies Act (as revised) of the Cayman Islands (the "Companies Act") and the common law of the Cayman Islands. The rights of shareholders to bring actions against our directors, actions by our minority shareholders, and the fiduciary duties owed by our directors under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors owed to us under Cayman Islands law may not be as clearly established as those under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands may have a less developed body of securities laws than those in the United States. Some U.S. states, such as Delaware, may have more extensive and judicially interpreted corporate law frameworks. In addition, Cayman Islands companies may not have the standing to initiate shareholder derivative actions in U.S. federal courts.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the Memorandum and Articles of Association and any special resolutions passed by such companies, and the registers of mortgages and charges of such companies) or to obtain copies of lists of shareholders of these companies. Under Cayman Islands law, the names of our current directors can be obtained from a search conducted at the Registrar of Companies. Our directors have discretion under our Memorandum and Articles of Association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

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 our board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

#### We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
As a company with less than US$1.235 billion in revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. Therefore, we may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies. As a result, if we elect not to comply with such reporting and other requirements, in particular the auditor attestation requirements, our investors may not have access to certain information they may deem important.

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The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. 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 dates.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

The information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

***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 the Ordinary Shares.***

A non-U.S. corporation, such as the Company, will be considered a passive foreign investment company, or "PFIC," for any taxable year if either (i) at least 75% of its gross income is passive income or (ii) at least 50% of the value of its assets (generally determined on the basis of a quarterly average) is attributable to assets that produce or are held for the production of passive income.

Based upon our current and projected income and assets, including the expected proceeds from this Offering, and projections as to the value of our assets (which are based on the expected market price of the Ordinary Shares immediately following this Offering), we do not expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we will be or become a PFIC is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Fluctuations in the market price of the Ordinary Shares may cause us to be a PFIC for the current or future taxable years because the value of our assets for purposes of the asset test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market price of the Ordinary Shares from time to time (which may be volatile). If our market capitalization subsequently declines, we may be or become a PFIC for the current taxable year or future taxable years. 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 increases 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 being or becoming a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

If we were treated as a PFIC for any taxable year during which a U.S. investor held an ordinary share or an ordinary share, certain adverse U.S. federal income tax consequences could apply to the U.S. investor. See "Taxation — United States Federal Income Tax Considerations — *Passive foreign investment company.*"

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#### We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."
Upon completion of this Offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the U.S. Securities and Exchange Commission, or the SEC, impose various requirements on the corporate governance practices of public companies. We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly.

As a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the number of additional costs we may incur or the timing of such costs.

In addition, as an emerging growth company, we will still incur expenses in relation to management assessment according to requirements of Section 404(a) of the Sarbanes-Oxley Act of 2002. After we are no longer an "emerging growth company," we expect to incur additional significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
This prospectus contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts are forward-looking statements. The forward-looking statements are contained principally in, but not limited to, the sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business." These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future business development, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected changes in our revenue, costs or expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding demand for and market acceptance of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectation regarding the use of proceeds from this Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our projected markets and growth in markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our potential need for additional capital and the availability of such capital;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and business conditions in the markets in which we operate;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions underlying or related to any of the foregoing.

In some cases, you can identify forward-looking statements by terms such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project," "continue," or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading "Risk Factors" and elsewhere in this prospectus. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

This prospectus also contains certain data and information, which we obtained from various government and private publications. Although we believe that the publications and reports are reliable, we have not independently verified the data. Statistical data in these publications includes projections that are based on several assumptions. If any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we do not intend to update or otherwise revise the forward-looking statements in this prospectus, whether due to new information, future events or otherwise. You should read this prospectus and the documents that we have referred to in this prospectus and have filed as exhibits to this registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this Offering of approximately US$12.76 million, or US$14.83 million if the underwriters exercise their option to purchase additional Ordinary Shares in full, after deducting underwriting discounts, non-accountable expenses and estimated total offering expenses borne by us, and based upon an assumed initial offering price of US$4.00 per share (the low point of the estimated public offering price range shown on the front cover of this prospectus).

We currently intend to use the net proceeds from this Offering for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 33% is expected to be used to support the development and expansion of our data center infrastructure in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 25% is expected to be used to support the establishment of data center operations in Japan as part of our international market expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 42% is expected to be used for the development and enhancement of our proprietary network monitoring and optimization systems to strengthen our value-added service offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the balance for general corporate purposes, which may include funding working capital needs and potential strategic investments and acquisitions, although we have not identified any specific strategic investments and acquisition opportunities.

The foregoing represents our current intentions with respect to the use and allocation of the net proceeds of this Offering based upon our present plans and business conditions, but our management will have significant flexibility and discretion in applying the net proceeds of this Offering. The occurrence of unforeseen events or changed business conditions may result in application of the proceeds of this Offering in a manner other than as described in this prospectus. The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations and the rate of growth, if any, of our business, and our plans and business conditions.

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#### DIVIDEND POLICY
We have not previously declared or paid cash dividends, and we have no intention of declaring and paying any dividends in the near future on the Ordinary Shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

Our board of directors has complete discretion in deciding whether to distribute dividends, subject to certain restrictions under Cayman Islands law. Specifically, our Company may pay dividends only out of profits or the share premium account, and provided that in no circumstances may a dividend be paid out of share premium account unless, immediately following the date on which the dividend is proposed to be paid, our Company is able to pay its debts as they fall due in the ordinary course of business. In addition, subject to the provisions of the Companies Act, our shareholders may, by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides to pay dividends, the timing, frequency, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distribution, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiary to pay dividends on our Ordinary Shares. Please see the section entitled "Taxation" of this prospectus for information on the potential tax consequences of any cash dividend declared.

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#### CAPITALIZATION
The following table sets forth our capitalization as of September 30, 2025, presented on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis to reflect the collection of the subscription receivable from a shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect (i) the collection of the subscription receivable from a shareholder; and (ii) the issuance and sale of 3,750,000 Ordinary Shares by us in this Offering at an assumed initial public offering price of US$4.00 per share, the low point of the estimated range set forth on the cover page of this prospectus, after deducting the 7% underwriting discounts, 1% non-accountable expenses of the gross proceeds of the Offering, and estimated remaining offering expenses ($336,620 was paid and recognized as deferred IPO cost in the consolidated financial statements as of September 30, 2025) borne by us, assuming the underwriters do not exercise their option to purchase additional shares.

You should read this table in conjunction with "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **Pro forma<sup>(1)</sup>** | **Pro forma <br>as adjusted<sup>(2)(3)</sup>** |
|  Cash and cash equivalents | 524934 | 933984 | 14246513 |
|  **Shareholder's Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Shares, par value $0.0001; 500,000,000 shares authorized; 12,000,000 shares issued and outstanding, actual; 17,000,000 shares outstanding, pro forma; 20,750,000 shares issued and outstanding, pro forma as adjusted | 500 | 500 | 875 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 908550 | 908550 | 13884084 |
| &nbsp;&nbsp;&nbsp; Subscription receivable | (409050) |  |  |
| &nbsp;&nbsp;&nbsp; Retained earnings | 2289256 | 2289256 | 2289256 |
| &nbsp;&nbsp;&nbsp; **TOTAL SHAREHOLDERS' EQUITY** | **2789256** | **3198306** | **16174215** |
|  **Total Capitalization** | **2789256** | **3198306** | **16174215** |

---

____________

(1) The pro forma adjustments assume the subscription receivable is collected from a shareholder.

(2) The pro forma as adjusted information discussed above is illustrative only. Our as adjusted capitalization, based on the assumed initial public offering price of US$4.00 per share (the low point of the price range listed on the cover page of this prospectus) and after deducting the underwriting discount and estimated remaining offering expenses payable by us, is subject to adjustment based on the actual initial public offering price and other terms of the Offering determined at pricing.

(3) The pro forma as adjusted information discussed above assumes the over-allotment option is not exercised.

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#### DILUTION
If you invest in our Ordinary Shares in this Offering, your interest will be diluted immediately to the extent of the difference between the initial public offering price per share and our net tangible book value per share of our Ordinary Shares after this Offering. Dilution results from the fact that the assumed initial public offering price per share is substantially more than the net tangible book value per share attributable to the existing shareholders for our presently outstanding Ordinary Shares.

Historical net tangible book value per share represents our total tangible assets (total assets excluding deferred offering cost) net of total liabilities, divided by the number of outstanding Ordinary Shares. The historical net tangible book value as of September 30, 2025 would have been approximately US$2,452,636, or US$0.14 per share.

After giving effect to the collection of subscription receivable from a shareholder and sale of Ordinary Shares in this Offering by the Company at an initial public offering price of US$4.00 per share, after deducting the underwriting discounts, non-accountable expenses and estimated remaining offering expenses ($336,620 was paid and recognized as deferred IPO cost in the consolidated financial statements as of September 30, 2025) borne by us and assuming no exercise by the underwriters of the over-allotment option to purchase additional Ordinary Shares, the as adjusted net tangible book value as of September 30, 2025 would have been approximately US$16,174,215, or US$0.78 per share. This represents an immediate increase in as adjusted net tangible book value of US$0.64 per share to our existing stockholders and an immediate dilution of US$3.22 per share to new investors purchasing Ordinary Shares in this Offering.

The following table illustrates this dilution on a per share basis to new investors.

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| | | |
|:---|:---|:---|
|  Assumed initial public offering price per Ordinary Share | US$ | 4.00 |
|  Net tangible book value per share as of September 30, 2025 | US$ | 0.14 |
|  Increase in as adjusted net tangible book value per share attributable to the investors in this Offering | US$ | 0.64 |
|  Pro forma as adjusted net tangible book value per share after the offering | US$ | 0.78 |
|  Dilution per share attributable to new investors in the offering | US$ | 3.22 |

---

A US$1.00 increase (decrease) in the assumed initial public offering price of US$4.00 per share (the low point of the estimated initial public offering price range shown on the cover page of this prospectus) would increase (decrease) our pro forma net tangible book value as of September 30, 2025 after giving effect to this Offering, by approximately $3,450,000. Such increase (decrease) would increase (decrease) the pro forma net tangible book value per share, as of September 30, 2025 after this Offering by $0.17 per share. It would also increase (decrease) the dilution in pro forma net tangible book value per Ordinary Share to investors participating in this offering by $0.83 per share, after deducting underwriting discounts, non-accountable expenses, and estimated remaining offering expenses borne by us, assuming no change to the number of Ordinary Shares offered by us as set forth on the cover page of this prospectus and no exercise by the underwriters of the over-allotment option to purchase additional Ordinary Shares and after deducting underwriting discounts and estimated remaining offering expenses payable by us. The pro forma information discussed above is illustrative only. Our net tangible book value following the closing of this Offering is subject to adjustment based on the actual initial public offering price of our Ordinary Shares and other terms of this Offering determined at pricing.

The table and discussion above are based on 17,000,000 Ordinary Shares outstanding as of September 30, 2025.

The following tables summarize, on a pro forma as adjusted basis as of September 30, 2025, the differences between existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us, the total consideration paid and the average price per Ordinary Share before deducting the estimated underwriting discounts and the estimated offering expenses borne by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares purchased** | **Ordinary Shares purchased** | **Total Cash Consideration** | **Total Cash Consideration** | **Average Price <br>Per Share <br>(US$)** |
|  | **Number** | **Percent** | **Amount <br>(US$)** | **Percent** | **Average Price <br>Per Share <br>(US$)** |
|  Existing stockholders | 17000000 | 81.93% | 910250 | 5.72% | 0.05 |
|  New investors from public offering | 3750000 | 18.07% | 15000000 | 94.28% | 4.00 |
|  Total | 20750000 | 100.0% | 15910250 | 100.0% | 0.77 |

---

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

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#### ENFORCEABILITY OF CIVIL LIABILITIES

#### Cayman Islands
We were incorporated in the Cayman Islands in order to enjoy the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political and economic stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An effective judicial system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A favorable tax system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The absence of exchange control or currency restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The availability of professional and support services.

However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Cayman Islands may have a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Our constitutional documents do not contain provisions requiring that disputes, including those arising under the securities laws of the United States, between us, our officers, directors and shareholders, be arbitrated.

A material portion of our operations are conducted in Hong Kong, and a material portion of our assets are located in Hong Kong. A majority of our directors and executive officers are nationals or residents of jurisdictions other than the United States and a substantial portion of their assets are located outside 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.

COGENCY GLOBAL INC. is our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

There may be uncertainty as to whether the courts of the Cayman Islands would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Appleby, our counsel with respect to the laws of the Cayman Islands, has advised that any final and conclusive judgment for a definite sum (not being a sum payable in respect of taxes or other charges of a like nature, nor a fine or other penalty) and/or certain non-monetary judgments rendered in any action or proceedings brought against our Company on the basis of documents in a U.S. court will be recognized as a valid judgment by the courts of the Cayman Islands without re-examination of the merits of the case. On general principles, such proceedings would be expected to be successful, provided that the court which gave the judgment was competent to hear the action in accordance with private international law principles as applied in the Cayman Islands, that the judgment was not contrary to public policy in the Cayman Islands, and that it had not been obtained by fraud or through proceedings contrary to natural justice.

It is also uncertain whether the Cayman Islands courts can enforce a judgment rendered by the U.S. courts under civil liability provisions of the U.S. federal securities law.

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#### Hong Kong
Grandall Zimmern Law Firm, our counsel as to the laws of Hong Kong, has advised us that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of U.S. 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, 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 in Hong Kong, in original actions or in actions for enforcement, of judgments of U.S. 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.

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#### CORPORATE HISTORY AND STRUCTURE

#### Corporate History
We commenced our operations in 2013. On June 4, 2013, Cloud Data Network Limited, or Cloud Data HK, was incorporated under the laws of Hong Kong. We currently conduct all of our business through Cloud Data HK. In connection with this Offering, we undertook certain corporate restructuring activities to establish an offshore structure with the Company as our ultimate holding company (the "Reorganization").

On August 8, 2024, the Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act. Its authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares with a par value of US$0.0001 per share. On August 8, 2024, McGrath Tonner Corporate Services Limited initially subscribed for 1 Ordinary Share, which was subsequently transferred to Qiantian Holdings Limited. On the same date, 5,399,999, 1,800,000, 840,000, 840,000, 840,000, 840,000, 840,000, and 600,000 Ordinary Shares were issued to Qiantian Holdings Limited, Xunfeng Holdings Limited, Kanshui Holdings Limited, Genshan Holdings Limited, Kundi Holdings Limited, Zhenlei Holdings Limited, Duize Holdings Limited, and Xinyao Investment Limited, respectively.

On June 3, 2025, the Company issued additional 2,250,000 and 2,750,000 Ordinary Shares to Qiantian Holdings Limited and Xunfeng Holdings Limited for US$409,050 and US$500,000, respectively.

On August 20, 2024, Cloud Data (BVI) Holdings Corporation, or Cloud Data BVI, was incorporated under the BVI Act as an intermediary holding company. Cloud Data owns 100% of the equity interest in Cloud Data BVI.

As part of the Reorganization, Cloud Data BVI acquired 100% of the equity interest in Cloud Data HK on July 14, 2025.

#### Corporate Structure
The chart below illustrates our corporate structure after the completion of the Reorganization and as of the date of this prospectus.

![](tflowchart_001.jpg)

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

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward*-looking *statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward*-looking *statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

#### Overview
The Company is an exempted company with limited liability incorporated under the laws of Cayman Islands on August 8, 2024, with no material operations of its own. We conduct all of our operations through our subsidiary in Hong Kong.

Our business is structured across four operating segments: (i) Internet data center (IDC) resource resale, where we procure servers, IP addresses, and bandwidth from upstream suppliers and integrate these external resources into comprehensive service packages for which we assume primary responsibility for service delivery to enterprise customers; (ii) IDC connectivity services, where we support IDC infrastructure provider customers by facilitating their service delivery to downstream clients through contract processing management, downstream client relationship management, and standby technical support; and (iii) cloud facilitation and support services, which relate to the consolidation and customization of cloud resources into integrated service solutions; and (iv) other services, which consist of standalone technical support services tailored to address diverse customer needs. Pricing for these tailored solutions is determined by resources usage, service level requirements, and contract duration.

We operate under an asset-light model and do not own or operate any self-built data centers, servers, or proprietary cloud platforms as of the date of this prospectus. We purchase IDC capacity, network transmission services, and cloud resources from upstream suppliers, and provide customized solutions based on our customers' demands. This business model allows us to retain flexibility in our operations and limit our capital outlay. Looking ahead, we intend to gradually deepen our involvement by deploying self-owned racks and initiating proprietary colocation and hosting services, subject to market demand and capital availability. We believe this strategic expansion in the future may allow us to enhance service reliability and strengthen our control over service quality.

According to the F&S Report, Hong Kong's IDC market has shown strong and sustained growth, supported by a stable policy environment, a sound regulatory and compliance framework, and increasingly integrated data collaboration with near regions. The market expanded from approximately US$2.0 billion in 2020 to about US$3.6 billion in 2024, representing a CAGR of 14.8%, and is projected to reach around US$6.9 billion by 2029. Meanwhile, the cloud services market in Hong Kong has accelerated significantly, growing from approximately US$731.5 million in 2020 to approximately US$1,630.6 million in 2024, and projected to reach approximately US$3,451.6 million by 2029. These favorable market trends have contributed to our growth in recent years.

For the fiscal years ended March 31, 2024 and 2025, and the six months ended September 30, 2025, our customers principally comprise technology companies in Hong Kong and Canada seeking reliable infrastructure to support digital transformation and cross-border operations. In certain cases, we source IDC resources such as IP addresses associated with regions including Japan, Taiwan, Turkey, and the United States, and provide these to customers requiring infrastructure beyond Hong Kong and Canada. We plan to selectively expand into international markets and pursue strategic partnerships, while gradually deepening our involvement in the IDC infrastructure value chain by acquiring or deploying racks and initiating proprietary hosting services in the future. We believe the structural growth of the Hong Kong market, together with global momentum in digital infrastructure and cloud services, will support our long-term development.

For the fiscal years ended March 31, 2024 and 2025, our total revenue increased from US$2.29 million to US$3.00 million, representing a year-over-year growth of 31.2%. Our gross margin improved from 55.0% to 57.2%. For the six months ended September 30, 2025, our total revenue increased by approximately 57.1% compared to the same period in 2024, primarily driven by increased demand for our IDC connectivity service and cloud facilitation and support service. From the six months ended September 30, 2024 to the same period in 2025, our gross margin improved from 56.5% to 70.4%. We believe our flexible service model and focus on integration position us well to capture future growth opportunities as enterprise customers continue to seek scalable and cost-efficient infrastructure solutions.

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

#### Key Factors Affecting Our Results of Operations
Our business and financial results are subject to a variety of macroeconomic and industry-specific factors, including the pace of digital transformation, enterprise demand for reliable infrastructure, global economic conditions, regulatory policies on data and connectivity, geopolitical dynamics, and the competitive landscape across the IDC value chain and cloud services. Any significant changes in these external conditions could adversely impact our operations and growth trajectory.

While our business is influenced by these external factors, our results of operations are more directly affected by factors specific to our Company, including the following major factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to scale IDC services across markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to expand and optimize our IDC connectivity services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to strengthen corporate governance and related-party oversight; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our planned investments and expansion initiatives.

#### Our Ability to Scale IDC Services Across Markets
Our IDC services depend on our ability to source servers, IP addresses, and bandwidth from upstream suppliers and integrate these external resources into comprehensive service packages. As we assume primary responsibility for service delivery to enterprise customers, our success is directly tied to our capacity to maintain service quality standards while expanding our resource integration capabilities across multiple markets. We are focused on growing our presence in Hong Kong and Canada while selectively expanding to new geographic markets with rising demand for enterprise-grade digital infrastructure. Our ability to secure competitive upstream resources in key regions, deliver reliable integrated services to cross-border enterprise clients, and adapt our service packages to diverse customer requirements will play a central role in driving revenue growth and customer retention across this segment.

#### Our Ability to Expand and Optimize Our IDC Connectivity Services
Our IDC connectivity services segment requires us to serve as an effective intermediary connecting our IDC infrastructure customers to their downstream clients, providing comprehensive contract processing management, ongoing downstream client relationship management, and standby technical support throughout the service lifecycle. The success of this segment depends on our ability to maintain strong, stable relationships with our customers, ensure consistent service quality and responsiveness for our customers and their clients. As customer requirements grow increasingly complex and global, we must scale our operational infrastructure to support more sophisticated contract workflows and deliver consistent service standards.

In addition, our IDC connectivity services segment faces ongoing pricing pressures from both customers and their downstream clients. As an intermediary, we must balance competitive pricing to attract and retain customers while maintaining sufficient margins to cover our operational costs and service delivery expenses. To remain competitive while preserving margins, we must balance cost efficiency with value-added coordination, responsive support, and streamlined processes that justify our role and pricing structure. Our ability to differentiate through service quality and operational agility will be critical to maintaining and expanding this segment. See "BUSINESS — Competition."

#### Our Ability to Strengthen Corporate Governance and Related-Party Oversight
A significant portion of our upstream resources is currently sourced from related parties. See "RISK FACTORS — Our Risks Relating to Our Business and Industry *— We have entered into transactions with related parties, some of which are also our major suppliers.*" While this provides operational convenience, our ability to strengthen corporate governance practices and enhance oversight of related-party transactions will be critical to maintaining transparency, mitigating compliance risks, and preserving shareholder confidence as we expand our businesses. We are committed to establishing internal controls procedures to ensure that all related-party transactions are conducted on arm's-length terms and are appropriately documented and reviewed. In parallel, we recognize the importance of reducing reliance on related parties by expanding our network of third-party suppliers. Our ability to identify and engage new suppliers will be key to offering diversified service options and enhancing service resilience.

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

#### Our Ability to Execute Our Planned Investments and Expansion Initiatives
Our long-term growth depends on gradually evolving beyond our current asset-light model by selectively investing in infrastructure that enhances our service capacity and market presence. Although we currently do not own or operate any self-built data centers, servers, or proprietary cloud platforms, we intend to expand our role in the value chain by deploying racks, initiating proprietary hosting services, and investing in other infrastructure assets. In particular, we intend to deploy a portion of the net proceeds from this Offering to support the development and expansion of our data center infrastructure in Hong Kong and to establish data center operations in Japan.

In the near term, we plan to selectively invest in infrastructure assets such as cabinets, servers, and networking equipment, and to initiate proprietary hosting and colocation services. Over time, we may also explore opportunities to co-develop or manage dedicated hosting areas under models such as long-term lease, build-to-suit arrangements, or joint operations. As of the date of this prospectus, these initiatives remain at the planning stage, and we have not entered into, nor are we currently negotiating, any agreements to pursue them.

The timing, scale, and efficiency of these capital expenditures, as well as our ability to secure and integrate new assets, will directly affect our service capacity and revenue potential. Moreover, expanding into new geographic markets involves uncertainties related to regulatory compliance, customer adoption, and competitive dynamics. Any delays, cost overruns, or execution challenges in these initiatives could adversely affect our growth trajectory. Conversely, successful execution would enhance our service offerings, diversify our geographic footprint, and strengthen our ability to attract and retain enterprise customers.

#### Key Components of Our Results of Operation

#### Revenue
We derive our revenue from (i) Internet Data Center ("IDC") services, (ii) IDC connectivity services, (iii) cloud facilitation and support service, and (iv) other services. For the years ended March 31, 2024 and 2025, and the six months ended September 30, 2024 and 2025, our revenue amounted to US$2.3 million, US$3.0 million, US$1.2 million, and US$1.8 million, respectively. The following table sets forth a breakdown of our total revenue, in absolute amounts and as percentages of total revenue, for the years indicated:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **Variance** | **Variance** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** | **Variance** | **Variance** |
|  | **2024** | **2024** | **2025** | **2025** | **Amount** | **%** | **2024** | **2024** | **2025** | **2025** | **Amount** | **%** |
|  | **US$** | **%** | **US$** | **%** | **US$** | | **US$** | **%** | **US$** | **%** | **US$** |  |
|  | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** |
|  IDC service | 593 | 25.9% | 499 | 16.6% | (94) | (15.9)% | 227 | 19.7% | 342 | 18.9% | 115 | 50.7% |
|  IDC connectivity service | 1660 | 72.5% | 2084 | 69.4% | 424 | 25.6% | 861 | 74.9% | 1096 | 60.7% | 235 | 27.3% |
|  Cloud facilitation and support service |  |  | 62 | 2.1% | 62 | N/A | 62 | 5.4% | 296 | 16.4% | 234 | 377.4% |
|  Other service | 37 | 1.6% | 358 | 11.9% | 321 | 867.6% |  | —% | 73 | 4.0% | 73 | N/A |
|  Total | 2290 | 100.0% | 3003 | 100.0% | 713 | 31.2% | 1150 | 100.0% | 1807 | 100.0% | 657 | 57.1% |

---

<u><u>Revenue from IDC services</u></u>

We provide IDC services that integrate third-party server hosting resources, IP address allocations, and bandwidth into customized infrastructure packages tailored to enterprise customer needs. These services are primarily delivered using resources located in key markets such as the United States, Japan, and Taiwan, based on customer deployment needs in those regions for their end clients. These services are typically offered as integrated packages under renewable 12-month contracts, with revenue recognized over time as the customer simultaneously receives and consumes the benefits, and we act as a principal in these arrangements.

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

For the year ended March 31, 2025, revenue from IDC services decreased by approximately 15.9% compared to the same period in 2024, primarily due to decreased demand for IDC services in Taiwan. For the six months ended September 30, 2025, revenue from IDC services increased by approximately 50.7% compared to the same period in 2024, primarily due to increased demand for IDC services in Turkey and other European countries.

<u><u>Revenue from IDC connectivity services</u></u>

We offer IDC connectivity services by acting as an intermediary between upstream infrastructure providers and their downstream clients, facilitating cross-border network access, bandwidth optimization, and global data routing solutions. The IDC infrastructure provider, as the prime integrator, is directly responsible for downstream client service delivery, while we provide specialized services exclusively to the prime integrator. We possess overseas sales channel resources and market expansion capabilities covering Hong Kong, Taiwan, Japan, North America, Turkey and other European countries. Revenue from IDC connectivity services is recognized over time as our customer simultaneously receives and consumes the benefits provided by the Company.

For the year ended March 31, 2025, revenue from IDC connectivity services increased by approximately 25.6% compared to the same period in 2024. Of this increase, about 24.1 percentage points were attributable to higher service volumes, as demand from our customers' downstream end-users rose and expanded the usage-based billing base. The remaining 1.5 percentage points of the increase resulted from changes in our pricing strategy. In prior periods, we maintained stable fixed base prices for server deployment, IP address assignment, and bandwidth traffic facilitation to enhance customer retention and competitiveness in the North America and Asia-Pacific markets. Beginning in 2025, we supplemented this approach with a hybrid pricing model for bandwidth traffic facilitation, combining a fixed base price with 95<sup>th</sup> percentile billing (a billing method based on sustained peak usage). This change preserved the stability of fixed base prices while improving monetization of peak demand periods, resulting in a higher average revenue per unit of bandwidth traffic deployment.

For the six months ended September 30, 2025, revenue from IDC connectivity services increased by approximately 27.3% compared to the same period in 2024, primarily attributable to the adoption of our hybrid pricing model for bandwidth traffic facilitation, which resulted in increased customer usage.

<u>Revenue from cloud facilitation and support services</u>

We provide customers with cloud facilitation and support services. We satisfy our performance obligations over time by delivering a unified solution that encompasses billing management, 24/7 technical support, and resource optimization. Because the underlying cloud resources are controlled and fulfilled by the primary providers, we act as an agent in these transactions and earn a service fee for facilitating access to these resources and supporting customers throughout the usage period. Our revenue is recognized based on a fixed unit price multiplied by the customer's actual monthly metered usage.

For the six months ended September 30, 2025, revenue from cloud facilitation and support services increased by approximately 377.4% compared to the same period in 2024, primarily due to increased demand for this type of service.

<u><u>Revenue from other services</u></u>

Other services represent the revenue generated from various types of services, mainly consisting of technical support services. The Company is primarily responsible for fulfilling the services, including designing the service package, sourcing services from various suppliers, and retaining discretion over pricing, thereby acting as the principal in these transactions. The Company recognizes revenue over time as the service is simultaneously received and consumed by the customer. For the year ended March 31, 2025, revenue from other services increased to US$420,000 from US$37,000 compared to the same period in 2024. For the six months ended September 30, 2025, revenue from other services increased to US$73,000 from nil compared to the same period in 2024.

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

#### Cost of Revenue
Our cost of revenue primarily consists of expenses related to (i) IDC service procurement, (ii) technical support services, and (iii) other service procurement. For our cloud facilitation and support services, we earn service fees for managing and supporting customer usage of cloud resources and do not incur costs for the underlying cloud services. As a result, cloud-related revenue is recognized on a net basis. The following table sets forth a breakdown of our cost of revenues, both in absolute amounts and as percentages of total cost of revenues, for the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **Variance** | **Variance** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** | **Variance** | **Variance** |
|  | **2024** | **2024** | **2025** | **2025** | **Amount** | **%** | **2024** | **2024** | **2025** | **2025** | **Amount** | **%** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | |
|  | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** |
|  IDC resource cost | (343) | 33.3% | (295) | 23.0% | 48 | (14.0)% | (167) | 33.5% | (182) | 34.1% | (15) | 9.0% |
|  Technical support cost | (670) | 65.0% | (665) | 51.8% | 5 | (0.7)% | (333) | 66.5% | (285) | 53.4% | 48 | (14.4)% |
|  Other service cost | (17) | 1.7% | (325) | 25.2% | (308) | 1848.0% |  | 0.0% | (67) | 12.5% | (67) | N/A% |
|  **Total** | (1030) | 100.0% | (1285) | 100.0% | (255) | 24.8% | (500) | 100.0% | (534) | 100.0% | (34) | 6.8% |

---

For the years ended March 31, 2024 and 2025, the cost of technical support services remained relatively stable at approximately US$670,000 and US$665,000, respectively, accounting for 65.0% and 51.8% of the total cost of revenue in each year.

The cost of IDC service procurement decreased from US$343,000 in 2024 to US$295,000 in 2025, representing a decline of US$48,000 or 14.0%, reflecting improved sourcing terms and optimization of resource utilization.

Other service costs saw a significant increase of approximately 1,848.0% from US$17,000 in 2024 to US$325,000 in 2025, primarily due to the engagement of additional third-party service providers to support expanded operations.

For the six months ended September 30, 2024 and 2025, the cost of technical support services decreased from US$333,000 to US$285,000, respectively, accounting for 66.5% and 53.4% of the total cost of revenue in each period, representing a decline of US$48,000 or 14.4%, reflecting improved sourcing terms and optimization of resource utilization.

For the six months ended September 30, 2024 and 2025, the cost of IDC service procurement remained relatively stable from US$167,000 to US$182,000, representing an increase of US$15,000 or 9.0%.

For the six months ended September 30, 2024 and 2025, other service costs saw a significant increase from nil to US$67,000, primarily due to the engagement of additional third-party service providers to support expanded operations.

#### Gross Profit and Gross Margin
Our gross profit equals our revenue less our cost of revenue. Our gross profit is primarily affected by our ability to generate revenue and the fluctuation of our costs. Our gross profit was US$1.3 million and US$1.7 million for the years ended March 31, 2024 and 2025, respectively. Our gross margin increased from approximately 55.0% in 2024 to 57.2% in 2025, primarily due to a higher revenue base while maintaining a relatively lower increase in cost of revenues, reflecting the business's economies of scale.

Our gross profit was US$618,000 and US$1,273,000 for the six months ended September 30, 2024 and 2025, respectively. Our gross margin increased from approximately 53.7% during the six months ended September 30, 2024 to 70.4% in the same period in 2025, primarily due to (i) the transition of technical support from outsourced services to internal staffing, (ii) cost reductions achieved by switching IDC service providers, and (iii) the recognition of cloud service expenses on a net basis.

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

#### Operating Expenses
Our operating expenses consist of (i) selling and marketing expenses, primarily consisting of salaries of personnel in the sales department; and (ii) general and administrative expenses, mainly consisting of staff costs, audit fees, rental expenses, office and utilities expenses and other expenses related to general corporate functions.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **Variance** | **Variance** | **For the <br>six months ended <br>September 30,** | **For the <br>six months ended <br>September 30,** | **Variance** | **Variance** |
|  | **2024** | **2025** | **Amount** | **%** | **2024** | **2025** | **Amount** | **%** |
|  | **US$** | **US$** | **US$** | **%** | **US$** | **US$** | **US$** | **%** |
|  | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** |
|  **Operating expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | (36) | (73) | (37) | 104.2% | (31) | (36) | (5) | 16.1% |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | (521) | (372) | 149 | (28.7)% | (241) | (614) | (373) | 154.8% |
|  **Total** | **(557)** | **(445)** | **112** | **(20.1)%** | **(272)** | **(650)** | **(378)** | **139.0%** |

---

For the years ended March 31, 2024 and 2025, our selling and marketing expenses represented approximately 1.6% and 2.4%, respectively, of our revenues in the corresponding periods. Our general and administrative expenses represented approximately 22.8% and 12.4%, respectively, of our revenues in the corresponding periods.

For the six months ended September 30, 2024 and 2025, our selling and marketing expenses represented approximately 2.7% and 2.0%, respectively, of our revenues in the corresponding periods. For the six months ended September 30, 2024 and 2025, our general and administrative expenses represented approximately 21.0% and 34.0%, respectively, of our revenues in the corresponding periods.

#### Other income, net
Our other income, net mainly consists of interest income from bank deposits and exchange gain or loss incurred in operations. We recorded other income, net of US$54.8 thousand, US$24.1 thousand, US$2.1 thousand, and US$2.7 thousand for the years ended March 31, 2024 and 2025 and for the six months ended September 30, 2024 and 2025, respectively.

#### Taxation

#### Cayman Islands
We incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act of the Cayman Islands and accordingly, is exempted from Cayman Islands income tax. As such, we are not subject to tax on either income or capital gain. In addition, no withholding tax is imposed upon any payments of dividends by subsidiaries to us.

#### British Virgin Islands
The Cloud Data (BVI) Holdings Corporation is incorporated in the BVI. Under the current laws of the BVI, Cloud Data BVI is not subject to income or capital gains taxes. Additionally, dividend payments are not subject to withholding tax in the BVI.

#### Hong Kong
The major operating subsidiary of our company, registered in Hong Kong, are subject to Hong Kong profits tax on taxable income. Under the two-tiered profits tax regime effective April 1, 2018, the first HK$2 million of assessable profits is taxed at 8.25%, with profits above that amount taxed at 16.5%. Changes in tax laws or our taxable income levels could impact our future tax obligations.

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#### Results of Operations
The following table summarizes the results of our operations for the years ended March 31, 2024 and 2025 and the six months ended September 30, 2024 and 2025, respectively, and provides information regarding the USD dollar in thousands and percentages increase or (decrease) during such periods:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **Variance** | **Variance** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** | **Variance** | **Variance** |
|  | **2024** | **2025** | **Amount** | **%** | **2024** | **2025** | **Amount** | **%** |
|  | **US$** | **US$** | **US$** | **%** | **US$** | **US$** | **US$** | **%** |
|  | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** | **(in thousands, except for percentages)** |
|  Revenues | 2290 | 3003 | 713 | 31.2% | 1150 | 1807 | 657 | 57.1% |
|  Cost of revenues | (1030) | (1285) | (255) | 24.8% | (500) | (534) | (34) | 6.8% |
|  **Gross profit** | 1260 | 1718 | 458 | 36.3% | 650 | 1273 | 623 | 95.8% |
|  **Operating expenses** |  |  |  |  |  |  |  |  |
|  Selling and marketing expenses | (36) | (73) | (37) | 104.2% | (31) | (36) | (5) | 16.1% |
|  General and administrative expenses | (521) | (372) | 149 | (28.7)% | (241) | (614) | (373) | 154.8% |
|  **Total operating expenses** | (557) | (445) | 112 | (20.1)% | (272) | (650) | (378) | 139.0% |
|  **Operating profit** | 703 | 1273 | 570 | 81.0% | 378 | 623 | 245 | 64.8% |
|  **Other income** |  |  |  |  |  |  |  |  |
|  Financial income, net | 52 | 22 | (30) | (58.1)% | 2 | 3 | 1 | 50.0% |
|  Other income, net | 3 | 2 | (1) | (23.5)% |  |  |  | N/A% |
|  **Total other income, net** | 55 | 24 | (31) | (56.1)% | 2 | 3 | 1 | 50.0% |
|  **Income before income tax expense** | 758 | 1297 | 539 | 71.1% | 380 | 626 | 246 | 64.7% |
|  Income tax expense | (103) | (192) | (89) | 86.0% | (41) | (82) | (41) | 100.0% |
|  **Net income** | 655 | 1105 | 450 | 68.7% | 339 | 544 | 205 | 60.5% |

---

#### Year ended March 31, 2025 compared to year ended March 31, 2024

#### Revenue
Our total revenue increased by 31.2%, from approximately US$2.3 million for the year ended March 31, 2024 to approximately US$3.0 million for the year ended March 31, 2025. The increase was mainly due to the increase in revenue from IDC connectivity service, reflecting increased service volumes as demand from the downstream end-users of our customers continued to rise and expand the overall usage-based billing base. A small portion of the increase resulted from our shift in 2025 from a fixed pricing policy for facilitating bandwidth traffic deployment to a hybrid model that combines a fixed base price with 95<sup>th</sup> percentile billing, which improved monetization of peak usage periods and raised average revenue per unit of bandwidth traffic deployment.

#### Cost of revenue
Our cost of revenue increased by 24.8% from US$1.0 million for the year ended March 31, 2024 to approximately US$1.3 million for the year ended March 31, 2025 consistent with the trend of increasing revenue.

#### Gross profit and gross margin
Our gross profit increased by 36.3% from US$1.3 million for the year ended March 31, 2024 to approximately US$1.7 million for the year ended March 31, 2025, reflecting an approximately 2.2% increase in gross margin from 55.0% to 57.2%. This increase was primarily due to a higher revenue base while maintaining a relatively lower increase in cost of revenue, reflecting the business's economies of scale.

#### Selling and marketing expenses
Our selling and marketing expenses increased from approximately US$36 thousand in 2024 to approximately US$73 thousand in 2025, representing a 104.2% year-over-year increase. As a percentage of revenues, these expenses slightly rose from approximately 1.6% in 2024 to 2.4% in 2025. This increase was primarily attributable to expanded promotional efforts and client outreach activities undertaken during the year to support business growth.

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#### General and administrative expenses
Our general and administrative expenses ("G&A expenses") decreased from approximately US$521 thousand in 2024 to approximately US$372 thousand in 2025, representing a 28.7% decline. As a percentage of revenues, G&A expenses declined from 22.8% in 2024 to 12.4% in 2025. The reduction in expenses was mainly attributable to the lease terminations of two short-term premises and certain vehicles, which resulted in a decrease in G&A expenses of approximately US$104.0 thousand and US$24.2 thousand, respectively.

#### Income taxes
We had income tax expense of US$0.2 million for the year ended March 31, 2025, as compared to income tax expense of US$0.1 million for the year ended March 31, 2024, consistent with the increase in our income before income tax expense.

#### Net income
As a result of the foregoing, we had net income increased by 68.7%, from approximately US$0.7 million for the year ended March 31, 2024 to approximately US$1.1 million for the year ended March 31, 2025.

#### Six Months Ended September 30, 2025 Compared to Six Months Ended September 30, 2024

#### Revenue
Our total revenue increased by 57.1%, from approximately US$1.2 million for the six months ended September 30, 2024 to approximately US$1.8 million for the six months ended September 30, 2025. The increase was mainly due to the increase in revenue from most of our business segments: (1) revenue from the IDC services increasd, which was primarily driven by rising demand for data center infrastructure within other European countries and Turkish markets, as regional enterprises expanded their digital operations; (2) revenue from IDC connectivity services grew, which was supported by our introduction of the hybrid pricing model for bandwidth traffic facilitation. This model combines a fixed base price with 95<sup>th</sup> percentile billing based on sustained peak usage, allowing us to better align our pricing with client utilization patterns; and (3) revenue from the in cloud facilitation and support services increased, which was resulted from an expanded client base, as more customers adopted our integrated cloud management and support solutions to facilitate their transition to public cloud platforms.

#### Cost of revenue
Our cost of revenue slightly increased by 6.8% from US$500,057 for the six months ended September 30, 2024 to US$534,386 for the six months ended September 30, 2025. The increase in cost of revenue was at a lower rate than our revenue growth, primarily due to our strategic shift toward utilizing internal personnel for service delivery. By leveraging our internal technical team to deliver services instead of relying on third-party consulting services providers, we were able to optimize our cost structure and achieve greater operational efficiency as we expanded our business.

#### Gross profit and gross margin
Our gross profit increased by 106.0% from US$0.6 million for the six months ended September 30, 2024 to approximately US$1.3 million for the six months ended September 30, 2025, reflecting an approximately 15.3% increase in gross margin from 53.7% to 70.4%, primarily due to (i) the transition of technical support from outsourced services to internal staffing, (ii) cost reductions achieved by switching IDC service providers, and (iii) the recognition of cloud service expenses on a net basis.

#### Selling and marketing expenses
Our selling and marketing expenses increased from approximately US$31 thousand for the six months ended September 30, 2024, to approximately US$36 thousand for the six months ended September 30, 2025, representing a 16.1% increase. The increase was primarily driven by increased salaries for our sales personnel as part of our efforts to retain talent and support business expansion. Despite the absolute increase, selling and marketing expenses decreased as a percentage of total revenues, from 2.7% for the six months ended September 30, 2024, to 2.0% for the same period in 2025, indicating that our expansion initiatives have been effective in driving revenue growth.

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#### General and administrative expenses
Our G&A expenses increased from approximately US$0.2 million, for the six months ended September 30, 2024, to approximately US$0.6 million, for the six months ended September 30, 2025, representing a 154.8% increase. As a percentage of revenues, G&A expenses increased from 21.0% for the six months ended September 30, 2024, to 34.0% for the six months ended September 30, 2025. This significant increase was primarily attributable to an executive compensation of US$0.3 million paid to Mr. Liao Chang and US$0.2 million of audit fees during the six months ended September 30, 2025.

#### Income taxes
We had an income tax expense of US$82 thousand for the six months ended September 30, 2025, as compared to the income tax expense of US$41 thousand for the six months ended September 30, 2024, consistent with the increase in our income before income tax expense.

#### Net income
As a result of the foregoing, we had net income increased by 65.8%, from approximately US$0.3 million for the six months ended September 30, 2024, to approximately US$0.5 million for the six months ended September 30, 2025.

#### Internal Control over Financial Reporting
Prior to the Offering, we have been a private company with limited accounting personnel and other resources to address our internal controls and procedures. In connection with the audits of our consolidated financial statements for the years ended and as of March 31, 2024 and 2025, we identified two "material weaknesses" in our internal control over financial reporting. As defined in the standards established by the PCAOB, and other control deficiencies, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified are related to: (i) lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address U.S. GAAP technical accounting issues and prepare and review financial statements and related disclosures in accordance with U.S. GAAP and reporting requirements set forth by the Securities and Exchange Commission (the "SEC"); and (ii) Lack of formal risk assessment process and internal control framework over financial reporting. Neither we nor our independent registered public accounting firm undertook a comprehensive assessment of our internal control over financial reporting for purposes of identifying and reporting material weaknesses and other deficiencies in our internal control over financial reporting. Had we performed a comprehensive assessment of our internal control over financial reporting or had our independent registered public accounting firm performed an audit of our internal control over financial reporting, additional deficiencies may have been identified.

In order to address and resolve the foregoing material weaknesses, we have implemented measures aimed at remediating the identified material weaknesses, including, among others: (i) recruiting additional accounting and financial personnel with proficiency in U.S. GAAP and experience in SEC reporting; (ii) arranging recurring training sessions for our accounting staff, particularly concerning U.S. GAAP standards and SEC reporting obligations; (iii) creating U.S. GAAP accounting policies and procedures manual, which will be maintained, reviewed and updated, on a regular basis, to the latest U.S. GAAP accounting standards; and (iv) setting up mechanism of formal risk assessment process and internal control framework with formal documentation of polices in place, appointing independent directors, establishing an audit committee, and strengthening corporate governance.

However, we cannot assure you that all these measures will be sufficient to remediate our material weakness in time, or at all. See "RISK FACTORS — Risks Relating to Our Business and Industry *— If we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired*."

As a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting.

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#### Liquidity and Capital Resources
As of September 30, 2025, we had positive working capital of approximately US$2.8 million and net asset of approximately US$2.8 million. For the six months ended September 30, 2025, we had net income of US$0.5 million and net cash provided in operating activities of approximately US$0.3 million. We have historically funded our working capital needs primarily from business operations. The working capital requirements are affected by the efficiency of operations, the numerical volume and dollar value of revenue contracts, and the timing of accounts receivable collections.

Based on our current operating plan, we believe our current working capital of US$1.7 million is sufficient to meet our anticipated working capital requirements and capital expenditures for the next twelve months following the date of this prospectus. However, we may require additional cash resources in the future due to changes in business conditions or opportunities for investments, acquisitions, or other capital expenditures. If our cash requirements exceed our available cash, we may seek to raise funds through equity offerings, debt financing, or credit facilities. Financing may be unavailable in the amounts we need or on terms acceptable to us, if at all. Issuance of additional equity securities, including convertible debt securities, would dilute our earnings per share.

#### Cash Flows
The following table sets forth our selected consolidated statements of cash flows for the years indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended<br>March 31,** | **For the years ended<br>March 31,** | **For the six months ended<br>September 30,** | **For the six months ended<br>September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  | **US$** | **US$** | **US$** | **US$** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash provided by in operating activities | 94 | 1510 | 433 | 285 |
|  Net cash used in investing activities | (247) | (901) | (130) | (750) |
|  Net cash used in financing activities |  | (588) | (588) | 655 |
|  **Net changes in cash and cash equivalents** | **(154)** | **21** | **(285)** | **190** |
|  **Cash and cash equivalents at beginning of year** | **468** | **314** | **314** | **335** |
|  **Cash and cash equivalents at end of year** | **314** | **335** | **29** | **525** |

---

#### Operating activities
For the year ended March 31, 2024, our net cash provided by operating activities was US$0.1 million, primarily driven by our net income of US$0.7 million, partially offset by an increase in prepayments of US$0.6 million for technical consulting service.

For the year ended March 31, 2025, our net cash provided by operating activities increased to US$1.5 million, primarily driven by business expansion and improved working capital efficiency.

For the six months ended September 30, 2024, our net cash provided by operating activities was US$0.4 million, primarily driven by our net income of US$0.3 million.

For the six months ended September 30, 2025, our net cash provided by operating activities was US$0.3 million, primarily driven by our net income of US$0.5 million, partially offset by an increase in prepaid offering cost of US$0.3 million.

#### Investing activities
For the year ended March 31, 2024, our net cash used in investing activities was US$0.2 million, primarily attributable to loans to HAPPY and Metaverse, our related parties. For the year ended March 31, 2025, our net cash used in investing activities was US$0.9 million, primarily reflecting loans to a third party, HAPPY, and Metaverse with a total amount of US$1.1 million, partially offset by loan repayments of US$0.2 million from HAPPY and Metaverse. See "RELATED PARTY TRANSACTIONS" for details.

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For the six months ended September 30, 2024, our net cash used in investing activities was US$0.1 million, primarily attributable to loans to a third party, Metaverse, with a total amount of US$0.1 million. For the six months ended September 30, 2025, our net cash used in investing activities was US$0.8 million, primarily reflecting loans to a related party, Mr. Liao Chang, with a total amount of US$0.9 million, partially offset by loan repayments of US$0.1 million from Metaverse. See "RELATED PARTY TRANSACTIONS" for details.

#### Financing activities
We did not conduct any financing activities in 2024. For the year ended March 31, 2025, our net cash used in financing activities was US$0.6 million, mainly attributable to dividend payments to Mr. Chang Liao of US$0.6 million. For the six months ended September 30, 2024, our net cash used in financing activities was US$0.6 million, mainly attributable to dividend payments to Mr. Chang Liao of US$0.6 million. See "RELATED PARTY TRANSACTIONS" for details.

For the six months ended September 30, 2025, our net cash provided by financing activities was US$0.7 million, mainly attributable to US$0.2 million borrowed from a third party and US$0.5 million from capital contribution. See "RELATED PARTY TRANSACTIONS" for details.

#### Capital Expenditures
We did not incur capital expenditures for the years ended March 31, 2024 and 2025, and the six months ended September 30, 2024 and 2025.

#### Contingencies
From time to time, we may become involved in litigation relating to claims arising in the ordinary course of the business. As of the date of this prospectus, there are no claims or actions pending or threatened against us that, if adversely determined, would in our judgment have a material adverse effect on us.

#### Off-Balance Sheet Commitments and Arrangements
We have not entered into any off-balance sheet financial guarantees to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.

#### Contractual Obligations
As of September 30, 2025, we have no material contractual obligations.

#### Quantitative and Qualitative Disclosure about Market Risks

#### Interest rate risk
Fluctuations in market interest rates may negatively affect financial condition and results of operations. We are exposed to floating interest rate risk on cash deposit, and the risk due to changes in interest rates is not material. We have not used any derivative financial instruments to manage the interest risk exposure.

#### Concentration of credit risk
Assets that potentially subject us to significant concentrations of credit risk primarily consist of cash and cash equivalents, accounts receivable, amounts due from related parties, deposits within prepaid expenses and other current assets. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. All of our cash are held with financial institutions that our management believes to be of high credit quality. We conduct periodic reviews of the financial condition and payment practices of our customers to minimize collection risk on accounts receivable. Based on our historical experiences in collection of other receivables and amounts due from

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related parties, we consider the credit risk of these receivables to be low. Management conducts regular assessments on expected credit losses arising from non-performance by these counter-parties. We evaluate its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts.

#### Concentration of customers and suppliers
The following table sets forth a summary of single customers who represent 10% or more of our total revenue.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **For the six months ended<br>September 30,** | **For the six months ended<br>September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  Customer A<sup>(1)</sup> | 72% | 69% | 75% | 69% |
|  Customer B | 26% | 17% | 20% | 27% |
|  Customer C |  | 12% | —% | —% |

---

____________

Note:

(1) Represents BSD, a third-party customer. See "RISK FACTORS — Risks Relating to Our Business and Industry — *We have a substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenues*."

The following table sets forth a summary of single customers who represent 10% or more of our total accounts receivable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  Customer C |  | 62% | —% | —% |
|  Customer A<sup>(1)</sup> |  | 20% | —% | 40% |
|  Customer B | 100% | 18% | 100% | 60% |

---

____________

Note:

(1) Represents BSD, a third-party customer.

The following table sets forth a summary of single suppliers who represent 10% or more of our total purchases:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended<br>March 31,** | **For the years ended<br>March 31,** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  Zhongshan Weijia (related party) | 65% | 52% | 67% | 42% |
|  HAPPY (related party) | 31% | 21% | 31% | 44% |
|  Supplier D |  | 25% | —% | —% |

---

The following table sets forth a summary of single suppliers who represent 10% or more of our total accounts payable:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** | **2024** | **2025** |
|  Supplier D |  | 98% | 100% | —% |
|  Supplier B |  |  |  | 33% |
|  Supplier C |  |  |  | 32% |
|  HAPPY |  |  |  | 32% |

---

#### Critical Accounting Polices and Estimates
An accounting estimate is considered critical if it requires to be made based on assumptions about matters that are highly uncertain at the time such estimate is made, and if different accounting estimates that reasonably could have been used, or changes in the accounting estimate that are reasonably likely to occur periodically, could have materially impact to the consolidated financial statements.

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We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires our management to make estimates and assumptions. We continuously evaluate these judgments, estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other conditions, our expectations regarding the future based on available information and various assumptions that we believe to be reasonable, which together form our basis for making judgments about matters that are not readily apparent from other sources. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

We consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our results of operations or financials condition. There are other items within our consolidated financial statements that require estimation but are not deemed critical, as defined above.

We believe the following accounting estimate involves the most significant judgments used in the preparation of our financial statements: (1) expected credit losses. We evaluate this estimate and assumption on an ongoing basis. See "Note 2 — Summary of Significant Accounting Policies" to our consolidated financial statements for the disclosure of this accounting estimate.

#### Expected credit losses
We recorded allowances for credit losses to reserve for potentially uncollectible amounts related to our accounts receivable, other receivables in prepaid expenses and other current assets. Our estimation process evaluates the collectability of these financial assets by considering historical collection trends, customer creditworthiness, current economic conditions, and expected future conditions, which involves significant management judgment and uncertainty due to the unpredictability of customer payment behavior and volatility in economic conditions. We assess credit risk across different customer groups and incorporate forward-looking factors, such as expected economic conditions, to ensure our estimates remain robust.

No expected credit loss expense was recorded for the years ended March 31, 2024 and 2025, and for the six months ended September 30, 2025, respectively.

#### Recent Accounting Pronouncements
For information on recently issued accounting pronouncements, refer to Note 3 to our consolidated financial statements included elsewhere in this prospectus.

In the near term, we plan to selectively invest in infrastructure assets such as cabinets, servers, and networking equipment, and to initiate proprietary hosting and colocation services. Over time, we may also explore opportunities to co-develop or manage dedicated hosting areas under models such as long-term lease, build-to-suit arrangements, or joint operations. As of the date of this prospectus, these initiatives remain at the planning stage, and we have not entered into, nor are we currently negotiating, any agreements to pursue them.

The timing, scale, and efficiency of these capital expenditures, as well as our ability to secure and integrate new assets, will directly affect our service capacity and revenue potential. Moreover, expanding into new geographic markets involves uncertainties related to regulatory compliance, customer adoption, and competitive dynamics. Any delays, cost overruns, or execution challenges in these initiatives could adversely affect our growth trajectory. Conversely, successful execution would enhance our service offerings, diversify our geographic footprint, and strengthen our ability to attract and retain enterprise customers.

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#### INDUSTRY OVERVIEW
*This prospectus contains information derived from an industry report (the "F&S Report") commissioned by us and prepared by Frost & Sullivan, an independent market research firm, to provide information regarding our industry and market position and opportunities. Such industry report was prepared by Frost & Sullivan based on various government and industry publications, interviews with industry participants and experts, and other available sources from public market research. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factors" section. These and other factors could cause results to differ materially from those expressed in these publications and reports.*

#### Internet Data Center (IDC) Overview
Internet Data Center (IDC) is a specialized physical facility that provides internet infrastructure services. By means of colocation or leasing, it offers clients integrated internet infrastructure solutions, including server colocation, computing and storage resource rental, communication line and bandwidth access, system configuration and network security protection, along with operation and maintenance support. By scale, IDCs can be classified into five categories: micro data center, small data center, mid-tier data center, enterprise data center, and hyperscale data center.

***Micro Data Center*** refers to a micro-scale data center unit deployed in local, edge or specific application scenarios. It typically features an independent cabinet space and is characterized by a standard rack count of fewer than 100.

***Small Data Center*** refers to data center that is established to meet the IT infrastructure needs of organizations or small enterprises with relatively limited requirements. Compared to large-scale data centers, small data centers have lower power and cooling capacities and occupy less physical space, with a standard rack count generally ranges from 100 to 500.

***Mid***-tier ***Data Center*** refers to data center serving medium to large enterprises. These data centers are capable of accommodating a wider variety of equipment, feature larger physical space, and possess greater power and cooling capacities. The standard rack count is generally between 500 to 3,000.

***Enterprise Data Center*** refers to a large-scale data center designed to serve the needs of major enterprises and institutions. It is typically equipped with highly reliable infrastructure to meet stringent requirements for data security and business continuity, supporting enterprises' day-to-day operations, enterprise data centers provide robust computing and storage. The standard rack count is generally between 3,000 to 10,000.

***Hyperscale Data Center*** typically refers to an ultra-large data center operated by major cloud service providers, internet companies or data center operators. It is designed to support large-scale workloads in areas such as cloud computing, big data and artificial intelligence (AI). Hyperscale data centers are distinguished by their massive computing and storage capacity, high resource efficiency, and exceptional scalability. The standard rack count is generally more than 10,000.

#### Value Chain Analysis of IDC Industry
The value chain of IDC industry constitutes a comprehensive ecosystem encompassing upstream resource providers, midstream IDC service providers, and downstream end users.

The upstream primarily involves the supply system that provides essential infrastructure and core equipment for the construction and operation of IDCs. It serves as the foundational support for the stable functioning of data centers. This segment encompasses engineering and design, as well as the manufacturing and integration of IT and electromechanical equipment such as servers, storage devices, network hardware, power systems and racks.

The midstream primarily encompasses IDC service providers who deliver professional operational services and related solutions to meet the increasingly diverse and high-performance market demands. This segment can be further divided into three categories, that is, telecommunications operators, third-party IDC service providers, and internet and cloud service companies.

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The downstream serves a broad range of industry clients and application scenarios. It primarily includes traditional sectors such as internet enterprises, financial institutions, government, manufacturing and healthcare companies. With the acceleration of digital transformation, an increasing number of small and medium-sized enterprises as well as emerging industries, including artificial intelligence, cloud computing and self-driving, have also become primary IDC customers, placing higher demands on computing power, storage capacity, security and regulatory compliance.

#### Number of IDC, By Type, and Growth Forecast, Global (2020-2029E)
With the rapid development of the digital economy, especially driven by artificial intelligence, IDC have evolved into an essential infrastructure that underpins the deployment and operation of a wide array of digital technologies. IDC not only provide the fundamental physical infrastructure required for the massive computational power and data storage demands of AI applications, but also ensure the stable and efficient operation of other digital technologies such as cloud computing and big data. They play a pivotal role in facilitating the seamless integration and interaction of these technologies, thereby enabling the smooth functioning of various digital services and applications that are integral to the modern digital economy.

The global IDC market is undergoing a structural transformation. Although the total number of data centers has shown a slight decline from approximately 447.6 thousand in 2020 to approximately 416.6 thousand in 2024 with a CAGR of around -1.8%, this trend is primarily attributed to the reduction in micro data centers. Due to limitations in computing capacity, energy efficiency, and long-term sustainability, micro data centers are gradually being phased out or consolidated. In contrast the number of large-scale, especially hyperscale data centers, continues to rise, becoming the dominant force of the industry development. From 2020 to 2024, the number of hyperscale data centers has risen from approximately 610 to approximately 1,000 with a remarkable CAGR of around 13.2% over this period, and is projected to further reach approximately 1,625 by 2029. This shift is driven by the growing demand for centralized, high-performance computing resources, fueled by the rapid adoption of technologies such as cloud computing, artificial intelligence and big data, as well as the need for scalable, low-latency, and sustainable infrastructure. With strong resource integration capabilities and highly efficient network architectures, hyperscale data centers are emerging as critical infrastructure supporting the digital economy, reflecting the sector's long-term growth potential and ongoing technological advancement.

#### Number of Internet Data Centers (IDCs), Global
Thousand; 2020-2029E

![](tbarchart_001.jpg)

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#### Number of Internet Data Centers (IDCs), by Type, Global
2020-2029E

![](tbarchart_002.jpg)

____________

*Source: China Academy of Information and Communications Technology, Frost & Sullivan Analysis and Estimate*

#### IDC Installed Capacity and Growth Forecast, By Region, Global (2020-2029E)
Driven by the accelerated deployment of large-scale data centers, the global installed capacity of IDC has continued to expand, from approximately 36.6GW in 2020 to approximately 57.8 GW in 2024, accompanied by notable shifts in regional distribution patterns. In recent years, the Asia-Pacific (APAC) region has emerged as the most dynamic market for IDC development, supported by a large digital user base, favorable government policies and the rapid proliferation of cloud services and artificial intelligence applications. In 2024, the Asia-Pacific region surpassed North America in terms of total installed capacity, with the number being approximately 22.8GW, becoming the largest contributor globally, and is expected to arrive at approximately 41.6GW by 2029. This rapid growth reflects the region's strong demand for high-performance digital infrastructure and underscores its increasingly strategic role in the global computing landscape, highlighting its potential to lead in the future digital economy. Looking forward, projection has indicated that the global installed capacity of IDC will increase to approximately 100.1GW by 2029, representing a CAGR of around 11.6% from 2024 to 2029.

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#### IDC Installed Capacity, by Region, Global
GW, 2020-2029E

![](tbarchart_003.jpg)

____________

*Source: China Academy of Information and Communications Technology, Frost & Sullivan Analysis and Estimate*

#### Market Size for IDC and Growth Forecast, By region, Global (2020-2029E)
The global IDC market has been growing to approximately USD108.6 billion in 2024. Although the Asia-Pacific region has surpassed North America in terms of total IDC installed capacity, North America remains the global leader in market size. This disparity is primarily attributable to the higher concentration of high-value and compute-intensive workloads in North America, such as large-scale AI model training, high-frequency financial computing, and enterprise-grade cloud services, all of which command higher service pricing and yield greater profit margins. Higher electricity, land and operational costs in the region are reflected in pricing structures as well, further elevating the overall market size. In addition, North America also benefits from a mature customer base with strong payment capacity and consistent demand for high-performance, high-reliability IDC services. As a result, while the Asia-Pacific region continues to expand rapidly in scale, North America maintains a leading position with the market increasing from approximately USD29.2 billion to approximately USD46.1 billion between 2020 and 2024, underscoring the structural differences in value and service maturity across regional IDC markets.

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#### IDC Market Size, by region, Global
USD Billion; 2020-2029E

![](tbarchart_004.jpg)

____________

*Source: China Academy of Information and Communications Technology, Frost & Sullivan Analysis and Estimate*

*Note:*

*(1) The market size refers to the total revenue generated by IDC services.*

#### IDC Installed Capacity and Growth Forecast, Hong Kong (2020-2029E)
As a key international financial and information hub in the Asia-Pacific region, Hong Kong possesses a range of structural advantages that provide a solid foundation for the development of its IDC industry. These include its strategic geographic location, robust legal framework, open data transfer environment and liberalized telecommunications market. In recent years, the steady expansion of data center infrastructure in Hong Kong has been driven by the accelerating growth of the regional digital economy, increasing demand for cross-border data exchange and the intensified deployment of international cloud service providers across Asia. Benefiting from close economic ties with Mainland China, the flexible data governance framework and its continued appeal to global enterprises, Hong Kong is gradually evolving into a critical computing hub bridging Mainland China and global markets. Looking ahead, as data-intensive sectors such as artificial intelligence, fintech, and cross-border e-commerce continue to expand, Hong Kong's strengths in reliability, security and international connectivity are expected to further enhance its position, highlighting significant growth potential for its IDC market. In recent years, Hong Kong has witnessed sustained growth in its IDC installed capacity. Despite objective constraints such as limited land resources and restricted site availability, the city has leveraged its well-developed building infrastructure and vertical construction capabilities to establish a high-density, modular data center deployment model. As of 2024, Hong Kong's data center installed capacity has reached approximately 1.6GW, with several additional projects currently under planning or construction, and is projected to reach approximately 2.9GW by 2029, reflecting a CAGR of around 13.4%.

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#### IDC Installed Capacity, Hong Kong
GW; 2020-2029E

![](tbarchart_005.jpg)

____________

*Source: Cushman & Wakefield, Frost & Sullivan Analysis and Estimate*

#### Market Size for IDC and Growth Forecast, Hong Kong (2020-2029E)
In terms of market size, the primary revenue for Hong Kong's IDC sector are industry clients with strong demand for low-latency and high-security infrastructure, particularly those in finance, insurance, e-commerce, and multinational enterprises. Benefiting from a stable policy environment, a well-established regulatory and compliance framework, and increasingly integrated data collaboration mechanisms with Mainland China, Hong Kong's IDC market demonstrates stable and long-term growth potential. The city exhibits strong service penetration and pricing power in data-intensive sectors such as international fintech, artificial intelligence and cross-border e-commerce. In 2024, the IDC market in Hong Kong has steadily increased to approximately USD3.6 billion. The upward trend is expected to sustain, and the IDC market in Hong Kong is forecasted to reach approximately USD6.9 billion by 2029 with a CAGR of around 14.0%.

#### IDC Market Size, Hong Kong
USD Billion; 2020-2029E

![](tbarchart_006.jpg)

____________

*Source: Frost & Sullivan Analysis and Estimate*

*Note:*

*(1) The market size refers to the total revenue generated by IDC services.*

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#### Cloud Service Market Overview
Cloud service delivers computing resources, such as servers, storage, databases, networking, security and software applications, on demand via the internet. Users can obtain these IT resources from Cloud Service Providers (CSPs) without building or maintaining costly physical infrastructures. This model enables elastic resource allocation, rapid deployment and pay-as-you-go billing, significantly improving IT resource efficiency and reducing the operating cost. As such, cloud services have become a critical enabling technology for digital transformation, and can be generally divided into three categories: Software as a Service (SaaS), Infrastructure as a Service (IaaS) and Platform as a Service (PaaS).

***Software as a Service (SaaS)*** refers to a cloud service model in which software applications are delivered to users over the internet. Under this model, users are not required to purchase, install or maintain local software or hardware. Instead, they can access the software functionalities via a web browser or client application. All deployment, maintenance, and updates are managed centrally by the service provider.

***Infrastructure as a Service (IaaS)*** refers to a cloud service model that delivers fundamental computing resources, such as virtual machines, storage capacity and network bandwidth, on demand over the internet. Users can flexibly rent these computing resources based on their needs, enabling elastic scalability and pay-as-you-go billing.

***Platform as a Service (PaaS)*** refers to a cloud service model that offers an environment for developing, testing, deploying and managing applications over the cloud. Users do not need to manage hardware or operating systems, allowing them to focus on the application development. PaaS provides services enables faster application building and flexible scaling at lower costs, supporting digital transformation and innovation.

#### Value Chain Analysis of Cloud Service Industry
The value chain of cloud service industry comprises a broad ecosystem ranging from upstream software and physical resource providers, to midstream cloud service providers, and downstream end-users, with each segment closely linked and collectively driving the development and application of cloud computing technology.

The upstream comprises suppliers of fundamental hardware and software resources, including manufacturers and vendors of server, storage devices, network equipment, as well as developers of operating systems and virtualization technologies. This segment is responsible for providing high-performance physical and software infrastructures to cloud platforms, ensuring stability, reliability and uninterrupted operation of cloud services.

The midstream primarily consists of Cloud Service Providers (CSPs), including foundational telecommunications operators, cloud service companies, and cloud divisions of major technology enterprises. As the core entities of cloud services, they are responsible for integrating physical and software resources supplied by upstream providers and developing various cloud service offerings for downstream end-users. This segment focuses on the operation and management of cloud services, continuously innovating service models and enhancing service quality to meet the diverse needs of different industries and enterprises, thereby driving the sustained development and broad application of cloud computing technologies.

The downstream includes various organizations and individuals who purchase and use cloud services. They choose services like cloud storage, computing, databases and applications to support their operations, data processing, application development and digital transformation. As cloud technology matures, more industries adopt cloud services to improve efficiency, reduce IT costs and promote innovation. This drives cloud providers to continuously improve their services, creating a positive cycle that advances the cloud service ecosystem, especially in areas like artificial intelligence, big data, and the Internet of Things.

#### Market Size for Cloud Service and Growth Forecast, Global (2020-2029E)
The global cloud service market continues to demonstrate ongoing growth, with an impressive CAGR of around 24.0% from 2020 to 2024, and has become a critical infrastructure supporting the development of the digital economy. As enterprises deepen their digital transformation efforts and emerging technologies such as generative AI advance rapidly, demand for efficient, scalable, and flexible IT resources is rising across industries. In this context, the market share of both public cloud and hybrid cloud has continued to increase. Public cloud has emerged as the mainstream adoption model due to its ease of deployment, flexible cost structure and strong scalability. At the same time, to address

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requirements related to data security, regulatory compliance and local control, hybrid cloud services are being widely adopted, particularly among large enterprises and regulated industries. Overall, the global cloud services market is evolving toward a multi-cloud, intelligent, and industry-oriented landscape, with its total market expected to expand steadily in the coming years, reaching approximately USD2,260.2 billion by 2029.

#### Cloud Service Market Size, Global
USD Billion; 2020-2029E

![](tbarchart_007.jpg)

____________

*Source: IDC, Frost & Sullivan Analysis and Estimate*

*Note:*

*(1) The market size refers to the total revenue generated from cloud services.*

#### Market Size for Public Cloud Service and Growth Forecast, by Category, Global (2020-2029E)
Public cloud, with its capabilities for elastic scalability and cost efficiency, enables enterprises to lower the barriers to IT infrastructure investment, foster business agility and innovation, thereby continuously accelerating market penetration.

As the largest segment within the public cloud service market, Software as a Service (SaaS) is widely applied across fields such as enterprise office automation (OA) and customer relationship management (CRM), owing to its characteristics of no local deployment and rapid delivery. Driven by increasing enterprise reliance on flexible work and collaboration tools, the SaaS market has experienced sustained growth in both scale and user base, with the market expanding to approximately USD 488.1 billion in 2024 with a CAGR of around 24.9% from 2020 to 2024. Additionally, the proliferation of remote and mobile work has increased the demand for SaaS's convenient accessibility and cross-platform compatibility.

The global IaaS market ascended to approximately USD160.2 billion in 2024. Propelled by increasing demands for cost efficiency and resource optimization, Infrastructure as a Service (IaaS) enables flexible, on-demand resource allocation to meet evolving business requirements. Concurrently, the rapid growth of data volumes has escalated the need for robust computing and storage capabilities. IaaS, with its high availability and robust security mechanisms, effectively ensures business continuity. Furthermore, its global service capabilities facilitate enterprises in swiftly expanding into new markets. As the foundational layer of cloud computing, IaaS supports users in renting virtual machines, storage and network resources on demand, aligning with accelerated cloud migration and heightened requirements for high-performance computing and big data analytics. IaaS' flexibility and scalability have established it as a critical pillar of cloud services across various industries, and its market is projected to continue to grow with a CAGR of around 17.9% from 2024 to 2029.

The Platform as a Service (PaaS) market has experienced significant growth, from approximately USD49.1 billion in 2020 to approximately USD158.1 billion in 2024. Increasing enterprise demands for accelerated application development and deployment have been precisely aligned with PaaS solutions that provide comprehensive and flexible development environments that reduces operational complexity, effectively streamlining development processes and

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supporting multi-language and multi-framework needs. As digital transformation deepens, the growing requirement for responsive IT environments has further propelled PaaS adoption. The PaaS market is expected to maintain its upward trajectory in the following years, reaching approximately USD 478.1 billion by 2029.

#### Public Cloud Service Market Size, by Category, Global
USD Billion; 2020-2029E

![](tbarchart_008.jpg)

____________

*Source: IDC, Frost & Sullivan Analysis and Estimate*

*Note:*

*(1) The market size refers to the total revenue generated from cloud services.*

*(2) The SaaS market includes applications and system infrastructure software.*

Building upon foundational cloud service models SaaS, IaaS and PaaS, the cloud service ecosystem has continued to evolve, giving rise to a range of service models tailored to specific scenarios and business requirements. Among them, BPaaS (Business Process as a Service) delivers standardized business processes through cloud platforms, enabling enterprises to reduce costs and improve efficiency. DaaS provides a cloud-based virtual desktop environment that allows users to remotely access centrally managed desktop resources across multiple devices, thereby improving work flexibility and data security. In recent years, BPaaS has benefited from the growing demand for business process re-engineering (BPR) and operational efficiency, achieving accelerated penetration in industries such as finance and retail, with the market growing from approximately USD35.2 billion in 2020 to approximately USD60.3 billion in 2024. Meanwhile, DaaS has experienced rapid growth driven by the rise of remote work and increasing information security requirements, experiencing broad adoption across medium to large enterprises and government institutions. The global market of DaaS has consistently growing from approximately USD14.9 billion to approximately USD34.7 billion from 2020 to 2024, and is projected to reach approximately USD69.3 billion by 2029, indicating a CAGR of around 14.9% from 2024 to 2029.

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#### BPaaS and DaaS Market Size, Global
USD Billion; 2020-2029E

![](tbarchart_009.jpg)

____________

*Source: IDC, Frost & Sullivan Analysis and Estimate*

*Note:*

*(1) The market size refers to the total revenue generated from cloud services.*

#### Market Share of Major Public Cloud Service Providers, Global (2020-2029E)
The global public cloud market is undergoing a structural shift, evolving from a dominated landscape by Amazon into a diversified environment where multiple major providers, notably Microsoft and Google, are rapidly expanding their presence. Although Amazon Web Services (AWS) remains the market leader, its share has shown a steady decline over consecutive years, from around 31.8% in 2020 to around 30.2%. This trend is attributable to several key factors. On one hand, the growing adoption of multi-cloud and hybrid cloud strategies by enterprise have led to the distribution of workloads across multiple platforms, weakening AWS's relative dominance within the primary IaaS model. On the other hand, AWS has faced challenges in penetrating high-value sectors such as government and finance, where its localization capabilities and industry-specific solutions lag behind those of competitors. Over the past few years AWS's customer base is heavily weighted toward large clients, with a concentration in sectors such as internet services, education and media. While this client structure facilitated rapid growth during the early stages of cloud adoption, the maturing cloud usage within these industries has limited further expansion potential. This structural characteristic has, to some extent, constrained AWS's ability to sustain its market share. In contrast, Microsoft and Google have demonstrated stronger growth momentum by actively expanding into both enterprise-grade and emerging verticals.

Microsoft has achieved sustained growth in the public cloud market by leveraging its longstanding presence in the enterprise software ecosystem. Its extensive customer base in office software and identity management has served as a solid foundation for cloud migration. Through seamless integration between Azure and widely adopted Microsoft solutions, the company has effectively guided existing clients toward its cloud platform. In addition, Microsoft's hybrid cloud architecture, which allows enterprises to retain certain workloads on-premises while extending others to the cloud, has resonated strongly with regulated industries and large-scale organizations that prioritize security and compliance. These advantages, combined with its broad global infrastructure and expanding service portfolio in areas such as artificial intelligence and data analytics, have enabled Microsoft to steadily capture a larger share of the public cloud market share, from approximately 14.3% to approximately 16.6% from 2020 to 2024. Projection has indicated that the market share of Microsoft Azure will further growing to approximately 18.4% by 2029.

Over the past few years, Google has leveraged its leading capabilities in high-value technologies such as artificial intelligence, machine learning and data analytics to continuously attract clients with strong demand for high-performance computing, particularly in industries that rely heavily on real-time data processing and predictive analytics, leading to a significant increase in its market share, from approximately 9.1% in 2020 to approximately 13.4% in 2024. Its sustained investments in open-source ecosystems and developer tools have further enhanced its appeal to enterprises, tech startups and emerging industry clients' digital demands. Meanwhile, Google has significantly improved its product reach and customer retention by optimizing its global cloud infrastructure, strengthening

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multi-cloud compatibility and expanding vertical industry solutions. As a result of these multi-pronged strategies, Google Cloud has achieved the fastest market share growth in recent years among public cloud providers, establishing itself as one of the most dynamic and upward-moving players in the global cloud landscape. By 2029, the market share of Google Cloud Platform is expected to further reach approximately 18.9%.

#### Market Share of Major Public Cloud Service Providers, Global
2020-2029E

![](tbarchart_010.jpg)

____________

*Source: IDC, Frost & Sullivan Analysis and Estimate*

*Note:*

*(1) The market share refers to the proportion of user spending on a specific cloud service relative to the total spending across the entire cloud services market.*

#### Market Size for Public Cloud Service and Growth Forecast, by Category, Hong Kong (2020-2029E)
The cloud services market in Hong Kong has accelerated its development over the past few years, rising from approximately USD731.5 million in2020 to approximately USD1,630.6 million in 2024, and gradually becoming a critical support platform for the digital economy in the Asia-Pacific region. In the IaaS sector, cloud providers leverage superior infrastructure and a well-established ecosystem to meet the strong demand from local and regional customers for scalable computing and storage resources. The PaaS market has maintained rapid growth, facilitating faster application development and deployment among local enterprises, thereby supporting digital transformation and business innovation. Meanwhile, the SaaS market has steadily expanded, with broad adoption across finance, retail, education and other industries, addressing diverse enterprise needs for flexible work and customer relationship management. With the integration of emerging technologies, Hong Kong's cloud services ecosystem is evolving toward greater intelligence and integration, demonstrating significant market potential and expected to continue driving innovation and advancement in the regional cloud service industry, with the market further growing to approximately USD3,451.6 million by 2029.

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#### Public Cloud Service Market Size, by Category, Hong Kong
USD Million; 2020-2029E

____________

*Source: IDC, Frost & Sullivan Analysis and Estimate*

*Note:*

*(1) The market size refers to the total revenue generated from cloud services.*

*(2) The SaaS market includes applications and system infrastructure software.*

The BPaaS market in Hong Kong reached approximately USD139.4 million in 2024, and is projected to arrive at approximately USD210.5 million in 2029, suggesting a CAGR of around 8.6% expected between 2024 and 2029. This growth is primarily driven by the increasing demand for process automation, cost optimization and operational efficiency across key sectors such as healthcare, finance and retail. In addition, the normalization of remote work continues to accelerate the adoption of cloud-based business process solutions. Meanwhile, the DaaS market in Hong Kong remains in an early stage but demonstrates strong growth potential. Driven by the rising adoption of remote and mobile work models, enterprises are exhibiting increasing demand for centralized desktop management, endpoint security, and cross-device accessibility, particularly within government agencies, large corporations and highly regulated industries. Projection indicates that DaaS is poised to rapidly emerge as a critical component of remote IT management and desktop service delivery in the region, rising from approximately 32.6 million to approximately USD62.1 million by from 2024 to 2029.

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#### BPaaS and DaaS Market Size, by Category, Hong Kong
USD Million; 2020-2029E

![](tbarchart_012.jpg)

____________

*Source: IDC, Frost & Sullivan Analysis and Estimate*

*Note:*

*(1) The market size refers to the total revenue generated from cloud services.*

#### Competitive Landscape Overview

#### Market Driver Analysis of Hong Kong Market
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Strategic Gateway to Mainland China and Asia***: Leveraging its strategic geographical location and robust infrastructure, Hong Kong has long served as a critical digital gateway between Mainland China and the broader Asia-Pacific region. The city is equipped with a mature cross-border telecommunications network with direct connections to major regional and global markets, enabling low-latency and high-reliability data transmission. For cloud service providers seeking to expand into Mainland China or the wider Asia-Pacific, Hong Kong's strong network interoperability positions it as a key strategic hub for regional IDC and cloud service deployment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Strong Rule of Law and Business***-Friendly ***Environment***: Hong Kong's long-standing legal and regulatory framework grounded in the rule of law provides a high degree of transparency, data protection and contractual enforceability, which is essential for global cloud and data center operators. Coupled with its open economy, free capital movement, and mature financial and professional service sectors, the city offers a stable and predictable environment conducive to long-term digital infrastructure development. This has made Hong Kong a preferred destination for international technology firms establishing regional IDC and cloud service operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Accelerated Digital Transformation and Cloud Adoption across Industries***: As local industries such as finance, retail, healthcare and logistics accelerate their digital transformation, demand for cloud computing, cloud storage, data analytics and collaboration tools continue to rise. Both large enterprises and small-to-medium-sized enterprises increasingly rely on cloud-based IT architectures to enhance operational efficiency. This trend has driven rapid growth across various cloud service models, including IaaS, PaaS, and SaaS, serving as a key catalyst for the expansion of Hong Kong's cloud service market and IDC market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Government Support and Initiatives***: Under policy frameworks such as the "Smart City Blueprint", the Hong Kong Special Administrative Region government has continuously promoted the upgrade of digital infrastructure and the adoption of cloud technologies in public governance, serving as a significant external driver for the growth of the local IDC and cloud services market. Initiatives such as cloud migration

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of government systems and data openness policies have further enhanced corporate digital innovation capabilities. Furthermore, the government has implemented supportive measures in aspects including data center approval processes and land resource allocation, effectively lowering operational barriers for the industry and reinforcing Hong Kong's role as a regional hub for the digital economy.

#### Future Trend Analysis of Hong Kong Market
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increased Focus on Sustainability and Green Initiatives***: In response to the increasing global focus on environmental sustainability and energy efficiency, Hong Kong's IDC industry has proactively embraced the development of green data centers by implementing energy-saving technologies and integrating renewable energy sources. Such environmental-friendly operations help reduce carbon emissions and ensure compliance with international environmental standards, while also enhancing the competitiveness of data centers and attracting premium clients. Looking ahead, Hong Kong is set to further strengthen investments in green technologies, promoting the IDC sector's transition toward low-carbon and sustainable practices, thereby underpinning the region's sustainable digital economy development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Surge in Demand Driven by AI and High***-Performance ***Computing***: The rapid advancement of artificial intelligence and high-performance computing technologies has significantly intensified demand for computing power. In response, data center facilities in Hong Kong are undergoing continuous upgrades in hardware capabilities and network infrastructure to support high-density computing environments. This trend is driving cloud service providers to deliver more specialized and customized computing solutions, reinforcing Hong Kong's capacity to support emerging technology workloads and maintain its competitiveness as a regional digital infrastructure hub.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Expansion of Hybrid and Multi***-Cloud ***Architectures***: In light of increasingly complex and dynamic business requirements, enterprises in Hong Kong are increasingly adopting hybrid and multi-cloud architectures to enable flexible resource allocation and risk mitigation. Data center operators and cloud service providers are accelerating the development of multi-cloud compatible ecosystems, offering integrated operations, monitoring and security management solutions to address enterprise needs related to compliance, data sovereignty and operational performance. This trend not only enhances the adaptability of cloud services but also drives the diversification and deepening of Hong Kong's cloud service market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing Adoption of Automation and AI in Data Center Management***: To enhance operational efficiency and ensure system stability, data center management in Hong Kong is increasingly integrating automation technologies and artificial intelligence tools. By leveraging intelligent monitoring, predictive maintenance and optimized resource allocation, these technologies support the automation and data-driven optimization of key operational activities, reducing manual intervention and the risk of human error while lowering operational costs. As these technologies continue to mature, automation and artificial intelligence are emerging as key drivers in improving service quality and customer satisfaction, laying a solid foundation for the intelligent transformation of Hong Kong's data center industry.

#### Entry Barrier Analysis of Hong Kong Market
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Building Trust and Reputation in a Mature Market***: As one of the most mature digital infrastructure markets in the Asia-Pacific region, Hong Kong presents stringent requirements from clients in terms of service stability and data security. For new entrants, the absence of an established track record and brand reputation poses a significant barrier to new entrants. This challenge is particularly pronounced when targeting high-value clients such as financial institutions, government agencies and multinational corporations, where trust-building is a prolonged process and entry thresholds are high.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Talent Acquisition and Retention in a Competitive Tech Landscape***: Under a global shortage of skilled technology professionals, the competition for talent within Hong Kong's cloud services and IDC industry has intensified significantly. There is a sustained increase in demand for expertise in areas such as cloud architecture and security compliance, yet the local talent pool remains relatively limited. New entrants face considerable challenges in attracting and retaining key technical personnel. Furthermore, existing competitors often leverage attractive compensation packages and international career development opportunities, exacerbating talent mobility and raising barriers related to workforce acquisition and cost management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Navigating Complex Compliance and Data Residency Requirements***: Hong Kong maintains a highly mature and continuously evolving regulatory framework for data governance, encompassing stringent requirements related to personal data protection and cross-border data flows. For new entrants in the IDC and cloud service sector, substantial resources are required to align with local compliance mandates, complete certification processes, and ensure the sustainability of operations in terms of data sovereignty and regulatory adherence. This is especially critical when serving high-sensitivity sectors such as finance and healthcare, where compliance capabilities represent a core barrier to market entry and a fundamental prerequisite for establishing client trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Establishing Robust Partnerships and Ecosystem Integration***: Hong Kong's cloud service ecosystem has developed into a mature network dominated by major cloud providers, telecommunications operators, and key industry clients, characterized by unified technical standards and stable service frameworks. For new entrants, integrating into the existing industrial chain and establishing effective channel partnerships and integration capabilities within a short period poses significant challenges. The lack of support from local Independent Software Vendors (ISVs), system integrators, and industry solution partners may result in limited-service coverage and increased customer acquisition costs, thereby becoming a critical barrier restricting business expansion and scalable development.

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#### BUSINESS

#### Our Mission
Our mission is to empower enterprises with flexible and reliable infrastructure solutions, driving performance through integration and service excellence.

#### Overview
We are an integrated internet infrastructure service provider focused on delivering flexible, modular digital infrastructure solutions to enterprise customers.

As companies move ahead with digital transformation strategies, adopt cloud-based architectures, or expand reach across multiple regions around the globe, they are often required to manage servers, bandwidths, IP addresses, connectivity, and cloud access through multiple providers, each with distinct set of technical specifications and requirements. In addition, coordinating service provisioning and ongoing client communication across multiple parties and downstream users can further increase operational complexity and coordination burden as the business growth. We aim to address these challenges by serving as a centralized service provider and coordinator between enterprise customers, Internet Data Center (IDC) infrastructure providers, and cloud service providers.

Our business is structured across four operating segments: (i) IDC services, where we source servers, IP addresses, and bandwidth from upstream suppliers and integrate these external resources into comprehensive service packages for which we assume primary responsibility for service delivery to enterprise customers; (ii) IDC connectivity services, where we support IDC infrastructure providers by facilitating their service delivery to downstream clients through contract processing management, downstream client relationship management, and standby technical support; (iii) cloud facilitation and support services, which relate to the consolidation and customization of cloud resources into integrated service solutions; and (iv) other services, which consist of standalone technical support services tailored to address diverse customer needs. Pricing for these tailored solutions is determined by resources usage, service level requirements, and contract duration.

We operate under an asset-light model and do not own or operate any self-built data centers, servers, or proprietary cloud platforms as of the date of this prospectus. We purchase IDC capacity, network transmission services, and cloud resources from upstream suppliers, and provide customized solutions based on our customers' demands. This allows us to achieve operational flexibility and reduce capital expenditures. Looking ahead, we plan to deploy limited owned infrastructure resources, such as self-owned racks, in order to enhance service stability and operational control, subject to market demand and capital availability.

Our customers principally comprise technology companies in Hong Kong and Canada seeking reliable infrastructure to support digital transformation and cross-border operations. In certain cases, we source IDC resources such as IP addresses associated with regions including Japan, Taiwan, Turkey, and the United States, and provide these to customers requiring infrastructure beyond their core operating regions.

According to the F&S Report, the Hong Kong IDC markets have experienced strong and sustained growth, underpinned by increasing demand from technology, fintech, e-commerce, and multinational enterprises for low-latency, high-security infrastructure. Hong Kong's IDC installed capacity reached approximately 1.6 GW in 2024 and is expected to grow to 2.9 GW at a CAGR of 13.4% through 2029. Hong Kong IDC market size expanded from approximately US$2.0 billion in 2020 to about US$3.6 billion in 2024, representing a CAGR of 14.8%, and is projected to rise to US$6.9 billion in 2029. In parallel, Hong Kong's cloud services market has accelerated, expanding from approximately US$731.5 million in 2020 to approximately US$1,630.6 million in 2024, and projected to reach approximately US$3,451.6 million by 2029, gradually becoming a critical support platform for the digital economy in the Asia-Pacific region. These local developments are part of broader global trends. The global IDC industry provides the foundational infrastructure for digital services such as cloud computing, artificial intelligence, and cross-border e-commerce. The number of Enterprise-level Data Center worldwide increased at a CAGR of 3.6% from 2020 to 2024 and is expected to continue expanding. The Asia-Pacific region, particularly Southeast Asia and other developing markets, has emerged as the most dynamic area for IDC growth in recent years, driven by rising demand for scalable, high-performance digital infrastructure. Meanwhile, the global cloud services market has grown at a CAGR of approximately 24.0% from 2020 to 2024, becoming a critical enabler of digital transformation across sectors. For the fiscal years ended March 31, 2024 and 2025, our customers primarily included technology companies based in Hong Kong and Canada. Looking ahead, we plan to continue strengthening our core offerings across IDC services,

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connectivity, and integrated cloud solutions. We also aim to selectively expand into international markets and pursue strategic partnerships. We believe the structural growth of the Hong Kong market, together with global momentum in digital infrastructure and cloud services, will support our long-term development.

For the fiscal years ended March 31, 2024 and 2025, our total revenue increased from US$2.29 million to US$3.00 million, representing a year-over-year growth of 31.2%, primarily driven by the continued expansion of our IDC connectivity services, with revenue from this segment rising to US$2.08 million in fiscal 2025 compared to US$1.66 million in fiscal 2024. Our gross margin improved from 55.0% to 57.2%. For the six months ended September 30, 2025, our total revenue increased by approximately 57.1% compared to the same period in 2024, primarily driven by increased demand for our IDC connectivity service and cloud facilitation and support service. From the six months ended September 30, 2024 to the same period in 2025, our gross margin improved from 56.5% to 70.4%. We believe our flexible service model and focus on integration position us well to capture future growth opportunities as enterprise customers continue to seek scalable and cost-efficient infrastructure solutions.

#### Our Competitive Strengths
We attribute the following competitive strengths to our growing success, and we believe that they will continue to provide us with the long-term competitive advantages:

#### Value-added integration of upstream resources
In our IDC service segment, we serve as the primary service provider, assuming full responsibility for service delivery to enterprise customers. Rather than acting solely as a reseller of individual resources, we aggregate and integrate servers, IP addresses, and bandwidth from upstream suppliers into comprehensive service packages tailored to our customers' specific requirements. For our cloud facilitation and support services, we provide value-added integration of cloud computing resources offered by third-party cloud service providers, enable customers to access, deploy, and manage cloud-based solutions within a single service framework. Our integrated approach enables us to offer flexible, modular solutions that can adapt to evolving business demands, while also reducing the complexity and burden of managing multiple vendors for our customers. For customers pursuing hybrid infrastructure strategies, we are able to extend our integration capabilities to include cloud resources from upstream providers, coordinating the selection and deployment of both traditional IDC services and cloud-based solutions such as storage and disaster recovery. This comprehensive resource coordination allows customers to achieve seamless deployment across IDC and cloud platforms through a single service relationship.

#### Focused B2B service delivery model
We operate under a business-to-business (B2B) service delivery model across all of our operating segments. Enterprise customers typically possess certain level of technical sophistication and well-defined service needs. This focused approach creates a more efficient business model that allows us to concentrate our resources on delivering comprehensive support services to a targeted group of sophisticated business customers.

Rather than competing for direct end-client relationships ourselves, we integrate our operational, technical, and coordination capabilities into the IDC infrastructure service segment, where a portion of our service offering consists of client acquisition support and downstream client management services. Under this business model, we benefit from reduced direct customer acquisition efforts, as our services are delivered to a concentrated base of enterprise customers. Our service delivery processes are streamlined because we work with knowledgeable infrastructure providers. Additionally, this model enables us to build deeper, more strategic partnerships with IDC infrastructure providers by becoming integral to their client management operations, fostering long-term business relationships that are typically more stable and predictable than those associated with a broad base of individual end-users.

#### Strong management team with industry expertise
Our management team brings years of hands-on experience in the digital economy. Over time, they have developed a deep understanding of the industry's operational and commercial dynamics, and possess long-standing, reliable industry relationships with upstream service providers. Mr. Liao, our Chief Executive Officer, has over 20 years of experience in business operations, sales management, and enterprise services across the telecommunications and technology sectors, including more than a decade in the data center sector. Strategic partnerships he has established allow us to

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secure high-quality bandwidth and data center resources at favorable rates, providing a cost advantage in delivering efficient and scalable services. The Chief Technology Officer of Cloud Data HK, Mr. Ming Zhao, has over 20 years of experience helping enterprise customers solve technical and business challenges. He has worked across areas such as cloud infrastructure, cybersecurity, data analytics, and other emerging technologies. He is skilled at designing practical, end-to-end solutions and communicating clearly with both technical teams and business leaders. His prior experience as a technical architect at Microsoft, where he led the development of enterprise cloud systems, gives him a strong foundation to support our product development and system integration. His ability to connect technical planning with business needs helps us build solutions that are reliable, efficient, and aligned with our customers' long-term goals.

We believe our success over the years has been largely driven by our experienced management team who have been dedicated to providing reliable and high-quality services to our customers.

#### Strong supplier relationships and flexible sourcing model
Our deep relationships with upstream IDC and network service providers allow us to source infrastructure resources efficiently and competitively. Instead of pre-purchasing large volumes of resources, we work directly with suppliers to identify and secure what each customer needs for their specific project. This flexible sourcing model enables us to serve as a strategic sourcing agent for our clients, offering competitive pricing, greater resource choice, and tailored configurations without the risk of locking into fixed-cost inventory. This approach not only helps us manage risk and preserve capital but also allows us to adapt quickly to client requirements and market changes.

#### Our Growth Strategies
We intend to grow our business using the following key strategies:

#### Focus on continuous improvement of our service framework and customer experience
We are committed to the ongoing enhancement of the reliability, responsiveness, and adaptability of our services to better meet the evolving needs of our customers. Although we do not operate proprietary service systems or software, we work closely with upstream suppliers to ensure that customers can directly access supplier-provided systems for monitoring, reporting, and issue resolution. Looking ahead, we plan to selectively introduce monitoring and reporting tools that provide customers with real-time visibility into infrastructure performance, such as granular insights into bandwidth utilization and latency metrics. We are also actively exploring partnerships with upstream suppliers to expand the range of service options available to our customers.

To support customer engagement, we have engaged a service team that manages customer communications and coordinates technical support. Our management team also maintains close relationships with key customers through regular in-person visits. In the future, we plan to further strengthen operational consistency and service quality by investing in staff training and building our own customer management team. Going forward, we intend to introduce customer satisfaction surveys on a regular basis to identify areas for improvement and refine our services accordingly. By evolving our service model and strengthening our coordination capabilities, we aim to provide a dependable, flexible customer experience that supports long-term growth.

#### Enhance service integration and network optimization
As of the date of this prospectus, we do not operate any self-owned data center racks or provide in-house server colocation services. We plan to gradually deepen our involvement by acquiring or deploying racks and initiating proprietary hosting services in the future. In the near term, we plan to selectively invest in certain infrastructure assets, such as cabinets, servers, and networking equipment. Over time, we may explore opportunities to co-develop or manage dedicated hosting areas under models such as long-term lease, build-to-suit arrangements, or joint operations. We currently have no definitive plans to construct or acquire stand-alone data centers.

As part of this strategy, we also plan to enhance the efficiency and reliability of data transmission for our customers. Specifically, we aim to work closely with our suppliers, secure competitive upstream resources across geographies, and optimize how these are bundled and delivered. Moreover, we plan to provide customers with bandwidth usage monitoring services, enabling them to track real-time and historical traffic data, detect abnormal fluctuations, and generate visualized usage reports during their usage. These enable customers to better understand their network patterns, manage costs, and respond proactively to performance anomalies.

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#### Selectively pursue international expansion
Our current customer base primarily consists of Hong Kong and Canada-based companies whose end-user coverage spans across different countries and regions, such as the United States, Turkey, Hong Kong, Japan, and Taiwan. Capitalizing on the internet industry's growth, we aim to strategically expand our operations to additional markets within the next 3 to 5 years, focusing on key emerging economies in Asia, Latin America, and Eastern Europe. In addition to introducing self-operated infrastructure, we also plan to establish strategic partnerships with local IDC operators in each target market, establishing regional service hubs for localized support, and developing market-specific service offerings.

#### Diversify Customer Base and Enhance Service Value
During the two most recent fiscal years, over 85% of our revenue are generated from Hong Kong customers. Our future customer acquisition strategy will focus on companies with cross-border operations requiring reliable, multi-regional IDC services. At the same time, we intend to deepen relationships with existing customers by introducing additional service offerings, tiered service packages, and tailored solutions designed to meet specific industry needs. For existing customers, our goal is to evolve from a service provider to a one-stop strategic infrastructure partner, supporting customers' long-term infrastructure planning through more integrated solutions such as multi-region deployment planning, network architecture consulting, and, where appropriate, joint development of customized hosting or optimization strategies.

#### Our Services
We partner with upstream IDC and network service providers to deliver comprehensive internet infrastructure solutions through our four operating segments: (i) IDC services, where we source servers, IP addresses, and bandwidth from upstream suppliers and integrate these resources into comprehensive service packages for which we assume primary responsibility for service delivery to enterprise customers; (ii) IDC connectivity services, where we provide specialized connectivity solutions to IDC infrastructure providers to facilitate their service delivery to end users; (iii) cloud facilitation and support services, which relate to the consolidation and customization of cloud resources into integrated service solutions; and (iv) other services, which consist of standalone technical support services tailored to address diverse customer needs.

#### IDC Services
The value chain of the IDC industry constitutes a comprehensive ecosystem encompassing upstream resource providers, midstream IDC service providers, and downstream end users. Positioned within the midstream segment, we source resources from upstream IDC and network service providers to deliver integrated internet infrastructure solutions.

Our IDC services accounted for approximately 25.9%, 16.6%, and 18.9% of our total revenue for the fiscal years ended March 31, 2024 and 2025, and for the six months ended September 30, 2025, respectively. We offer IDC services that include customized server hosting solutions, IP address allocations, and bandwidth management to enterprise customers with infrastructure needs. These services are offered as integrated packages under renewable 12-month contracts, enabling customers to deploy digital operations efficiently, securely, and at scale.

Our business model operates on a demand-driven procurement approach, where we select and engage suppliers based on specific customer requirements rather than maintaining pre-purchased inventory. This flexible sourcing strategy allows us to respond quickly to evolving customer needs, optimize cost structures by avoiding excess capacity, and maintain our asset-light operational model while ensuring each integrated service package is tailored to meet individual customer specifications.

#### Server Leasing Services
We offer server leasing services to enterprise customers by sourcing server capacity from IDC operators. We do not own or operate any data center infrastructure or physical servers. Instead, we work with upstream suppliers to provide customers with access to server resources through customized service packages. We coordinate the sourcing, contractual arrangements, and service setup with our suppliers, ensuring that customer specifications for server type and contract duration are met.

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Before selecting an IDC resources provider, we perform a series of verifications to assess facility reliability, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• site visits to evaluate physical infrastructure,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• documentation review of technical specifications and compliance certifications,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operational checks of support responsiveness and incident handling procedures,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• verification of 24/7 technical assistance and dedicated account management,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• confirmation of digital support platforms for ticket management and service feedback, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance verification to ensure valid operating licenses and regulatory adherence.

#### Network Interconnection Services
We source IP addresses and bandwidth from upstream resource providers and resell these resources to our enterprise customers. Our offerings help customers secure reliable connectivity across their operations in different regions. We do not operate proprietary network infrastructure or bandwidth management tools but work closely with suppliers to ensure that connectivity services meet performance set forth in our customer agreements.

During the fiscal years ended March 31, 2024 and 2025, and the six months ended September 30, 2025, and as of the date of this prospectus, we have sourced a pool of IP addresses associated with Hong Kong, Taiwan, Japan, United States, and Turkey and other European countries, which we assign to customers based on usage needs and geographic requirements. Our bandwidth offerings are configured according to customer specifications, supporting transmission speeds from 300 Mbps to 10 Gbps. These include flexible arrangements such as 5 Gbps committed capacity with burstable bandwidth up to 10 Gbps. Billing is determined by usage, contract terms, and selected service specifications.

Some of our upstream suppliers also offer advanced features such as traffic optimization, DDoS protection, and monitoring capabilities. When applicable, we help customers access these features by selecting suitable suppliers that meet our performance expectations in terms of network stability, geographic routing, and technical support responsiveness.

#### IDC Connectivity Services
Our IDC connectivity services represent the core of our business and primary source of revenue. These services are designed for IDC infrastructure provider customers who serve downstream clients with complex and evolving technical requirements. Positioned within the midstream segment of the IDC industry value chain, we play a facilitative role by enhancing our customers' service capabilities and operational reach to meet their end-user demands.

While IDC infrastructure providers act as the prime integrators and retain direct responsibility for delivering services to end users, we serve as their strategic business partner by supplying the operational infrastructure and facilitation support they need to serve their downstream clients effectively. Our services are delivered as an integrated package, in which downstream client acquisition, contract processing and administration, relationship management, and standby technical support are not discrete offerings but interdependent functions that work in concert. Each service component reinforces the others. Together, these interconnected services comprise a unified facilitation solution that supports our customers' business success.

#### Comprehensive Client Acquisition Support
Our downstream client acquisition services leverage years of market intelligence and established networks of our core team within each regional market to identify qualified prospects and facilitate introductions for our IDC infrastructure provider customers. Our sales team understands regional business practices, regulatory environments, and customer preferences across our target markets. This localized approach enables us to pre-qualify potential downstream clients, assess their technical requirements, and facilitate initial discussions that align with our customers' service capabilities and strategic objectives. Leveraging our extensive overseas sales channels and market development capabilities across Hong Kong, Taiwan, Japan, and North America, we enable IDC infrastructure providers to expand into new markets while relying on us to navigate the complexities of regional penetration and downstream client management.

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#### Contract Processing and Administrative Support
We maintain standardized processes and documentation templates that ensure consistency across regional markets while accommodating local legal and regulatory requirements. Our team is able to coordinate with legal counsel, manage compliance verification, and handle the administrative complexities of multi-jurisdictional contract management. This comprehensive administrative support includes invoice processing, payment tracking, service level agreement monitoring, and performance reporting that enables our IDC infrastructure provider customers to focus on technical service delivery while we handle the operational complexities of downstream client management.

#### Ongoing Relationship Management
Our relationship management services are designed to maximize downstream client satisfaction and retention while supporting our IDC infrastructure provider customers' long-term revenue growth. We maintain regular communication with downstream clients on behalf of our customers, conducting periodic satisfaction surveys, gathering feedback on service performance, and identifying opportunities for service expansion or optimization. We serve as the primary point of contact for routine customer inquiries and administrative matters, allowing our customers to focus their resources on high-value technical service delivery.

#### Technical Support and Incident Response
Our standby technical support services provide round-the-clock coverage across all time zones where our customers operate, ensuring continuous availability of expert assistance for both routine inquiries and critical incident response. We maintain tiered support structures with escalation procedures that match the urgency and complexity of each situation, from basic connectivity questions to complex multi-regional network optimization challenges.

#### Cloud Facilitation and Support Services
Our cloud facilitation and support services are designed to enhance our customers' ability to access, manage, and optimize cloud computing resources offered by third-party cloud service providers. Our services involve the consolidation and customization of cloud resources purchased from upstream providers into comprehensive service packages tailored to meet diverse customer needs, including the provisioning of a unified billing account and platform access, continuous technical support with 24/7 response coverage, resource optimization services, and usage advisory services.

Through the unified billing account, customers are able to procure and operate a full range of cloud computing products directly from the applicable cloud service provider, while relying on us to manage billing coordination, account stability, and usage-related support. Our technical support is designed to assist customers with deployment, configuration, and ongoing operational issues related to their cloud resource usage. Our resource optimization advisory services focus on improving efficiency, performance, and cost management.

We do not operate our own proprietary cloud platform. Over the service period, we act as an agent in arranging access to cloud computing resources. We are also able to support hybrid infrastructure strategies that combine traditional hosting and bandwidth resources with cloud-based solutions, such as storage and disaster recovery. We do not independently provide services such as cloud migration or security hardening. Instead, based on our understanding of cloud service offerings and customer requirements, we are able to identify suitable solutions and procure additional services or resources from upstream providers, as appropriate. This ability enhances our flexibility in responding to evolving customer needs.

#### Other Services
Our technical support services are offered independently to assist customers with specific operational needs across our service portfolio. These include voice private line services, in which we source voice lines from suppliers and coordinate with third-party platforms to deliver paid voice information channel services. We help ensure the delivery of stable and reliable voice communication by managing technical requirements and interfaces with the relevant service providers. Beyond voice services, our technical support offerings include other standalone services designed to complement our integrated infrastructure solutions and meet the diverse support needs of enterprise customers.

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#### KEY TERMS OF OUR CUSTOMER AGREEMENTS
<u>**IDC Service Business Order**</u>

We generally enter into business orders with enterprise customers, which typically include the following key terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Contractual Term***. Business orders are typically executed in writing and remain in effect for an initial term of twelve (12) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Scope of Services***. We are responsible for delivering IDC resources as specified in the business order, in accordance with the customer's requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Service Fees***. Fees are billed and settled on a monthly basis in U.S. dollars. For the initial month, charges are prorated based on the actual number of service days divided by the total days in the month, multiplied by the monthly rental fee. From the second month onward, fees are billed by calendar month. Customers are required to settle monthly recurring fees within seven (7) business days of receipt of our invoice. Because fees may vary depending on service adjustments, actual usage, and related changes, the applicable charges are determined based on the monthly billing statement. No minimum consumption requirements apply under these orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Termination***. Customers may terminate the service by providing us with written notice, including by email, at least thirty (30) days in advance.

<u>**IDC Connectivity Service Agreements**</u>

Our IDC connectivity service agreements with customers generally include the following key terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Contractual Term***. Agreements generally have an initial term of one year and automatically renew unless either party provides notice of objection prior to expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Scope of Services***. Acting as the customer's overseas sales channel partner, we serve as agent in the customer's name to sell the products listed in the agreement annexes. Our work includes, without limitation, customer interfacing, contract negotiation, and order facilitation; connecting overseas channel resources and conducting market expansion activities; organizing and reporting on day-to-day operating information of the customer's end clients; and assisting the customer with business and financial information alignment with overseas end clients. We also provide necessary technical support to help the customer continuously and stably supply products to its end clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Service Fees***. We are entitled to a service fee once a valid sales contract is executed between our customer and its end-client, and the underlying services have been performed by the customer. The customer pays such fees to us within five (5) business days after receiving full payment from its end-client. Service fees are calculated based on the actual amounts received from the end-client and are payable to us on a monthly basis, in accordance with the payment arrangements specified in the agreement. No minimum consumption requirements apply under these agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Rights and Obligations***. The customer shall provide timely and clear service requirements and feedback and shall pay the service fees monthly in accordance with the agreement. We will diligently perform the services described herein, assist the customer in communications with its end clients and third-party providers, and cooperate with the customer to implement business or technical support needs raised by its end clients. During the service period, we and the customer will maintain contingency response measures and, where appropriate, conduct drills to minimize disruption in the event of system failures or other emergencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Other Terms***. The customer retains ultimate approval rights over all contracts with its end-clients. Any contract not expressly confirmed in writing by the customer shall not be binding upon the customer.

<u>**Other Service Agreements**</u>

We also enter into agreements with customers to provide cloud services and other technical support. These agreements typically contain the following key provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Contractual Term***. Agreements generally have an initial term of one year. Unless either party provides written notice of objection prior to expiration, the agreement will automatically renew for successive one-year periods without limitation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Service Fees***. All prices applicable to services under the agreement are set forth in the pricing schedule attached to the agreement. One-time charges, if any, are generally payable within five (5) business days following the execution of the agreement. Recurring service fees are billed on a monthly basis, with the billing cycle commencing on the service activation date. If the first billing cycle is shorter than a full month, fees are prorated based on the actual number of service days. Similarly, if the service ends before the close of a full billing cycle, fees for that final period are also prorated based on actual usage days. No minimum consumption requirements apply under these agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Confidentiality***. Each party is obligated to maintain the confidentiality of the other party's proprietary and sensitive information disclosed during the term of the agreement, and not to use or disclose such information except as necessary to perform its obligations under the agreement.

#### Data Security and PROTECTION

#### Data Collection, Processing, and Storage Practices
As a service integrator operating under a light-asset model, we do not directly collect, store, or access customer data processed on the leased servers or cloud platforms. Our customers deploy their leased servers and equipment in the IDC facilities operated by our suppliers, and maintain full operational and administrative control over their data.

As of the date of this prospectus, We do not own or operate any data centers, physical servers, or proprietary cloud platforms. Instead, our role is limited to coordinating resources from upstream resource providers and cloud service providers. While we do not process customer data ourselves, we take steps to ensure our suppliers uphold industry-standard data protection practices, particularly in maintaining secure, stable, and high-availability infrastructure.

#### Supplier Oversight and Security Practices
We are committed to working with suppliers that maintain appropriate security and operational standards. We conduct frequent on-site visits and assessments of our suppliers' IDC facilities and technical safeguards to make sure key security measures are in place. We review whether IDC facilities are equipped with biometric access control, 24/7 surveillance, anti-tailgating entry protections, and are designed to meet high standards of uptime, redundancy, and fault tolerance to ensure a high level of physical security and operational reliability.

As part of our effort to promote cybersecurity prevention, we prioritize suppliers that adopt widely accepted security protocols, such as encryption for data in transit, access controls, and secure network segmentation. However, because we do not own or operate the infrastructure or platforms used to deliver services, data security and cybersecurity risk management largely remain within the control of our upstream providers. See "Risk Factors — Risks Relating to Our Business and Industry — *We rely on third*-party *platforms and infrastructure to support our operations, and cybersecurity risks could disrupt our services, damage our reputation, and adversely affect our business*."

#### Sales and Marketing
Our sales efforts are primarily led by the Chief Marketing Officer and marketing manager of Cloud Data HK that brings professional expertise, industry insights, and strong customer relationships. We acquire new customers through a multi-channel approach, including our official website, social media platforms, and referrals from existing customers. We also participate in industry events to share insights into market trends and technological advancements, and help enterprise customers identify evolving needs and explore optimization opportunities within their IT deployments. Additionally, our senior executives conduct bi-weekly visits and maintain direct communication with senior management of our existing customers to strengthen current engagement.

#### Customers and Suppliers
Our customer base primarily comprises technology companies located in Hong Kong and Canada that require reliable IDC resources, network connectivity, and cloud services to support their digital infrastructure needs across multiple regions. In the fiscal year ended March 31, 2024, two major customers accounted for approximately 72% and 26% of our total revenues, respectively. In the fiscal year ended March 31, 2025, three major customers accounted for approximately 69%, 17%, and 12% of our total revenues, respectively. For the six months ended September 30, 2025, two major customers accounted for approximately 69%, and 27% of our total revenues, respectively. No other

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individual customer accounted for more than 10% of our total revenue in any period. As of September 30, 2025, we have maintained over four years of cooperation with one of our major customers, underscoring the continuity and strength of our customer relationships.

We rely on a network of upstream IDC resource and cloud service providers to source the IP addresses, server capacity, bandwidth, and cloud resources that we integrate and deliver to our customers. These suppliers are critical to our asset-light model and enable us to deliver flexible, cost-effective solutions without owning physical infrastructure. Two large suppliers accounted for an aggregate of approximately 65% and 31% of the total purchases in the fiscal years ended March 31, 2024, respectively. Three large suppliers accounted for approximately 52%, 25% and 21% of the total purchases in the fiscal years ended March 31, 2025, respectively. Three large suppliers accounted for approximately 33%, 32% and 32% of the total purchases in the six months ended September 30, 2025, respectively. As of September 30, 2025, we have maintained over three years of cooperation with one of our major suppliers.

Our reliance on a limited number of major customers and suppliers exposes us to concentration risks. The loss of any significant customer or supplier, or a material disruption in their business operations, could adversely impact our results of operations and financial condition. For additional discussion of these risks, see "Risk Factors — Risks Relating to Our Business and Industry *— Our business is substantially dependent on a limited number of suppliers, creating significant concentration risk that could materially adversely affect our operations and financial performance*." and "— *We have a substantial customer concentration, with a limited number of customers accounting for a substantial portion of our revenues."* Additionally, a majority of our total purchases from suppliers for the fiscal years ended March 31, 2024 and 2025, and for the six months ended September 30, 2025, were from related parties, which introduces additional risks. See *"*RISK FACTORS — Risks Relating to Our Business and Industry *— We have entered into transactions with related parties, some of which are also our major suppliers." and "*RELATED PARTY TRANSACTIONS — Other Related Party Transactions *— Purchases from Related Parties.*"

#### Research and Development
During the fiscal years ended March 31, 2024 and 2025, and the six months ended September 30, 2025, and as of the date of this prospectus, we do not maintain a research and development department, nor have we incurred any material research and development expenses. While we currently do not conduct proprietary research and development, we may, in the future, explore opportunities to enhance our service capabilities through technology partnerships or limited internal development efforts. However, we do not anticipate material research and development expenditures in the near term.

#### Intellectual Property
As of the date of this prospectus, we do not own any registered trademarks or patents, nor do we have any pending applications for such intellectual property rights. For discussion of related risks, see "RISK FACTORS — Risks Relating to Our Business and Industry — *We may not be able to adequately protect our intellectual property, and we may be exposed to infringement claims by third parties*."

#### Competition
We operate within the midstream segment of the IDC industry value chain, which constitutes a comprehensive ecosystem comprising upstream resource providers, midstream IDC service providers, and downstream end users. As a midstream service provider, we face competition from a wide range of players, including telecommunications operators, other IDC service providers, and cloud service companies, many of which have greater resources, proprietary infrastructure, and broader market reach.

Our competitors vary across different service categories. In IDC service segment, we compete with service providers that operate their own data centers or have long-term capacity arrangements with infrastructure suppliers. These competitors may offer lower prices through economies of scale or vertically integrated operations. In IDC connectivity services, we compete with other intermediaries and integrated service providers that offer end-to-end network and infrastructure solutions. For our other services, including cloud aggregation and technical support, we face competition from established cloud resellers and managed service providers with broader portfolios and deeper vendor relationships.

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The downstream market is also evolving rapidly, with traditional industries and emerging sectors such as artificial intelligence, autonomous driving, and financial technology placing increasingly sophisticated demands on digital infrastructure. To remain competitive, we must continue to differentiate ourselves through service flexibility, responsiveness, and operational reliability, particularly given our asset-light business model. Our ability to quickly source, integrate, and manage third-party resources in a tailored manner is a key competitive advantage. However, we may face pricing pressure, customer retention challenges, and margin compression if competitors offer bundled services, proprietary technologies, or preferential terms from upstream partners.

#### Employees
As of March 31, 2025 and September 30, 2025, we had a total of 5 and 11 full-time employees, respectively. The following table sets forth the breakdowns of our employees by functions as of September 30, 2025:

---

| | |
|:---|:---|
|  **Function** | **Number of <br>Employees** |
|  Management | 4 |
|  Finance & Administration | 5 |
|  Sales & Marketing | 2 |
|  **Total** | 11 |

---

We believe that we maintain a good working relationship with our employees, and we have not experienced any material labor disputes in the past. None of our employees are represented by labor unions with respect to his or her employment.

#### ENVIRONMENT, SOCIAL AND GOVERNANCE
We believe in the power of digital infrastructure to build a more connected and resilient world, but we understand that technological advancement cannot come at the expense of environmental sustainability or societal well-being. We are committed to maximizing our positive societal impact; minimizing our environmental footprint; and promoting ethical and responsible business practices and the personal well-being of our employees and the communities we impact.

We strive to demonstrate our values through responsible business practices. To support these efforts, we plan to establish a Code of Conduct that guides our employees in conducting business responsibly and requires compliance with all applicable laws and regulations. Our Code of Conduct will address practices and requirements concerning environmental protection, responsible sourcing, human rights, labor standards, business ethics, diversity, and regulatory compliance, among other topics. Our Board of Directors will oversee the review of our ESG-related policies, metrics, and risk management practices, while our management team will be responsible for monitoring and implementing these initiatives across our operations. We plan to review these policies regularly to ensure they remain aligned with the evolving needs of our organization, our people, our partners, and applicable legal standards.

#### Insurance
We provide liability insurance for our employees as required by relevant applicable laws and regulations. We do not maintain any insurance covering our properties, equipment, or inventory, and we do not carry any business interruption or product liability insurance or any third-party liability insurance to cover claims in respect of personal injuries or any damages arising from accidents on our properties or in relation to our operations. We believe that our insurance coverage is adequate for our business operations.

#### Properties
Our headquarter is located in Hong Kong, where we lease and occupy a single office for administrative purposes as of the date of this prospectus. This lease has a duration of 12 months.

#### Legal Proceedings
We may from time to time be subject to various claims, lawsuits and other legal and administrative proceedings arising in the ordinary course of business. However, we do not consider any such claims, lawsuits or proceedings that are currently pending, individually or in the aggregate, to be material to our business or likely or result in a material adverse effect on our future operating results, financial condition or cash flows.

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#### REGULATION
This section sets forth a summary of the material laws and regulations that may affect our Company's business and operations in Hong Kong. Information contained in this section should not be construed as a comprehensive summary nor detailed analysis of laws and regulations applicable to the business and operations of our Company. This overview is provided as general information only and not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations on our business and operations.

#### Regulations Related to Our Business Operations in Hong Kong

#### Business Registration
The Business Registration Ordinance requires every person carrying on any business to make application to the Commissioner of Inland Revenue in the prescribed manner for the registration of that business. The Commissioner of Inland Revenue must register each business for which a business registration application is made and as soon as practicable after the prescribed business registration fee and levy are paid, issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch as the case may be.

#### Supply of Services
The Supply of Services (Implied Terms) Ordinance (Chapter 457 of the Laws of Hong Kong) which aims to consolidate and amend the laws with respect to the terms to be implied in contract for the supply of services (including a contract for the supply of a service whether or not the goods are also transferred or to be transferred or bailed or to be bailed by way of hire), provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the supplier is acting in the course of a business, there is an implied term that the supplier will carry out the service with reasonable care and skill; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the supplier is acting in the course of a business, the time for the service to be carried out is not fixed by the contract, is not left to be fixed in a manner agreed by the contract or is not determined by the course of dealing between the parties, there is an implied term that the supplier will carry out the service within a reasonable time.

Where a supplier is dealing with a party to a contract for the supply of a service who deals as consumer, the supplier cannot, by reference to any contract term, exclude or restrict any of his liability arising under the contract by virtue of the Supply of Services (Implied Terms) Ordinance. Otherwise, where a right, duty or liability would arise under a contract for the supply of a service by virtue of the Supply of Services (Implied Terms) Ordinance, it may (subject to the Control of Exemption Clauses Ordinance) be negatived or varied by express agreement or by the course of dealing between the parties or by such usage that binds both parties to the contract.

#### Copyright
The Copyright Ordinance (Chapter 528 of the Laws of Hong Kong) (the "Copyright Ordinance") currently in force in Hong Kong has come into effect since 27 June 1997. The Copyright Ordinance provides comprehensive protection for recognised categories of literary, dramatic, musical and artistic works, as well as for films, television broadcasts and cable diffusion, and works made available to the public on the Internet, including copyrights works of software and computer programmes.

Under the Copyright Ordinance, the owner of the copyright in a work gives the copyright owner the exclusive right to, among other things, reproduce or issue copies of the work to the public. It is an infringement for a third party to commit those acts without the consent of or a licence from the copyright owner. If an infringement occurs, the copyright owner can bring an action seeking damages or an injunction to restrain the unauthorised copying.

#### Mandatory Provident Fund
Under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) ("MPFSO"), employees must participate in a Mandatory Provident Fund, which is a defined contribution retirement plan administrated by independent trustees, for its employees employed under the Hong Kong Employment Ordinance.

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Pursuant to the MPFSO, the employer and its relevant employee, are each required to make contributions to the scheme at 5% of the relevant employees' relevant income, including any wages, salary, leave pay, fee, commission, bonus, gratuity, perquisite or allowance expressed in monetary terms, paid or payable by the employer to the relevant employee in consideration of his employment.

#### Minimum Wage
The prescribed minimum hourly wage rate (currently set at HK$37.5 per hour) during the wage period for every employee is govern by the Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) ("MWO"). 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.

#### Employee Insurance
Hong Kong companies are required to maintain employees' compensation insurance in compliance with the Employees' Compensation Ordinance (chapter 282 of the laws of Hong Kong) to cover compensation and costs liable for personal injuries of employees in Hong Kong in the course of employment with them. It is also industry practice that Hong Kong companies take out and maintain an office insurance for office premises and office equipment in Hong Kong. Such office insurance policy mainly covers loss resulting from burglary, damages made to insured property and increased cost due to business interruptions.

#### Data Privacy
The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") covers any data relating directly or indirectly to a person namely, the data subject, from which it is practicable to ascertain the identity of the individual and which are in a form in which access to or processing of the data is practicable. It applies to a data user, namely any person who, either alone or jointly or in common with other persons, controls the collection, holding, processing or use of personal data.

Section 4 of the PDPO states that any data user shall not do any act, or engage in a practice, that contravenes any of the data protection principles set out in Schedule 1 to the PDPO (the "Data Protection Principles") unless the act or practice, as the case may be, is required or permitted under the PDPO. The Data Protection Principles set out that (1) personal data must be collected in a lawful and fair way, for a purpose directly related to a function or activity of the data user. Data subjects must be notified of the purpose for which the data is to be used for and the classes of persons to whom the data may be transferred. Data collected should be adequate but not excessive; (2) personal data must be accurate and should not be kept for a period longer than necessary for the fulfilment of the purpose for which the data is or is to be used; (3) personal data must be used for the purpose for which the data is collected or for a directly related purpose unless voluntary and explicit consent with a new purpose is obtained from the data subject; (4) a data user shall take practicable steps to safeguard any personal data held against unauthorised or accidental access, processing, erasure, loss or use; (5) a data user shall take practicable steps to ensure that its policies and practices in relation to personal data, the kind of personal data it holds and the main purposes for which the personal data is or is to be used for are made known to the public; and (6) a data subject shall be entitled to request access to personal data and must be allowed to correct the personal data if it is inaccurate.

Section 50A of the PDPO states that a data user who contravenes an enforcement notice commits an offence and shall be liable to a fine of HK$50,000 and to imprisonment for two years, and to a daily penalty of HK$1,000 if the contravention continues after the conviction. The PDPO further criminalises misuse or inappropriate use of personal data in direct marketing activities under Part 6A of the PDPO, non-compliance with data access request under section 19 of the PDPO, and unauthorised disclosure of personal data collected without consent from data users under section 64 of the PDPO.

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#### MANAGEMENT

#### Directors and Executive Officers
The following table sets forth information regarding our directors and executive officers as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Chang Liao | 48 | Chief Executive Officer and Chairman of the Board of Directors |
|  Wenhong He | 52 | Chief Financial Officer |
|  Xiao Xiao | 42 | Director |
|  Ming Zhao | 49 | Chief Technology Officer of Cloud Data HK |
|  Shihua Li\* | 36 | Independent Director |
|  Yao Feng\* | 56 | Independent Director |
|  Hu Liu\* | 48 | Independent Director |

---

____________

Note:

\* The appointments of the independent directors will become effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

#### Chang Liao, Chief Executive Officer and Chairman of the Board of Directors
Mr. Chang Liao founded Cloud Data HK in 2013, and has served as a director of the Company since March 2025, and as the Chief Executive Officer and Chairman of the Board of Directors of the Company since January 2026. He has also been a director of Cloud Data BVI since March 2025. Mr. Liao has over 20 years of experience in business operations, sales management, and enterprise services across the telecommunications and technology sectors. From September 2019 to November 2025, he founded and held the position as the general manager of Guangzhou Feichang Data Limited, where he was responsible for overseeing overall operations. From 2015 to 2018, he served as the deputy general manager of the data center division of a telecommunications company and as general manager of its south China region. From 2009 to 2015, he founded and acted as the general manager of Guangdong Ruijiang Technology Co., Ltd. Earlier in his career, he held positions in the telecommunications and banking industries with responsibilities spanning sales operations, customer management, and financial administration. He holds a Bachelor's Degree in International Finance from Jiangxi University of Finance and Economics in July 1999, and a Master's Degree in Finance from the University of International Business and Economics in June 2003.

#### Wenhong He, Chief Financial Officer
Ms. Wenhong He joined Cloud Data HK in 2021 as the chief financial officer, and she has served as the Chief Financial Officer of the Company since January 2026. Ms. He has over 25 years of experience in finance, accounting, and tax-related matters. She served as the financial manager of Guangzhou Feichang Data Limited from May 2021 to August 2025, where she oversaw the company's financial operations. From 2011 to 2021, Ms. He served as a tax and finance specialist and finance manager at Guangzhou Xinzhongtian Technology and Trade Industrial Co., Ltd. From 2001 to 2011, she worked as a finance supervisor at Guangzhou Jinsheng Import and Export Trading Co., Ltd., and from 1998 to 2000, she served as a tax and finance specialist at Guangzhou Taihong Financial Consulting Services Co., Ltd. Ms. He holds a Bachelor's Degree in Accounting Business Administration from Hunan University in June 1998.

#### Xiao Xiao, Director
Mr. Xiao Xiao joined us in August 2024 and has been served as a director of the Company and Cloud Data BVI since then. He has also served as a general manager of Shenzhen Jingyan Enterprise Management Co., Ltd. since May 2024, a company he wholly owns, which specializes in enterprise management consulting and financial advisory services. Mr. Xiao holds a Bachelor's Degree in Accounting from Southwestern University of Finance and Economics in January 2020.

#### Ming Zhao, Chief Technology Officer of Cloud Data HK
Mr. Ming Zhao joined Cloud Data HK in May 2025 and has been served as a Chief Technology Officer since then. Prior to joining Cloud Data HK, he served over a decade at Microsoft as a solution architect in the Global Solution Architect Office and Global Center of Excellence (COE) team, an elite architecture team under Microsoft Services

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headquarters responsible for pioneering cloud, IoT, AI, blockchain, and enterprise technology innovation worldwide. In these roles, he primarily focused on complex delivery projects for Fortune 500 companies involving enterprise application modernization, DevOps process re-engineering, and platform engineering practices, as well as designing large-scale technology solutions, such as systems for global address verification, blockchain-based information sharing, and IoT aggregation for multinational clients. Prior to Microsoft, he served as Chief System Architect and Director of the Carrier Cloud Solution Sales Department at Huawei from December 2010 to September 2012, where he led global cloud-computing pre-sales, managed a multinational solution team, guided R&D on customized cloud solutions, supported major industry conferences, and contributed to product strategy and CXO-level engagements. From March 2007 to November 2010, he served as a Chief Solution Architect at VMware, providing cloud-computing and virtualization pre-sales support across South and Southwest China, delivering technical training, competitive analysis, and partner enablement, and consistently achieving top performance. Earlier in his career, he served as a Senior Systems Engineer at Brocade from October 2003 to March 2007 and as a Systems Engineer at Modern Devices from July 1999 to October 2003. Mr. Zhao received his Bachelor's Degree in Computer Science from Sun Yat-sen University in June 1999.

#### Shihua Li, Independent Director
Mr. Shihua Li will serve as an independent director immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. Mr. Li has served as an independent director of Raytech Holding Limited (Nasdaq: RAY), a NASDAQ-listed electronic personal care and household appliances company, since May 2025. Since September 2024, Mr. Li has served as a director of WellCell Holdings Co., Ltd. (2477.HK), a telecommunication network solutions provider listed on the Hong Kong Stock Exchange. Mr. Li obtained a master's degree in applied finance from the Australian National University in March 2017 and a bachelor's degree in environmental engineering from Sun Yat-sen University in June 2012.

#### Yao Feng, Independent Director
Ms. Yao Feng will serve as an independent director immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. Ms. Feng has around 25 years of experience in finance, accounting, and corporate governance. From June 2023 to July 2024, she served as Deputy General Manager of the Finance Department at Zhuhai Huafa Real Estate Development Co., Ltd., and previously held various senior financial positions within other subsidiaries of Zhuhai Huafa Group, including Finance Director and Department Director. Ms. Feng received a bachelor's degree in International Trade from the University of International Business and Economics in 2005. She holds the professional qualification of Assistant Accountant in PRC.

#### Hu Liu, Independent Director
Mr. Hu Liu will serve as an independent director immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. Mr. Liu has served as the Chief Financial Officer of Jiangxi Poly Property Co., Ltd. since 2018, after serving as Assistant General Manager from February 2012 to 2017. Throughout his career, Mr. Liu has managed large-scale real estate and property management projects, successfully implementing financial management policies, multi-project coordination systems, and performance monitoring frameworks. Mr. Liu received a master's degree in Business Administration from Nanchang University in 2023 and a bachelor's degree in International Finance from Jiangxi University of Finance and Economics in 1999. He holds several professional qualifications in China, including Intermediate Accountant issued in 2003, Certified Tax Agent in 2009, Certified Asset Appraiser in 2011, and Certified Public Accountant (CPA) in 2017.

#### Board of Directors
Our board of directors will consist of five directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part, three of whom are independent directors. A director is not required to hold any Ordinary Shares in our company to qualify to serve as a director. Subject to the rules of the relevant stock exchange and disqualification by the chairman of the board of directors, a director may vote with respect to any contract, proposed contract, or arrangement in which he or she is materially interested. Our board of directors may exercise all the powers of the company to borrow money, mortgage or charge its undertaking, property and uncalled capital and issue debentures or other securities whenever money is borrowed or as security for any debt, liability or obligation of the company or of any third party. Our board of directors has determined that each of Mr. Shihua Li, Ms. Yao Feng and Mr. Hu Liu qualifies as an "independent director" as defined under the Nasdaq Corporate Governance Requirements.

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As a Cayman Islands company listed on the Nasdaq Capital Market, we are a foreign private issuer and are permitted to follow the home country practice with respect to certain corporate governance matters rather than complying with Nasdaq corporate governance requirements. Cayman Islands law does not require a majority of a publicly traded company's board of directors to be comprised of independent directors. However, to enhance our corporate governance, we elect to follow Nasdaq Capital Market corporate governance standards and have a majority of our board comprised of independent directors.

#### Board Committees
Prior to the completion of this Offering, we intend to establish an audit committee, a compensation committee and a nominating/corporate governance committee under our board of directors. We intend to adopt a charter for each of the committees prior to the completion of this Offering. Each committee's members and functions are described below.

#### Audit Committee
Mr. Shihua Li, Ms. Yao Feng and Mr. Hu Liu will serve on the audit committee, which will be chaired by Mr. Hu Liu. Our board of directors has determined that each is "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated each of Ms. Yao Feng and Mr. Hu Liu as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing, approving the compensation of and assessing the independence of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing earnings releases.

#### Compensation Committee
Mr. Shihua Li, Ms. Yao Feng and Mr. Hu Liu will serve on the compensation committee, which will be chaired by Ms. Yao Feng. The compensation committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the performance of our chief executive officer considering such corporate goals and objectives and based on such evaluation: (i) recommending to the board of directors the cash compensation of our chief executive officer; and (ii) reviewing and approving grants and awards to our chief executive officer under equity-based plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board of directors the cash compensation of our other executive officers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and establishing our overall management compensation, philosophy and policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing and administering our compensation and similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq corporate goverance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaining and approving the compensation of any compensation advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving our policies and procedures for the grant of equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board of directors the compensation of our directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the compensation committee report required by SEC rules, if and when required.

#### Nominating / Corporate Governance Committee
Mr. Chang Liao, Mr. Shihua Li, Ms. Yao Feng and Mr. Hu Liu will serve on the nominating/corporate governance committee, which will be chaired by Mr. Shihua Li. The nominating/corporate governance committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to the board of directors criteria for board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for identifying and evaluating board of directors candidates, including nominees recommended by shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us.

While we do not have a formal policy regarding board diversity, our nominating/corporate governance committee and board of directors will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender, or national origin). Our nominating/corporate governance committee's and board of directors' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

#### Duties of Directors
Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty to act honestly, in good faith and with a view to our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a duty to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with our second amended and restated memorandum and articles of association, as amended and restated from time to time. In certain limited exception circumstances, our Company has the right to seek damages against any directors who breaches a duty owed to us.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of 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 registering of such transfer of shares in our share register.

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#### Terms of Directors
Our officers are elected by and serve at the discretion of the board. Other than our independent directors, each director is not subject to a term of office and holds office until such time as his successor takes office or until the earlier of his death, resignation or removal from office by special resolution or the unanimous written resolution of all shareholders. Each independent director shall hold such position for [two] years upon the effectiveness of our registration statement on Form F-1 to which this prospectus forms a part, or until such time as such individual resigns or is removed, replaced or otherwise disqualified in accordance with our second amended and restated memorandum and articles of association and applicable director agreements, whichever is earlier. Upon the expiry of the initial [two]-year term, each independent director that remains on our board of directors may be re-appointed by the board or re-elected by an ordinary resolution of our shareholders in accordance with our second amended and restated memorandum and articles of association, and in the event an independent director is to be re-appointed by our board of directors, such independent director shall recuse himself or herself from voting on the resolution regarding his or her own re-appointment. For the avoidance of doubt, the independent director may exercise his or her voting rights with respect to the re-election and reappointment of other independent directors.

A director will be removed from office automatically if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found by our company to be of unsound mind; (iii) resigns by notice in writing to our company; (iv) is prohibited by any applicable law or rules of the Nasdaq from being a director; and (v) is removed from office pursuant to any other provisions of our second amended and restated memorandum and articles of association.

#### Corporate Governance Guidelines
Our board of directors adopted a code of business conduct and ethics, which is applicable to all our directors, officers, employees and advisors. We will make our code of business conduct and ethics publicly available on our website. In addition, our board of directors has adopted a set of corporate governance guidelines. The guidelines reflect certain guiding principles with respect to our board's structure, procedures and committees. The guidelines are not intended to change or interpret any law, or our second amended and restated memorandum and articles of association, as amended from time to time. The code of business conducts and ethics and corporate governance guidelines all become effective upon completion of this Offering.

#### Compensation of Directors and Executive Officers
For the year ended March 31, 2025, the Company and its subsidiaries paid aggregate cash compensation of approximately US$212,503 to our directors and executive officers as a group. We do not pay or set aside any amounts for pensions, retirement, other cash compensation or other benefits for our officers and directors.

#### Employment Agreements and Indemnification Agreements
We have entered into employment agreements with each of our executive officers for a specified time period providing that the agreements are terminable for cause with prior notice. The terms of these agreements are substantially similar to each other. An executive officer may terminate his or her employment at any time by 30-day prior written notice. We may terminate the executive officer's employment with or without cause by giving a 30 days' advance notice in writing.

Each executive officer has agreed to hold in strict confidence and not to use, except for the benefit of our company, any proprietary information, technical data, trade secrets and know-how of our company or the confidential or proprietary information of any third party, including our subsidiaries and our clients, received by our company. Each of these executive officers has also agreed to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for twenty-four (24) months following the last date of employment.

We expect to enter into indemnification agreements with our directors and executive officers, pursuant to which we will agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

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#### PRINCIPAL SHAREHOLDERS
The following table shows the beneficial ownership of our Ordinary Shares as of the date of this registration statement by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our executive officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of the executive officers and directors of as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us who will beneficially own more than 5% of our Ordinary Shares.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of Ordinary Shares beneficially owned by a person and the percentage ownership of that person, we have included Ordinary Shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant, or other right or the conversion of any other security. These Ordinary Shares, however, are not included in the computation of the percentage ownership of any other person. Percentage of beneficial ownership of each listed person prior to this Offering is based on 17,000,000 Ordinary Shares outstanding as of the date of this prospectus. The percentage of beneficial ownership of our Ordinary Shares immediately after the completion of this Offering is based on Ordinary Shares that will be issued and outstanding which includes (i) 17,000,000 Ordinary Shares outstanding immediately prior to the completion of this offering; and (ii) 3,750,000 Ordinary Shares issued in connection with this Offering, assuming the underwriters do not exercise their option to purchase additional Ordinary Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Beneficially <br>Owned Prior to This Offering** | **Ordinary Shares Beneficially <br>Owned Prior to This Offering** | **Ordinary Shares Beneficially <br>Owned After This Offering** | **Ordinary Shares Beneficially <br>Owned After This Offering** |
|  | **Number** | **%\*\*** | **Number** | **%\*\*** |
|  **Directors and Executive Officers:** |  |  |  |  |
|  Chang Liao<sup>(1)</sup> | 7650000 | 45.00 | 7650000 | 36.87 |
|  Wenhong He |  |  |  | —  |
|  Xiao Xiao<sup>(2)</sup> | 4550000 | 26.76 | 4550000 | 21.93 |
|  Ming Zhao |  |  |  |  |
|  Shihua Li\*  |  |  |  |  |
|  Yao Feng\* |  |  |  |  |
|  Hu Liu\* |  |  |  |  |
|  All directors and executive officers as a group | 12200000 | 71.76 | 12200000 | 58.80 |
|  **Principal Shareholders:** |  |  |  |  |
|  Qiantian Holdings Limited<sup>(3)</sup> | 7650000 | 45.00 | 7650000 | 36.87 |
|  Xunfeng Holdings Limited<sup>(4)</sup> | 4550000 | 26.76 | 4550000 | 21.93 |

---

____________

\* Each of Mr. Shihua Li, Ms. Yao Feng and Mr. Hu Liu has accepted the appointment as director, effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

\*\* For each person and group included in this column, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the total number of Ordinary Shares outstanding. The total number of Ordinary Shares outstanding as of the date of this prospectus is 17,000,000. The total number of Ordinary Shares outstanding after the completion of this Offering will be 20,750,000, including 3,750,000 Ordinary Shares to be sold by us in this Offering, assuming that the underwriters do not exercise their option to purchase additional shares.

(1) Chang Liao, our Chief Executive Officer, controls Qiantian Holdings Limited. As such, Chang Liao is deemed to beneficially own 7,650,000 Shares held through Qiantian Holdings Limited.

(2) Xiao Xiao, our director, controls Xunfeng Holdings Limited. As such, Xiao Xiao is deemed to beneficially own 4,550,000 Shares held through Xunfeng Holdings Limited.

(3) Represents 7,650,000 Ordinary Shares held by Qiantian Holdings Limited, a company organized and existing under the laws of the British Virgin Islands and ultimately controlled by Chang Liao. Its registered address is Intershore Chambers, Road Town, Tortola, British Virgin Islands.

(4) Represents 4,550,000 Ordinary Shares held by Xunfeng Holdings Limited, a company organized and existing under the laws of the British Virgin Islands and ultimately controlled by Xiao Xiao. Its registered address is Intershore Chambers, Road Town, Tortola, British Virgin Islands.

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

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#### RELATED PARTY TRANSACTIONS

#### Employment Agreements and Indemnification Agreements
See "Management — Employment Agreements and Indemnification Agreements."

#### Other Related Party Transactions
The table below sets forth the major related parties and their relationships with us during fiscal 2023, 2024, and 2025, and as of the date of this prospectus:

---

| | |
|:---|:---|
|  **Name of the related party** | **Nature of relationship** |
|  Mr. Chang Liao | The Controlling Shareholder and CEO of the Company |
|  Metaverse Digital Limited ("Metaverse") | An entity controlled by the Controlling Shareholder and CEO of the Company |
|  Happy Fortune Data Limited ("HAPPY")<sup>(1)</sup> | An entity controlled by the Controlling Shareholder and CEO of the Company |
|  Guangzhou Feichang Data Limited ("Guangzhou Feichang") | An entity controlled by the Controlling Shareholder and CEO of the Company |
|  Zhongshan Weijia Network Technology Limited ("Zhongshan Weijia") | An entity controlled by the Controlling Shareholder and CEO of the Company |

---

____________

(1) The CEO of the Company disposed of all his equity interests in HAPPY and ceased to hold any direct or indirect equity interest in HAPPY since July 4, 2025.

#### Loans to and Repayments from Related Parties
In the year ended March 31, 2024, the Company extended unsecured, interest-free, and on-demand loans of US$97,200 to HAPPY and US$150,000 to Metaverse. During the six months ended September 30, 2024, the Company extended unsecured, interest-free, and on-demand loans of US$178,280 to HAPPY. In the year ended March 31, 2025, the Company provided additional unsecured, interest-free, and on-demand loans of US$130,000 to Metaverse. In the year ended March 31, 2025, the Company received repayments totaling US$98,983 from HAPPY and US$130,000 from Metaverse. On June 26, 2025, the Company received repayments totaling US$150,000 from Metaverse. As of September 30, 2025, all outstanding loan balances due from these related parties had been fully repaid.

During the six months ended September 30, 2025, the Company provided unsecured, interest-free, and on-demand loans of US$900,000 to Mr. Chang Liao. Such loans are expected to be repaid in full prior to the effectiveness of this registration statement.

#### Sales to Related Parties
The Company provided public cloud services to HAPPY during the period from January 1, 2024 to August 31, 2024. The services were rendered under a fixed-rate monthly service agreement with a fee of US$12,490 per month. Total sales revenue recognized from HAPPY amounted to US$37,470, US$62,450, US$62,450 and nil for the fiscal years ended March 31, 2024 and 2025, and for the six months ended September 30, 2024 and 2025, respectively.

#### Purchases from Related Parties
The Company engaged Zhongshan Weijia to provide technical consulting services in the areas of product technology, network operations, and technical maintenance during its early-stage business development. Under this agreement, the Company paid service fees of US$669,930, US$665,231, US$333,257 and US$132,554 for the fiscal years ended March 31, 2024 and 2025 and for the six months ended as of September 30, 2024 and 2025, respectively. As the Company gradually built its in-house technical team, it terminated the consulting agreement ahead of schedule, effective May 21, 2025.

The Company also sourced IDC services through HAPPY, acting as an intermediary provider. The value of services procured via HAPPY amounted to US$324,124, US$268,107, US$185,700 and US$92,850 for the fiscal years ended March 31, 2024 and 2025 and for the six months ended September 30, 2024 and 2025, and for the fiscal years ended March 31, 2024 and 2025, respectively.

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#### Dividend to Related Party
On July 31, 2024, the board of directors of Cloud Data HK approved and declared a dividend distribution of US$588,020 to Mr. Chang Liao. The dividend was fully paid on September 24, 2024.

On March 9, 2023, the board of directors of Cloud Data HK approved and declared a dividend distribution of US$216,570 to Mr. Chang Liao. The dividend was fully paid on March 31, 2023.

#### Bonus to Related Party
During the six months ended September 30, 2025, the Company paid a bonus of US$300,000 to Mr. Chang Liao to reward his contribution to the Company.

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#### DESCRIPTION OF SHARE CAPITAL AND CAYMAN ISLANDS COMPANY LAW
We are a Cayman Islands exempted company incorporated with limited liability and our affairs are governed by our Memorandum and Articles of Association, the Companies Act, and the common law of the Cayman Islands.

As of the date of this prospectus, our Company's authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value US$0.0001 each. As of the date of this prospectus, 17,000,000 Ordinary Shares are issued and outstanding. Immediately upon the completion of the Offering, assuming no exercise of the over-allotment option by the underwriters, there will be 20,750,000 Ordinary Shares issued and outstanding (or 21,312,500 Ordinary Shares if the underwriter exercises the over-allotment option to purchase additional Ordinary Shares in full).

#### Our Post-Offering Memorandum and Articles
We adopted the amended and restated memorandum and articles of association, or the post-offering memorandum and articles of association, which will become effective immediately prior to the completion of this offering and replace our current memorandum and articles of association in its entirety.

The following are summaries of material provisions of our Memorandum and Articles of Association and of the Companies Act, insofar as they relate to the material terms of our Ordinary Shares. The summaries do not purport to be complete and are qualified in their entirety by reference to our Memorandum and Articles of Association, which are filed as exhibits to the registration statement of which this prospectus forms a part.

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

***Ordinary Shares.*** Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

***Dividends.*** The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. Our Articles of Association provide that dividends may be paid out of any funds of the Company lawfully available for distribution. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose subject to the restrictions of the Companies Act, provided that in no circumstances may we pay a dividend out of share premium account if, following the date on which the dividend is proposed to be paid, our Company would be unable to pay its debts as they fall due in the ordinary course of business.

***Voting Rights.*** Any action required or permitted to be taken by the shareholders must be taken at a duly called and quorate annual or extraordinary general meeting of the shareholders entitled to vote on such action, or in lieu of a general meeting, must be effected by a resolution in writing. On a poll, each shareholder is entitled to one (1) vote for each Ordinary Share, voting together as a single class, on all matters that require a shareholder's vote.

A quorum required for a meeting of shareholders consists of one or more shareholders present and holding at least one-third of the total number of issued and paid up Ordinary Shares of our Company present in person or by proxy. Shareholders may be present in person or by proxy or, if the shareholder is a legal entity, by its duly authorized representative. Shareholders' meetings may be convened by our board of directors on its own initiative or upon a written requisition by any one or more shareholder(s) entitled to attend and vote at general shareholders' meetings of our Company holding not less than 10% of the number of our paid up Ordinary Shares deposited at the registered office of our Company. Advance notice of at least seven days is required for the convening of our annual general shareholders' meeting and any other general shareholders' meeting.

An ordinary resolution to be passed at a meeting by the shareholders requires, where a poll is taken, the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires, where a poll is taken, the affirmative vote of not less than two-thirds of the votes attaching to the Ordinary Shares cast at a meeting of which notice specifying the intention to propose the resolution as a special

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resolution has been duly given. A special resolution will be required for important matters such as changing company name or making amendments to our Memorandum of Association or Articles of Association. Holders of the Ordinary Shares may, among other things, subdivide or consolidate their shares by passing an ordinary resolution.

***Election of directors.*** Directors may be appointed by an ordinary resolution of our shareholders or by a resolution of the directors of the Company

***Meetings of directors.*** At any meeting of directors, a quorum will be present if two directors are present, unless otherwise fixed by the directors. If there is a sole director, that director shall be a quorum. A director represented by an alternate director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors who consent in writing by all of the directors.

***Transfer of Ordinary Shares.*** Subject to our Articles of Association relating to the transfer of Ordinary Shares and provided that such transfer complies with the applicable rules of the Securities and Exchange Commission, the Nasdaq and federal and state securities laws of the United States, our shareholders may transfer all or any of their Ordinary Shares by an instrument of transfer in a common form or any other form prescribed by the Nasdaq or otherwise approved by our board of directors.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Shares whether or not it is fully paid up without assigning any reason for doing so.

If our directors refuse to register a transfer, they shall, within two months of such refusal, send to the transferee a notice.

The registration of transfers may 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 days in any year as our board may determine.

***Liquidation rights.*** If we are wound up, the shareholders may, subject to the Articles of Association and any other sanction required by the Companies Act, pass an ordinary 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 our assets and, for that purpose, to set such value to any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees upon such trusts for the benefit of contributories as the liquidator shall think fit.

***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 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

***Redemption of Shares.*** The Companies Act and our Articles of Association permit us to purchase, redeem or otherwise acquire our own shares, subject to certain restrictions and requirements under the Companies Act, our Memorandum and Articles of Association and any applicable requirements imposed from time to time by the Nasdaq, the Securities and Exchange Commission. In accordance with our Articles of Association, we may issue shares, with the sanction of a special resolution passed by the shareholders, on terms that are, or at the option of our Company or the holder are, liable to be redeemed. Under the Companies Act, the repurchase of any share may be paid out of our Company's profits, out of our share premium account or out of the proceeds of a fresh issue of shares made for the purpose of such repurchase, or, if authorized by the articles of association and subject to the Companies Act, out of capital. If the repurchase proceeds are paid out of our Company's capital, our Company must, immediately following such payment, be able to pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act, no such share may be repurchased (1) unless it is fully paid up, (2) if such repurchase would result in there no longer be any issued shares of our Company (other than shares held as treasury shares), and (3) unless the manner of repurchase (if not so authorized under the Memorandum and Articles of Association) has first been authorized by a resolution of our shareholders. Under the Articles of Association, our Company may repurchase its own shares in such manner and on such terms as the Directors may agree with the

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relevant shareholder. In addition, under the Companies Act, our Company may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result in no issued shares of our Company (other than shares held as treasury shares).

***Variations of Rights of Shares.*** The rights attached to any class or series of shares (unless otherwise provided by the terms of issue of the shares of that class or series), whether or not our Company is being wound-up, may be varied with the consent in writing of the holders of two-thirds of the issued shares of that class or series or with the sanction of a resolution passed by at least a two-thirds majority of the holders of shares of the class or series present in person or by proxy and entitled to vote at a separate meeting of the holders of the shares of the class or series.

***Changes in the number of shares we are authorized to issue and those in issue.*** We may from time to time by an ordinary resolution passed by our shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase or reduce (by cancellation of shares that have not been taken or agreed to be taken by any person) the authorized share capital of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subdivide our authorized and issued shares into a larger number of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate our authorized and issued shares into a smaller number of shares.

***Issuance of Additional Shares.*** Our Articles of Association authorize our board of directors to issue additional Ordinary Shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

***Inspection of Books and Records.*** Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See "Where You Can Find Additional Information."

***Preferred Shares.*** As of the date of this prospectus, we do not have any preferred shares authorized, issued or outstanding.

#### Exempted Company
We are an exempted company incorporated 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 trade or business outside of the Cayman Islands or in furtherance of the business of the exempted company carried on outside of the Cayman Islands, may apply to be registered as an exempted company. The requirements for an exempted company are similar to an ordinary company except that, for an exempted company that does not hold a license to carry on business in the Cayman Islands:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company's register of members is not required to be open to inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company that is not listed on the Cayman Islands Stock Exchange is prohibited from making any invitation to the public in the Cayman Islands to subscribe for any of its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may issue shares without nominal or par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may not issue negotiable shares, and shares shall be transferred only on the books of such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are given for 20 or 30 years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company 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.

Upon the closing of the Offering, we will be subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in this prospectus, we currently intend to comply with the Nasdaq Capital Market rules in lieu of following home country practice after the closing of the Offering.

#### Differences in Corporate Law
The Companies Act is derived, to a large extent, from that of England and Wales, but does not follow recent United Kingdom statutory enactments. Accordingly, there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of certain 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. 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 in the 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 written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with, among other documents, a declaration as to the solvency of the consolidated or surviving company, a declaration 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 shareholders 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 if a copy of the plan of merger is given to every shareholder of each subsidiary company to be merged unless that shareholder agrees otherwise. For this purpose, a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest of a constituent company is required unless this requirement is waived by the Grand Court of the Cayman Islands upon application of the constituent company that has issued the security.

Except in certain limited circumstances, a shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his or her shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting from a merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of such 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, except to be paid the fair value of that person's shares, to participate in all proceedings until such dissenter's determination of fair value is reached, and the right to obtain relief on the grounds that the merger or consolidation is void or unlawful.

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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. Any such arrangement must be approved by (a) a majority in number of the creditors or each class of creditors, as the case may be, with whom the arrangement is to be made and who must, in addition, represent seventy-five percent in value of the creditors or each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting convened for that purpose, or (b) seventy-five percent in value of the shareholders or each class of shareholders, as the case may be, with whom the arrangement is to be made that are present and voting either in person or by proxy at a meeting convened for that purpose, as applicable. 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 court's directions and 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.

The Companies Act also contains a statutory power of compulsory acquisition, which may facilitate the "squeeze out" of dissentient minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of 90% in value of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, 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.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

#### Shareholders' Suits
In principle, we will generally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to apply and follow the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) which permit a minority shareholder to commence a class action against, or derivative actions in the name of, a company to challenge the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires and is therefore incapable of ratification by the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an irregularity in the passing of a resolution that requires a qualified majority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act purporting to abridge or abolish the individual rights of a member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act which constitutes a fraud on the minority where the wrongdoers are themselves in control of the company.

In the case of a company (not being a bank) having its share capital divided into shares, the Grand Court of the Cayman Islands may, on the application of members holding not less than one-fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to report thereon in such manner as the Grand Court shall direct.

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#### Indemnification of Directors and Executive Officers and Limitation of Liability
Cayman Islands law does not limit the extent to which a company's 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 Articles of Association permit indemnification of our directors and officers for costs, losses, damages and expenses incurred in their capacities as such unless such losses or damages arise from actual fraud or willful default or as otherwise required by law. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we plan to enter into indemnification agreements with our directors and senior executive officers that will 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 act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interests 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, a 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 he owes duties to the company that include a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her 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 or her personal interest or his or her 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 the company a duty to act with skill, care and diligence. 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 Proposals
Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. The Delaware General Corporation Law does not provide shareholders an express right to put any proposal before the annual meeting of shareholders, but in keeping with common law, Delaware corporations generally afford shareholders an opportunity to make proposals and nominations provided that they comply with the notice provisions in the certificate of incorporation or bylaws. 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.

Cayman Islands law provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right 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 provide that, on the written requisition of any one or more shareholder(s) who hold not less than 10 percent in the number of paid-up Ordinary Shares of our Company deposited at the registered office of our Company, our board of directors shall convene a general meeting of our shareholders and put the resolutions so requisitioned to a vote at such meeting. However, our Memorandum

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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. As a Cayman Islands exempted company, we are not obliged by law to call shareholders' annual general meetings.

#### Cumulative Voting
Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. Cayman Islands law does not prohibit cumulative voting, 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 Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Articles of Association, any of our directors may be removed by ordinary resolution of our shareholders. The office of a director of our Company shall also be vacated if the director becomes bankrupt or makes any arrangement or composition with his creditors, is found to be or becomes of unsound mind, or resigns his office by notice in writing to our Company.

#### Transactions with Interested Shareholders
The Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation or bylaws that is approved by its shareholders, 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 corporation's outstanding voting stock or who or which is an affiliate or associate of the corporation and owned 15% or more of the corporation's outstanding voting stock 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 ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper purpose and not with the effect of constituting a fraud on the minority shareholders.

#### Dissolution; Winding Up
Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a super-majority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, our Company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its shareholders or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its shareholders. 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.

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#### Variation of Rights of Shares
Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our Articles of Association, the rights attached to any class or series of shares may, unless otherwise provided in the Articles of Association or the terms of issue of the shares of that class or series, be varied or abrogated with the consent in writing of the holders of three-fourths of the issued shares of that class or series, or with the sanction of a resolution passed by at least a three-fourths majority of the shares of that class or series present in person or by proxy and entitled to vote at a separate meeting of the holders of the class or series.

#### Amendment of Governing Documents
Under the Delaware General Corporation Law, a corporation's certificate of incorporation may be amended only if adopted and declared advisable by the board of directors and approved by a majority of the outstanding shares entitled to vote and the bylaws may be amended with the approval of a majority of the outstanding shares entitled to vote and may, if so provided in the certificate of incorporation, also be amended by the board of directors. Under the Companies Act, our Memorandum and Articles of Association may be altered or amended by a special resolution of our shareholders.

#### Rights of Non-Resident or Foreign Shareholders
There are no limitations imposed by our Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

#### Rights to Issue Shares
Under our Memorandum and Articles of Association, subject to any applicable provisions in our Memorandum of Association, and without prejudice to any special rights previously conferred on the holders of existing shares, any share of our Company may be issued with such preferred, deferred, or other special rights, or such restrictions, whether in regard to dividend, voting, return of share capital or otherwise, as our Company may from time to time by special resolution determine, and subject to the Companies Act, any share of our Company may, with the sanction of a special resolution, be issued on the terms that it is, or at the option of the Company or the holder is liable, to be redeemed.

Except as otherwise provided in our Articles of Association, all shares for the time being and from time to time unissued shall be under the control of our board of directors, and may be re-designated, allotted, issued or otherwise disposed of in such manner, to such persons and on such terms as our board of directors, in their absolute discretion, may think fit. Our directors may issue shares in separate classes and may issue shares of any class in different series.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this Offering, there has been no public market for our Ordinary Shares. While we have applied to list our Ordinary Shares on the Nasdaq Capital Market, the closing of this Offering is conditioned upon the final approval from the Nasdaq Capital Market of our listing application. We cannot assure you that an active trading market for our Ordinary Shares will develop or be sustained after this Offering.

Upon the closing of this Offering, approximately 20,750,000 Ordinary Shares will be outstanding, assuming an initial public offering price of $4.00 per share (the low point of the price range set forth on the cover page of this prospectus), offered hereby and further assuming no exercise of the underwriters' over-allotment option. Of the shares to be outstanding immediately after completion of the offering, all 3,750,000 shares sold in this Offering will be freely tradable except that any shares purchased in this Offering by our affiliates, as that term is defined in Rule 144 under the Securities Act, would only be able to be sold in compliance with the Rule 144 limitations described below.

The remaining outstanding shares of our Ordinary Shares will be deemed "restricted securities" as defined in Rule 144. Restricted securities may be sold in the public market only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 promulgated under the Securities Act, which rules are summarized below. In addition, certain of our security holders have entered into lock-up agreements with the underwriters under which they have agreed, subject to specific exceptions, not to sell any of our shares for at least three months following the pricing date of this Offering, as described below. As a result of these agreements, subject to the provisions of Rule 144 or Rule 701, shares will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning on the date of this prospectus, all of the Ordinary Shares sold in this Offering will be immediately available for sale in the public market (except as described above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning three months after the pricing date of this Offering, additional shares will become eligible for sale in the public market, of which shares will be subject to the volume and other restrictions of Rule 144, as described below.

#### Lock-up Agreements
All of our directors, officers, and all holders of the Company's securities (including warrants, options, convertible securities, and Ordinary Shares of the Company) as of the effective date of the registration statement of which this prospectus is a part have entered into lock-up agreements with respect to the disposition of their shares. See "Underwriting — Lock-Up Agreements" for additional information.

#### Rule 144

#### Non-Affiliates
As a general matter, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, any person who (i) is not an affiliate at the time of sale and has not been an affiliates for purposes of the Securities Act at any time during the three months preceding the proposed sale under Rule 144, and (ii) has beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior non-affiliate owner, is entitled to sell such shares without complying with the manner of sale, limitation on amount or notice provisions of Rule 144, subject to compliance with the public information requirement of Rule 144(c). In addition, if such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior non-affiliate owner, then such person is entitled to sell such shares freely without complying with any requirement of Rule 144.

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#### Affiliates
Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three month period only that number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of our Ordinary Shares then outstanding of the same class, which will equal approximately 2,075,000 Ordinary Shares immediately following this Offering, assuming the underwriters do not exercise the over-allotment option to purchase additional Ordinary Shares; or 2,131,250 Ordinary Shares if the underwriters exercise their option in full to purchase additional Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly reported trading volume of our Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with the SEC.

Additionally, persons who are our affiliates at the time of, or any time during the three months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six month holding period of Rule 144, which does not apply to sales of unrestricted securities.

#### 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 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 as described below and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S under the Securities Act provides that Ordinary Shares owned by any person may be sold without registration in the United States, provided that the sale is effected in an offshore transaction and no directed selling efforts are made in the United States (as these terms are defined in Regulation S), subject to certain other conditions. In general, this means that our shares may be sold outside the United States without registration in the United States being required.

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#### TAXATION
*The following summary of material Cayman Islands, Hong Kong, and the U.S. federal income tax consequences of an investment in our Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our Ordinary Shares, such as the tax consequences under state, local and other tax laws.*

#### Cayman Islands Taxation
The following is a discussion on certain Cayman Islands income tax consequences of an investment in the Shares. The discussion is a general summary of the 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.

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains, or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands). There are no exchange control regulations or currency restrictions in the Cayman Islands.

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 our Ordinary Shares, as the case may be, nor will gains derived from the disposal of our Ordinary Shares be subject to Cayman Islands income or corporation tax.

#### Hong Kong Taxation
The following is a discussion on certain Hong Kong income tax consequences of an investment in the Shares. The discussion is a general summary of the 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 Hong Kong law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues gains from the sale of the Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 7.5% on the assessable profits up to HK$2,000,000; and 15% on any part of assessable profits over HK$2,000,000 for unincorporated businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 8.25% on the assessable profits up to HK$2,000,000; and 16.5% on any part of assessable profits over HK$2,000,000 for corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains arising from the sale of Ordinary Shares, where the purchases and sales of the Ordinary Shares are effected outside of Hong Kong such as, for example, on Cayman Islands, should not be subject to Hong Kong profits tax.

According to the current tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Ordinary Shares would not be subject to any Hong Kong tax.

No Hong Kong stamp duty is payable on the purchase and sale of the Ordinary Shares

#### United States Federal Income Tax Considerations
The following is a discussion of certain material U.S. federal income tax considerations relating to the acquisition, ownership, and disposition of our Ordinary Shares by a U.S. Holder, as defined below, that acquires our Ordinary Shares in this Offering and holds our Ordinary Shares as "capital assets" (generally, property held for investment) under

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the U.S. Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based on existing U.S. federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service (the "IRS") with respect to any U.S. federal income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This discussion does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances, including investors subject to special tax rules (such as, for example, certain financial institutions, insurance companies, regulated investment companies, real estate investment trusts, broker-dealers, traders in securities that elect mark-to-market treatment, partnerships (or other entities treated as partnerships for U.S. federal income tax purposes) and their partners, tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors that own (directly, indirectly, or constructively) 5% or more of our voting shares, investors that hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction), or investors that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not address any tax laws other than the U.S. federal income tax laws, including any state, local, alternative minimum tax or non-U.S. tax considerations, or the Medicare tax on unearned income. Each potential investor is urged to consult its tax advisor regarding the U.S. federal, state, local and non-U.S. income and other tax considerations of an investment in our Ordinary Shares.

#### General
For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the U.S., (ii) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the laws of, the U.S. or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise elected to be treated as a U.S. person under the Code.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners of a partnership holding our Ordinary Shares are urged to consult their tax advisors regarding an investment in our Ordinary Shares.

The discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Shares in this Offering. Prospective purchasers are urged to consult their own tax advisors about the application of U.S. federal income tax law to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Ordinary Shares.

#### Taxation of dividends and other distributions on our Ordinary Shares
Subject to the passive foreign investment company rules discussed below, distributions of cash or other property made by us to you with respect to the Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the U.S., or we are eligible for the benefits of an approved qualifying income tax treaty with the U.S. that includes an exchange of information program, (2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this prospectus.

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be

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taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

#### Taxation of dispositions of Ordinary Shares
Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange, or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. The gain or loss will generally be treated as U.S.-source income or loss for foreign tax credit purposes. U.S. Holders that sell Ordinary Shares for an amount denominated in a non-U.S. currency should consult their tax advisers regarding the exchange rate at which the amount received should be translated to U.S. dollars, and whether any U.S.-source foreign currency gain or loss may be required to be recognized as a result of the sale. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you may be eligible for reduced tax rates on any such capital gains. The deductibility of capital losses is subject to limitations.

#### Passive foreign investment company
A non-U.S. corporation is considered a Passive Foreign Investment Company, or PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 75% of its gross income for such taxable year is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held to produce passive income (the "asset test").

Passive income generally includes dividends, interest, rents, and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raise in this Offering will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets (including the cash raised in this Offering) on any particular quarterly testing date for purposes of the asset test.

Based on our operations and the composition of our assets we do not expect to be treated as a PFIC under the current PFIC rules. We must make a separate determination each year as to whether we are a PFIC, however, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this Offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. Although the law in this regard is unclear, we are treating the UFG Entities as being owned by us for U.S. federal income tax purposes, not only because we control their management decisions, but also because we are entitled to the economic benefits associated with the UFG Entities, and as a result, we are treating the UFG Entities as our wholly owned subsidiaries for U.S. federal income tax purposes. If we are not treated as owning the UFG Entities for U.S. federal income tax purposes, we would likely be treated as a PFIC. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Ordinary Shares and because cash is generally considered to be an asset held to produce passive income, our PFIC status will depend in large part on the market price of our Ordinary Shares and the amount of cash we raise in this Offering. Accordingly, fluctuations in the market price of the Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how and how quickly we spend the cash we raise in this Offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Ordinary Shares from time to time and the amount of cash we raise in this Offering) that may not be within our control. If we are a PFIC for any year during which you hold Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you

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hold Ordinary Shares. If we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, however, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Ordinary Shares.

If we are a PFIC for your taxable year(s) during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Ordinary Shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares s cannot be treated as capital, even if you hold the Ordinary Shares as capital assets. A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the US Internal Revenue Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such taxable year over your adjusted basis in such Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value as of the close of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under "*Taxation of Dividends and Other Distributions on our Ordinary Shares*" generally would not apply.

The mark-to-market election is available only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including the Nasdaq Capital Market. If the Ordinary Shares are regularly traded on the Nasdaq Capital Market and if you are a holder of Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election under Section 1295(b) of the US Internal Revenue Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Ordinary Shares, including regarding distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.

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If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Ordinary Shares for tax purposes.

IRC Section 1014(a) provides for a step-up in basis to the fair market value for our Ordinary Shares when inherited from a decedent that was previously a holder of our Ordinary Shares. However, if we are determined to be a PFIC and a decedent that was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Ordinary Shares, or a mark-to-market election and ownership of those Ordinary Shares are inherited, a special provision in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014 basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's passing, the PFIC rules will cause any new U.S. Holder that inherits our Ordinary Shares from a U.S. Holder to not get a step-up in basis under Section 1014 and instead will receive a carryover basis in those Ordinary Shares.

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Ordinary Shares and the elections discussed above.

#### Information Reporting and Backup Withholding
Dividend payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. Transactions effected through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Shares. Failure to report such information could result in substantial penalties. You should consult your own tax advisor regarding your obligation to file a Form 8938.

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#### UNDERWRITING
We are offering our Ordinary Shares as described in this prospectus through the underwriters named below. Cathay Securities, Inc. (the "Representative") is acting as the sole representative of the underwriters. Subject to the terms and conditions of the underwriting agreement between us and the Representative, we have agreed to sell to each underwriter named below, and each underwriter named below has severally agreed to purchase, at the public offering price set forth on the cover page of this prospectus less the underwriting discounts, the number of Ordinary Shares listed next to its name in the following table:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Shares** |
|  Cathay Securities, Inc. | 3750000  |
|  **Total** | 3750000  |

---

The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Ordinary Shares offered by this prospectus are subject to various conditions and representations and warranties, including the approval of certain legal matters by their counsel and other conditions specified in the underwriting agreement. The Ordinary Shares are offered by the underwriters, subject to prior sale, when, as and if issued to and accepted by them. The underwriters reserve the right to withdraw, cancel or modify the offer to the public and to reject orders in whole or in part. The underwriters are obligated to take and pay for all the Ordinary Shares offered by this prospectus if any such Ordinary Shares are taken, other than those Ordinary Shares covered by the over-allotment option described below. A copy of the underwriting agreement will be filed as an exhibit to the registration statement of which this prospectus forms a part.

We have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriters may be required to make in respect thereof.

#### Over-Allotment Option
We have granted to the underwriters an option, exercisable for 45 days from the date of this prospectus, to purchase up to an additional 15% of the total number of Ordinary Shares to be offered by the Company at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The option may be exercised in whole or in part, and may be exercised more than once, during the 45-day option period. 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. If any of these additional shares are purchased, the underwriters will offer the additional shares on the same terms as those on which the Ordinary Shares are offered.

#### Discounts and Expense Reimbursement
The underwriting discounts for the shares and the over-allotment shares are equal to seven percent (7%) of the public offering price per Ordinary Share. The Company agreed to deliver to the Representative a total amount of US$110,000 as the advance against reasonably anticipated out-of-pocket expenses (the "Advance"). In the event the engagement period terminates prior to completion of the offering, the Representative shall return any portion of the Advance not used to pay its accountable out-of-pocket expenses actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

The following table shows the underwriting fees payable to the Representative with this Offering:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Ordinary <br>Share** | **Per Ordinary <br>Share** | **Total Without <br>Over-Allotment <br>Option** | **Total Without <br>Over-Allotment <br>Option** | **Total With Full <br>Over-Allotment <br>Option** | **Total With Full <br>Over-Allotment <br>Option** |
|  Public offering price | US$ | 4.00 | US$ | 15000000 | US$ | 17250000 |
|  Underwriting discounts<sup>(1)</sup> | US$ | 0.28 | US$ | 1050000 | US$ | 1207500 |
|  Proceeds, before expenses, to us | US$ | 3.72 | US$ | 13950000 | US$ | 16042500 |

---

____________

(1) We have agreed to pay the underwriters a discount equal to seven percent (7%) of the public offering price of this Offering. The fees do not include the expense reimbursement as described below.

We will reimburse the Representative for accountable out-of-pocket expenses not to exceed US$235,000. Such accountable out-of-pocket expenses include but are not limited to travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check on the Company's principals. We are also responsible

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for the Representative's legal fees, costs, and expenses in connection with this Offering irrespective of whether this Offering is consummated, less the any portion of the Advance actually delivered and amounts previously paid to the Representative in reimbursement for such expenses, if any. We paid an expense deposit of US$60,000 to the Representative upon the execution of the engagement letter between us and the Representative. 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). In addition, at the closing of the Offering, we will reimburse the Representative one percent (1%) of the gross proceeds of the Offering as non-accountable expenses.

We estimate that the total expenses payable by us in connection with the Offering, other than the underwriting discounts, will be approximately US$1,044,090.94, including a maximum aggregate reimbursement of US$235,000 of Representative's accountable expenses.

The foregoing does not purport to be a complete statement of the terms and conditions of the underwriting agreement and subscription agreement. A form of the underwriting agreement will be included as an exhibit to the registration statement of which this prospectus forms a part.

#### Right of First Refusal
We and the Representative agree that for a period of twelve (12) months from the closing of the Offering, we grant the Representative the right of first refusal to provide investment banking services to us on an exclusive basis and on terms that are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters/placement agents (such right, the "Right of First Refusal"), which right is exercisable in the Representative's sole discretion. In the event the engagement letter between us and the Representative is terminated for any reason during the right of first refusal period, the right of first refusal shall remain in effect for a period of twelve (12) months from the date of termination, unless otherwise agreed by the parties in writing, provided that the Right of First Refusal may be terminated by us for "Cause" in accordance with FINRA Rule 5110(g)(5).

If the Representative declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to us under reasonable standard, we shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms presented to and declined by the Representative.

#### Tail Fee
We have also agreed to pay the Representative a tail fee equal to seven percent (7%) of the aggregate purchase price paid by each purchaser of securities, if we complete an offering with an investor introduced to us by the Representative and not-known to us before such introduction regarding an offering prior to the termination or expiration of the engagement letter between the Representative and us (collectively, the "Identified Parties") during the twelve (12) month period following the termination of such engagement letter. The Representative shall provide us with a list of the Identified Parties and proof of such communication in connection with the Offering.

#### Application for Nasdaq Listing
We have applied to list our Ordinary Shares on Nasdaq under the symbol "CDN". We will not consummate and close this Offering without a listing approval letter from Nasdaq Capital Market. Our receipt of a listing approval letter is not the same as an actual listing on the Nasdaq Capital Market. The listing approval letter will serve only to confirm that, if we sell a number of Ordinary Shares in this Offering sufficient to satisfy applicable listing criteria, our Ordinary Shares will in fact be listed.

If our Ordinary Shares are listed on the Nasdaq Capital Market, we will be subject to continued listing requirements and corporate governance standards. We expect these new rules and regulations to significantly increase our legal, accounting and financial compliance costs.

#### Indemnification
We have agreed 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.

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#### Lock-Up Agreements
Each of our directors, officers and all holders of the Company's securities (including warrants, options, convertible securities, and Ordinary Shares of the Company) have agreed in writing to enter into a customary "lock-up" agreement in favor of the underwriters, agreeing not to, for a period of three (3) months starting from the pricing date of this Offering, (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company.

Each of the Company and any successors of the Company agreed, for a period of six (6) months from the closing date of the Offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company.

#### No Public Market Pricing
Prior to this Offering, there has been no public market for our securities in the U.S. and the public offering price for our Ordinary Shares will be determined through negotiations between us and the underwriters. Among the factors to be considered in these negotiations are prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development, and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which our Ordinary Shares will trade in the public market subsequent to this Offering or that an active trading market for our Ordinary Shares will develop and continue after this Offering.

#### Electronic Offer, Sale, and Distribution of Securities
A prospectus in electronic format may be delivered to potential investors by the Representative. The prospectus in electronic format will be identical to the paper version of such prospectus. Other than the prospectus in electronic format, the information on the Representative's website and any information contained in any other website maintained by the Representative is not part of the prospectus or the registration statement of which this Prospectus forms a part.

#### 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 Ordinary 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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#### Determination of Offering Price
The public offering price of the Ordinary Shares we are offering was determined by us in consultation with the Representative based on discussions with potential investors in light of the history and prospects of our Company, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, the public stock price for similar companies, general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant.

#### Foreign Regulatory Restrictions on Purchase of our Ordinary Shares
We have not taken any action to permit a public offering of our 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 our Ordinary Shares and the distribution of this prospectus outside the United States.

#### Offer Restrictions Outside the United States
No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Ordinary Shares the possession, circulation or distribution of this prospectus or any other material relating to us or the Ordinary Shares in any jurisdiction where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other material or advertisements in connection with the Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

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

#### EXPENSES OF THE OFFERING
Set forth below is an itemization of our total expenses, excluding underwriting discount and non-accountable expenses, which are expected to be incurred in connection with the Offering. With the exception of the SEC registration fee, the Financial Industry Regulatory Authority, Inc. filing fee and the Nasdaq Capital Market listing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
|  U.S. Securities and Exchange Commission registration fee | US$ | 2680.00 |
|  Financial Industry Regulatory Authority, Inc. filing fee | US$ | 3410.94 |
|  The Nasdaq Capital Market listing fee | US$ | 50000.00 |
|  Printing expenses | US$ | 30000.00 |
|  Legal fees and expenses | US$ | 408000.00 |
|  Accounting and audit fees and expenses | US$ | 280000.00 |
|  Miscellaneous | US$ | 35000.00 |
|  Accountable expenses | US$ | 235000.00 |
|  Total | US$ | 1044090.94 |

---

These expenses will be borne by us, except for underwriting discounts, which will be borne by us in proportion to the numbers of Ordinary Shares sold in the offering by us, respectively.

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

#### LEGAL MATTERS
The validity of our Ordinary Shares and certain other matters of Cayman law will be passed upon for us by Appleby. We are being represented by Sunsea Law Group P.C. with respect to certain legal matters of U.S. federal securities. We may rely upon Grandall Zimmern Law Firm with respect to matters governed by Hong Kong law. Certain legal matters as to PRC law will be passed upon for us by AllBright Law Offices (Fuzhou). Cathay Securities, Inc., the representative of the underwriters, is being represented by VCL Law LLP with respect to certain legal matters as to United States federal securities laws.

#### EXPERTS
The consolidated financial statements of Cloud Data Holdings Corporation and its subsidiaries as of and for the years ended March 31, 2024 and 2025 included in this registration statement have been audited by Guangdong Prouden CPAs GP, an independent registered public accounting firm, as stated in their reports. Such consolidated financial statements have been so included in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.

The office of Guangdong Prouden CPAs GP is located at Ste. 2201, GDH Bay City Centre, 21 Zhujiang West Rd., Guangzhou, China.

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the U.S. Securities and Exchange Commission a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

Upon completion of this Offering, we will become subject to the informational requirements of the Exchange Act. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet site at *www.sec.gov* that contains reports, proxy and information statements and other information we have filed electronically with the SEC.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

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#### CLOUD DATA HOLDINGS CORPORATION<br>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  **CONTENTS** | **PAGE(S)** |
|  [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 7254)](#T1000) | F-2 |
|  [CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND 2025](#T1001) | F-3 |
|  [CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#T1002) | F-4 |
|  [CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#T1003) | F-5 |
|  [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#T1004) | F-6 |
|  [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](#T1005) | F-7 |

---

#### UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS <br>CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  **CONTENTS** | **PAGE(S)** |
|  [UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2025 AND SEPTEMBER 31, 2025](#T101) | F-22 |
|  [UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE SIX MONTHSS ENDED SEPTEMBER 30, 2024 AND 2025](#T102) | F-23 |
|  [UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 AND <br>2025](#T103) | F-24 |
|  [UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2025](#T104) | F-25 |
|  [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](#T105) | F-26 |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of <br>Cloud Data Holdings Corporation:

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Cloud Data Holdings Corporation and its subsidiaries (the "Company") as of March 31, 2024 and 2025, the related consolidated statements of income and comprehensive income, changes in shareholders' 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 "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of March 31, 2024 and 2025, and the consolidated results of its operations and its cash flows for each of the two years in the period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Guangdong Prouden CPAs GP

We have served as the Company's auditor since 2025.

Guangzhou, China<br>August 1, 2025

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

#### CLOUD DATA HOLDINGS CORPORATION<br>CONSOLIDATED BALANCE SHEETS<br>(Amounts in U.S. Dollars ("$"), except for share data, or otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **As of March 31,** | **As of March 31,** |
|  | **Note** | **2024** | **2025** |
|  |  | **US$** | **US$** |
|  ASSETS |  |  |  |
|  Current assets: |  |  |  |
|  Cash and cash equivalents |  | 314293 | 335350 |
|  Accounts receivable, net | 3 | 37900 | 253495 |
|  Amounts due from related parties | 7 | 284670 | 150000 |
|  Prepayments and other receivables, net (including prepayment to a related party amounted to US$623,679 and US$132,554 as of March 31, 2024 and 2025 respectively) | 4 | 663679 | 1527543 |
|  Total current assets |  | 1300542 | 2266388 |
|  TOTAL ASSETS |  | 1300542 | 2266388 |
|  LIABILITIES |  |  |  |
|  Current liabilities: |  |  |  |
|  Advance from customers |  |  | 73625 |
|  Accounts payable |  |  | 145710 |
|  Tax payable | 6 | 70702 | 296666 |
|  Amounts due to related parties | 7 | 958 | 4830 |
|  Total current liabilities |  | 71660 | 520831 |
|  TOTAL LIABILITIES |  | 71660 | 520831 |
|  Commitments and contingencies | 9 |  |  |
|  EQUITY |  |  |  |
|  Ordinary shares (US$0.0001 par value; 500,000,000 share authorized; 12,000,000 shares issued and outstanding)\* | 5 |  |  |
|  Additional paid in capital |  |  |  |
|  Retained earnings |  | 1228882 | 1745557 |
|  Total shareholder's equity |  | 1228882 | 1745557 |
|  TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY |  | 1300542 | 2266388 |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization (Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

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#### CLOUD DATA HOLDINGS CORPORATION<br>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<br>(Amounts in U.S. Dollars ("$"), except for per share data, or otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **Note** | **2024** | **2025** |
|  |  | **US$** | **US$** |
|  Revenues (including revenue from related parties of US$37,470 and US$62,450 for the years ended March 31, 2024 and 2025, respectively) |  | 2290135 | 3002625 |
|  Cost of revenues (including cost of IDC service and consulting service purchased from related parties of US$994,054 and US$933,338 for the years ended March 31, 2024 and 2025, respectively) |  | (1029853) | (1284794) |
|  Gross profit |  | 1260282 | 1717831 |
|  Operating expenses |  |  |  |
|  Selling and marketing expenses |  | (35785) | (73078) |
|  General and administrative expenses |  | (521103) | (371683) |
|  Total operating expenses |  | (556888) | (444761) |
|  Profits from operations |  | 703394 | 1273070 |
|  Other income |  |  |  |
|  Financial income, net |  | 51663 | 21649 |
|  Other income, net |  | 3180 | 2433 |
|  Total other income, net |  | 54843 | 24082 |
|  Income before income tax expense |  | 758237 | 1297152 |
|  Income tax expense | 6 | (103497) | (192457) |
|  Net income |  | 654740 | 1104695 |
|  Total comprehensive income |  | 654740 | 1104695 |
|  Total comprehensive income attributable to equity shareholders of the Company |  | 654740 | 1104695 |
|  Weighted average number of shares outstanding used in computing net income per share, basic and diluted |  | 12000000 | 12000000 |
|  Net income per ordinary share, basic and diluted\* |  | 0.0546 | 0.0921 |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization (Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

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#### CLOUD DATA HOLDINGS CORPORATION<br>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY<br>(Amounts in U.S. Dollars ("$"), except for share, or otherwise noted)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary shares\*** | **Ordinary shares\*** | **Retained <br>earnings** | **Total** |
|  | **Shares** | **US$** | **US$** | **US$** |
|  Balance as of March 31, 2023 | 12000000 |  | 574142 | 574142 |
|  Net Income |  |  | 654740 | 654740 |
|  Balance as of March 31, 2024 | 12000000 |  | 1228882 | 1228882 |
|  Net Income |  |  | 1104695 | 1104695 |
|  Dividend to the shareholder |  |  | (588020) | (588020) |
|  Balance as of March 31, 2025 | 12000000 |  | 1745557 | 1745557 |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization (Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

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

#### CLOUD DATA HOLDINGS CORPORATION<br>STATEMENTS OF CASH FLOWS<br>(Amounts in U.S. Dollars ("$"), except for share, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
|  Net Income | 654740 | 1104695 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
|  Unrealized foreign exchange loss | 359 | 9743 |
|  Changes in operating assets and liabilities: |  |  |
|  Accounts receivable, net | 10827 | (218200) |
|  Advance from customers | (181) | 71076 |
|  Prepayments and other receivables, net – a related party | (540328) | 491125 |
|  Prepayments and other receivables, net – third parties | (40000) | (359578) |
|  Accounts payable | (5661) | 145710 |
|  Accrued expenses and other current liabilities | (835) |  |
|  Tax payable | 51282 | 225964 |
|  Amounts due from related parties | (37470) | 35687 |
|  Amounts due to related parties | 958 | 3872 |
|  Net cash provided by operating activities | 93691 | 1510094 |
|  CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
|  Loan to a third party |  | (1000000) |
|  Loans to related parties | (247200) | (130000) |
|  Loans repaid from related parties |  | 228983 |
|  Net cash used in investing activities | (247200) | (901017) |
|  CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
|  Dividend to the shareholder |  | (588020) |
|  Net cash used in financing activities |  | (588020) |
|  Net change in cash and cash equivalents | (153509) | 21057 |
|  Cash and cash equivalents, beginning of the year | 467802 | 314293 |
|  Cash and cash equivalents, end of the year | 314293 | 335350 |
|  SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |
|  Income tax (paid)/returned | (52215) | 33507 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
1. ORGANIZATION AND PRINCIPAL ACTIVITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal activities

Cloud Data Holdings Corporation (the "Company") is an exempted company with limited liability incorporated under the laws of Cayman Islands on August 8, 2024, with no material operations of its own. The Company, through its operating subsidiary, Cloud Data Network Limited ("Cloud Data HK"), is primarily engaged in providing data center services, network interconnection solutions, intelligent data traffic optimization, and other services (the "Business").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reorganization

In preparation for its initial public offering (IPO), the Company with its subsidiaries (collectively, the "Group"), underwent a reorganization which is accounted for as a non-substantive recapitalization (the "Reorganization").

The Reorganization involved following key steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 8, 2024, the Company was incorporated under the laws of the Cayman Islands as an exempted company with limited liability. Mr. Chang Liao indirectly holds 45% equity interest of the Company via Qiantian Holdings LTD and controls the Company by having majority of voting right in the Company's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 20, 2024, the Company incorporated Cloud Data (BVI) Holdings Corporation ("Cloud Data BVI") under the laws of the British Virgin Islands ("BVI") as a wholly owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 14, 2025, Cloud Data BVI acquired 100% of the equity interests in Cloud Data HK, of which Mr. Chang Liao is the controlling shareholder.

Upon the completion of the Reorganization, the Business was still carried out by Cloud Data HK. The Company and Cloud Data BVI had no operations and only nominal amounts of net assets prior to the consummation of the Reorganization and did not meet the definition of a business. Immediately before and after the Reorganization completed on July 14, 2025 as described above, there is no change in control over the Company and its subsidiaries; therefore, the Reorganization was accounted for as a non-substantive recapitalization with no change in the basis of presentation of the financial statements. The Group's financial information has been prepared on a consolidated basis as if the corporate structure of the Company after the Reorganization had been in existence throughout the periods presented, and represents a continuation of the financial statements of Cloud Data HK whereas the assets, liabilities and operating results were presented at their historical carrying values.

As of March 31, 2025, details of the Company's principal subsidiaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Date of <br>Incorporation** | **Place of <br>Incorporation** | **Percentage <br>of Effective <br>Ownership** | **Principal Activities** |
|  Cloud Data BVI | August 20, 2024 | British Virgin Islands | 100% | Investment holding |
|  Cloud Data HK | June 3, 2013 | Hong Kong, China | 100% | Provision of data center and <br>network interconnection services |

---

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Principles of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Use of estimates

The preparation of the consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to, the allowance for credit loss. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

On an on-going basis, the Company evaluates its estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making estimates and judgments about the carrying values of assets and liabilities. Any future changes to these estimates and assumptions could cause a material change to the Group's reported amounts of assets and expenses. Actual results may differ from these estimates under different assumptions or conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Foreign currency

The Company's reporting currency is United States dollars (''US$''). The Company determines its functional currencies based on the criteria of Accounting Standards Codification (ASC) 830, Foreign Currency Matters. The functional currency of the Company's subsidiary in Hong Kong is also US$.

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as foreign currency exchange gain or loss included in "Financial expenses, net" in the consolidated financial statements of operations and comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and cash at banks, which have original maturities of less than three months and unrestricted as to withdrawal and use.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Disaggregation of cash by currency denomination is set out below:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **March 31, <br>2024** | **March 31, <br>2025** |
|  | **US$** | **US$** |
|  **Currency** |  |  |
|  US dollar | 314216 | 326318 |
|  HK dollar | 77 | 9032 |
|  Total | 314293 | 335350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Expected credit losses of receivables

The Company's accounts receivable and other receivables (included in "prepayments and other current assets") are within the scope of Accounting Standards Codification ("ASC") 326. The Group has developed a current expected credit loss ("CECL") model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Group considers historical collection rates, current financial status, macroeconomic factors, and other industry-specific factors when evaluating for current expected credit losses. This is assessed at each quarter based on the Company's specific facts and circumstances. The allowance for current expected credit losses and corresponding receivables were written off when they are determined to be uncollectible.

No current expected credit loss expense was recorded for the years ended March 31, 2024 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Fair value measurement

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Include other inputs other than quoted prices in active market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs which are supported by little or no market activity that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, accounts receivable, amounts due from related parties, other receivables included in prepaid expenses and other receivables, net, accounts payable, amount due to related parties. As of March 31, 2024 and 2025, the carrying amounts of the current financial assets and liabilities approximate their fair values due to the short-term maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Commitments and contingencies

The Company has not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third party. The Company have not entered into any derivative contracts that are indexed to our shares and are classified as shareholders' equity or that are not reflected in our consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Revenue recognition

The Company adopted the revenue standard Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to receive in exchange for those goods or services. The following five steps are applied to achieve that core principle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identification of the contract, or contracts, with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Identification of the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Determination of the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Allocation of the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Recognition of the revenue when, or as, a performance obligation is satisfied.

The Company's revenues are generated through (i) Internet Data Center ("IDC") services, (ii) IDC connectivity services, and (iii) Others. Each of our significant performance obligations and our application of ASC 606 to our significant revenue arrangements are discussed in further detail below.

#### IDC services
The Company provides IDC services, delivering customized server hosting solutions, IP address allocations, and bandwidth management to customers. These services generally are procured from various third-party providers under the Company's name and offered as an integrated package under renewable 12-month contracts. Customers gain access to dedicated server resources, network infrastructure, and bandwidth capacity tailored to their operational needs, with no option to exchange or refund the services once contracted.

The Company's performance obligation is to ensure continuous availability of the IDC services throughout the contract period, maintaining server functionality, IP routing, and bandwidth allocation as agreed. Unearned revenue from upfront or periodic payments is recorded as advance from customers and recognized ratably over the service period as the Company fulfills its access obligations. Payment terms typically involve fixed monthly fees for base services and variable charges for bandwidth usage.

Revenue is recognized over time, as the customer simultaneously receives and consumes the benefits of the IDC services, controls the allocated resources, and relies on the Company's ongoing performance. The transaction price, comprising fixed and variable components, is fully allocated to the single performance obligation, given the interdependent nature of servers, IPs, and bandwidth.

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

The Company considers itself as a principal in these arrangements and recognizes revenue on a gross basis, as the Company are primarily responsible for: (a) designing and delivering the integrated service package which can fulfill the specific IDC requirements of its customers, during which the Company assumes full responsibility to its customers for the IDC service delivered; (b) selecting suppliers, signing contract and settling payment with suppliers in its own responsibility; and (c) the Company also has its own discretion in establishing the price of IDC service.

As permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed.

#### IDC connectivity services
With overseas sales channel resources and market expansion capabilities covering Hong Kong, Taiwan, Japan, European and American regions, the Company provides connectivity services to IDC infrastructure providers, to facilitate them in delivering cross-border network interconnection, bandwidth optimization, and global data traffic management solutions for downstream customers. The IDC infrastructure provider, as the prime integrator, is directly responsible for downstream customer service delivery, while the Company provides specialized services exclusively to the prime integrator.

The Company fulfills its performance obligation by facilitating the IDC infrastructure provider, which is the customer of the Company, in downstream customer acquisition, contract processing management, ongoing downstream customer relationship management and stand-by technical support. These services are not capable of separately identifiable from other promises in the contract, given the overall promise of the Company in the contract is to transfer a combined and integrated item to which the individual services are inputs.

The customer receives and consumes the benefits of the Company's services continuously as downstream customers are secured and contracts are executed. Each successful sale of the bundled products directly enhances the customer's market penetration and revenue stream, with benefits accruing throughout the contract term. In addition, the Company ensures maintenance personnel are on standby to provide immediate service support to its customers. Therefore, revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company. The transaction price, representing the IDC connectivity service income, is determined by multiplying the quantity of services provided to downstream customers by the Company's customers with fixed unit prices agreed. The income is recognized in the period when the underlying connectivity services are consumed by the customers.

#### Others
Others represent the revenue generated from various types of services, mainly consisting of technical support services and could services. The Group is primarily responsible for fulfilling the services, including designing the service package, sourcing services from various suppliers, and retaining discretion over pricing, thereby acting as the principal in these transactions. The single performance obligation of the Company is to provide the agreed technical support services or cloud services, and the Company recognizes revenue over time as the service is simultaneously received and consumed by the customer.

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

The following table disaggregates the Company's revenue for the years ended March 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **March 31,<br>2024** | **March 31,<br>2025** |
|  | **US$** | **US$** |
|  By revenue type |  |  |
|  IDC Service | 593023 | 498673 |
|  IDC connectivity service | 1659642 | 2083732 |
|  Others | 37470 | 420220 |
|  Total | 2290135 | 3002625 |

---

For the years ended March 31, 2024 and 2025, the Company recognized all revenues over time, amounting to US$2,290,135 and US$3,002,625, respectively.

#### Contract balances
When either party to a revenue contract has performed, the Company presents the contract in the balance sheets as a contract asset or a contract liability, depending on the relationship between the Company's performance and the customer's payment. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment.

Contract assets represent the Company's right to consideration in exchange for goods or services that the Company has transferred to a customer. The Company does not have amounts of contract assets since the Company transfers the promised services to customers and has the billing rights or after the customers pay consideration.

The contract liabilities consist of advances from customers, which represent the billings or cash received for goods and services in advance of revenue recognition and is recognized as revenue when the Company fulfills its performance obligation. The revenue recognized for years ended March 31, 2024 and 2025 that was previously included in the contract liability as of March 31, 2023 and 2024 was nil and nil, respectively. Advance from customers of US$73,625 as of March 31, 2025 is expected to be recognized as revenue within one year.

The Company had recorded accounts receivable of US$37,900 and US$253,495 on its balance sheets as of March 31, 2024 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Cost of revenues

Cost of revenues primarily comprises of costs for technical support services sourced from a related party and IDC services purchased from a related party and third-party providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) General and administrative expenses

General and administrative expenses mainly consist of staff cost, rental expenses, office and utilities expenses and other expenses related to general corporate functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Selling and marketing expenses

Selling and marketing expenses primarily consist of salaries of personnel in the sales department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Employee benefit

All salaried employees of the Company in Hong Kong are enrolled in a Mandatory Provident Fund Scheme ("MPF scheme") scheme under the Hong Kong Mandatory Provident Fund Schemes Ordinance, within two months of employment. The MPF scheme is a defined contribution retirement plan administered by an independent trustee. The Company makes regular contributions of 5% of the employee's relevant income to the MPF scheme, subject to a

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

maximum of HK$1,500 per month. Contributions to the plan vest immediately. Employee social benefits included in selling and marketing expenses and general and administrative expenses in the accompanying consolidated statements of comprehensive income amounted to US$2,300 and US$4,620 for the years ended March 31, 2024 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Leases

The Company accounts for leases in accordance with ASU 2016-02, Leases (ASC Topic 842), which requires lessees to recognize leases on the balance sheets in the presentation of operating lease right-of-use assets and operating lease liabilities, and disclose key information about leasing arrangements.

At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or 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. The Company's leases are mainly short-term leases, and the Company has elected not to present short-term leases on the balance sheets as these leases have a lease term of 12 months or less at commencement date of the lease and do not include options to purchase or renew that the Company is reasonably certain to exercise. The Company recognizes lease expenses for these short-term leases on a straight-line basis over the lease term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Income taxes

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period.

The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases ("Temporary differences").

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those Temporary differences are expected to be recovered or settled. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or liability will be settled, based on rates enacted or substantively enacted at the end of the reporting period. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company believes there were no uncertain tax positions as of March 31, 2024 and 2025.

Guidance is also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income taxes disclosure. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended March 31, 2024 and 2025. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Comprehensive income

The Company applies ASC 220, Comprehensive Income, with respect to reporting and presentation of comprehensive income in a full set of these consolidated financial statements. Comprehensive income is defined to include all changes in equity of the Company during a period arising from transactions and other events and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Company's comprehensive income includes net income and other comprehensive loss, which primarily consists of the foreign currency translation adjustment that has been excluded from the determination of net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Earnings per share

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share". ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis of the potential Ordinary Shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential Ordinary Shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended March 31, 2024 and 2025, there were no dilutive shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Segment reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company's CODM is the Chief Executive Officer.

The Company's CODM relies upon the consolidated results of operations as a whole when making decisions about allocating resources and assessing the performance of the Company. As a result of the assessment made by CODM, the Company has only one principal reportable segment as defined by ASC 280. The Company has adopted Accounting Standards Update 2023-07 — Segment Reporting (Topic ASC 280) Improvements without material impact upon our financial position and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Recent accounting pronouncements

The Company expects to be an emerging growth company ("EGC") as defined by the Jumpstart Our Business Startups Act ("JOBS Act"). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the extended transition periods. However, this election will not apply should the Company cease to be classified as an EGC.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — codification amendments in response to SEC's disclosure Update and Simplification initiative which amend the disclosure or presentation requirements of codification subtopic 230-10 Statement of Cash Flows — Overall, 250-10 Accounting Changes and Error Corrections — Overall, 260-10 Earnings Per Share — Overall, 270-10 Interim Reporting — Overall, 440-10 Commitments — Overall, 470-10 Debt — Overall, 505-10 Equity — Overall, 815-10 Derivatives and Hedging — Overall, 860-30 Transfers and Servicing — Secured Borrowing and Collateral, 932-235 Extractive

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

Activities — Oil and Gas — Notes to Financial Statements, 946-20 Financial Services — Investment Companies — Investment Company Activities, and 974-10 Real Estate — Real Estate Investment Trusts — Overall. Many of the amendments allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements. Also, the amendments align the requirements in the Codification with the SEC's regulations. For entities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years later from the date of the SEC's removal. The Company is in the process of evaluating the effect of adopting ASU2023-06.

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Company is in the process of evaluating the impact of adopting this new guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires the disaggregation of certain expense captions into specified categories in disclosures within the notes to the consolidated financial statements to provide enhanced transparency into the expense captions presented on the face of the statement of income and comprehensive income. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted, and may be applied either prospectively or retrospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of adopting ASU 2024-03.

Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company's results of operations or financial position. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows, or disclosures.

**3. ACCOUNTS RECEIVABLES, NET**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  Accounts receivable | 37900 | 253495 |
|  Less: allowance for credit loss |  |  |
|  Accounts receivable, net | 37900 | 253495 |

---

There was no balance or accrual of allowance for credit loss for accounts receivable as of March 31, 2024 and 2025, respectively. No credit loss provision was written off for the years ended March 31, 2024 and 2025, respectively.

Subsequently up to June 30, 2025, all outstanding accounts receivable were collected.

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**4. PREPAYMENTS AND OTHER RECEIVABLES, NET**

Prepayments and other receivables, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  Prepayments to third-party suppliers |  | 352532 |
|  Prepayments to a related-party supplier (note 7(a)) | 623679 | 132554 |
|  Other receivables from third-party\* | 40000 | 1042457 |
|  Total | 663679 | 1527543 |

---

____________

\* As of March 31, 2025, the outstanding balance of other receivables from third-party includes a US$1,000,000 loan to a third-party with annual interest rate of 3%. The loan is unsecured and repayable on demand.

**5. ORDINARY SHARES**

The Company was established under the laws of the Cayman Islands on August 8, 2024, and issued a total of 12,000,000 ordinary shares on the same date. The Company's Memorandum and Articles of Association authorizes the Company to issue up to 500,000,000 ordinary shares with a par value of US$0.0001 per share. The shareholders' equity structure of the Company as of March 31, 2024 and 2025 were presented giving the retroactive effect to the Reorganization.

*Subsequent private placement*

On June 3, 2025, two existing shareholders subscribed for an aggregated 5,000,000 ordinary shares of the Company for a total consideration of approximately US$0.9 million. Following this subscription and issuance, the total number of ordinary shares increased from 12,000,000 to 17,000,000.

The Company considers that the above subsequent private placement in an aggregate of 5,000,000 ordinary shares is not part of the Company's recapitalization, which was not accounted for on a retroactive basis as if the transaction occurred at the beginning of the period presented pursuant to ASC 260.

**6. TAXATION**

The entities within the Company file separate tax returns in the respective tax jurisdictions in which they operate.

Cayman Islands

The Company incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act of the Cayman Islands and accordingly, are exempted from Cayman Islands income tax. As such, the Company is not subject to tax on either income or capital gain. In addition, no withholding tax is imposed upon any payments of dividends by subsidiaries to the Company.

British Virgin Islands

The Cloud Data (BVI) Holdings Corporation is incorporated in the BVI. Under the current laws of the BVI, Cloud Data BVI is not subject to income or capital gains taxes. Additionally, dividend payments are not subject to withholdings tax in the BVI.

Hong Kong

In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income.

On 21 March 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the "Bill") which introduces the two-tiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2,000,000 of

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**6. TAXATION** (cont.)

estimated assessable profits of the qualifying group entity will be taxed at 8.25%, and estimated assessable profits above HK$2,000,000 will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

The income tax expense consisted of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **March 31, <br>2024** | **March 31, <br>2025** |
|  | **US$** | **US$** |
|  Current income tax expense | 103497 | 192457 |
|  Deferred income tax expense |  |  |
|  Total income tax expense | 103497 | 192457 |

---

The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the years ended March 31, 2024 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **March 31, <br>2024** | **March 31, <br>2025** |
|  | **US$** | **US$** |
|  Profit before income tax expense | 758237 | 1297152 |
|  Respectively statutory tax rate | 16.50% | 16.50% |
|  Income taxes computed at statutory tax rate | 125109 | 214030 |
|  Effect of two-tier tax rate | (21087) | (21173) |
|  Tax effect of non-taxable items | (525) | (400) |
|  Income tax expense | 103497 | 192457 |
|  Effective income tax rate | 13.65% | 14.84% |

---

As of March 31, 2024 and 2025, the Company had no deferred tax assets accrued.

#### Uncertain tax positions
The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of March 31, 2024 and 2025, the Company did not have any unrecognized uncertain tax positions and the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the years ended March 31, 2024 and 2025, the Company did not incur any interest and penalties related to potential underpaid income tax expenses.

**7. RELATED PARTY TRANSACTIONS**

The table below sets forth the major related parties and their relationships with the Company:

---

| | | |
|:---|:---|:---|
|  **No.** | **Name of Related Parties** | **Relationship** |
| 1 | Mr. Chang Liao | The controlling shareholder and CEO of the Company |
| 2 | Metaverse Digital Limited ("Metaverse") | An entity controlled by the controlling shareholder and CEO of the Company |
| 3 | Happy Fortune Data Limited ("HAPPY") | An entity controlled by the controlling shareholder and CEO of the Company |
| 4 | Guangzhou Feichang Data Limited (Feichang") | An entity controlled by the controlling shareholder and CEO of the Company |
| 5 | Zhongshan Weijia Network Technology Limited ("Zhongshan Weijia") | An entity controlled by the controlling shareholder and CEO of the Company |

---

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**7. RELATED PARTY TRANSACTIONS** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Balances of related-party transactions

#### Prepayments to a related party

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  Zhongshan Weijia\* | 623679 | 132554 |

---

____________

\* The balance represented the prepaid technical consulting service fee to Zhongshan Weijia. Details please refer to note 7(b)(3).

#### Amounts due from related parties

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  HAPPY | 134670 |  |
|  Metaverse | 150000 | 150000 |
|  Total | 284670 | 150000 |

---

#### Amount due to related parties

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  HAPPY |  | 1783 |
|  Feichang | 958 | 3047 |
|  Total | 958 | 4830 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Related-party transactions

The Company had the following related party transactions for the years ended March 31, 2024 and 2025.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the years ended** | **For the years ended** |
|  |  | **March 31,<br>2024** | **March 31,<br>2025** |
|  |  | **US$** | **US$** |
|  Loans to | (1) |  |  |
| &nbsp;&nbsp;&nbsp; HAPPY |  | 97200 |  |
| &nbsp;&nbsp;&nbsp; Metaverse |  | 150000 | 130000 |
|  Loan repaid from | (1) |  |  |
| &nbsp;&nbsp;&nbsp; HAPPY |  |  | 98983 |
| &nbsp;&nbsp;&nbsp; Metaverse |  |  | 130000 |
|  Sales to | (2) |  |  |
| &nbsp;&nbsp;&nbsp; HAPPY |  | 37470 | 62450 |

---

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**7. RELATED PARTY TRANSACTIONS** (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the years ended** | **For the years ended** |
|  |  | **March 31,<br>2024** | **March 31,<br>2025** |
|  |  | **US$** | **US$** |
|  Purchase from |  |  |  |
| &nbsp;&nbsp;&nbsp; Zhongshan Weijia | (3) | 669930 | 665231 |
| &nbsp;&nbsp;&nbsp; HAPPY | (4) | 324124 | 268107 |
|  Dividend to |  |  |  |
| &nbsp;&nbsp;&nbsp; Mr. Chang Liao | (5) |  | 588020 |

---

____________

(1) Loans to related parties are unsecured, interest-free and repayable on demand. As of June 30, 2025, all such borrowings and loans have been fully collected/repaid.

(2) The transactions represented the cloud services provided to HAPPY from January 1, 2024 to August 31, 2024, at a monthly service fee of US$12,490.

(3) This transaction represents the technical consulting service fees paid by the Company to Zhongshan Weijia. As Cloud Data is still in the business development stage with staff shortage, the Company entered into a technical consulting agreement with Zhongshan Weijia for sourcing professional consultants in product technology, network operations, and technical maintenance services to support its daily operation.

During the period from April 1 to June 30, 2025, the Company recruited several technical professionals and built up its own talent team. Consequently, the Company early terminated the aforementioned contract on May 21, 2025.

(4) These transactions represented IDC services that the Company sourced via HAPPY.

(5) On July 31, 2024, dividends amounted to US$588,020 were approved and declared by board of directors of Cloud Data HK to Mr. Chang Liao. The payment was completed on September 24, 2024.

**8. CONCENTRATION AND RISK**

#### Interest rate risk
Fluctuations in market interest rates may negatively affect the Company's financial condition and results of operations. The Company is exposed to floating interest rate risk on cash deposit, and the risk due to changes in interest rates is not material. The Company has not used any derivative financial instruments to manage the interest risk exposure.

#### Concentration of credit risk
Assets that potentially subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, accounts receivable, other receivables, net and amounts due from related parties. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. All of the Company's cash are held with financial institutions that Company's management believes to be high credit quality. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. Based on the Company's historical experiences in collection of other receivables, the Company consider the credit risk of these receivables to be low. Management conducts regular assessment on expected credit losses arising from non-performance by these counterparties. The Company evaluates its historical experience, the age of the accounts receivable and other receivables balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**8. CONCENTRATION AND RISK** (cont.)

#### Concentration of customers and suppliers
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for credit loss. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue.

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **March 31, <br>2024** | **March 31, <br>2025** |
|  Percentage of the Company's total revenue |  |  |
|  Customer A | 72% | 69% |
|  Customer B | 26% | 17% |
|  Customer C |  | 12% |

---

The following table sets forth a summary of single customers who represent 10% or more of the Company's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  Percentage of the Company's accounts receivable |  |  |
|  Customer C |  | 62% |
|  Customer A |  | 20% |
|  Customer B | 100% | 18% |

---

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **March 31, <br>2024** | **March 31, <br>2025** |
|  Percentage of the Company's total purchase |  |  |
|  Zhongshan Weijia | 65% | 52% |
|  HAPPY | 31% | 21% |
|  Supplier D |  | 25% |

---

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total accounts payable:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  Percentage of the Company's accounts payable |  |  |
|  Supplier D |  | 98% |

---

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**9. COMMITMENTS AND CONTINGENCIES**

#### Commitments
As of March 31, 2024 and 2025, the Company had neither significant financial nor capital commitment.

#### Contingencies
In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. In the opinion of management, there were no on-going or threatened claims and litigation as of March 31, 2025, and through the issuance date of these consolidated financial statements.

**10. SUBSEQUENT EVENTS**

Termination on technical consulting service contract with Zhongshan Weijia

During the period from April 1 to June 30, 2025, the Company recruited several technicians and built up its own professional team, and determined it possesses sufficient internal resources to support daily operations and future growth. Consequently, the technical consulting service contract with Zhongshan Weijia, as negotiated and agreed by both contract parties, was early terminated on May 21, 2025, without any penalties or unsettled outstanding liabilities.

The Company has evaluated the impact of events that have occurred subsequent to August 1, 2025, through the issuance date of the consolidated financial statements, and concluded that no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements, except for the completion of the reorganization mentioned in Note 1b.

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#### CLOUD DATA HOLDINGS CORPORATION<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS<br>(Amounts in U.S. Dollars ("$"), except for share data, or otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
|  | **Note** | **March 31,<br>2025** | **September 30, <br>2025** |
|  |  | **US$** | **US$** |
|  ASSETS |  |  |  |
|  Current assets: |  |  |  |
|  Cash and cash equivalents |  | 335350 | 524934 |
|  Accounts receivable, net | 3 | 253495 | 411791 |
|  Amounts due from related parties | 7 | 150000 | 900000 |
|  Prepayments and other receivables, net (including prepayment to a related party amounted to US$132,554 and nil as of March 31, 2025 and September 30, 2025, respectively) | 4 | 1527543 | 1330580 |
|  Deferred offering cost |  |  | 336620 |
|  Total current assets |  | 2266388 | 3503925 |
|  TOTAL ASSETS |  | 2266388 | 3503925 |
|  LIABILITIES |  |  |  |
|  Current liabilities: |  |  |  |
|  Advance from customers |  | 73625 |  |
|  Accounts payable and other payable | 5 | 145710 | 592714 |
|  Tax payable | 7 | 296666 | 121955 |
|  Amounts due to related parties | 8 | 4830 |  |
|  Total current liabilities |  | 520831 | 714669 |
|  TOTAL LIABILITIES |  | 520831 | 714669 |
|  Commitments and contingencies | 10 |  |  |
|  EQUITY |  |  |  |
|  Ordinary shares (US$0.0001 par value; 500,000,000 share authorized; 17,000,000 shares issued and outstanding)\* | 6 |  | 500 |
|  Additional paid in capital |  |  | 908550 |
|  Subscription receivable |  |  | (409050) |
|  Retained earnings |  | 1745557 | 2289256 |
|  Total shareholder's equity |  | 1745557 | 2789256 |
|  TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY |  | 2266388 | 3503925 |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization (Note 1).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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**CLOUD DATA HOLDINGS CORPORATION<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<br>(Amounts in U.S. Dollars ("$"), except for per share data, or otherwise noted)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **Note** | **2024** | **2025** |
|  |  | **US$** | **US$** |
|  Revenues (including revenue from related parties of US$62,450 and nil for the six months ended September 30, 2024 and 2025, respectively) |  | 1149914 | 1806986 |
|  Cost of revenues (including cost of IDC service and consulting service purchased from related parties of US$486,557 and US$225,404 for the six months ended September 30, 2024 and 2025, respectively) |  | (500057) | (534386) |
|  Gross profit |  | 649857 | 1272600 |
|  Operating expenses |  |  |  |
|  Selling and marketing expenses |  | (30736) | (35747) |
|  General and administrative expenses |  | (241133) | (613848) |
|  Total operating expenses |  | (271869) | (649595) |
|  Profits from operations |  | 377988 | 623005 |
|  Other income |  |  |  |
|  Financial income, net |  | 2106 | 2733 |
|  Total other income, net |  | 2106 | 2733 |
|  Income before income tax expense |  | 380094 | 625738 |
|  Income tax expense | 7 | (41360) | (82039) |
|  Net income |  | 338734 | 543699 |
|  Total comprehensive income |  | 338734 | 543699 |
|  Total comprehensive income attributable to equity shareholders of the Company |  | 338734 | 543699 |
|  Weighted average number of shares outstanding used in computing net income per share, basic and diluted |  | 12000000 | 17000000 |
|  Net income per ordinary share, basic and diluted\* |  | 0.0282 | 0.0320 |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization (Note 1).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### CLOUD DATA HOLDINGS CORPORATION<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY<br>(Amounts in U.S. Dollars ("$"), except for share, or otherwise noted)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares\*** | **Ordinary shares\*** | **Additional <br>paid-in <br>capital** | **Subscription <br>Receivables** | **Retained <br>earnings** | **Total** |
|  | **Shares** | **US$** | **US$** | **US$** | **US$** | **US$** |
|  Balance as of March 31, 2024 | 12000000 |  |  |  | 1228882 | 1228882 |
|  Net Income |  |  |  |  | 338734 | 338734 |
|  Dividend to the shareholder |  |  |  |  | (588020) | (588020) |
|  Balance as of September 30, 2024 | 12000000 |  |  |  | 979596 | 979596 |
|  Balance as of March 31, 2025 | 12000000 |  |  |  | 1745557 | 1745557 |
|  Net Income |  |  |  |  | 543699 | 543699 |
|  Capital injection<sup>(1)</sup> | 5000000 | 500 | 908550 | (409050) |  | 500000 |
|  Balance as of September 30, 2025 | 17000000 | 500 | 908550 | (409050) | 2289256 | 2789256 |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization (Note 1).

(1) On June 3, 2025, the Company issued an additional 5,000,000 ordinary shares via a private placement for US$0.9 million. As of September 30, 2025, US$0.5 million in cash had been received, while the remaining unpaid balance is recorded as subscription receivables within equity. Details please refer to Ordinary Shares (Note 6).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### CLOUD DATA HOLDINGS CORPORATION<br>UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS<br>(Amounts in U.S. Dollars ("$"), except for share, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
|  Net Income | 338734 | 543699 |
|  Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
|  Unrealized foreign exchange loss | (2064) | 12858 |
|  Changes in operating assets and liabilities: |  |  |
|  Accounts receivable, net |  | (157013) |
|  Advance from customers |  | (73625) |
|  Prepayments and other receivables, net – a related party | (19466) | 132554 |
|  Prepayments and other receivables, net – third parties |  | 50365 |
|  Deferred offering cost |  | (336620) |
|  Accounts payable | 2250 | 286908 |
|  Tax payable | 74281 | (174712) |
|  Amounts due from related parties | 39534 |  |
|  Net cash provided by operating activities | 433269 | 284414 |
|  CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
|  Loans to related parties | (130000) | (900000) |
|  Loans repaid from related parties |  | 150000 |
|  Net cash used in investing activities | (130000) | (750000) |
|  CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
|  Dividend to the shareholder | (588020) |  |
|  Proceeds from borrowings from a third party |  | 160000 |
|  Repayment of borrowings from related parties |  | (4830) |
|  Proceeds from capital contribution |  | 500000 |
|  Net cash (used in)/provided by financing activities | (588020) | 655170 |
|  Net change in cash and cash equivalents | (284751) | 189584 |
|  Cash and cash equivalents, beginning of the year | 314293 | 335350 |
|  Cash and cash equivalents, end of the year | 29542 | 524934 |
|  SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |
|  Income tax (paid)/returned |  | (256021) |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal activities

Cloud Data Holdings Corporation (the "Company") is an exempted company with limited liability incorporated under the laws of Cayman Islands on August 8, 2024, with no material operations of its own. The Company, through its operating subsidiary, Cloud Data Network Limited ("Cloud Data HK"), is primarily engaged in providing data center services, network interconnection solutions, intelligent data traffic optimization, and other services (the "Business").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reorganization

Upon the completion of the Reorganization, the Business was still carried out by Cloud Data HK. The Group's financial information has been prepared on a consolidated basis as if the corporate structure of the Company after the Reorganization had been in existence throughout the periods presented, and represents a continuation of the financial statements of Cloud Data HK whereas the assets, liabilities and operating results were presented at their historical carrying values.

As of September 30, 2025, details of the Company's principal subsidiaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Date of <br>Incorporation** | **Place of <br>Incorporation** | **Percentage <br>of Effective <br>Ownership** | **Principal Activities** |
|  Cloud Data BVI | August 20, 2024 | British Virgin Islands | 100% | Investment holding |
|  Cloud Data HK | June 3, 2013 | Hong Kong, China | 100% | Provision of data center and <br>network interconnection services |

---

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Basis of presentation

The accompanying unaudited interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC"). Interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim financial statements should be read in conjunction with the Group's consolidated financial statements for the years ended March 31, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deferred offering cost

Deferred offering cost consist of underwriting, legal, consulting and other expenses incurred through the reporting date that are directly related to an anticipated offering and that will be charged as a reduction against additional paid-in capital upon the completion of the offering. Should the offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and cash at banks, which have original maturities of less than three months and unrestricted as to withdrawal and use.

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

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Disaggregation of cash by currency denomination is set out below:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, <br>2025** | **September 30, <br>2025** |
|  | **US$** | **US$** |
|  **Currency** |  |  |
|  US dollar | 326318 | 292696 |
|  HK dollar | 9032 | 232238 |
|  Total | 335350 | 524934 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expected credit losses of receivables

The Company's accounts receivable and other receivables (included in "prepayments and other current assets") are within the scope of Accounting Standards Codification ("ASC") 326. The Group has developed a current expected credit loss ("CECL") model based on historical experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers. The Group considers historical collection rates, current financial status, macroeconomic factors, and other industry-specific factors when evaluating for current expected credit losses. This is assessed at each quarter based on the Company's specific facts and circumstances. The allowance for current expected credit losses and corresponding receivables were written off when they are determined to be uncollectible.

No current expected credit loss expense was recorded for the six months ended September 30, 2024 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fair value measurement

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Include other inputs other than quoted prices in active market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs which are supported by little or no market activity that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, accounts receivable, amounts due from related parties, other receivables included in prepaid expenses and other receivables, net, accounts payable, other payables and amount due to related parties. As of March 31, 2025 and September 30, 2025, the carrying amounts of the current financial assets and liabilities approximate their fair values due to the short-term maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Commitments and contingencies

The Company has not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third party. The Company have not entered into any derivative contracts that are indexed to our shares and are classified as shareholders' equity or that are not reflected in our consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Revenue recognition

The Company adopted the revenue standard Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to receive in exchange for those goods or services. The following five steps are applied to achieve that core principle:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identification of the contract, or contracts, with the customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Identification of the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Determination of the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Allocation of the transaction price to the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Recognition of the revenue when, or as, a performance obligation is satisfied.

The Company's revenues are generated through (i) Internet Data Center ("IDC") services, (ii) IDC connectivity services, and (iii) Others. Each of our significant performance obligations and our application of ASC 606 to our significant revenue arrangements are discussed in further detail below.

#### IDC services
The Company provides IDC services, delivering customized server hosting solutions, IP address allocations, and bandwidth management to customers. These services generally are procured from various third-party providers under the Company's name and offered as an integrated package under renewable 12-month contracts. Customers gain access to dedicated server resources, network infrastructure, and bandwidth capacity tailored to their operational needs, with no option to exchange or refund the services once contracted.

The Company's performance obligation is to ensure continuous availability of the IDC services throughout the contract period, maintaining server functionality, IP routing, and bandwidth allocation as agreed. Unearned revenue from upfront or periodic payments is recorded as advance from customers and recognized ratably over the service period as the Company fulfills its access obligations. Payment terms typically involve fixed monthly fees for base services and variable charges for bandwidth usage.

Revenue is recognized over time, as the customer simultaneously receives and consumes the benefits of the IDC services, controls the allocated resources, and relies on the Company's ongoing performance. The transaction price, comprising fixed and variable components, is fully allocated to the single performance obligation, given the interdependent nature of servers, IPs, and bandwidth.

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Company considers itself as a principal in these arrangements and recognizes revenue on a gross basis, as the Company are primarily responsible for: (a) designing and delivering the integrated service package which can fulfill the specific IDC requirements of its customers, during which the Company assumes full responsibility to its customers for the IDC service delivered; (b) selecting suppliers, signing contract and settling payment with suppliers in its own responsibility; and (c) the Company also has its own discretion in establishing the price of IDC service.

As permitted under the practical expedient available under ASC 606, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which the Company recognizes revenue at the amount which it has the right to invoice for services performed.

#### IDC connectivity services
With overseas sales channel resources and market expansion capabilities covering Hong Kong, Taiwan, Japan, European and American regions, the Company provides connectivity services to IDC infrastructure providers, to facilitate them in delivering cross-border network interconnection, bandwidth optimization, and global data traffic management solutions for downstream customers. The IDC infrastructure provider, as the prime integrator, is directly responsible for downstream customer service delivery, while the Company provides specialized services exclusively to the prime integrator.

The Company fulfills its performance obligation by facilitating the IDC infrastructure provider, which is the customer of the Company, in downstream customer acquisition, contract processing management, ongoing downstream customer relationship management and stand-by technical support. These services are not capable of separately identifiable from other promises in the contract, given the overall promise of the Company in the contract is to transfer a combined and integrated item to which the individual services are inputs.

The customer receives and consumes the benefits of the Company's services continuously as downstream customers are secured and contracts are executed. Each successful sale of the bundled products directly enhances the customer's market penetration and revenue stream, with benefits accruing throughout the contract term. In addition, the Company ensures maintenance personnel are on standby to provide immediate service support to its customers. Therefore, revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company. The transaction price, representing the IDC connectivity service income, is determined by multiplying the quantity of services provided to downstream customers by the Company's customers with fixed unit prices agreed. The income is recognized in the period when the underlying connectivity services are consumed by the customers.

#### Cloud facilitation and support service
The Company provides cloud facilitation and support services to its customers. The core service involves the provisioning of a unified billing account and platform access, which enables the customer to procure, deploy, and operate the full spectrum of cloud computing resources directly from the cloud provider.

The Company satisfies its performance obligation by delivering integrated cloud facilitation management and support services. These components, including the billing account, complimentary technical support (7×24 hours high-standard response), and resource optimization consulting, are deemed not capable of being distinct. They are functionally interdependent and collectively necessary to deliver the contracted service, constituting a unified solution that the customer contracts to receive, and are therefore accounted for as a single performance obligation. This integrated service enhances the customer's use of the underlying cloud resources, which are provided by third parties.

The customer simultaneously receives and consumes the benefits of the Company's performance continuously throughout the service period. The provision of a stable billing account, continuous technical support, and resource optimization consulting enhances the value and operational capacity of the customer's cloud usage right as it is

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

consumed. Accordingly, revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company. The transaction price is determined based on a fixed unit price multiplied by the customer's actual metered usage of cloud products and related services each month. The Company acts as an agent for cloud service providers, as it does not obtain control over the cloud resources prior to their transfer to the customer. The Company neither bear inventory risk nor possess the latitude to establish pricing for the underlying resources. Accordingly, revenue is recognized on a net basis, representing the commission earned for facilitation and support services, in the amount the Company has a right to invoice based on the customer's metered usage.

The following table disaggregates the Company's revenue 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** |
|  | **US$** | **US$** |
|  By revenue type |  |  |
|  IDC connectivity service | 860064 | 1095808 |
|  IDC Service | 227400 | 341660 |
|  Cloud facilitation and support service | 62450 | 295893 |
|  Others |  | 73625 |
|  Total | 1149914 | 1806986 |

---

For the six months ended September 30, 2024 and 2025, the Company recognized all revenues over time, amounting to US$1,149,914 and US$1,806,986, respectively.

#### Contract balances
When either party to a revenue contract has performed, the Company presents the contract in the balance sheets as a contract asset or a contract liability, depending on the relationship between the Company's performance and the customer's payment. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment.

Contract assets represent the Company's right to consideration in exchange for goods or services that the Company has transferred to a customer. The Company does not have amounts of contract assets since the Company transfers the promised services to customers and has the billing rights or after the customers pay consideration.

The contract liabilities consist of advances from customers, which represent the billings or cash received for goods and services in advance of revenue recognition and is recognized as revenue when the Company fulfills its performance obligation. The revenue recognized for six months ended September 30, 2025 that was previously included in the contract liability as of March 31, 2025 is US$73,625. As of September 30, 2025, advance from customers is nil.

The Company had recorded accounts receivable of US$253,495 and US$411,791 on its balance sheets as of March 31, 2025 and September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Employee benefit

Most salaried employees of the Company in Hong Kong, if no exemption is obtained, are enrolled in a Mandatory Provident Fund Scheme ("MPF scheme") under the Hong Kong Mandatory Provident Fund Schemes Ordinance, within two months of employment. The MPF scheme is a defined contribution retirement plan administered by an independent trustee. The Company makes regular contributions of 5% of the employee's relevant income to the MPF scheme, subject to a maximum of HK$1,500 per month. Contributions to the plan vest immediately. Employee social

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#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

benefits included in selling and marketing expenses and general and administrative expenses in the accompanying UNAUDITED INTERIM condensed consolidated statements of comprehensive income amounted to US$2,305 and US$13,259 for the six months ended September 30, 2024 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Income taxes

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period.

The Company accounts for income taxes under FASB ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases ("Temporary differences").

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those Temporary differences are expected to be recovered or settled. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which the asset or liability will be settled, based on rates enacted or substantively enacted at the end of the reporting period. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The provisions of FASB ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company believes there were no uncertain tax positions as of September 30, 2024 and 2025.

Guidance is also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income taxes disclosure. Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company did not recognize any significant interest and penalties associated with uncertain tax positions for the six months ended September 30, 2024 and 2025. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Earnings per share

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share". ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis of the potential Ordinary Shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential Ordinary Shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended September 30, 2024 and 2025, there were no dilutive shares.

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

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Recent accounting pronouncements

The Company expects to be an emerging growth company ("EGC") as defined by the Jumpstart Our Business Startups Act ("JOBS Act"). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the extended transition periods. However, this election will not apply should the Company cease to be classified as an EGC.

On November 11, 2024 and January 6, 2025, the FASB issued ASU 2024-03 and ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40), which require additional disaggregation of income statement expenses and clarify effective dates for public and nonpublic entities. These ASUs are effective for fiscal years beginning after December 15, 2025. The Group does not expect the adoption of these ASUs to have a material impact.

On July 30, 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides updates related to CECL guidance for certain short-term receivables. The ASU is effective for fiscal years beginning after December 15, 2026. The Group does not expect the adoption of this ASU to have a material effect.

On September 18, 2025, the FASB also issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40), which provides updated guidance related to software development costs. This ASU is effective for fiscal years beginning after December 15, 2026. The Group does not expect this ASU to materially affect its consolidated financial statements.

Except as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Group's unaudited interim condensed consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

**3. ACCOUNTS RECEIVABLES, NET**

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, <br>2025** | **September 30, <br>2025** |
|  | **US$** | **US$** |
|  Accounts receivable | 253495 | 411791 |
|  Less: allowance for credit loss |  |  |
|  Accounts receivable, net | 253495 | 411791 |

---

There was no balance or accrual of allowance for credit loss for accounts receivable as of March 31, 2025 and September 30, 2025, respectively. No credit loss provision was written off for the six months ended September 30, 2024 and 2025.

Subsequently up to October 31, 2025, all outstanding accounts receivable were collected.

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

**4. PREPAYMENTS AND OTHER RECEIVABLES, NET**

Prepayments and other receivables, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, <br>2025** | **September 30, <br>2025** |
|  | **US$** | **US$** |
|  Prepayments to third-party suppliers | 352532 | 2523 |
|  Prepayments to a related-party supplier (note 7(a)) | 132554 |  |
|  Other receivables from third-party\* | 1042457 | 1328057 |
|  Total | 1527543 | 1330580 |

---

____________

\* As of September 30, 2025, the outstanding balance of other receivables from third parties includes a US$1,000,000 loan to a third party with accumulated payable interests. As of January 20, 2026, the loan has been partially repaid in the amount of US$600,000. The remaining balance will be fully repaid prior to the effectiveness of this registration statement.

**5. ACCOUNTS PAYABLE AND OTHER PAYABLE**

\* As of September 30, 2025, the balance of accounts payable and other payable includes a US$432,714 payable to suppliers related to IDC services and a US$160,000 payable to a third party.

**6. ORDINARY SHARES**

The Company was established under the laws of the Cayman Islands on August 8, 2024, and issued a total of 12,000,000 ordinary shares on the same date. The Company's Memorandum and Articles of Association authorizes the Company to issue up to 500,000,000 ordinary shares with a par value of US$0.0001 per share. The shareholders' equity structure of the Company as of March 31, 2024 and 2025 were presented giving the retroactive effect to the Reorganization.

On June 3, 2025, two existing shareholders subscribed for an aggregated 5,000,000 ordinary shares of the Company for a total consideration of approximately US$0.9 million. Following this subscription and issuance, the total number of ordinary shares increased from 12,000,000 to 17,000,000. On June 11, one of the aforementioned shareholders contributed cash capital of US$500,000. As of September 30, 2025, the other shareholder had not yet made the capital injection, and the related subscribed capital amount is presented as subscription receivables, as a reduction of equity.

The Company considers that the above subsequent private placement in an aggregate of 5,000,000 ordinary shares is not part of the Company's recapitalization, which was not accounted for on a retroactive basis as if the transaction occurred at the beginning of the period presented pursuant to ASC 260.

**7. TAXATION**

The Company calculates the tax expense for interim financial statement periods using an estimated annual effective tax rate. The Company recorded income tax expense of US$44,884 and US$81,167 for the six months ended September 30, 2024 and 2025, respectively. As of September 30, 2024 and 2025, the Company did not record any deferred tax assets and has recognized no uncertain tax benefit. No penalties or interest relating to income taxes have been incurred for the six months ended September 30, 2024 and 2025.

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

**8. RELATED PARTY TRANSACTIONS**

The table below sets forth the major related parties and their relationships with the Company:

---

| | | |
|:---|:---|:---|
|  **No.** | **Name of Related Parties** | **Relationship** |
| 1 | Mr. Chang Liao | The controlling shareholder and CEO of the Company |
| 2 | Metaverse Digital Limited ("Metaverse") | An entity controlled by the controlling shareholder and CEO of the Company |
| 3 | Happy Fortune Data Limited ("HAPPY")\* | An entity controlled by the controlling shareholder and CEO of the Company |
| 4 | Guangzhou Feichang Data Limited (Feichang") | An entity controlled by the controlling shareholder and CEO of the Company |
| 5 | Zhongshan Weijia Network Technology Limited ("Zhongshan Weijia") | An entity controlled by the controlling shareholder and CEO of the Company |

---

____________

\* The CEO disposed of all his shares in HAPPY and no longer holds any direct or indirect equity interest in the entity. Accordingly, HAPPY has no affiliation with the Company since July 4, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Balances of related-party transactions

#### Prepayments to a related party

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, <br>2025** | **September 30, <br>2025** |
|  | **US$** | **US$** |
|  Zhongshan Weijia\* | 132554 |  |

---

____________

\* The balance represented the prepaid technical consulting service fee to Zhongshan Weijia. Details please refer to note 7(b)(3).

#### Amounts due from related parties

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, <br>2025** | **September 30, <br>2025** |
|  | **US$** | **US$** |
|  Mr. Chang Liao |  | 900000 |
|  Metaverse | 150000 |  |
|  Total | 150000 | 900000 |

---

#### Amount due to related parties

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, <br>2025** | **September 30, <br>2025** |
|  | **US$** | **US$** |
|  HAPPY | 1783 |  |
|  Feichang | 3047 |  |
|  Total | 4830 |  |

---

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

#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**8. RELATED PARTY TRANSACTIONS** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Related-party transactions

The Company had the following related party transactions for the six months ended September 30, 2024 and 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the six months ended** | **For the six months ended** |
|  | | **September 30, <br>2024** | **September 30, <br>2025** |
|  | | **US$** | **US$** |
|  Loans to | (1) |  |  |
| &nbsp;&nbsp;&nbsp; Mr. Chang Liao |  |  | 900000 |
| &nbsp;&nbsp;&nbsp; HAPPY |  | 178280 |  |
| &nbsp;&nbsp;&nbsp; Metaverse |  | 130000 |  |
|  Loan repaid to |  |  |  |
| &nbsp;&nbsp;&nbsp; HAPPY |  |  | 1783 |
|  Repayment for advances |  |  |  |
| &nbsp;&nbsp;&nbsp; Feichang |  |  | 3047 |
|  Repayment received from | (1) |  |  |
| &nbsp;&nbsp;&nbsp; Metaverse |  |  | 150000 |
|  Sales to | (2) |  |  |
| &nbsp;&nbsp;&nbsp; HAPPY |  | 62450 |  |
|  Purchase from |  |  |  |
| &nbsp;&nbsp;&nbsp; Zhongshan Weijia | (3) | 333257 | 132554 |
| &nbsp;&nbsp;&nbsp; HAPPY | (4) | 153300 | 92850 |
|  Dividend to |  |  |  |
| &nbsp;&nbsp;&nbsp; Mr. Chang Liao | (5) | 588020 |  |
|  Bonus to |  |  |  |
| &nbsp;&nbsp;&nbsp; Mr. Chang Liao |  |  | 300000 |

---

____________

(1) Loans to related parties are unsecured, interest-free and repayable on demand.

(2) These transactions represent the cloud services provided to HAPPY from January 1, 2024 to August 31, 2024, at a monthly service fee of US$12,490.

(3) These transactions represent the technical consulting service fees paid by the Company to Zhongshan Weijia. As Cloud Data is still in the business development stage with staff shortage, the Company entered into a technical consulting agreement with Zhongshan Weijia for sourcing professional consultants in product technology, network operations, and technical maintenance services to support its daily operation.

(4) These transactions represent IDC services that the Company sourced via HAPPY.

(5) On July 31, 2024, dividends amounting to US$588,020 were approved and declared by the board of directors of Cloud Data HK to Mr. Chang Liao. The payment was completed on September 24, 2024.

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

**9. CONCENTRATION AND RISK**

#### Interest rate risk
Fluctuations in market interest rates may negatively affect the Company's financial condition and results of operations. The Company is exposed to floating interest rate risk on cash deposit, and the risk due to changes in interest rates is not material. The Company has not used any derivative financial instruments to manage the interest risk exposure.

#### Concentration of credit risk
Assets that potentially subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, accounts receivable, other receivables, net and amounts due from related parties. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. All of the Company's cash are held with financial institutions that Company's management believes to be high credit quality. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable. Based on the Company's historical experiences in collection of other receivables, the Company consider the credit risk of these receivables to be low. Management conducts regular assessment on expected credit losses arising from non-performance by these counterparties. The Company evaluates its historical experience, the age of the accounts receivable and other receivables balances, credit quality of its customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from customers to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

#### Concentration of customers and suppliers
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for credit loss. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended** | **For the six months ended** |
|  | **September 30, <br>2024** | **September 30, <br>2025** |
|  Percentage of the Company's total revenue |  |  |
|  Customer A | 75% | 69% |
|  Customer B | 20% | 27% |

---

The following table sets forth a summary of single customers who represent 10% or more of the Company's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, <br>2025** | **September 30, <br>2025** |
|  Percentage of the Company's accounts receivable |  |  |
|  Customer B | 18% | 60% |
|  Customer A | 20% | 40% |
|  HAPPY | 62% |  |

---

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

#### CLOUD DATA HOLDINGS CORPORATION<br>NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br>(Amounts in U.S. Dollars ("$"), except for share data)
**9. CONCENTRATION AND RISK** (cont.)

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended** | **For the six months ended** |
|  | **September 30, <br>2024** | **September 30, <br>2025** |
|  Percentage of the Company's total purchase |  |  |
|  Zhongshan Weijia | 67% | 42% |
|  HAPPY | 31% | 44% |

---

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total accounts payable:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, <br>2025** | **September 30, <br>2025** |
|  Percentage of the Company's accounts payable |  |  |
|  HAPPY |  | 32% |
|  Supplier B |  | 33% |
|  Supplier C |  | 32% |
|  Supplier D | 98% |  |

---

**10. COMMITMENTS AND CONTINGENCIES**

#### Commitments
As of September 30, 2025, the Company had neither significant financial nor capital commitment.

#### Contingencies
In the ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Company records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. In the opinion of management, there were no on-going or threatened claims and litigation as of September 30, 2025, and through the issuance date of these unaudited interim condensed consolidated financial statements.

**11. SUBSEQUENT EVENTS**

The Company has evaluated subsequent events through the filing of this registration statement and determined that there have been no events that have occurred that would require adjustments to or disclosure in the consolidated financial statements.

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

Until , 2026 (the 25th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

**3,750,000 Ordinary Shares**

**Cloud Data Holdings Corporation**

___________________________

Prospectus dated , 2026

___________________________

![](tcathay_logo.jpg)

------

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

#### PART II<br>INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers.
Cayman Islands law does not limit the extent to which a company's 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 or committing a crime. Under our second amended and restated memorandum and articles of association, which will become effective immediately prior to the completion of this Offering, to the fullest extent permissible under Cayman Islands law every director and officer of our company shall be indemnified against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by him in connection with the execution or discharge of his duties, powers, authorities or discretions as a director or officer of our company, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.

Pursuant to the form of indemnification agreements to be filed as Exhibit 10.1 to this registration statement, we will agree to indemnify our directors and executive officers against certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our company.

The Underwriting Agreement, the form of which to be filed as Exhibit 1.1 to this Registration Statement, will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Item 7. Recent Sales of Unregistered Securities.
During the past three years, we have issued and sold the following securities without registering such securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions, pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering and/or Rule 701 of the Securities Act. No underwriter was involved in these issuances of securities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of Sale <br>or Issuance** | **Number of <br>Ordinary Shares** | **Consideration** | **Consideration** | **Underwriting <br>Discount and <br>Commission** |
|  Qiantian Holdings Limited | August 8, 2024 | 5400000 | US$ | 0.0001 | N/A |
|  Xunfeng Holdings Limited | August 8, 2024 | 1800000 |  | 0.0001 | N/A |
|  Kanshui Holdings Limited | August 8, 2024 | 840000 |  | 0.0001 | N/A |
|  Genshan Holdings Limited | August 8, 2024 | 840000 |  | 0.0001 | N/A |
|  Kundi Holdings Limited | August 8, 2024 | 840000 |  | 0.0001 | N/A |
|  Zhenlei Holdings Limited | August 8, 2024 | 840000 |  | 0.0001 | N/A |
|  Duize Holdings Limited | August 8, 2024 | 840000 |  | 0.0001 | N/A |
|  Xinyao Investment Limited | August 8, 2024 | 600000 |  | 0.0001 | N/A |
|  Qiantian Holdings Limited | June 3, 2025 | 2250000 |  | 409050 | N/A |
|  Xunfeng Holdings Limited | June 3, 2025 | 2750000 |  | 500000 | N/A |

---

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

#### Item 8. Exhibits and Financial Statement Schedules.
a) Exhibits

See Exhibit Index for a complete list of all exhibits filed as part of this registration, which Exhibit Index is incorporated herein by reference.

b) Financial Statement Schedules

All supplement schedules are omitted because of the absence of conditions under which they are required or because the data is shown in the financial statements or notes thereto.

#### Item 9. Undertakings.
The undersigned hereby undertakes:

&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 provisions described in Item 6, 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 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.

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

#### Cloud Data Holdings Corporation<br> EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit<br>Number** | **Description of Document** |
| 1.1 | [Form of Underwriting Agreement](ea024897706ex1-1_cloud.htm) |
| 3.1 | [Memorandum and Articles of Association of the Registrant, as currently in effect](ea024897706ex3-1_cloud.htm) |
| 3.2 | [Amended and Restated Memorandum and Articles of Association of the Registrant (effective immediately prior to the completion of this offering)](ea024897706ex3-2_cloud.htm) |
| 4.1 | [Registrant's Specimen Certificate for Ordinary Shares](ea024897706ex4-1_cloud.htm) |
| 5.1 | [Opinion of Appleby regarding the validity of the ordinary shares being registered](ea024897706ex5-1_cloud.htm) |
| 8.1 | [Opinion of Appleby regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea024897706ex5-1_cloud.htm) |
| 8.2 | [Opinion of Grandall Zimmern Law Firm regarding certain Hong Kong tax matters](ea024897706ex8-2_cloud.htm) |
| 10.1 | [Form of Indemnification Agreement with the Registrant's directors](ea024897706ex10-1_cloud.htm) |
| 10.2 | [Form of Employment Agreement between the Registrant and an executive officer of the Registrant](ea024897706ex10-2_cloud.htm) |
| 10.3 | [Form of Director Agreement between the Registrant and the Registrant's director](ea024897706ex10-3_cloud.htm) |
| 10.4 | [English translation of the lease agreement by and between Cloud Data Network Limited and certain landlord dated June 2, 2025](ea024897706ex10-4_cloud.htm) |
|  10.5† | [English translation of the Agreement by and between Cloud Data Network Limited and Baishengda International Co., Limited dated October 1, 2022](ea024897706ex10-5_cloud.htm) |
|  10.6† | [Business Order Form (USA) by and between Cloud Data Network Limited and a major customer dated August 20, 2025](ea024897706ex10-6_cloud.htm) |
|  10.7† | [Business Order Form (Japan) by and between Cloud Data Network Limited and a major customer dated June 19, 2025](ea024897706ex10-7_cloud.htm) |
|  10.8† | [Business Order Form (Tai Wan) by and between Cloud Data Network Limited and a major customer dated September 11, 2025](ea024897706ex10-8_cloud.htm) |
|  10.9† | [Business Order Form (Turkey) by and between Cloud Data Network Limited and a major customer dated May 18, 2025](ea024897706ex10-9_cloud.htm) |
|  10.10† | [English translation of the Consulting Services Agreement by and between Cloud Data Network Limited and Zhongshan Weijia Network Technology Limited dated June 29, 2022](ea024897706ex10-10_cloud.htm) |
|  10.11† | [English translation of the Services Application Form by and between Cloud Data Network Limited and Happy Fortune Data Limited dated July 13, 2024](ea024897706ex10-11_cloud.htm) |
|  10.12† | [English translation of the Services Application Form by and between Cloud Data Network Limited and Happy Fortune Data Limited dated August 28, 2024](ea024897706ex10-12_cloud.htm) |
| 21.1 | [Subsidiaries of the registrant](ea024897706ex21-1_cloud.htm) |
| 23.1 | [Consent of Guangdong Prouden CPAs GP](ea024897706ex23-1_cloud.htm) |
| 23.2 | [Consent of Frost & Sullivan](ea024897706ex23-2_cloud.htm) |
| 23.3 | [Consent of Appleby (included in Exhibit 5.1)](ea024897706ex5-1_cloud.htm) |
| 23.4 | [Consent of Grandall Zimmern Law Firm (included in Exhibit 8.2)](ea024897706ex8-2_cloud.htm) |
| 23.5 | [Consent of AllBright Law Offices (Fuzhou) (included in Exhibit 99.2)](ea024897706ex99-2_cloud.htm) |
| 23.6 | [Consent of Hu Liu to be a director nominee](ea024897706ex23-5_cloud.htm) |
| 23.7 | [Consent of Yao Feng to be a director nominee](ea024897706ex23-6_cloud.htm) |
| 23.8 | [Consent of Shihua Li to be a director nominee](ea024897706ex23-7_cloud.htm) |
| 24.1 | [Power of Attorney (included on signature page)](#T500) |
| 99.1 | [Code of Business Conduct and Ethics of the Registrant](ea024897706ex99-1_cloud.htm) |
| 99.2 | [Opinion of AllBright Law Offices (Fuzhou)](ea024897706ex99-2_cloud.htm) |
| 99.3 | [Executive Compensation Recovery Policy](ea024897706ex99-3_cloud.htm) |
| 99.4 | [Insider Trading Compliance Manual](ea024897706ex99-4_cloud.htm) |
| 107 | [Calculation of Filing Fee Tables](ea024897706ex-fee_cloud.htm) |

---

____________

† Pursuant to Item 601(b)(10)(iv) of Regulation S-K promulgated by the Securities and Exchange Commission, certain portions of the exhibit have been omitted because they are both (i) not material and (ii) would likely cause competitive harm to the company if publicly disclosed

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, 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, China, on January 21, 2026.

---

| | |
|:---|:---|
|  **Cloud Data Holdings Corporation** | **Cloud Data Holdings Corporation** |
|  By: | /s/ Chang Liao |
|  Name: | Chang Liao |
|  Title: | Chief Executive Officer and Chairman of the Board of Directors |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mr. Chang Liao as his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to Rule 462 under the U.S. Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on January 21, 2026 in the capacities indicated:

---

| | |
|:---|:---|
|  **Signature** | **Title** |
|  /s/ Chang Liao | Chief Executive Officer and Chairman of the Board of Directors |
|  Name: Chang Liao | (principal executive officer) |
|  /s/ Wenhong He | Chief Financial Officer |
|  Name: Wenhong He | (principal finance and accounting officer) |
|  /s/ Xiao Xiao | Director |
|  Name: Xiao Xiao |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Cloud Data Holdings Corporation has signed this registration statement or amendment thereto in New York on January 21, 2026.

---

| | |
|:---|:---|
|  **Authorized U.S. Representative** | **Authorized U.S. Representative** |
|  By: | /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**

**CLOUD DATA HOLDINGS CORPORATION** 

**FORM OF UNDERWRITING AGREEMENT**

[●], 2026

Cathay Securities, Inc.

40 Wall St., Suite 3600

New York, NY 10005

*As the Representative of several Underwriters named on Schedule A hereto*

Ladies and Gentlemen:

The undersigned, Cloud Data Holdings Corporation, a company incorporated under the laws of the Cayman Islands (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with Cathay Securities, Inc. (the "**Representative**" of several underwriters as disclosed in <u>Schedule A</u> attached hereto, collectively the "**Underwriters**" and each an "**Underwriter**") to issue and sell to the Underwriters an aggregate of [●] ordinary shares, par value US$0.0001 per share ("**Shares**" or "**Ordinary Shares**"), of the Company (the "**Firm Shares**"). The Company also agrees to issue and sell to the Underwriters up to an additional [●] Shares, representing 15% of the Firm Shares sold in the offering (the "**Option Shares**"), if and to the extent that the Representative shall have determined to exercise, on behalf of the Underwriters, the right to purchase such Option Shares granted to the Underwriters in Section 1(c) hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities**." The offering and sale of the Securities contemplated by this Agreement is referred to herein as the "**Offering**."

**1.** <u>Purchase and Sale of Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters an aggregate of [●] Firm Shares at a purchase price (net of underwriting discounts) of $[●] per share (the "**Purchase Price**"). The Underwriters, severally and not jointly, agrees to purchase from the Company the Firm Shares set forth opposite its name on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of and payment for the Firm Shares shall be made at [●] A.M., Eastern time, on the [●]th Business Day following the effective date of the Registration Statement ("**Effective Date**") or at such time as shall be agreed upon by the Representative and the Company, at the offices of VCL Law LLP (the **"Underwriters' Counsel**"**)** or at such other place as shall be agreed upon by the Representative and the Company. The hour and date of delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the Purchase Price for, and delivery of the Firm Shares through the facilities of Depository Trust Company (the "**DTC**") for the accounts of the Underwriters is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in federal (same day) funds upon delivery to the Underwriters the Firm Shares through the full fast transfer facilities of the DTC for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least one (1) Business Days prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Option Shares</u>. The Company hereby agrees to issue and sell to the Underwriters the Option Shares, and the Underwriters shall have the option to purchase, severally and not jointly, in whole or in part, the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price (the "**Over-Allotment Option Purchase Price**"). The Company and the Underwriters agree that the Underwriters may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. The Representative may exercise the Over-Allotment Option on behalf of the Underwriters at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day after the Effective Date, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date must be at least one (1) business day after the written notice is given and may not be earlier than the Closing Date nor later than ten (10) business days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such additional closing date ("**Additional Closing Date**") as the number of Firm Shares set forth in <u>Schedule A</u> hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the Closing Date or the applicable Additional Closing Date, as the case may be, by giving written notice of such cancellation to the Company. The Over-Allotment Exercise Notice shall set forth: (i) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised; (ii) the Over-Allotment Option Purchase Price; (iii) the names and denominations in which the Option Shares are to be registered; and (iv) any Additional Closing Date. Payment for the Option Shares shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) business days in advance of such payment at the office of VCL Law LLP on any Additional Closing Date, or at such other place on the same or such other date and time, as shall be designated in writing by the Representative. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by the Underwriters for the applicable Option Shares. Delivery of the Option Shares shall be made through the facilities of DTC, unless the Representative shall otherwise instruct.

**2.** <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below), the Closing Date, and the applicable Additional Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333-[●]), including any related prospectus or prospectuses, for the registration of the Securities under the Securities Act of 1933, as amended (the "**Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules and regulations of the Commission under the Act (the "**Regulations**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as the "**Registration Statement**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The prospectus to be filed pursuant to Rule 424(b) under the Act after the execution and delivery of this Agreement by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Act is required, the prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement, is hereinafter called the "**Prospectus**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means 5:00 p.m. Eastern Time, on the date of this Agreement, or such other time as agreed to by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Registration under the Exchange Act</u>. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on Nasdaq</u>. The Shares will be approved for listing on the Nasdaq Capital Market ("**Nasdaq**") by the Closing Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the best of the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of any preliminary prospectus ("**Preliminary Prospectus**"), the Prospectus or the Registration Statement or has instituted or, to the best of the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <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;(i) <u>10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement, the Disclosure Materials, and the Prospectus and any post-effective amendments thereto, at the time the Registration Statement became effective, complied in all material respects with the requirements of the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date and any Additional Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed with the Commission does not contain and, at the Closing Date and any Additional Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranty made in this <u>Section 2(c)(i)(B)</u> does not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriters furnished to the Company by the Underwriters expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any of the Underwriters consists solely of the Underwriters' names (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;(C) Any issuer free writing prospectus(es) as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**") and Preliminary Prospectus(es), when taken together as a whole (collectively, the "**Disclosure Materials**"), do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <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;(i) <u>No Material Adverse Change in Business</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus, and except as otherwise specifically stated therein: (A) there have been no events, individually or in the aggregate, that have occurred that would have a material adverse effect on the assets, business, conditions, financial position, results of operations or business prospects of the Company and its subsidiaries, taken as a whole, or the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Securities, or to consummate the transactions contemplated in the Registration Statement, the Disclosure Materials, and the Prospectus (each of such effects and changes a "**Material Adverse Effect**" and a "**Material Adverse Change**," respectively); and (B) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has not: (A) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (B) declared or paid any dividend or made any other distribution on or in respect to its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Independent Accountants</u>. To the best of the Company's knowledge, Guangdong Prouden CPAs GP, whose report is filed with the Commission as part of the Registration Statement, is an independent registered public accountant as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement, the Disclosure Materials, and the Prospectus fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles ("GAAP"), consistently applied throughout the periods involved except as disclosed therein; and the supporting schedules included in the Registration Statement present fairly the information required to be stated therein. The Registration Statement discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses, if any. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, (i) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital, (iii) there has not been any change in the share capital of the Company or any of its subsidiaries, or any grants under any currently in-effect stock compensation plan, (iv) there has been no change related to stock compensation plans, if any, and, (v) there has not been any material adverse change in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Authorized Capital; Options, etc</u>. The Company has the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement, the Disclosure Materials, and the Prospectus. Based on the assumptions stated in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company will have on the Closing Date and any Additional Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement, the Disclosure Materials and the Prospectus, on the Effective Date, the Closing Date and any Additional Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <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;(i) <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the foregoing Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment by the Underwriters in accordance with the terms hereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities. Upon the sale and delivery of these Securities, and payment therefor, pursuant to this Agreement, the purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Disclosure Materials, and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered by the parties hereto, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as the 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 equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Conflicts.</u> The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions of the Company's amended and restated memorandum and articles of association or bylaws (as the same may be amended from time to time, the "**Charter**"); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or business constituted as of the date hereof, except such violation or breach that would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Defaults; Violations</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, no default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries when taken as a whole and that are not otherwise disclosed in the Registration Statement, the Prospectus or Disclosure Materials. The Company is not in violation of any term or provision of its Charter, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, taken as a whole, and that are not otherwise disclosed in the Registration Statement, the Prospectus or Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <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;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Prospectus except, any non-compliance, in each case, would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Transactions Contemplated Herein</u>. The Company has the corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and the consents, authorizations, approvals, and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "Management" in the Prospectus and the beneficial owners of 5% or greater of the Company's outstanding voting securities immediately prior to the Offering (the "**Insiders**") as well as in the lock-up agreement in the form attached hereto as <u>Annex IV</u> provided to the Underwriters is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Litigation; Governmental Proceedings</u>. Except as disclosed in the Registration Statement, Disclosure Materials and the Prospectus, there is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company or, to the best of the Company's knowledge, any executive officer or director that has not been disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus or in connection with the Company's listing application for the listing of the Securities on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the Cayman Islands as of the date hereof and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <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;(i) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company or any Insider has not made any direct or indirect payments (in cash, securities or otherwise) or reached any arrangements, agreements, or understanding with any person or entity that would give rise to a valid claim against the Company or any Underwriters for a brokerage commission, finder's fee or similar arrangement in connection with this Offering, in consideration of such person or entity raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company, within the twelve months prior to the Effective Date, that may affect the Underwriters' compensation as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>FINRA Affiliation</u>. To the best of the Company's knowledge, and except as may have been previously disclosed in writing to the Underwriters, no Insiders have any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Foreign Corrupt Practices Act</u>. Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the best knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof), (ii) made, offered, promised or authorized any direct or indirect unlawful payment or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, the "**Anti-Corruption Laws**"); the Company and its subsidiaries have conducted their businesses in compliance with Anti-Corruption Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; neither the Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the Offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to Underwriters or to Underwriters' Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Lock-Up Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company's officers, directors, and holders of the Company's securities, including any securities convertible into or exercisable or exchangeable for such securities, as listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**") have agreed pursuant to executed lock-up agreements in the form attached hereto as <u>Annex IV</u> that for a period of three (3) months from the Effective Date, such persons and their affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any securities of the Company, including Shares or any securities convertible into or exercisable or exchangeable for the share capital of the Company, without the prior written consent of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriters, it will not, for a period of six (6) months from the closing of this Offering, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for the share capital of the Company; (B) file or cause to be filed any registration statement with the Commission relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for the share capital of the Company or (C) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of share capital of the Company, whether any such transaction described in clause (A), (B) or (C) above is to be settled by delivery of the share capital of the Company or such other securities, in cash or otherwise. The restrictions contained in this section (ii) shall not apply to the Securities to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Subsidiaries</u>. The subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization or incorporation, and each such subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a Material Adverse Effect. The Company's ownership and control of each subsidiary and each subsidiary's ownership and control of other subsidiaries, is as described in the Registration Statement, the Disclosure Materials and the Prospectus. The Company does not own or control, directly or indirectly, any corporation, association or entity other than the subsidiaries described in the Registration Statement, the Disclosure Materials and the Prospectus. Each of the Company and its subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus and is duly qualified to do business under the laws of each jurisdiction which requires such qualification. Exhibit 21.1 of the Registration Statement lists all the Company's significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Act) and the Registration Statement sets forth the ownership of all of such subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Disclosure Materials and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Board of Directors</u>. The board of directors of the Company is comprised of the persons set forth under the section of the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of Nasdaq. At least one member of the board of directors of the Company qualifies as an "audit committee financial expert" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of Nasdaq. In addition, at least a majority of the persons serving on the board of directors qualify as "independent" as defined under the rules of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Registration Statement, the Disclosure Materials and the Prospectus, the Company has taken all necessary actions to ensure that, on the Effective Date, it will be in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement, the Disclosure Materials and the Prospectus, will not be, 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;(z) <u>No Material Labor Disputes</u>. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the best of the Company's knowledge, is imminent, which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Intellectual Property</u>. Except as described in the Registration Statement, the Disclosure Materials and the Prospectus, the Company and each of its subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and its subsidiaries as currently carried out and as described in the Registration Statement, the Disclosure Materials, and the Prospectus, except for such Intellectual Property, the failure of which to own or possess, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, no action or use by the Company or any of its subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the subsidiaries, taken as a whole, except as disclosed in the Registration Statement. Neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company or the subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and its subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters and to the knowledge of the Company, (A) no material issues have been raised (or are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries, and (B) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term "**taxes**" 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 with relevant taxing authorities in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, no transaction, stamp, capital or other issuance, registration, transfer or withholding taxes or duties are payable in the Cayman Islands ("**Cayman**"), the British Virgin Islands ("**BVI**") and the Hong Kong Special Administrative Region ("**Hong Kong**") to any taxation authority of the relevant countries in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement, the Disclosure Materials, and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived. The Company has obtained the written consent to the use of such data from such sources to the extent necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Board of Directors</u>. The Company's board of directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of Nasdaq and the board of directors and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of Nasdaq. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the board of directors has not been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>No 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;(ff) <u>Money Laundering</u>. The operations of the Company and the subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best of the Company's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Office of Foreign Assets Control</u>. Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is (A) currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC"), or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively, "Sanctions"), (B) located, organized, or resident in a country or territory that is the subject or target of comprehensive Sanctions (a "Sanctioned Jurisdiction"), 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 (i) to fund or facilitate any activities of or business with any person that, at the time of such funding, is the subject or the target of Sanctions or with a Sanctioned Jurisdiction (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; neither the Company nor any of its subsidiaries is engaged in, or has, at any time in the past five years, engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction; the Company and its subsidiaries have instituted, and maintain, policies and procedures designed to promote and achieve continued compliance with Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>No Immunity</u>. None of the Company, its subsidiaries, or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of Cayman, BVI, Hong Kong, the State of New York or United States federal law; and, to the extent that the Company, its subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Foreign Private Issuer Status</u>. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Choice of Law</u>. The choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of Cayman, BVI and Hong Kong and will be observed and given effect by courts in Cayman, BVI and Hong Kong, subject to compliance with relevant civil procedural requirements (that do not involve a re-examination of the merits of the claim) in Cayman, BVI and Hong Kong. The Company has the power to submit, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 14</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Recognition of Judgments</u>. Except as described under the section "Enforceability of Civil Liabilities" in the Prospectus, the courts of Cayman, BVI and Hong Kong would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>MD&A</u>. The section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in the Preliminary Prospectus included in the Disclosure Materials and the Prospectus accurately and fully describes in all material respects (i) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (ii) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Materials and the Prospectus and have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliates is a party to any scheme or arrangement through which shareholders or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before, in or after the Offering. Neither the Company nor any of its affiliates is aware of any such scheme or arrangement, regardless of whether it is a party to a formal agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Dividends and Distributions</u>. Except as disclosed in the Registration Statement, the Disclosure Materials, and the Prospectus, no subsidiaries of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's securities, 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.

**3.** <u>Offering</u>. Upon authorization of the release of the Securities by the Underwriters, the Underwriters propose to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus as soon after the Registration Statement and this Agreement have become effective as in the judgment of the Representatives is advisable. The Company is further advised by the Representatives that the Firm Shares are to be offered to the public initially at US$[●] per share.

**4.** <u>Covenants of the Company</u>. The Company acknowledges, covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriters of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Underwriters' Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement, the Disclosure Materials or the Prospectus, the Company shall furnish to the Underwriters and Underwriters' Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object within 36 hours of delivery thereof to Underwriters' Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriters in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the Disclosure Materials or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of the Disclosure Materials, the Prospectus, or the initiation of any proceedings to remove, suspend or terminate from listing the Securities from any securities exchange upon which the Securities are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Act, as now and hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the Registration Statement, the Disclosure Materials, and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or Underwriters' Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) to comply with the Act, the Company will promptly notify the Underwriters and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the Disclosure Materials) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriters and Underwriters' Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company's files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to each of the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. On the Business Day next succeeding the date of this Agreement, and from time to time thereafter, the Company will furnish to the Underwriters copies of the Prospectus in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern Time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will endeavor, in cooperation with the Underwriters, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the Offering or sale of the Securities of such jurisdictions as the Underwriters may designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system) to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) During three months following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Representative, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company will deliver to the Underwriters the lock-up agreements of the Lock-Up Parties on the date of this Agreement, which agreements shall be substantially in the form attached hereto as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Underwriters' prior written consent, for a period ending at 5:00 P.M., Eastern Time, on the first Business Day following the twenty-fifth (25th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption "Use of Proceeds" in the Prospectus; will not invest or otherwise use the proceeds received by the Company from its sale of the Securities in such a manner (i) as would require the Company or any of the subsidiaries to register as an investment company under the Investment Company Act of 1940, and (ii) that would result in the Company being not in compliance with the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its commercially reasonable efforts to effect and maintain the listing of the Shares on Nasdaq for at least three (3) years after the Effective Date, unless such listing is terminated as a result of a transaction approved by the holders of a majority of the voting securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date and any Additional Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will not take, and will cause its subsidiaries not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall cause to be prepared and delivered to the Underwriters, at its expense, within two (2) Business Days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term "Electronic Prospectus" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriters, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriters, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

**5.** <u>Representations and Warranties of the Underwriters</u>.

The Underwriters represent and agree that, unless they obtain the prior written consent of the Company, they have not made and will not make any offer relating to the Securities that would constitute a "free writing prospectus," as defined in Rule 405 under the Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "Permitted Free Writing Prospectus." The Underwriters represent that they have treated or agree that they will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

**6.** <u>Consideration; Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriters or their respective designees their pro rata portion (based on the Securities purchased) of the following compensation with respect to the Securities which they are offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an underwriting discount equal to seven percent (7.0%) of the aggregate gross proceeds raised in 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;(ii) a non-accountable expense allowance of one percent (1.0%) of the gross proceeds of 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;(iii) an accountable expense allowance of up to $235,000.00, including, among other things, all reasonable fees and expenses of the Underwriters' outside legal counsel; any reasonable costs and expenses incurred in conducting background checks of the Company's officers and directors by a background search firm acceptable to the Underwriters; and the costs associated with bound volumes and mementos in such quantities as the Underwriters may reasonably request (the "Accountable Out-of-Pocket Expenses"). The Company has advanced an amount of [$110,000.00] (the "**Advances**") to the Representative in anticipation of any Accountable Out-of-Pocket Expenses to be incurred by the Underwriters. Any expense item over US$5,000 incurred by the Representative shall require prior written or email approval of the Company. The Representative shall promptly return to the Company the Advances against the Accountable Out-of-Pocket Expenses, to the extent that such Accountable Out-of-Pocket Expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and the Representative agree that the Representative shall have an irrevocable right of first refusal (the "**Right of First Refusal**") for a period of twelve (12) months from the closing of the Offering, to provide investment banking services to the Company on an exclusive basis in all matters for which investment banking services are sought by the Company on terms that are the same or more favorable to the Company comparing to the terms offered to the Company by other underwriters or placement agents, which right is exercisable at the Representative's sole and exclusive discretion. For these purposes, investment banking services shall include, without limitation, (a) acting as the lead manager for any underwritten public offering and (b) acting as the exclusive placement agent or initial purchaser in connection with any private offering of securities of the Company, provided, however, that such right shall be subject to FINRA Rule 5110(g). The Representative shall notify the Company of its intention to exercise the Right of First Refusal under this Section 6 within fifteen (15) business dates following the receipt of the Company's written notification of its financing needs. Any decision by the Representative to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of the Representative and shall be subject to general market conditions. If the Representative declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to the Company under reasonable standard, the Company shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms declined by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters reserve the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Underwriters' aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whether or not the transactions contemplated by this Agreement, the Registration Statement, the Disclosure Materials, and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to bear all costs and expenses incident to the Offering, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all filing fees in connection with filings with FINRA's Public Offering System;

&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) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Act and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all reasonable travel expenses of the Company's officers, directors and employees and any other expense of the Company incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 8</u>, <u>9</u> and <u>11(d)</u> hereof, the Underwriters will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 11(b)</u> hereof, or subsequent to a Material Adverse Change, (i) the Company will pay, less the amount of the Advances previously paid, all Accountable Out-of-Pocket Expenses (including but not limited to fees and disbursements of Underwriters' Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed $235,000, including the Advances, and (ii) to the extent that the Underwriters' Accountable Out-of-Pocket Expenses are less than the Advances, the Underwriters will return to the Company that portion of the Advances not offset by actual expenses.

**7.** <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Firm Shares as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriters or to Underwriters' Counsel pursuant to this <u>Section 7</u> of any misstatement or omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions. For purposes of this <u>Section 7</u>, the terms "Closing Date" and "Closing" shall refer to the Closing Date for the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not later than 5:30 P.M., Eastern Time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing by the Underwriters. If the Company shall have elected to rely upon Rule 430A under the Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date and the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing the use of the Disclosure Materials and the Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the Disclosure Materials, and the Prospectus or otherwise) shall have been complied with to the Underwriters' satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall not have reasonably determined, and advised the Company, that the Registration Statement, the Disclosure Materials or the Prospectus, or any amendment thereof or supplement thereto, contains an untrue statement of fact which, in the Underwriters' reasonable opinion, is material, or omits to state a fact which, in the Underwriters' reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received, in form reasonably satisfactory to the Underwriters and Underwriters' counsel of (i) favorable legal opinions from Appleby, Cayman legal counsel to the Company dated as of the Closing Date and addressed to the Representative, (ii) favorable legal opinions from Grandall Zimmern Law Firm, the Hong Kong legal counsel to the Company, dated as of the Closing Date and addressed to the Representative and (iii) favorable legal opinions and negative assurance letter from Sunsea Law Group P.C., U.S. legal counsel to the Company, dated as of the Closing Date and addressed to the Representative. Copies of such opinions shall have been provided to the Underwriters with consent from such counsels. Additionally, the Underwriters shall have received on the Closing Date an opinion and negative assurance letter from VCL Law LLP, counsel for the Underwriters, dated the Closing Date, each in form and substance reasonably satisfactory to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received a certificate from the Chief Executive Officer and Chief Financial Officer of the Company (the "**Officers' Certificate**"), substantially in the form attached hereto as <u>Annex I</u> and dated as of the Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 7</u> have been satisfied, (ii) as of the date hereof and as of the Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of the Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Disclosure Materials, and the Prospectus pursuant to the Regulations which are not so included, and (vii) subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure Materials, and the Prospectus, there has not been any Material Adverse Change or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At each of the Closing Date, the Underwriters shall have received a certificate of the Company signed by the Chief Executive Officer of the Company (the "**CEO's Certificate**"), substantially in the form attached hereto as <u>Annex II</u> and dated the Closing Date, certifying: (i) that each of the Charter is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's board of directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company; (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of this Agreement and on the Closing Date, the Underwriters shall have received "comfort" letters from Guangdong Prouden CPAs GP (the "**Auditor Comfort Letter**") as of each such date, addressed to the Representative and in form and substance satisfactory to the Underwriters and Underwriters' Counsel, confirming that they are independent certified public accountants with respect to the Company within the meaning of the Act and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not more than two (2) business days prior to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the date of this Agreement and on the Closing Date, the Company shall have furnished to the Representative, a certificate on behalf of the Company, dated the respective dates of delivery thereof and addressed to the Underwriters, of its Chief Financial Officer with respect to certain financial date contained in the Registration Statement and Prospectus (the "**CFO Certificate**"), providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative, substantially in the form attached hereto as <u>Annex III</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any change in the share capital or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders' equity, or properties of the Company, taken as a whole, including but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the reasonable judgment of the Underwriters, so material and adverse as to make it impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Securities are registered under the Exchange Act and, as of the Closing Date, the Securities shall be listed and admitted and authorized for trading on Nasdaq and satisfactory evidence of such action shall have been provided to the Underwriters. The Company shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Securities under the Exchange Act or delisting or suspending the Securities from trading on the Nasdaq, nor will the Company have received any information suggesting that the Commission or the Nasdaq is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company shall have furnished the Underwriters and Underwriters' Counsel with such other certificates, opinions or documents as they may have reasonably requested.

**8.** <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless (to the fullest extent permitted by applicable law) the Underwriters and each person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, or any amendment or supplement to any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters agree to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriters), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the Disclosure Materials, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 8</u> to the extent that it is not materially prejudiced as a result thereof). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties have not employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 8</u> or <u>Section 9</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless (v) such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (B) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (vi) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

**9.** <u>Contribution</u>. In order to provide for contribution in circumstances in which the indemnification provided for in Section 8 is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from persons, other than the Underwriters, who may also be liable for contribution, including persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as (i) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (ii) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 9. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 9 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this Section 9: (iii) no Underwriter shall be required to contribute any amount in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public and (iv) no Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act). For purposes of this Section 9, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (iii) and (iv) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 9</u> or otherwise. As used herein, a "Person" refers to an individual or entity.

**10.** <u>Survival of Representations and Agreements</u>. All representations, warranties, covenants and agreements of the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation, the agreements contained in <u>Sections 6</u>, <u>13</u> and <u>14</u>, the indemnity agreements contained in <u>Section 8</u> and the contribution agreements contained in <u>Section 9</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations and warranties contained in <u>Section 2</u> and the covenants and agreements contained in <u>Sections 4</u>, <u>6, 8</u>, <u>9</u>, <u>13</u> and <u>14</u> shall survive any termination of this Agreement, including termination pursuant to <u>Sections 11</u> and <u>Section 15</u>. For the avoidance of doubt, in the event of termination the Underwriters will be reimbursed Accountable Out-of-Pocket Expenses subject to the limit in <u>Section 6(d)</u> and <u>Section 11(d)</u> below, in compliance with FINRA Rules 5110.

**11.** <u>Effective Date of Agreement; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) receipt by the Underwriters and the Company of notification of the effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions of this <u>Section 11</u> and of <u>Sections 1</u>, <u>4</u>, <u>6</u>, <u>8</u>, <u>9</u>, <u>13</u> and <u>14</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriters will in the immediate future materially disrupt, the market for the Company's securities or securities in general; or (ii) trading on the New York Stock Exchange or the Nasdaq Stock Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on the NYSE Euronext or Nasdaq or by order of the Commission, by FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B) there has been any other calamity or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Underwriters, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this Agreement shall be terminated pursuant to any of the provisions hereof, or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriters, reimburse the Underwriters for only those documented Accountable Out-Of-Pocket Expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110 less the amount of the Advances previously paid by the Company).

**12.** <u>Notices</u>. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

Cathay Securities, Inc.

40 Wall St., Suite 3600

New York, NY 10005

Email: shell.li@cathaysecurities.com

Attention: Xiaoyu Li

with a copy (which shall not constitute notice) to Underwriter's Counsel at:

VCL Law LLP

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Email: fliu@vcllegal.com

Attention: Fang Liu

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

Cloud Data Holdings Corporation

1507-1510 Office Tower, Convention Plaza

1 Harbor Road, Wan Chai, Hong Kong

Email: 3280401@qq.com

Attention: Chang Liao

with a copy (which shall not constitute notice) to the Company's Counsel at:

Sunsea Law Group P.C.

18300 Karman Ave Suite 970

Irvine, CA 92612

Email: ayzhang@sunsealaw.com; lee@sunsealaw.com

Attention: Yao Zhang; Shuang Li

**13.** <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling persons, directors, officers, employees and agents referred to in <u>Sections 8</u> and <u>9</u> hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such persons and their respective successors and assigns, and not for the benefit of any other person. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of Securities from the Underwriter.

**14.** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the conflict of laws principles thereof. Each of the parties hereto hereby submits to the exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The City of New York (each, a "New York Court") in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints [Cogency Global Inc.] as its authorized agent (the "**Authorized Agent**"), upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of three years from the date of this Agreement.

**15.** <u>Default of Underwriters</u>. If, on the Closing Date or any Additional Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase the Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth (10%) of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in <u>Schedule A</u> bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that, in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this <u>Section 15</u> by an amount in excess of one-ninth (1/9) of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Firm Shares are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either the Representative or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Disclosure Materials, in the Prospectus or in any other documents or arrangements may be effected. If, on an Additional Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Option Shares to be purchased on such Additional Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Option Shares to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

**16.** <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

**17.** <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

**18.** <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

**19.** <u>Waiver, etc.</u> The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the Disclosure Materials, the Prospectus, the offering of the securities or the transactions contemplated hereby.

**20.** <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection with the offering of the Company's Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Company's Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriters have not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

**21.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

**22.** <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

**23.** <u>Time is of the Essence.</u> Time shall be of the essence of this Agreement. As used herein, the term "Business Day" shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business.

*[Signature Page Follows]*

 

 

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

---

| | | |
|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |
| **Cloud Data Holdings Corporation** | **Cloud Data Holdings Corporation** | **Cloud Data Holdings Corporation** |
| By: |  |  |
|  | Name: | Chang Liao |
|  | Title: | Chief Executive Officer and Chairman of the Board of Directors |

---

Accepted by the Representative

as of the date first written above

Acting on behalf of itself and as Representative of the Underwriters named in <u>Schedule A</u> hereto

---

| | | |
|:---|:---|:---|
| **Cathay Securities, Inc.** | **Cathay Securities, Inc.** | **Cathay Securities, Inc.** |
| By: |  |  |
|  | Name: | Xiaoyu Li |
|  | Title: | Chief Executive Officer |

---

*[Signature Page to Underwriting Agreement]* 

**SCHEDULE A**

---

| | | |
|:---|:---|:---|
| **Underwriters** | **Number of Firm <br> Shares to <br> Be Purchased** | **Purchase <br> Price** |
| Cathay Securities, Inc. | [●] | $[●] |
| **Total** | **[●]** | $**[●]** |

---

**SCHEDULE B**

Lock-Up Parties

---

| |
|:---|
| &nbsp;&nbsp;**Name** |
| &nbsp;&nbsp;Chang Liao |
| &nbsp;&nbsp;Wenhong He |
| &nbsp;&nbsp;Xiao Xiao |
| &nbsp;&nbsp;Hu Liu |
| &nbsp;&nbsp;Yao Feng |
| &nbsp;&nbsp;Shihua Li |
| &nbsp;&nbsp;Qiantian Holdings Limited |
| &nbsp;&nbsp;Xunfeng Holdings Limited |
| &nbsp;&nbsp;Kanshui Holdings Limited |
| &nbsp;&nbsp;Genshan Holdings Limited |
| &nbsp;&nbsp;Kundi Holdings Limited |
| &nbsp;&nbsp;Zhenlei Holdings Limited |
| &nbsp;&nbsp;Duize Holdings Limited |
| &nbsp;&nbsp;Xinyao Investment Limited |

---

Annex I

**CLOUD DATA HOLDINGS CORPORATION** 

**FORM OF OFFICERS' CERTIFICATE**

[●], 2026

The undersigned, Mr. Chang Liao, Chief Executive Officer, and Ms. Wenhong He, Chief Financial Officer, of Cloud Data Holdings Corporation, a company incorporated under the laws of the Cayman Islands (the "**Company"**), pursuant to Section 7(d) of the Underwriting Agreement, dated as of [●], 2026 by and between the Company and Cathay Securities, Inc., as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), do hereby certify, each in his or her capacity as an officer of the Company, and not individually and without personal liability, on behalf of the Company, as follows:

1. Such officer has carefully examined the Registration Statement, the Disclosure Materials, and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of the Applicable Time and the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Disclosure Materials, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading.

2. Subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure Materials, or the Prospectus, there has not been any Material Adverse Changes or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business.

3. To the best of his or her knowledge after reasonable investigation, as of the Closing Date, the representations and warranties of the Company in the Underwriting Agreement are true and correct in all material respects (except for those representations and warranties qualified as to materiality, which shall be true and correct in all respects and except for those representations and warranties which refer to facts existing at a specific date, which shall be true and correct as of such date) and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under the Underwriting Agreement at or prior to the Closing Date.

4. To the best of his or her knowledge after reasonable investigation, as of the Closing Date, the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding.

5. There are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement, the Disclosure Materials, and the Prospectus pursuant to the Regulations which are not so included.

6. No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof or the qualification of the Securities for offering or sale, nor suspending or preventing the use of the Disclosure Materials and the Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of his or her knowledge, is contemplated by the Commission or any state or regulatory body.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement. This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, I have, on behalf of the Company, signed this certificate as of the date first written above.

 <br> Name: Chang Liao <br> Title: Chief Executive Officer

 <br> Name: Wenhong He <br> Title: Chief Financial Officer

*[Signature Page of Officers' Certificate]*

 

 

Annex II

**CLOUD DATA HOLDINGS CORPORATION** 

**FORM OF CEO'S CERTIFICATE**

[●], 2026

The undersigned, [●], hereby certifies that he is the duly elected Secretary of Cloud Data Holdings Corporation, a company incorporated under the laws of the Cayman Islands (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(e) of the Underwriting Agreement, dated as of [●], 2026, by and between the Company and Cathay Securities, Inc., as representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), the undersigned further certifies in his capacity as Secretary of the Company and without personal liability, on behalf of the Company, the items set forth below. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

1. Attached
hereto as <u>Exhibit A</u> are true and complete copies of the resolutions adopted by the board of directors of the Company
(the "**Board**") either at a meeting or meetings properly held or by the unanimous written consent of each member of
the Company's Board and any committee of or designated by the Company's Board relating to the public offering contemplated
by the Underwriting Agreement. All of such resolutions were duly adopted, have not been amended, modified or rescinded and remain in
full force and effect; and such resolutions are the only resolutions adopted by the Board or by any committee of or designated by the
Board relating to the public offering contemplated by the Underwriting Agreement.

2. Attached
hereto as <u>Exhibit B</u> is a true, correct, and complete copy of the Certificate of Incorporation of the Company, together
with any and all amendments thereto. No action has been taken to further amend, modify, or repeal such charter documents, which remain
in full force and effect in the attached form as of the date hereof. No action has been taken by the Company, its shareholders, directors,
or officers in contemplation of the filing of any such amendment or other document or in contemplation of the liquidation or dissolution
of the Company prior to the consummation of the transactions contemplated by the Underwriting Agreement.

3. Attached
hereto as <u>Exhibit C</u> is a true, correct, and complete copy of the memorandum and articles of association of the Company
and any and all amendments thereto. No action has been taken to further amend, modify, or repeal such memorandum and articles of association,
which remain in full force and effect in the attached form as of the date hereof.

4. Attached
hereto as <u>Exhibit D are</u> (i) a true and complete copy of a Certificate of Good Standing of the Company, dated close
to the date of this certificate; and (ii) true and complete copies, dated close to the date of this certificate , showing the subsidiaries of the Company are duly organized and in good standing under the laws of their respective place of organization
or incorporation.

5. Each
person listed below has been duly elected or appointed to the positions indicated opposite its name and is duly authorized to sign the
Underwriting Agreement and each of the documents in connection therewith on behalf of the Company, and the signature appearing opposite
such person's name below is its genuine signature.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Signature** |
| Chang Liao | Chief Executive Officer | |
| Wenhong He | Chief Financial Officer | |

---

This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

Name: [●]

Title: Chief Executive Officer

*[Signature Page of CEO's Certificate]*

 

<u>Annex III</u>

**CLOUD DATA HOLDINGS CORPORATION**

**FORM OF CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[●], 2026

The undersigned, Ms. Wenhong He, hereby certifies that she is the duly elected, qualified, and acting Chief Financial Officer of Cloud Data Holdings Corporation, a company incorporated under the laws of the Cayman Islands (the "**Company**"), and that as such she is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 7(g) of the Underwriting Agreement, dated as of [●], 2026 by and between the Company and Cathay Securities, Inc., as the representative of the several underwriters listed on Schedule A thereto (the "**Underwriting Agreement**"), the undersigned further certifies, solely in the capacity as an officer of the Company for and on behalf of the Company as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am the Chief Financial Officer of the Company and have been duly appointed to such position as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am providing this certificate in connection with the offering of the securities described in the Registration Statement, the Disclosure Materials, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I am familiar with the accounting, operations, records systems and internal controls of the Company and have participated in the preparation of the Registration Statement, the Disclosure Materials, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's financial statements included in the Registration Statement, the Disclosure Materials, and the Prospectus present fairly, in all material respects, the financial condition of the Company and its subsidiaries and their results of operations for the periods presented in the Registration Statement, the Disclosure Materials, and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have reviewed the disclosure in the Registration Statement, the Disclosure Materials, and the Prospectus, including the financial and operating information and data identified and circled by VCL Law LLP in the Registration Statement, the Disclosure Materials, and the Prospectus attached hereto as <u>Exhibit A</u>, and to the best of my knowledge such information is correct, complete and accurate in all material respects.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

---

| | |
|:---|:---|
| **Cloud Data Holdings Corporation** | **Cloud Data Holdings Corporation** |
| By: |  |
| Name: | Wenhong He |
| Title: | Chief Financial Officer |

---

*[Signature Page of CFO's Certificate]*

 

<u>Annex IV</u>

**Form of Lock-Up Agreement**

[●], 2026

Cathay Securities, Inc.

40 Wall St., Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands Cathay Securities, Inc., as the representative of the several underwriters (the "Representative"), proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Cloud Data Holdings Corporation, a company incorporated under the laws of the Cayman Islands (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of ordinary shares of the Company, par value US$0.0001 per share (the "**Shares**").

To induce the Representative to continue its efforts in connection with the Initial Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending three (3) months from the Closing Date (as defined in the Underwriting Agreement) of the Initial Public Offering (the "**Lock-Up Period**"), (1) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) above or this clause (2) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (3) make any written demand for or exercise any right with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (4) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or owner of similar equity interests in, the same, as the case may be; (e) a sale or surrender to the Company of any options or Shares of the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options or (f) transfers or distributions pursuant to any *bona fide* third-party tender offer, merger, acquisition, consolidation or other similar transaction made to all holders of the Company's Shares involving a Change of Control of the Company, provided that in the event that such tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned shall remain subject to the provisions of this lock-up agreement; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made (collectively, "**Permitted Transfers**"). For purposes of this paragraph, the term "Change of Control" shall mean any transaction or series of related transactions pursuant to which any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (i) the foregoing restrictions shall be equally applicable to any issuer-directed or "friends and family" Shares that the undersigned may purchase in the Initial Public Offering, (ii) at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication date of a press release by the Company for such release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the form of this lock-up agreement.

The undersigned agrees that except as set forth in this Lock-Up Agreement, there are no and will be no other agreement or arrangement, either verbal or in writing, with any other individuals or entities, including but not limited to shareholders, friends and family, and other third parties, to circumvent or has an effect of circumventing the obligations set forth in this Lock-Up Agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; <u>provided</u> that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "10b5-1" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal Underwriters, successors, and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

This lock-up agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

[**SIGNATURE PAGE TO FOLLOW**]

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| |
|:---|
| Very truly yours, |
| By: |
| Name: |
| Address: |

---

*[Signature Page of Lock-up Agreement]*

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (AS REVISED)<br> OF THE CAYMAN ISLANDS <br> COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED <br> ARTICLES OF ASSOCIATION OF**

**Cloud Data Holdings Corporation <br> (Adopted by Special Resolution dated 10 June 2025)**

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|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 412879* | *Filed: 24-Jun-2025 11:33 EST*<br>*Auth Code: J26441561758* |

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**THE COMPANIES ACT (AS REVISED)<br> OF THE CAYMAN ISLANDS <br> COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED <br> ARTICLES OF ASSOCIATION OF**

**Cloud Data Holdings Corporation <br> (Adopted by Special Resolution dated 10 June 2025)**

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| | |
|:---|:---|
| 1 | The name of the Company is **Cloud Data Holdings Corporation.** |

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2 The registered office of the Company shall be situated at the offices of McGrath Tonner Corporate Services Limited, Genesis Building, 5th Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other place in the Cayman Islands as the Directors may from time to time decide.

3 The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

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| | |
|:---|:---|
| 4 | The liability of each Member is limited to the amount unpaid on such Member's shares. |

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| | |
|:---|:---|
| 5 | The share capital of the Company is US$50,000.00 divided into 500,000,000 shares of a par value of US$0.0001 each. |

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6 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

7 Capitalised terms that are not defined in this Memorandum of Association bear the respective meanings given to them in the Articles of Association of the Company.

---

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|:---|:---|
| 2 | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 412879* | *Filed: 24-Jun-2025 11:33 EST*<br>*Auth Code: J26441561758* |

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**THE COMPANIES ACT (AS REVISED)<br> OF THE CAYMAN ISLANDS <br> COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED <br> ARTICLES OF ASSOCIATION OF**

**Cloud Data Holdings Corporation <br> (Adopted by Special Resolution dated 10 June 2025)**

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| | |
|:---|:---|
| **1** | **Interpretation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In the Articles Table A in the First Schedule to the Companies Act does not apply and, unless there is
something in the subject or context inconsistent therewith:

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| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company. |

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---

| | |
|:---|:---|
| "**Auditor**" | means the person for the time being performing the duties of auditor of the Company (if any). |

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| | |
|:---|:---|
| "**Companies Act**" | means the Companies Act of the Cayman Islands and any amendment or other statutory modification thereof and, where in these Articles any provision of the Companies Act is referred to, the reference is to that provision as modified by any law for the time being in force. |

---

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| | |
|:---|:---|
| "**Company**" | means the above named company. |
| "**Directors**" | means the directors for the time being of the Company. |

---

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| | |
|:---|:---|
| "**Dividend**" | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |

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| | |
|:---|:---|
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act. |

---

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|:---|:---|
| 3 | ![](ex3-1_001.jpg) |
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| | |
|:---|:---|
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (2003 Revision) of the Cayman Islands. |

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| | |
|:---|:---|
| "**Member**" | has the same meaning as in the Companies Act. |

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| | |
|:---|:---|
| "**Memorandum**" | means the memorandum of association of the Company. |

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| | |
|:---|:---|
| "**Ordinary Resolution**" | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |

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| | |
|:---|:---|
| "**Register of Members**" | means the register of Members maintained in accordance with the Companies Act and includes (except where otherwise stated) any branch or duplicate register of Members. |

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| | |
|:---|:---|
| "**Registered Office**" | means the registered office for the time being of the Company. |

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| | |
|:---|:---|
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |

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| | |
|:---|:---|
| "**Share**" | means a share in the Company and includes a fraction of a share in the Company. |

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| | |
|:---|:---|
| "**Special Resolution**" | has the same meaning as in the Companies Act, and includes a unanimous written resolution. |

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| | |
|:---|:---|
| "**Subscriber**" | means the subscriber to the Memorandum. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 In the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include corporations as well as any other legal or natural person;

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| 4 | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 412879* | *Filed: 24-Jun-2025 11:33 EST*<br>*Auth Code: J26441561758* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written" and "in writing" include all modes of representing or reproducing words
in visible form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall" shall be construed as imperative and "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to provisions of any law, act or regulation shall be construed as references to those provisions
as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include", "in particular"
or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the term "and/or" is used herein to mean both "and" as well as "or." The
use of "and/or" in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or"
in others. The term "or" shall not be interpreted to be exclusive and the term "and" shall not be interpreted to require
the conjunctive (in each case, unless the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings are inserted for reference only and shall be ignored in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) sections 8 and 19(3) of the Electronic Transactions Act shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the term "clear days" in relation to the period of a notice means that period excluding the
day when the notice is received or deemed to be received and the day for which it is given or on which it is to take effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the term "holder" in relation to a Share means a person whose name is entered in the Register
of Members as the holder of such Share.

2 Commencement of Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The business of the Company may be commenced as soon after incorporation of the Company as the Directors
shall see fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in
or about the formation and establishment of the Company, including the expenses of registration.

---

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| 5 | ![](ex3-1_001.jpg) |
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3 Issue of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company
in general meeting) and without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options
over or otherwise dispose of Shares (including fractions of a Share) with or without preferred, deferred or other rights or restrictions,
whether in regard to Dividend or other distribution, voting, return of capital or otherwise and to such persons, at such times and on
such other terms as they think proper, and may also (subject to the Companies Act and the Articles) vary such rights. Notwithstanding
the foregoing, the Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue one Share to itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer that Share by an instrument of transfer to any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) update the Register of Members in respect of the issue and transfer of that Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Company shall not issue Shares to bearer.

4 Register of Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company shall maintain or cause to be maintained the Register of Members in accordance with the Companies
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Directors may determine that the Company shall maintain one or more branch registers of Members in
accordance with the Companies Act. The Directors may also determine which register of Members shall constitute the principal register
and which shall constitute the branch register or registers, and to vary such determination from time to time.

5 Closing Register of Members or Fixing Record Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or
any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination
of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period
which shall not in any case exceed forty days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 In lieu of, or apart from, closing the Register of Members,
the Directors may fix in advance or arrears a date as the record date for any such determination of Members entitled to notice of, or
to vote at any meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment
of any Dividend or other distribution, or in order to make a determination of Members for any other purpose.

---

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| 6 | ![](ex3-1_001.jpg) |
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 If the Register of Members is not so closed and no record date is fixed for the determination of Members
entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a Dividend or other distribution,
the date on which notice of the meeting is sent or the date on which the resolution of the Directors resolving to pay such Dividend or
other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of
Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment
thereof.

6 Certificates for Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise
identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled
and subject to the Articles no new certificate shall be issued until the former certificate representing a like number of relevant Shares
shall have been surrendered and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any)
as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating evidence, as the
Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Every share certificate sent in accordance with the Articles will be sent at the risk of the Member or
other person entitled to the certificate. The Company will not be responsible for any share certificate lost or delayed in the course
of delivery.

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| 7 | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 412879* | *Filed: 24-Jun-2025 11:33 EST*<br>*Auth Code: J26441561758* |

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7 Transfer of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Subject to Article 3.1, Shares are transferable subject to the consent of the Directors who may, in their
absolute discretion, decline to register any transfer of Shares without giving any reason. If the Directors refuse to register a transfer
they shall notify the transferee within two months of such refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The instrument of transfer of any Share shall be in writing and shall be executed by or on behalf of the
transferor (and if the Directors so require, signed by or on behalf of the transferee). The transferor shall be deemed to remain the holder
of a Share until the name of the transferee is entered in the Register of Members.

8 Redemption, Repurchase and Surrender of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Subject to the provisions of the Companies Act the Company may issue Shares that are to be redeemed or
are liable to be redeemed at the option of the Member or the Company. The redemption of such Shares shall be effected in such manner and
upon such other terms as the Company may, by Special Resolution, determine before the issue of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Subject to the provisions of the Companies Act, the Company may purchase its own Shares (including any
redeemable Shares) in such manner and on such other terms as the Directors may agree with the relevant Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner
permitted by the Companies Act, including out of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Directors may accept the surrender for no consideration of any fully paid Share.

9 Treasury Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

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10 Variation of Rights of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 If at any time the share capital of the Company is divided into different classes of Shares, all or any
of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or not
the Company is being wound up, be varied without the consent of the holders of the issued Shares of that class where such variation is
considered by the Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with
the consent in writing of the holders of not less than two thirds of the issued Shares of that class, or with the sanction of a resolution
passed by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Shares of that class. For
the avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect,
to obtain consent from the holders of Shares of the relevant class. To any such meeting all the provisions of the Articles relating to
general meetings shall apply *mutatis mutandis*, except that the
necessary quorum shall be one person holding or representing by proxy at least one third of the issued Shares of the class and that any
holder of Shares of the class present in person or by proxy may demand a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The rights conferred upon the holders of the Shares of any class issued with preferred or other rights
shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation
or issue of further Shares ranking pari passu therewith.

11 Commission on Sale of Shares

The Company may, in so far as the Companies Act permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful.

12 Non Recognition of Trusts

The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Companies Act) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

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13 Lien on Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Company shall have a first and paramount lien on all Shares (whether fully paid-up or not) registered
in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether
presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the
Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The registration of a
transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's lien on a Share shall also extend to
any amount payable in respect of that Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Company may sell, in such manner as the Directors think fit, any Shares on which the Company has a
lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen clear days after notice has been
received or deemed to have been received by the holder of the Shares, or to the person entitled to it in consequence of the death or bankruptcy
of the holder, demanding payment and stating that if the notice is not complied with the Shares may be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 To give effect to any such sale the Directors may authorise any person to execute an instrument of transfer
of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or his nominee shall be registered as the
holder of the Shares comprised in any such transfer, and he shall not be bound to see to the application of the purchase money, nor shall
his title to the Shares be affected by any irregularity or invalidity in the sale or the exercise of the Company's power of sale under
the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 The net proceeds of such sale after payment of costs, shall be applied in payment of such part of the
amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently
payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the date of the sale.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Subject to the terms of the allotment and issue of any Shares, the Directors may make calls upon the Members
in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each Member shall (subject to receiving
at least fourteen clear days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the
amount called on the Shares. A call may be revoked or postponed,
in whole or in part, as the Directors may determine. A call may be required to be paid by instalments. A person upon whom a call is made
shall remain liable for calls made upon him notwithstanding the subsequent transfer of the Shares in respect of which the call was made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
such call was passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 The joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 If a call remains unpaid after it has become due and payable, the person from whom it is due shall pay
interest on the amount unpaid from the day it became due and payable until it is paid at such rate as the Directors may determine (and
in addition all expenses that have been incurred by the Company by reason of such non- payment), but the Directors may waive payment of
the interest or expenses wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 An amount payable in respect of a Share on issue or allotment or at any fixed date, whether on account
of the par value of the Share or premium or otherwise, shall be deemed to be a call and if it is not paid all the provisions of the Articles
shall apply as if that amount had become due and payable by virtue of a call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 The Directors may issue Shares with different terms as to the amount and times of payment of calls, or
the interest to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 The Directors may, if they think fit, receive an amount from any Member willing to advance all or any
part of the monies uncalled and unpaid upon any Shares held by him, and may (until the amount would otherwise become payable) pay interest
at such rate as may be agreed upon between the Directors and the Member paying such amount in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 No such amount paid in advance of calls shall entitle the Member paying such amount to any portion of
a Dividend or other distribution payable in respect of any period prior to the date upon which such amount would, but for such payment,
become payable.

15 Forfeiture of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 If a call or instalment of a call remains unpaid after it has become due and payable the Directors may
give to the person from whom it is due not less than fourteen clear days' notice requiring payment of the amount unpaid together with
any interest which may have accrued and any expenses incurred by the Company by reason of such non- payment. The notice shall specify
where payment is to be made and shall state that if the notice is not complied with the Shares in respect of which the call was made will
be liable to be forfeited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 If the notice is not complied with, any Share in respect of which it was given may, before the payment
required by the notice has been made, be forfeited by a resolution of the Directors. Such forfeiture shall include all Dividends, other
distributions or other monies payable in respect of the forfeited Share and not paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as
the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the
Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred to any person the Directors may authorise
some person to execute an instrument of transfer of the Share in favour of that person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 A person any of whose Shares have been forfeited shall cease to be a Member in respect of them and shall
surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies
which at the date of forfeiture were payable by him to the Company in respect of those Shares together with interest at such rate as the
Directors may determine, but his liability shall cease if and when the Company shall have received payment in full of all monies due and
payable by him in respect of those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 A certificate in writing under the hand of one Director or officer of the Company that a Share has been
forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to
the Share. The certificate shall (subject to the execution of an instrument of transfer) constitute a good title to the Share and the
person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application of the purchase money, if any,
nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale
or disposal of the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 The provisions of the Articles as to forfeiture shall apply in the case of non-payment of any sum which,
by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the par value of the Share or by way of premium
as if it had been payable by virtue of a call duly made and notified.

16 Transmission of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 If a Member dies the survivor or survivors (where he was a joint holder) or his legal personal representatives
(where he was a sole holder), shall be the only persons recognised by the Company as having any title to his Shares. The estate of a deceased
Member is not thereby released from any liability in respect of any Share, for which he was a joint or sole holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Any person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation or dissolution
of a Member (or in any other way than by transfer) may, upon such evidence being produced as may be required by the Directors, elect,
by a notice in writing sent by him to the Company, either to become the holder of such Share or to have some person nominated by him registered
as the holder of such Share. If he elects to have another person registered as the holder of such Share he shall sign an instrument of
transfer of that Share to that person. The Directors shall, in either case, have the same right to decline or suspend registration as
they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or dissolution,
as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 A person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or dissolution
of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions and other advantages
to which he would be entitled if he were the holder of such Share. However, he shall not, before becoming a Member in respect of a Share,
be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company and the Directors
may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him
be registered as the holder of the Share (but the Directors shall, in either case, have the same right to decline or suspend registration
as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or
dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety days of being received
or deemed to be received (as determined pursuant to the Articles) the Directors may thereafter withhold payment of all Dividends, other
distributions, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

17 Amendments of Memorandum and Articles of Association and Alteration of Capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by such sum as the Ordinary Resolution shall prescribe and with such rights,
priorities and privileges annexed thereto, as the Company in general meeting may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by subdivision of its existing Shares or any of them divide the whole or any part of its share capital
into Shares of smaller amount than is fixed by the Memorandum or into Shares without par value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that at the date of the passing of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 Subject to the provisions of the Companies Act and the provisions of the Articles as regards the matters
to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter or add to the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter or add to the Memorandum with respect to any objects, powers or other matters specified therein;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital or any capital redemption reserve fund.

18 Offices and Places of Business

Subject to the provisions of the Companies Act, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine.

19 General Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 The Company may, but shall not (unless required by the Companies Act) be obliged to, in each year
 hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual
 general meeting shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed by
 them, it shall be held at the Registered Office on the second Wednesday in December of each year at ten o'clock in the morning. At
 these meetings the report of the Directors (if any) shall be presented.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 The Directors may call general meetings, and they shall on a Members' requisition forthwith proceed to
convene an extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 A Members' requisition is a requisition of Members holding at the date of deposit of the requisition not
less than ten per cent. in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 The Members' requisition must state the objects of the meeting and must be signed by the requisitionists
and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 If there are no Directors as at the date of the deposit of the Members' requisition or if the Directors
do not within twenty-one days from the date of the deposit of the Members' requisition duly proceed to convene a general meeting to be
held within a further twenty-one days, the requisitionists, or any of them representing more than one- half of the total voting rights
of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than the day
which falls three months after the expiration of the said twenty-one day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 A general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly
as possible as that in which general meetings are to be convened by Directors.

20 Notice of General Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 At least five clear days' notice shall be given of any general meeting. Every notice shall specify the
place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be
given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided that a general
meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of
the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority in number of the Members having a right
to attend and vote at the meeting, together holding not less than ninety five per cent. in par value of the Shares giving that right.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 The accidental omission to give notice of a general meeting to, or the non-receipt of notice of a general
meeting by, any person entitled to receive such notice shall not invalidate the proceedings of that general meeting.

21 Proceedings at General Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 No business shall be transacted at any general meeting unless a quorum is present. Two Members being individuals
present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be
a quorum unless the Company has only one Member entitled to vote at such general meeting in which case the quorum shall be that one Member
present in person or by proxy or (in the case of a corporation or other non- natural person) by its duly authorised representative or
proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 A person may participate at a general meeting by conference telephone or other communications equipment
by means of which all the persons participating in the meeting can communicate with each other. Participation by a person in a general
meeting in this manner is treated as presence in person at that meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on
behalf of all of the Members for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations
or other non-natural persons, signed by their duly authorised representatives) shall be as valid and effective as if the resolution had
been passed at a general meeting of the Company duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 If a quorum is not present within half an hour from the time appointed for the meeting to commence or
if during such a meeting a quorum ceases to be present, the meeting, if convened upon a Members' requisition, shall be dissolved and in
any other case it shall stand adjourned to the same day in the next week at the same time and/or place or to such other day, time and/or
place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed
for the meeting to commence, the Members present shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 The Directors may, at any time prior to the time appointed for the meeting to commence, appoint any person
to act as chairman of a general meeting of the Company or, if the Directors do not make any such appointment, the chairman, if any, of
the board of Directors shall preside as chairman at such general meeting. If there is no such chairman, or if he shall not be present
within fifteen minutes after the time appointed for the meeting to commence, or is unwilling to act, the Directors present shall elect
one of their number to be chairman of the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 If no Director is willing to act as chairman or if no Director is present within fifteen minutes after
the time appointed for the meeting to commence, the Members present shall choose one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed
by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.8 When a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be
given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.9 A resolution put to the vote of the meeting shall be decided on a show of hands unless before, or on the
declaration of the result of, the show of hands, the chairman demands a poll, or any other Member or Members collectively present in person
or by proxy (or in the case of a corporation or other non-natural person, by its duly authorised representative or proxy) and holding
at least ten per cent. in par value of the Shares giving a right to attend and vote at the meeting demand a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.10 Unless a poll is duly demanded and the demand is not withdrawn a declaration by the chairman that a resolution
has been carried or carried unanimously, or by a particular majority, or lost or not carried by a particular majority, an entry to that
effect in the minutes of the proceedings of the meeting shall be conclusive evidence of that fact without proof of the number or proportion
of the votes recorded in favour of or against such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.11 The demand for a poll may be withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.12 Except on a poll demanded on the election of a chairman or on a question of adjournment, a poll shall
be taken as the chairman directs, and the result of the poll shall be deemed to be the resolution of the general meeting at which the
poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.13 A poll demanded on the election of a chairman or on a question of adjournment shall be taken forthwith.
A poll demanded on any other question shall be taken at such date, time and place as the chairman of the general meeting directs, and
any business other than that upon which a poll has been demanded or is contingent thereon may proceed pending the taking of the poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14 In the case of an equality of votes, whether on a show of hands or on a poll, the chairman shall be entitled
to a second or casting vote.

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| 22 | Votes of Members |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 Subject to any rights or restrictions attached to any Shares, on a show of hands every Member who (being
an individual) is present in person or by proxy or, if a corporation or other non-natural person is present by its duly authorised representative
or by proxy, shall have one vote and on a poll every Member present in any such manner shall have one vote for every Share of which he
is the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 In the case of joint holders the vote of the senior holder who tenders a vote, whether in person or by
proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative or proxy), shall be accepted
to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order in which the names of the holders
stand in the Register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 A Member of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction
in lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver, curator bonis, or other person on such Member's
behalf appointed by that court, and any such committee, receiver, curator bonis or other person may vote by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 No person shall be entitled to vote at any general meeting unless he is registered as a Member on the
record date for such meeting nor unless all calls or other monies then payable by him in respect of Shares have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 No objection shall be raised as to the qualification of any voter except at the general meeting or adjourned
general meeting at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection
made in due time in accordance with this Article shall be referred to the chairman whose decision shall be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 On a poll or on a show of hands votes may be cast either personally or by proxy (or in the case of a corporation
or other non-natural person by its duly authorised representative or proxy). A Member may appoint more than one proxy or the same proxy
under one or more instruments to attend and vote at a meeting. Where a Member appoints more than one proxy the instrument of proxy shall
state which proxy is entitled to vote on a show of hands and shall specify the number of Shares in respect of which each proxy is entitled
to exercise the related votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 On a poll, a Member holding more than one Share need not cast the votes in respect of his Shares in the
same way on any resolution and therefore may vote a Share or some or all such Shares either for or against a resolution and/or abstain
from voting a Share or some or all of the Shares and, subject to the terms of the instrument appointing him, a proxy appointed under one
or more instruments may vote a Share or some or all of the Shares in respect of which he is appointed either for or against a resolution
and/or abstain from voting a Share or some or all of the
Shares in respect of which he is appointed.

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| 23 | Proxies |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor
or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non- natural person, under the hand of its
duly authorised representative. A proxy need not be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 The Directors may, in the notice convening any meeting or adjourned meeting, or in an instrument of proxy
sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and the place and the time (being
not later than the time appointed for the commencement of the meeting or adjourned meeting to which the proxy relates) at which the instrument
appointing a proxy shall be deposited. In the absence of any such direction from the Directors in the notice convening any meeting or
adjourned meeting or in an instrument of proxy sent out by the Company, the instrument appointing a proxy shall be deposited physically
at the Registered Office not less than 48 hours before the time appointed for the meeting or adjourned meeting to commence at which the
person named in the instrument proposes to vote.

The chairman may in any event at his discretion declare that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have been duly deposited by the chairman, shall be invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 The instrument appointing a proxy may be in any usual or common form (or such other form as the Directors
may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument
appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the
previous death or insanity of the principal or revocation of the proxy or of the authority under which the proxy was executed, or the
transfer of the Share in respect of which the proxy is given unless notice in writing of such death, insanity, revocation or transfer
was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which it
is sought to use the proxy.

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24 Corporate Members

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

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| 25 | Shares that May Not be Voted |

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Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time.

26 Directors

There shall be a board of Directors consisting of not less than one person (exclusive of alternate Directors) provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. The first Directors of the Company shall be determined in writing by, or appointed by a resolution of, the Subscriber.

27 Powers of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 Subject to the provisions of the Companies Act, the Memorandum and the Articles and to any directions
given by Special Resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company.
No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been
valid if that alteration had not been made or that direction had not been given. A duly convened meeting of Directors at which a quorum
is present may exercise all powers exercisable by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments
and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in
such manner as the Directors shall determine by resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any
Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions
to any fund and pay premiums for the purchase or provision of any such gratuity,
pension or allowance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock,
mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of
any third party.

28 Appointment and Removal of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 The Company may by Ordinary Resolution appoint any person to be a Director or may by Ordinary Resolution
remove any Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 The Directors may appoint any person to be a Director, either to fill a vacancy or as an additional Director
provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles
as the maximum number of Directors.

29 Vacation of Office of Director

The office of a Director shall be vacated if:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two in number) determine that he should be removed as
a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors duly convened and held in accordance
with the Articles or by a resolution in writing signed by all of the other Directors.

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30 Proceedings of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 The quorum for the transaction of the business of the Directors may be fixed by the Directors, and unless
so fixed shall be two if there are two or more Directors, and shall be one if there is only one Director. A person who holds office as
an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director
shall, if his appointor is not present, count twice towards the quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 Subject to the provisions of the Articles, the Directors may regulate their proceedings as they think
fit. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall
have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate
vote on behalf of his appointor in addition to his own vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3 A person may participate in a meeting of the Directors or committee of Directors by conference telephone
or other communications equipment by means of which all the persons participating in the meeting can communicate with each other at the
same time. Participation by a person in a meeting in this manner is treated as presence in person at that meeting. Unless otherwise determined
by the Directors the meeting shall be deemed to be held at the place where the chairman is located at the start of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4 A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of
a committee of the Directors or, in the case of a resolution in writing relating to the removal of any Director or the vacation of office
by any Director, all of the Directors other than the Director who is the subject of such resolution (an alternate Director being entitled
to sign such a resolution on behalf of his appointor and if such alternate Director is also a Director, being entitled to sign such resolution
both on behalf of his appointer and in his capacity as a Director) shall be as valid and effectual as if it had been passed at a meeting
of the Directors, or committee of Directors as the case may be, duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.5 A Director or alternate Director may, or other officer of the Company on the direction of a Director or
alternate Director shall, call a meeting of the Directors by at least two days' notice in writing to every Director and alternate Director
which notice shall set forth the general nature of the business to be considered unless notice is waived by all the Directors (or their
alternates) either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions of the
Articles relating to the giving of notices by the Company to the Members shall apply *mutatis mutandis.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.6 The continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding any
vacancy in their body, but if and so long as their number is reduced below the number fixed by or pursuant to the Articles as the necessary
quorum of Directors the continuing Directors or Director may act for the purpose of
increasing the number of Directors to be equal to such fixed number, or of summoning a general meeting of the Company, but for no other
purpose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.7 The Directors may elect a chairman of their board and determine the period for which he is to hold office;
but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for
the meeting to commence, the Directors present may choose one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.8 All acts done by any meeting of the Directors or of a committee of the Directors (including any person
acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were
not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director or alternate
Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.9 A Director but not an alternate Director may be represented at any meetings of the board of Directors
by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed
to be that of the appointing Director.

31 Presumption of Assent

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

32 Directors' Interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 A Director or alternate Director may hold any other office or place of profit under the Company (other
than the office of Auditor) in conjunction with his office of Director for such period and on such terms as to remuneration and otherwise
as the Directors may determine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 A Director or alternate Director may act by himself or by, through or on behalf of his firm in a professional
capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were not a Director or
alternate Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3 A Director or alternate Director may be or become a director or other officer of or otherwise interested
in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting party or otherwise, and
no such Director or alternate Director shall be accountable to the Company for any remuneration or other benefits received by him as a
director or officer of, or from his interest in, such other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.4 No person shall be disqualified from the office of Director or alternate Director or prevented by such
office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction
entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way interested be or be liable
to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable to account to the Company
for any profit realised by or arising in connection with any such contract or transaction by reason of such Director or alternate Director
holding office or of the fiduciary relationship thereby established. A Director (or his alternate Director in his absence) shall be at
liberty to vote in respect of any contract or transaction in which he is interested provided that the nature of the interest of any Director
or alternate Director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.5 A general notice that a Director or alternate Director is a shareholder, director, officer or employee
of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient
disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such
general notice it shall not be necessary to give special notice relating to any particular transaction.

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| 33 | Minutes |

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The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

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34 Delegation of Directors' Powers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 The Directors may delegate any of their powers, authorities and discretions, including the power to sub-delegate,
to any committee consisting of one or more Directors. They may also delegate to any managing director or any Director holding any other
executive office such of their powers, authorities and discretions as they consider desirable to be exercised by him provided that an
alternate Director may not act as managing director and the appointment of a managing director shall be revoked forthwith if he ceases
to be a Director. Any such delegation may be made subject to any conditions the Directors may impose and either collaterally with or to
the exclusion of their own powers and any such delegation may be revoked or altered by the Directors. Subject to any such conditions,
the proceedings of a committee of Directors shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.2 The Directors may establish any committees, local boards or agencies or appoint any person to be a manager
or agent for managing the affairs of the Company and may appoint any person to be a member of such committees, local boards or agencies.
Any such appointment may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion
of their own powers and any such appointment may be revoked or altered by the Directors. Subject to any such conditions, the proceedings
of any such committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 The Directors may by power of attorney or otherwise appoint any person to be the agent of the Company
on such conditions as the Directors may determine, provided that the delegation is not to the exclusion of their own powers and may be
revoked by the Directors at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4 The Directors may by power of attorney or otherwise appoint any company, firm, person or body of persons,
whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory of the Company for such purpose
and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under the Articles) and
for such period and subject to such conditions as they may think fit, and any such powers of attorney or other appointment may contain
such provisions for the protection and convenience of persons dealing with any such attorneys or authorised signatories as the Directors
may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities and discretions
vested in him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.5 The Directors may appoint such officers of the Company (including,
for the avoidance of doubt and without limitation, any secretary) as they consider necessary on such terms, at such remuneration and
to perform such duties, and subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise
specified in the terms of his appointment an officer of the Company may be removed by resolution of the Directors or Members. An officer
of the Company may vacate his office at any time if he gives notice in writing to the Company that he resigns his office.

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35 Alternate Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1 Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person
willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.2 An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing
him is not personally present, to sign any written resolution of the Directors, and generally to perform all the functions of his appointor
as a Director in his absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.3 An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.4 Any appointment or removal of an alternate Director shall be by notice to the Company signed by the Director
making or revoking the appointment or in any other manner approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.5 Subject to the provisions of the Articles, an alternate Director shall be deemed for all purposes to be
a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent of the Director appointing
him.

36 No Minimum Shareholding

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

37 Remuneration of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.1 The remuneration to be paid to the Directors, if any, shall
be such remuneration as the Directors shall determine. The Directors shall also be entitled to be paid all travelling, hotel and other
expenses properly incurred by them in connection with their attendance at meetings of Directors or committees of Directors, or general
meetings of the Company, or separate meetings of the holders of any class of Shares or debentures of the Company, or otherwise in connection
with the business of the Company or the discharge of their duties as a Director, or to receive a fixed allowance in respect thereof as
may be determined by the Directors, or a combination partly of one such method and partly the other.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.2 The Directors may by resolution approve additional remuneration to any Director for any services which
in the opinion of the Directors go beyond his ordinary routine work as a Director. Any fees paid to a Director who is also counsel, attorney
or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to his remuneration as a Director.

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| 38 | Seal |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1 The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority
of the Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall
be signed by at least one person who shall be either a Director or some officer of the Company or other person appointed by the Directors
for the purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals
each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face
of the name of every place where it is to be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.3 A Director or officer, representative or attorney of the Company may without further authority of the
Directors affix the Seal over his signature alone to any document of the Company required to be authenticated by him under seal or to
be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

39 Dividends, Distributions and Reserve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1 Subject to the Companies Act and this Article and except as otherwise provided by the rights attached
to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares in issue and authorise payment of the Dividends
or other distributions out of the funds of the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend
unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend specifically state that such Dividend
shall be a final Dividend. No Dividend or other distribution shall be paid except out of the realised or unrealised profits of the Company,
out of the share premium account or as otherwise permitted by the Companies Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2 Except as otherwise provided by the rights attached to any Shares, all Dividends and other distributions
shall be paid according to the par value of the Shares that a Member holds. If any Share is issued on terms providing that it shall rank
for Dividend as from a particular date, that Share shall rank for Dividend accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3 The Directors may deduct from any Dividend or other distribution payable to any Member all sums of money
(if any) then payable by him to the Company on account of calls or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.4 The Directors may resolve that any Dividend or other distribution be paid wholly or partly by the distribution
of specific assets and in particular (but without limitation) by the distribution of shares, debentures, or securities of any other company
or in any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as
they think expedient and in particular may issue fractional Shares and may fix the value for distribution of such specific assets or any
part thereof and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust
the rights of all Members and may vest any such specific assets in trustees in such manner as may seem expedient to the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.5 Except as otherwise provided by the rights attached to any Shares, Dividends and other distributions may
be paid in any currency. The Directors may determine the basis of conversion for any currency conversions that may be required and how
any costs involved are to be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.6 The Directors may, before resolving to pay any Dividend or other distribution, set aside such sums as
they think proper as a reserve or reserves which shall, at the discretion of the Directors, be applicable for any purpose of the Company
and pending such application may, at the discretion of the Directors, be employed in the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.7 Any Dividend, other distribution, interest or other monies payable in cash in respect of Shares may be
paid by wire transfer to the holder or by cheque or warrant sent through the post directed to the registered address of the holder or,
in the case of joint holders, to the registered address of the holder who is first named on the Register of Members or to such person
and to such address as such holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order
of the person to whom it is sent. Any one of two or more joint holders may give effectual receipts for any Dividends, other distributions,
bonuses, or other monies payable in respect of the Share held by them as joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.8 No Dividend or other distribution shall bear interest against the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.9 Any Dividend or other distribution which cannot be paid to
a Member and/or which remains unclaimed after six months from the date on which such Dividend or other distribution becomes payable may,
in the discretion of the Directors, be paid into a separate account in the Company's name, provided that the Company shall not be constituted
as a trustee in respect of that account and the Dividend or other distribution shall remain as a debt due to the Member. Any Dividend
or other distribution which remains unclaimed after a period of six years from the date on which such Dividend or other distribution
becomes payable shall be forfeited and shall revert to the Company.

40 Capitalisation

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

41 Books of Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1 The Directors shall cause proper books of account (including, where applicable, material underlying documentation
including contracts and invoices) to be kept with respect to all sums of money received and expended by the Company and the matters in
respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities
of the Company. Such books of account must be retained for a minimum period of five years from the date on which they are prepared. Proper
books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the
state of the Company's affairs and to explain its transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.2 The Directors shall determine whether and to what extent
and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open
to the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account
or book or document of the Company except as conferred by Companies Act or authorised by the Directors or by the Company in general meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.3 The Directors may cause to be prepared and to be laid before the Company in general meeting profit and
loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

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| 42 | Audit |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.1 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.2 Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may
be necessary for the performance of the duties of the Auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.3 Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their
tenure of office at the next annual general meeting following their appointment in the case of a company which is registered with the
Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the case of
a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office,
upon request of the Directors or any general meeting of the Members.

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| 43 | Notices |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.1 Notices shall be in writing and may be given by the Company to any Member either personally or by sending
it by courier, post, cable, telex, fax or e-mail to him or to his address as shown in the Register of Members (or where the notice is
given by e-mail by sending it to the e-mail address provided by such Member). Any notice, if posted from one country to another, is to
be sent by airmail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.2 Where a notice is sent by courier, service of the notice
shall be deemed to be effected by delivery of the notice to a courier company, and shall be deemed to have been received on the third
day (not including Saturdays or Sundays or public holidays) following the day on which the notice was delivered to the courier. Where
a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, pre paying and posting a letter
containing the notice, and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays or public holidays
in the Cayman Islands) following the day on which the notice was posted. Where a notice is sent by cable, telex or fax, service of the
notice shall be deemed to be effected by properly addressing and sending such notice and shall be deemed to have been received on the
same day that it was transmitted. Where a notice is given by e-mail service shall be deemed to be effected by transmitting the e-mail
to the e-mail address provided by the intended recipient and shall be deemed to have been received on the same day that it was sent,
and it shall not be necessary for the receipt of the e-mail to be acknowledged by the recipient.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.3 A notice may be given by the Company to the person or persons which the Company has been advised are entitled
to a Share or Shares in consequence of the death or bankruptcy of a Member in the same manner as other notices which are required to be
given under the Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of the
bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option
of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.4 Notice of every general meeting shall be given in any manner authorised by the Articles to every holder
of Shares carrying an entitlement to receive such notice on the record date for such meeting except that in the case of joint holders
the notice shall be sufficient if given to the joint holder first named in the Register of Members and every person upon whom the ownership
of a Share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of a Member where the Member but
for his death or bankruptcy would be entitled to receive notice of the meeting, and no other person shall be entitled to receive notices
of general meetings.

44 Winding Up

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.1 If the Company shall be wound up the liquidator shall apply the assets of the Company in satisfaction
of creditors' claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any Shares, in a winding
up:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the assets available for distribution amongst the Members shall be insufficient to repay the whole
of the Company's issued share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the
Members in proportion to the par value of the Shares held by them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the assets available for distribution amongst the Members
shall be more than sufficient to repay the whole of the Company's issued share capital at the commencement of the winding up, the surplus
shall be distributed amongst the Members in proportion to the par value of the Shares held by them at the commencement of the winding
up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company for unpaid
calls or otherwise.

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.2 If the Company shall be wound up the liquidator may, subject to the rights attaching to any Shares and
with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, divide amongst the Members
in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of the same kind or not) and
may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes
of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the
benefit of the Members as the liquidator, with the like sanction, shall think fit, but so that no Member shall be compelled to accept
any asset upon which there is a liability.

45 Indemnity and Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.1 Every Director and officer of the Company (which for the avoidance of doubt, shall not include auditors
of the Company), together with every former Director and former officer of the Company (each an "**Indemnified Person**") shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand,
costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure
to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud or wilful
default. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct
or indirect) of the carrying out of their functions unless that liability arises through the actual fraud or wilful default of such Indemnified
Person. No person shall be found to have committed actual fraud or wilful default under this Article unless or until a court of competent
jurisdiction shall have made a finding to that effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.2 The Company shall advance to each Indemnified Person reasonable
attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation
involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder,
the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment
or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be
determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect
to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any
advancement shall be returned to the Company (without interest) by the Indemnified Person.

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.3 The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director
or other officer of the Company against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect
of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company.

46 Financial Year

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

47 Transfer by Way of Continuation

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

48 Mergers and Consolidations

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

49 Cayman Islands Data Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.1 The Company is a "data controller" for the purposes
of the Data Protection Act, 2017 (as amended) of the Cayman Islands (the **DPA**).
By virtue of subscribing for and holding Shares in the Company, Members provide the Company with certain information (**Personal Data**) that constitutes "personal data" under the DPA. Personal Data includes, without limitation, the following
information relating to a Member and/or any natural person(s) connected with a Member (such as a Member's individual directors, members
and/or beneficial owner(s)): name, residential address, email address, corporate contact information, other contact information, date
of birth, place of birth, passport or other national identifier details, national insurance or social security number, tax identification,
bank account details and information regarding assets, income, employment and source of funds.

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.2 The Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing contractual rights and obligations (including under the constitutional documents of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with legal or regulatory obligations (including those relating to anti-money laundering and
counter-terrorist financing, preventing and detecting fraud, sanctions, automatic exchange of tax information, requests from governmental,
regulatory, tax and law enforcement authorities, beneficial ownership and maintaining statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legitimate interests pursued by the Company or third parties to whom Personal Data may be transferred,
including to manage and administer the Company, to send updates, information and notices to Members or otherwise correspond with Members
regarding the Company, to seek professional advice, including legal advice, to meet accounting, tax reporting and audit obligations, to
manage risk and operations and to maintain internal records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.3 The Company transfers Personal Data to certain third parties who process the Personal Data on the Company's
behalf, including third party service providers that it appoints or engages to assist with the Company's management, operation, administration
and legal, governance and regulatory compliance. In certain circumstances, the Company may be required by law or regulation to transfer
Personal Data and other information with respect to one or more Member(s) to governmental, regulatory, tax and law enforcement authorities.
They may, in turn, exchange this information with other governmental, regulatory, tax and law enforcement authorities (including in jurisdictions
other than the Cayman Islands).

---

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## Exhibit 3.2

**Exhibit 3.2**

 

 

 

 

 

 

 

 

**THE CAYMAN ISLANDS**

**THE COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION** 

**of**

**Cloud Data Holdings Corporation**

(adopted by a Special Resolution passed on 20 January 2026)

 

**THE CAYMAN ISLANDS**

**THE COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES** 

**AMENDED AND RESTATED** 

**MEMORANDUM OF ASSOCIATION** 

**OF**

**Cloud Data Holdings Corporation**

(adopted by a Special Resolution passed on 20 January 2026)

1. The name of the Company is Cloud Data Holdings Corporation.

2. The registered office will be situated at the offices of McGrath Tonner Corporate Services Limited, Genesis
Building, 5th Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other place in the Cayman Islands or at such other
place in the Cayman Islands as the Directors may from time to time decide.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to carry out any object not prohibited by the Companies Act (As Amended) or any other law of the Cayman Islands and shall
have and be capable of from time to time and at all times exercising any and all of the powers at any time or from time to time exercisable
by a natural person or body corporate in any part of the world whether as principal, agent, contractor or otherwise.

4. The Company shall not be permitted to carry on any business where a licence is required under the laws
of the Cayman Islands to carry on such a business until such time as the relevant licence has been obtained.

5. As an exempted company, the Company's operations will be carried on subject to the provisions of
Section 174 of the Companies Act (As Amended).

6. The liability of each Shareholder is limited to the amount from time to time unpaid on such Shareholder's
share.

7. The authorized share capital of the Company is US$50,000.00 divided into 500,000,000 Ordinary Shares of
par value US$0.0001 each, with the power for the Company to increase or reduce the said capital and to issue any part of its capital,
original or increased, with or without any preference, priority or special privilege or subject to any postponement of rights or to any
conditions or restrictions; and so that, unless the condition of issue shall otherwise expressly declare, every issue of shares, whether
declared to be preference or otherwise, shall be subject to the power hereinbefore contained.

 

8. The Company has power to register by way of continuation as a body corporate limited by shares under the
laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

9. Capitalized terms that are not defined in this Memorandum of Association bear the same meanings as those
given in the Articles of Association of the Company.

**THE CAYMAN ISLANDS**

**THE COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION** 

**of**

**Cloud Data Holdings Corporation**

(adopted by a Special Resolution passed on 20 January 2026)

 

**THE CAYMAN ISLANDS**

**THE COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES** 

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Cloud Data Holdings Corporation**

(adopted by a Special Resolution passed on 20 January 2026)

**TABLE A**

The Regulations contained or incorporated in Table A in the First Schedule to the Companies Act (As Amended) shall not apply to the Company and the following regulations shall comprise the Articles of Association of the Company:

**INTERPRETATION**

1. In these Articles of Association the following terms shall have the meanings set opposite unless the context
otherwise requires:-

---

| | |
|:---|:---|
| **"Articles**" | means these Articles of Association. |
| **"Auditors"** | means the auditors of the Company for the time being, if appointed. |
| **"Board**" or | being, or as the case may be, the Directors assembled as a |
| **"Board of Directors**" | Board or as a committee thereof. |
| **"Companies Act**" | means the Companies Act (as revised) of the Cayman Islands. |
| **"Company"** | means Cloud Data Holdings Corporation. |
| **"day(s)"** | means calendar day(s), unless specified otherwise. |
| **"Directors"** | means the directors of the Company for the time. |

---

---

| | |
|:---|:---|
| **"Electronic Record"** | has the meaning given to that expression in the Electronic Transactions Act (Revised), as amended from time to time. |
| **"in writing"** | means written, printed, lithographed, Electronic Record, photographed or telexed or represented by any other substitute for writing or partly one and partly another. |
| **"Memorandum of Association"** | means the Memorandum of Association of the Company, as amended, restated or supplemented from time to time |
| **"Ordinary Resolution"** | means a 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;&nbsp;&nbsp;&nbsp;&nbsp;a. passed by a simple majority of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is entitled; or

b. approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments signed in the aggregate by all of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments if more than one, is signed.

---

| | |
|:---|:---|
| **"Ordinary Share"** | means an ordinary share of par value US$0.0001 each in the capital of the Company. |
| **"paid up"** | includes credited as paid up. |
| **"Registered Office"** | means the registered office of the Company as provided in Section 50 of the Companies Act. |
| **"Register of** | means the register to be kept by the Company in accordance |
| **Members**" | with Section 40 of the Companies Act. |
| **"Seal"** | means the Common Seal (if any) of the Company including any facsimile thereof for use outside of the Cayman Islands. |
| **"Secretary"** | means any person appointed by the Directors to perform any of the duties of the secretary of the Company including any assistant secretary. |
| **"shares"** | means a share of any class in the capital of the Company, and "**Share**" means any one of them, and includes a fraction of a share. |
| **"Shareholder"** | means a person whose name is entered in the Register of Members. |
| **"signed"** | includes a signature or representation of a signature affixed by mechanical means. |

---

---

| | |
|:---|:---|
| **"Special Resolution"** | means a resolution passed in accordance with Section 60 of the Companies Act, being a 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;&nbsp;&nbsp;&nbsp;&nbsp;a. passed by a majority of at least two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution has been duly given and where a poll is taken regard shall be had in computing such a majority to the number of votes to which each Shareholder is entitled; or

b. approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments signed in the aggregate by all of the Shareholders and the effective date of the Special Resolution so adopted shall be the date on which the instrument or the last of such instruments if more than one, is executed.

2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. words importing the singular
number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. words importing the masculine
gender only shall include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 words importing persons only
shall include companies or associations or bodies of persons, whether corporate or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 the word "may" shall
be construed as permissive and the word "shall" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 a reference to an Article shall
be to an Article of these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 a reference to a dollar or dollars
or US$ is a reference to United States dollars, the lawful currency of the United States of America; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 a reference to a statutory enactment
shall include reference to any amendment or re- enactment thereof for the time being in force.

3. Subject to the last two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be commenced as soon after incorporation as the Directors see fit.

5. The registered office of the Company shall be at such address in the Cayman Islands as the Directors shall
from time to time determine. The Company may in addition establish and maintain such other offices and places of business and agencies
in such places as the Directors may from time to time determine.

**SHARE CAPITAL**

6. The authorized share capital of the Company at the date of adoption of these Articles is US$50,000.00
divided into 500,000,000 Ordinary Shares.

7. Subject to any applicable laws and regulations, rules of any stock exchange, and the Memorandum of Association
of the Company, and without prejudice to any special rights previously conferred on the holders of existing shares, any share may be issued
with such preferred, deferred, or other special rights, or such restrictions, whether in regard to dividend, voting, return of share capital
or otherwise, as the Company may from time to time by Special Resolution determine, and subject to the provisions of section 37 of the
Companies Act, any share may, with the sanction of a Special Resolution, be issued on the terms that it is, or at the option of the Company
or the holder is liable, to be redeemed.

8. Subject as otherwise provided in any applicable laws and regulations, any applicable rules of any applicable
stock exchange, and these Articles, all shares for the time being and from time to time unissued shall be under the control of the Directors,
and may be redesignated, allotted, issued or otherwise disposed of in such manner, to such persons and on such terms as the Directors,
in their absolute discretion, may think fit. The Directors may issue shares in separate classes and may issue shares of any class in different
series.

9. The Company shall not issue shares to bearer.

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

11. The Directors shall keep or cause to be kept a Register of Members as required by Section 40 of the Companies
Act at such place or places as the Directors may from time to time determine, and in the absence of any such determination, the Register
of Members shall be kept at the registered office of the Company. The Company shall not be bound to register more than four persons as
the joint holders of any share or shares.

**FRACTIONAL SHARES**

12. The Directors may issue fractions of a share up to such number of decimal places as they shall determine
of any class or series of shares, and, if so issued, a fraction of a share (calculated to three decimal points) shall be subject to and
carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon, contribution, calls or otherwise),
limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation, voting and participation rights)
and other attributes of a whole share of the same class or series of shares.

**REPURCHASE OF SHARES**

13. Subject to the provisions of the Companies Act as well as any other applicable laws and regulations and
without prejudice to these Articles, the Company may purchase its own shares in such manner and on such terms as the Directors may agree
with the relevant Shareholder, and may make a payment in respect of the purchase of its own shares in any manner permitted by the Companies
Act, including out of capital. The Directors may accept the surrender for no consideration of any fully paid share unless following
such surrender there would no longer be any issued shares.

**VARIATION OF RIGHTS ATTACHING TO SHARES**

14. The rights attaching to any class or series of share (unless otherwise provided by these Articles or the
terms of issue of the shares of that class or series) may be varied or abrogated with the consent in writing of the holders of two-third
of the issued shares of that class or series, or with the sanction of a resolution passed by at least a two-third majority of the holders
of shares of the class or series present in person or by proxy and entitled to vote at a separate meeting of the holders of the shares
of the class or series. To every such separate general meeting the provisions of these Articles relating to general meetings of the Company
shall mutatis mutandis apply, but so that the necessary quorum shall, unless otherwise provided by these Articles, be at least two persons
holding or representing by proxy at least one-third of the issued shares of the class or series and that any holder of shares of the class
or series present in person or by proxy may demand a poll.

**CERTIFICATES FOR SHARES**

15. A Shareholder shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or another person authorized by the Directors. The Directors may authorize certificates to be
issued with the authorized signature(s) affixed by mechanical process. All certificates for shares shall be consecutively numbered or
otherwise identified and shall specify the shares to which they relate.

16. The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all of them.

17. If a share certificate is defaced, worn out, lost or destroyed, it may be renewed on such terms (if any)
as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating evidence, as the
Directors may prescribe, and (in the case of defacement or wearing out) on delivery up of the old certificate.

**LIEN**

18. The Company shall have a first priority lien and charge on every partly paid share for all moneys (whether
presently payable or not) called or payable at a fixed time in respect of that share, and the Company shall also have a first priority
lien and charge on all partly paid shares standing registered in the name of a Shareholder (whether held solely or jointly with another
person) for all moneys presently payable by him or his estate to the Company, but the Directors may at any time declare any share to be
wholly or in part exempt from the provisions of this Article. The Company's lien, if any, on a share shall extend to all distributions
payable thereon.

19. The Company may sell, in such manner as the Directors in their sole and absolute discretion think fit,
any shares on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is presently
payable nor until the expiration of 14 days after a notice in writing, stating and demanding payment of such part of the amount in respect
of which the lien exists as is presently payable, has been given to the registered holder for the time being of the share, or the persons
entitled thereto by reason of his death or bankruptcy.

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

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

**CALLS ON SHARES**

22. The Directors may from time to time make calls upon the Shareholders in respect of any moneys unpaid on
their partly paid shares, and each Shareholder shall (subject to receiving at least 14 days notice specifying the time or times of payment)
pay to the Company at the time or times so specified the amount called on such shares.

23. The joint holders of a share shall be jointly and severally liable to pay calls in respect thereof.

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

25. The provisions of these Articles as to the liability of joint holders and as to payment of interest shall
apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account
of the amount of the share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

26. The Directors may make arrangements on the issue of partly paid shares for a difference between the Shareholders,
or the particular shares, in the amount of calls to be paid and in the times of payment.

27. The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or
any part of the moneys uncalled and unpaid upon any partly paid shares held by him, and upon all or any of the moneys so advanced may
(until the same would, but for such advance, become presently payable) pay interest at such rate as may be agreed upon between the Shareholder
paying the sum in advance and the Directors.

**FORFEITURE OF SHARES**

28. If a Shareholder fails to pay any call or instalment of a call in respect of partly paid shares on the
day appointed for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid,
serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.

29. The notice shall name a further day (not earlier than the expiration of 14 days from the date of the notice)
on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the
time appointed the shares in respect of which the call was made will be liable to be forfeited.

30. If the requirements of any such notice as aforesaid are not complied with, any share in respect of which
the notice has been given may, at any time thereafter before the payment required by notice has been made, be forfeited by a resolution
of the Directors to that effect.

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

32. A person whose shares have been forfeited shall cease to be a Shareholder in respect of the forfeited
shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him
to the Company in respect of the shares forfeited, but his liability shall cease if and when the Company receives payment in full the
amount unpaid on the shares forfeited.

33. A statutory declaration in writing that the declarant is a Director, and that a share has been duly forfeited
on a date stated in the declaration, shall be conclusive evidence of the facts in the notice as against all persons claiming to be entitled
to the share.

34. The Company may receive the consideration, if any, given for a share on any sale or disposition thereof
pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the share in favor of the person to whom the
share is sold or disposed of and that person shall be registered as the holder of the share, and shall not be bound to see to the application
of the purchase money, if any, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference
to the disposition or sale.

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

**TRANSFER OF SHARES**

36. The instrument of transfer of any share shall be in any usual or common form or such other form as the
Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of a nil or partly
paid up share, if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied by such evidence
as the Directors may reasonably require to show the right of the transferor to make the transfer. The transferor shall be deemed to remain
a holder of the share until the name of the transferee is entered in the Register of Members in respect thereof.

37. Subject to any applicable rules of any stock exchange, the Directors may, in their absolute discretion,
decline to register any transfer of shares without assigning any reason therefor. If the Directors refuse to register a transfer of any
shares, they shall, within three months after the date on which the transfer was lodged with the Company, send to the transferee notice
of the refusal.

38. Subject to any applicable rules of any stock exchange, the registration of transfers may be suspended
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 shall not be suspended for more than 30 days in any year.

39. All instruments of transfer which are registered shall be retained by the Company, but any instrument
of transfer which the Directors decline to register shall (except in any case of fraud) be returned to the person depositing the same.

**TRANSMISSION OF SHARES**

40. The legal personal representative of a deceased sole holder of a share shall be the only person recognized
by the Company as having any title to the share. In the case of a share registered in the name of two or more holders, the survivor or
survivors of the deceased, or the legal personal representatives of the deceased, shall be the only person or persons recognized by the
Company as having any title to the share.

41. Any person becoming entitled to a share in consequence of the death or bankruptcy of a Shareholder shall,
upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder
in respect of the share or, instead of being registered himself, to make such transfer of the share as the deceased or bankrupt person
could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had
in the case of a transfer of the share by the deceased or bankrupt person before the death or bankruptcy.

42. A person becoming entitled to a share by reason of the death or bankruptcy of the holder shall be entitled
to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share, except that he
shall not, before being registered as a Shareholder in respect of the share, be entitled, in respect of it, to exercise any right conferred
by membership in relation to meetings of the Company.

**ALTERATION OF SHARE CAPITAL**

43. The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be
divided into shares of such classes or series and amount, as the resolution shall prescribe.

44. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.1. consolidate and divide all or
any of its share capital into shares of a larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.2. 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;44.3. subdivide its existing shares,
or any of them, into shares of a smaller amount provided that in the subdivision 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;44.4. cancel any shares which, at
the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share
capital by the amount of the shares so cancelled.

45. The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner authorized by law.

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

46. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote
at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend,
or in order to make a determination as to who is a Shareholders for any other purpose, the Directors may provide that the Register of
Members shall be closed for transfers for a stated period which shall not exceed in any case 30 days. If the Register of Members shall
be so closed for the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at a meeting of
Shareholders the Register of Members shall be so closed for at least 10 days immediately preceding such meeting and the record date for
such determination shall be the date of the closure of the Register of Members.

47. In lieu of or apart from closing the Register of Members, the Directors may fix in advance a date as the
record date for any such determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of the
Shareholders and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend the Directors
may, at or within 30 days prior to the date of declaration of such dividend fix a subsequent date as the record date for such determination.

48. If the Register of Members is not so closed and no record date is fixed for the determination of those
Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive
payment of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring
such dividend is adopted, as the case may be, shall be the record date for such determination of Shareholders. When a determination of
those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this
Article, such determination shall apply to any adjournment thereof.

**GENERAL MEETINGS**

49. The Directors may, whenever they think fit, convene a general meeting of the Company.

50. General meetings shall also be convened on the written requisition of any Shareholder or Shareholders
entitled to attend and vote at general meetings of the Company who hold not less than 10 per cent of the total number of issued and paid
up voting shares of the Company deposited at the registered office of the Company specifying the objects of the meeting for a date no
later than 21 days from the date of deposit of the requisition signed by the requisitionists, and if the Directors do not convene such
meeting for a date not later than 45 days after the date of such deposit, the requisitionists themselves may convene the general meeting
in the same manner, as nearly as possible, as that in which general meetings may be convened by the Directors, and all reasonable expenses
incurred by the requisitionists as a result of the failure of the Directors to convene the general meeting shall be reimbursed to them
by the Company.

51. If at any time there are no Directors, any two Shareholders (or if there is only one Shareholder then
that Shareholder) entitled to vote at general meetings of the Company may convene a general meeting in the same manner as nearly as possible
as that in which meetings may be convened by the Directors.

**NOTICE OF GENERAL MEETINGS**

52. At least seven clear days' notice of a general meeting excluding the day the notice is given or
deemed to be given as provided in these Articles and the day of the meeting, specifying the place, the day and the hour of the meeting
and, in case of special business, the general nature of that business, shall be given in the manner hereinafter provided or in such other
manner (if any) as may be prescribed by the Company by Ordinary Resolution to such persons as are, under these Articles, entitled to receive
such notices from the Company, but with the consent of all the Shareholders entitled to receive notice of some particular meeting and
attend and vote thereat, that meeting may be convened by such shorter notice or without notice and in such manner as those Shareholders
may think fit. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by any Shareholder shall
not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

53. All business carried out at a general meeting shall be deemed special with the exception of sanctioning
a dividend, the consideration of the accounts, balance sheets, and any report of the Directors or of the Auditors and the fixing of the
remuneration of the Auditors. No special business shall be transacted at any general meeting without the consent of all Shareholders entitled
to receive notice of that meeting unless notice of such special business has been given in the notice convening that meeting.

54. Other than the appointment of the chairman of the general meeting, no business shall be transacted at
any general meeting unless a quorum of Shareholders is present at the time when the meeting proceeds to business. Save as otherwise provided
by these Articles, one or more Shareholders holding at least one-third of the total number of the issued and paid up voting shares of
the Company present in person or by proxy shall be a quorum.

55. If within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if
convened upon the requisition of Shareholders, shall be dissolved. In any other case it shall stand adjourned to the same day in the next
week, at the same time and place, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed
for the meeting the Shareholder or Shareholders present and entitled to vote shall be a quorum.

56. If the Directors wish to make this facility available to Shareholders for a specific or all general meetings
of the Company, a Shareholder who is entitled to participate in any specific or general meeting of the Company, may participate by means
of telephone or similar communication equipment by way of which all persons participating in such meeting can hear each other and such
participation shall be deemed to constitute presence in person at the meeting.

57. The Chairman (if any) shall preside as chairman at every general meeting of the Company.

58. If there is no Chairman, or if at any general meeting the Chairman is not present within fifteen minutes
after the time appointed for holding the meeting or is unwilling to act as chairman of the meeting, the Shareholders present shall choose
one of their number to be chairman of that meeting.

59. The chairman of the meeting may, with the consent of any general meeting at which a quorum is present
(and shall if so directed by the meeting), adjourn a meeting from time to time and from place to place, but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting
is adjourned for 14 days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid
it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting.

60. At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands,
unless a poll is (before or on the declaration of the result of the show of hands) demanded by (i) the chairman of the meeting, or (ii)
one or more Shareholders present in person or by proxy entitled to vote, and unless a poll is so demanded, a declaration by the chairman
of the meeting that a resolution has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost,
and an entry to that effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of
the number or proportion of the votes recorded in favour of, or against, that resolution.

61. If a poll is duly demanded it shall be taken in such manner as the chairman of the meeting directs, and
the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

62. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting
at which the show of hands takes place or at which the poll is demanded, shall have a second or casting vote.

63. A poll demanded on the election of a chairman of the meeting or on a question of adjournment shall be
taken forthwith. A poll demanded on any other question shall be taken at such time as the chairman of the meeting directs.

**VOTES OF SHAREHOLDERS**

64. Except as otherwise required by law or these Articles, the Ordinary Shares shall vote together on all
matters submitted to a vote of Shareholders.

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| | |
|:---|:---|
| 64A. | In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register of Members. |

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

66. Shareholders who are entitled to vote at a general meeting shall not be entitled to vote at any general
meeting unless all calls or other sums presently payable by him in respect of shares carrying the right to vote held by him have been
paid.

67. On a poll votes may be given either personally or by proxy. Subject to the Act, every Shareholder who
is entitled to vote at a general meeting and every person representing such Shareholder as proxy shall have one (1) vote for each Ordinary
Share of which such Shareholder or the Shareholder represented by the proxy is the holder.

68. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney
duly authorized in writing or, if the appointor is a corporation, either under seal or under the hand of an officer or attorney duly authorized.
A proxy need not be a Shareholder.

69. An instrument appointing a proxy may be in any usual or common form or such other form as the Directors
may approve.

70. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a
poll.

71. A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of
and to attend and vote at general meetings (or being corporations by their duly authorized representatives) shall be as valid and effective
as if the same had been passed at a general meeting of the Company duly convened and held. Any such resolution may consist of several
documents in the like form signed by one or more of the Shareholders.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

72. Any corporation which is a Shareholder or a Director may by resolution of its directors or other governing
body authorize such person as it thinks fit to act as its representative at any meeting of the Company or of any class of Shareholders
or of the Board of Directors or of a committee of Directors, and the person so authorized shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholders or Director.

**DIRECTORS**

73. The name of the first Director(s) shall either be determined in writing by a majority (or in the case
of a sole subscriber that subscriber) of, or elected at a meeting of, the subscribers of the Memorandum of Association.

74. The Directors shall have the power at any time, and from time to time, to appoint a person as an additional
Director or persons as additional Directors.

75. The Company may by Ordinary Resolution from time to time fix the maximum and minimum number of Directors
to be appointed but unless such number is fixed as aforesaid the number of Directors shall be unlimited and there shall be no minimum
number of Directors. The Company may by Ordinary Resolution appoint additional Directors from time to time.

76. The remuneration of the Directors and any officers of the Company shall from time to time be determined
by the Directors.

77. There shall be no shareholding qualification for Directors unless determined otherwise by the Company
by Ordinary Resolution.

78. Any casual vacancy occurring in the Board of Directors may be filled by the Directors.

79. The Directors shall not be required to retire by rotation.

**ALTERNATE DIRECTOR AND PROXY**

80. Any Director may in writing appoint another person to be his alternate to act in his place at any meeting
of the Directors at which he is unable to be present. Every such alternate shall be entitled to notice of meetings of the Directors and
to attend and vote thereat as a Director when the person appointing him is not personally present and where he is a Director to have a
separate vote on behalf of the Director he is representing, in addition to his own vote. A Director may at any time in writing revoke
the appointment of an alternate appointed by him. Such alternate shall not be an officer of the Company and shall be deemed to be the
agent of the Director appointing him. The remuneration of such alternate shall be payable out of the remuneration of the Director appointing
him and the proportion thereof shall be agreed between them.

81. Any Director may appoint any person, whether or not a Director, to be the proxy of that Director to attend
and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion
of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing
the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as
the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or
first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

82. Subject to the provisions of the Companies Act, these Articles, and to any resolutions made in a general
meeting, the business of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering
the Company and may exercise all powers of the Company. No resolution made by the Company in general meeting shall invalidate any prior
act of the Directors which would have been valid if that resolution had not been made.

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

84. The Directors may from time to time appoint any person, whether or not a Director, to hold such office
in the Company as the Directors may think necessary for the administration of the Company, including but not limited to, the office of
President, one or more Vice-Presidents, Chief Executive Officer, Chief Financial Officer, Treasurer, Assistant Treasurer, Manager or Controller,
and for such term, and with such powers and duties as the Directors may think fit. The Directors may also appoint one or more of their
number to the office of Managing Director upon like terms, but any such appointment shall ipso facto determine if any Managing Director
ceases from any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be terminated.

85. The Directors may appoint a Secretary (and if need be an Assistant Secretary or Assistant Secretaries)
who shall hold office for such term, at such remuneration and upon such conditions and with such powers as they think fit. Any Secretary
or Assistant Secretary so appointed by the Directors may be removed by the Directors.

86. The Directors may delegate any of their powers to committees consisting of such member or members of their
body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be
imposed on it by the Directors.

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

88. The Directors may from time to time provide for the management of the affairs of the Company in such manner
as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred
by this Article.

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

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

91. Any such delegates as aforesaid may be authorized by the Directors to sub-delegate all or any of the powers,
authorities, and discretion for the time being vested in them.

**DISQUALIFICATION OF DIRECTORS**

92. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.1. becomes bankrupt or makes any
arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.2. is found to be or becomes of
unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.3. resigns his office by notice
in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.4. is removed from office by Ordinary
Resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.5. ceases to be, or is prohibited
from being, or is removed from office of, a Director by law or pursuant to any other provision of these Articles.

**PROCEEDINGS OF DIRECTORS**

93. The Directors may meet together (either within or without the Cayman Islands) for the dispatch of business,
adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by
a majority of votes. In case of an equality of votes the chairman of the meeting shall have a second or casting vote. A Director may,
and the Secretary or Assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

94. A Director or Directors may participate in any meeting of the Board of Directors, or of any committee
appointed by the Board of Directors of which such Director or Directors are members, by means of telephone or similar communication equipment
by way of which all persons participating in such meeting can hear each other and such participation shall be deemed to constitute presence
in person at the meeting. Every Director may be reimbursed for travel, hotel and other expenses incurred by him in attending meetings
of the Directors, any committee of the Directors or general meetings of the Company or in connection with the business of the Company.

95. The quorum necessary for the transaction of the business of the Directors may be fixed by the Directors,
and unless so fixed, if there be two or more Directors shall be two, and if there be one Director the quorum shall be one. A Director
represented by proxy or by an alternate Director at any meeting shall be deemed to be present for the purposes of determining whether
or not a quorum is present.

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

97. A Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract
with the Company shall declare the nature of his interest at a meeting of the Directors. A general notice given to the Board of 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
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. Subject to applicable laws and regulations, and applicable rules of any applicable stock exchange, a Director may vote in respect
of any contract or proposed contract or arrangement notwithstanding that he may be interested therein 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 proposed contract or arrangement
shall come before the meeting for consideration.

98. Subject to applicable laws and regulations, and applicable rules of any applicable stock exchange, a Director
may hold any other office or place of profit under the Company (other than the office of auditor) in conjunction with his office of Director
for such period and on such terms as the Directors may determine and no Director or intending Director shall be disqualified by his office
from contracting with the Company either with regard to his tenure of any such other office or place of profit or as vendor, purchaser
or otherwise, nor shall any such contract or arrangement entered into by or on behalf of the Company in which any Director is in any way
interested, be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company
for any profit realized by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship
thereby established. A Director, notwithstanding his interest, may be counted in the quorum present at any meeting of the Directors whereat
he or any other Director is appointed to hold any such office or place of profit under the Company or whereat the terms of any such appointment
are arranged and he may vote on any such appointment or arrangement.

99. Any Director may act by himself or his firm in a professional capacity for the Company, but he or his
firm shall not be entitled to any remuneration for such professional services unless approved by the Board; provided that nothing herein
contained shall authorize a Director or his firm to act as auditors to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. The Directors shall cause minutes to be made in books provided for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1 all appointments of officers
made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2 the names of the Directors present
at each meeting of the Directors and of any committee of the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3 all resolutions and proceedings
at all meetings of the Company, and of the Directors and of committees of Directors.

101. When the chairman of a meeting of the Directors signs the minutes of such meeting those minutes shall
be deemed to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a
technical defect in the proceedings.

102. A resolution signed by all the Directors shall be as valid and effectual as if it had been passed at a
meeting of the Directors duly called and constituted. Any such resolution may consist of several documents in the like form signed by
one or more of the Directors.

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

104. The Directors may elect a chairman of the Board (the "**Chairman**") and determine the
period for which he is to hold office, and may revoke or terminate any such election or appointment. Save as provided in the Act or these
Articles, the powers and duties of the Chairman shall be such (if any) as are determined from time to time by the Directors.

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| | |
|:---|:---|
| 104A. | The Chairman (if any) shall preside as chairman at every meeting of the Board. If no Chairman is elected, or if at any meeting the Chairman is not present within fifteen minutes after the time appointed for holding the meeting, the Directors present may choose one of their number to be chairman of the meeting. |

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105. A committee appointed by the Directors may elect a chairman of its meetings. If no such chairman is elected,
or if at any meeting the chairman is not present within five minutes after the time appointed for holding the meeting, the members present
may choose one of their number to be chairman of the meeting.

106. A committee appointed by the Directors may meet and adjourn as it thinks proper. Questions arising at
any meeting shall be determined by a majority of votes of the committee members present and in case of an equality of votes the chairman
shall have a second or casting vote. A resolution signed by all the committee members shall be as valid and effectual as if it had been
passed at a meeting of the committee duly called and constituted. Any such resolution may consist of several documents in the like form
signed by one or more of the committee members.

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

**THE SEAL AND DEEDS**

108. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Board of
Directors provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general
form confirming a number of affixing of the Seal. The Seal shall be affixed in the presence of a Director or the Secretary (or an Assistant
Secretary) or in the presence of any one or more persons as the Directors may appoint for the purpose and every person as aforesaid shall
sign every instrument to which the Seal is so affixed in their presence.

109. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint
and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Board of Directors provided
always that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form
confirming a number of affixing of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such person or persons
as the Directors shall for this purpose appoint and such person or persons as aforesaid shall sign every instrument to which the facsimile
Seal is so affixed in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and
effect as if the Seal had been affixed in the presence of and the instrument signed by a Director or the Secretary (or an Assistant Secretary)
or in the presence of any one or more persons as the Directors may appoint for the purpose.

110. Notwithstanding the foregoing, the Secretary or any Assistant Secretary shall have the authority to affix
the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which
does not create any obligation binding on the Company.

111. The Company may execute any deed or other instrument which would otherwise be required to be executed
under Seal by the signature of such deed or instrument as a deed by a Director, the Secretary (or an Assistant Secretary) or any one or
more persons as the Directors may appoint for the purpose.

**DIVIDENDS**

112. Subject to any rights and restrictions for the time being attached to any class or series of shares, the
Directors may from time to time declare dividends (including interim dividends) and other distributions on shares in issue and authorize
payment of the same out of the funds of the Company lawfully available therefor.

113. Subject to any rights and restrictions for the time being attached to any class or series of shares, the
Company by Ordinary Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

114. The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the Directors be applicable
for meeting contingencies, or for equalizing dividends or for any other purpose to which those funds may be properly applied and pending
such application may, in the absolute discretion of the Directors, either be employed in the business of the Company or be invested in
such investments (other than shares) as the Directors may from time to time think fit.

115. Any dividend may be paid by cheque sent through the post to the registered address of the Shareholder
or person entitled thereto, or in the case of joint holders, to any one of such joint holders at his registered address or to such person
and such address as the Shareholder or person entitled, or such joint holders as the case may be, may direct. Every such cheque shall
be made payable to the order of the person to whom it is sent or to the order of such other person as the Shareholder or person entitled,
or such joint holders as the case may be, may direct.

116. The Directors when paying dividends to the Shareholders in accordance with the provisions of these Articles
may make such payment either in cash or in specie.

117. Subject to any rights and restrictions for the time being attached to any class or classes of shares,
all dividends shall be declared and paid according to the amount paid on the shares, but if and so long as nothing is paid up on any of
the shares dividends may be declared and paid according to the par value of the shares. No amount paid on a share in advance of calls
shall, while carrying interest, be treated for the purposes of this Article as paid on the share.

118. If several persons are registered as joint holders of any share, any of them may give effectual receipts
for any dividend or other moneys payable on or in respect of the share.

119. No dividend shall bear interest against the Company.

120. Any dividend unclaimed after a period of six years from the date of declaration of such dividend shall
be automatically forfeited and shall revert to the Company and shall be applied to the class or series of shares in relation to which
the dividend relates.

**ACCOUNTS AND AUDIT**

121. The books of account relating to the Company's affairs shall be kept in such manner as may be determined
from time to time by the Directors.

122. The books of account shall be kept at the registered office of the Company, or at such other place or
places as the Directors think fit, and shall always be open to the inspection of the Directors.

123. The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders
not being Directors, and no Shareholder (not being a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by law or authorized by the Directors or by the Company by Ordinary Resolution.

124. The Company may appoint Auditors but shall not be required to do so and if the Company appoints Auditors
the Company's accounts shall be audited in such manner as may be determined from time to time by the Directors. The Auditors shall
be appointed in general meeting or failing which by the Directors.

**SHARE PREMIUM ACCOUNT**

125. The Directors shall in accordance with Section 34 of the Companies Act establish a share premium account
and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of
any share.

126. There shall be debited to any share premium account on the redemption or purchase of a share the difference
between the nominal value of such share and the redemption or purchase price provided always that at the discretion of the Directors such
sum may be paid out of the profits of the Company or, if permitted by Section 37 of the Companies Act, out of capital.

**CAPITALISATION OF PROFITS**

127. Subject to any necessary sanction or authority being obtained the Company in general meeting may at any
time and from time to time pass a resolution that any sum not required for the payment or provision of a fixed dividend with or without
further participation in profits and (a) for the time being standing to the credit of any reserve fund of the Company including without
limitation the share premium account or (b) being undivided profits in the hands of the Company be capitalized and that such sum be appropriated
as capital to and amongst the members in the shares and proportions in which they would have been entitled thereto if the same had been
distributed by way of dividend and in such manner as the resolution may direct and the Directors shall in accordance with such resolution
apply such sum in paying up in full or in part any unissued shares or debentures of the Company on behalf of such members and appropriate
such shares or debentures to and distribute the same credited as fully paid up or partly paid up amongst them in the proportions aforesaid
in satisfaction of their shares and interests in the said capitalized sum or shall apply such sum or any part thereof on behalf of such
members in paying up the whole or part of any uncalled balance which shall for the time being be unpaid in respect of any issued shares
or debentures held by them. Where any difficulty arises in respect of any such distribution the Directors may settle the same as they
think expedient and in particular they may fix the value for distribution of any fully paid up shares or debentures make cash payments
to any members on the footing of the value so fixed in order to adjust rights and vest any such shares or debentures in trustees upon
such trusts for or for the benefit of the persons entitled to share in the appropriation and distribution as may seem just and expedient
to the Directors.

**NOTICES**

128. Any notice or document may be served by the Company or by the person entitled to give notice to any Shareholder
either personally, by facsimile, by email or by sending it through the post in a prepaid letter or via a recognized courier service, fees
prepaid, addressed to the Shareholder at his address as appearing in the Register of Members, or by any other means authorized in writing
by the Shareholder. In the case of joint holders of a share, all notices shall be given to that one of the joint holders whose name stands
first in the Register of Members in respect of the joint holding, and notice so given shall be sufficient notice to all the joint holders.

129. Any Shareholder present, either personally or by proxy, at any meeting of the Company shall for all purposes
be deemed to have received due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

130. Any notice or other document, if served by (a) post, shall be deemed to have been served on the day following
that on which the letter containing the same is posted or, (b) facsimile or email, shall be deemed to have been served upon transmission
to the correct facsimile number or email address, or (c) recognized courier service, or (d) if served or delivered by any other means
authorized in writing by the Shareholder concerned, shall be deemed to have been served when the Company has carried out the action it
has been authorized to take for that purpose, shall be deemed to have been served 48 hours after the time when the letter containing the
same is delivered to the courier service. In proving service by post or courier service it shall be sufficient to prove that the letter
containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

131. Any notice or document delivered or sent by post, left at the registered address of any Shareholder or
sent by facsimile transmission or email in accordance with the terms of these Articles shall notwithstanding that such Shareholder be
then dead or bankrupt, and whether or not the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect
of any share registered in the name of such Shareholder as sole or joint holder, unless his name shall at the time of the service of the
notice or document, have been removed from the Register of Members as the holder of the share, and such service shall for all purposes
be deemed a sufficient service of such notice or document on all persons interested (whether jointly with or as claiming through or under
him) in the share.

132. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.1. all Shareholders holding shares
with the right to receive notice and who have supplied to the Company an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.2. every person entitled to a share
in consequence of the death or bankruptcy of a Shareholder, who but for his death or bankruptcy would be entitled to receive notice of
the meeting.

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

**INDEMNITY**

133. Every Director, Secretary (including an Assistant Secretary), officer (other than the Auditors) or servant
for the time being of the Company or any trustee for the time being acting in relation to the affairs of the Company and their respective
heirs, executors, administrators, personal representatives or successors or assignees shall, in the absence of actual fraud or wilful
default or as otherwise required by law, be indemnified by the Company against, and it shall be the duty of the Directors out of the funds
and other assets of the Company to pay, all costs, losses, damages and expenses, including travelling expenses, which any such Director,
Secretary, officer, servant or trustee may incur or become liable in respect of by reason of any contract entered into, or act or thing
done by him as such Director, Secretary, officer, servant or trustee or in any way in or about the execution of his duties and the amount
for which such indemnity is provided shall immediately attach as a lien on the property of the Company and have priority over the Shareholders
and over all other claims. No such Director, Secretary, officer, servant or trustee shall be liable or answerable for the acts, receipts,
neglects or defaults of any other Director, Secretary, officer, servant or trustee or for joining in any receipt or other act for conformity
or for any loss or expense happening to the Company through the insufficiency or deficiency of any security in or upon which any of the
monies of the Company shall be invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person
with whom any monies, securities or effects shall be deposited, or for any loss, damage or misfortune whatsoever which shall happen in
or about the execution of the duties of his respective office or trust or in relation thereto unless the same happens through his own
actual fraud or wilful default or as otherwise required by law.

**NON-RECOGNITION OF TRUSTS**

134. No person shall be recognized by the Company as holding any share upon any trust and the Company shall
not (unless required by law) be bound by or be compelled in any way to recognize (even when having notice thereof) any equitable, contingent
or future interest in any of its shares or any other rights in respect thereof except an absolute right to the entirety thereof in each
Shareholder registered in the Register of Members.

**WINDING UP**

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

**AMENDMENT OF ARTICLES OF ASSOCIATION**

136. Subject to the Companies Act and the rights attaching to any class or series of shares, the Company may
at any time and from time to time by Special Resolution alter or amend these Articles in whole or in part.

**ORGANIZATION EXPENSES**

137. The preliminary and organization expenses incurred in forming the Company shall be paid by the Company
and may be amortized in such manner and over such period of time and at such rate as the Directors shall determine and the amount so paid
shall in the accounts of the Company, be charged against income and/or capital.

**FINANCIAL YEAR**

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

**REGISTRATION BY WAY OF CONTINUATION**

139. The Company shall, subject to the provisions of the Companies Act and with the approval of a Special Resolution,
have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and
to be deregistered in the Cayman Islands.

## Exhibit 4.1

**Exhibit 4.1**

**Share Certificate**

---

| | |
|:---|:---|
| Number of <br> certificate | Number of<br> shares |

---

**Cloud Data Holdings Corporation**

**COMPANY NUMBER [NUMBER]**

This is to certify that [Name] of [Address] is the registered holder of [Number] ordinary shares of [Value], each being [partly paid to the extent of [amount in words][amount in numerals] per share]]/[fully paid][and numbered [number]] in the above-named company, subject to the memorandum and articles of association of the company, as amended.

[Transfer date]

    <br> Director Director/ Secretary

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

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| | |
|:---|:---|
| **Cloud Data Holdings Corporation**<br> 1507-1510 Office Tower, Convention Plaza<br> 1 Harbor Road, Wan Chai, Hong Kong <br> **(Addressee)** | **Email** vchan@applebyglobal.com <br>**Direct Dial** (852) 2905 5759<br> **Tel** (852) 2523 8123<br>**Appleby Ref** 471370.0001<br>21 January 2026 |

---

---

| | |
|:---|:---|
| Suites 3504-06 <br> 35/F, Two Taikoo Place <br> 979 King's Road <br> Quarry Bay <br> Hong Kong <br>Tel +852 2523 8123 <br>applebyglobal.com<br>**Managing Partner**<br> **David Bulley**<br>**Partners**<br> **Fiona Chan**<br> **Vincent Chan**<br> **Chris Cheng**<br> **Richard Grasby**<br> **Eason Huang**<br> **Judy Lee**<br> **Michael Makridakis**<br> **John McCarroll SC**<br> **Lorinda Peasland**<br> **Eliot Simpson**<br>| **Dear Sirs**<br>**Cloud Data Holdings Corporation (Company)**<br>**INTRODUCTION**<br>We act as Cayman Islands legal adviser to the Company, and this opinion as to Cayman Islands law is addressed to you in connection with Company's filing of a registration statement on Form F-1, including all amendments or supplements thereto (**Registration Statement**), which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) with the U.S. Securities and Exchange Commission (**Commission**) under the United States Securities Act of 1933 (as amended) (**Act**), relating to the offering (**Offering**) and listing on the Nasdaq Capital Market of up to 3,750,000 ordinary shares of par value US$0.0001 each in the share capital of the Company (**Offer Shares**). This opinion is given in accordance with the terms of the Legal Matters section of the Registration Statement.<br>We are furnishing this opinion letter as Exhibits 5.1, 8.1 and 23.2 to the Registration Statement.<br>**OUR REVIEW**<br>For the purposes of giving this opinion we have examined and relied upon the documents listed in Part 1 of Schedule 1. We have not examined any other documents.<br>For the purposes of giving this opinion we have carried out the Litigation Search described in Part 2 of Schedule 1. |

---

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

![](ex5-1_001.jpg)

---

| |
|:---|
| We have not made any other enquiries concerning the Company and in particular we have not investigated or verified any matter of fact or opinion (whether set out in any of the Documents or elsewhere) other than as expressly stated in this opinion. |
| Unless otherwise defined herein, capitalised terms have the meanings assigned to them in Schedule 1. |
| **LIMITATIONS** |
| Our opinion is limited to, and should be construed in accordance with, the laws of the Cayman Islands at the date of this opinion. We express no opinion on the laws of any other jurisdiction. |
| This opinion is limited to the matters stated in it and does not extend, and is not to be extended by implication, to any other matters. |
| This opinion is given solely for the benefit of the Addressee in connection with the matters referred to herein and, except with our prior written consent it may not be transmitted or disclosed to or used or relied upon by any other person or be relied upon for any other purpose whatsoever. |
| **ASSUMPTIONS AND RESERVATIONS** |
| We give the following opinions on the basis of the assumptions set out in Schedule 2 (**Assumptions**), which we have not verified, and subject to the reservations set out in Schedule 3 (**Reservations**). |

---

**OPINIONS**

1. **Incorporation and Status**: The Company is an exempted company incorporated with limited liability
and existing under the laws of the Cayman Islands and is a separate legal entity.

2. **Authorised Share Capital:** Based solely on our review of the Constitutional Documents and the Certificate
 of Incumbency, as of 1 September 2025, the authorised share capital of the Company was US$50,000.00
 divided into 500,000,000 ordinary shares of par value of US$0.0001 each.

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

![](ex5-1_001.jpg)

3. **Issue of Shares**: The allotment and issue of the Offer Shares by the Company have been duly authorised,
and when fully paid, allotted and issued by the Company in the manner set out in the Registration Statement and in accordance with the
Resolutions, the Offer Shares will be validly issued, fully paid and non-assessable (meaning that no further sums are payable to the Company
on such Offer Shares).

4. **Disclosure**: The statements under the heading "Dividend Policy", "Description
of Share Capital and Cayman Islands Company Law", "Taxation – Cayman Islands Taxation" and "Enforceability
of Civil Liabilities" in the prospectus forming part of the Registration Statement, insofar as such statements constitute statements
of Cayman Islands law and only to the extent governed by the laws of the Cayman Islands, are accurate in all material respects. The statements
under the heading "Taxation — Cayman Islands Taxation" in the Registration Statement constitute our opinion.

5. **Taxes:** 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. No stamp
 duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares
 of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands).

6. **Withholding Taxes:** The Company is not required under Cayman Islands
 law to make any deduction or withholding for or on account of any tax from any payment to be made in respect
 of the Offering.

7. **Winding Up and Litigation**: Based solely upon the Litigation Search:

(a) no court proceedings are pending against the Company; and

(b) no court proceedings have been started by or against the Company for the liquidation, winding-up or dissolution
of the Company or for the appointment of a liquidator, receiver, trustee or similar officer of the Company or of all or any of its assets.

---

| |
|:---|
| **CONSENT** |
| 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 heading "Legal Matters" in the prospectus included by reference in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder. |
| Yours faithfully |
| /s/ Appleby |
| **Appleby** |

---

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

Schedule 1

**Part 1**

**Documents Examined**

1. A scanned copy of the certificate of incorporation of the
Company issued on 8 August 2024 (**Certificate of Incorporation**).

2. A scanned copy of the certificate of incorporation on change
of name of the Company issued on 1 April 2025 (**Certificate of Incorporation on Change of Name**).

3. Scanned copies of the amended and restated memorandum of association
and articles of association (adopted on 20 January 2026) of the Company (together the **Constitutional Documents**).

4. Scanned copy of the unanimous written resolutions of the directors
of the Company dated 20 January 2026 and the unanimous written resolutions of the shareholders of the Company dated 20 January 2026 (**Resolutions**).

5. A scanned copy of the register of directors and officers
of the Company (**Register of Directors and Officers**).

6. A scanned copy of the register of members of the Company
(**Register of Members**).

7. A scanned copy of the certificate of incumbency of the Company dated
1 September 2025, and issued by the Cayman registered office provider (**Certificate of Incumbency**).

8. A scanned copy of the registration statement on Form F-1 as submitted
with the SEC on 20 January 2026 and as amended and supplemented from time to time (**Registration Statement**).

9. A scanned copy of the results of the Litigation Search.

**Part 2**

**Search**

A search of the entries and filings shown and available for inspection in respect of the Company in the Register of Writs and other Originating Process maintained at the Clerk of the Courts Office in George Town, Cayman Islands for the period of one year preceding such search as revealed by a search conducted as on 20 January 2026 (**Litigation Search**).

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

![](ex5-1_001.jpg)

Schedule 2

**Assumptions**

We have assumed: <br>1. that:

(a) the originals of all documents examined in connection with this opinion are authentic, accurate and complete;
and

(b) the authenticity, accuracy, completeness and conformity to original documents of all documents submitted
to us as copies;

2. that each of the documentation which was received by electronic
means is complete, intact and in conformity with the transmission as sent;

3. that there has been no change to the information contained
in the Certificate of Incorporation and the Certificate of Incumbency and that the Constitutional Documents remain in full force and
effect and are unamended;

4. that the signatures, initials and seals on all documents
and certificates submitted to us as originals or copies of executed originals are authentic, and the signatures and initials on any document
executed by the Company are the signatures and initials of a person or persons authorised by the Company, by resolution of its board
of directors or any power of attorney granted by the Company, to execute such document;

5. that where incomplete documents, drafts or signature pages
only have been supplied to us for the purposes of issuing this opinion, the original documents have been duly completed and correspond
in all material respects with the last version of the relevant documents examined by us prior to giving our opinion;

6. that the documents do not differ in any material respects
from any draft of the same which we have examined and upon which this opinion is based;

7. the truth, accuracy and completeness of all representations
and warranties or statements of fact or law (other than as to the laws of the Cayman Islands in respect of matters upon which we have
expressly opined) made in the documents and any correspondence submitted to us;

8. the accuracy, completeness and currency of the records and
filing systems maintained at the public offices where we have searched or enquired or have caused searches or enquiries to be conducted,
that such search and enquiry did not fail to disclose any information which had been filed with or delivered to the relevant body but
had not been processed at the time when the search was conducted and the enquiries were made, and that the information disclosed by the
Litigation Search is accurate and complete in all respects and such information has not been materially altered since the date and time
of the Litigation Search;

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

![](ex5-1_001.jpg)

9. that none of the Company's directors or its registered
office has received any notice of any litigation or threatened litigation to which the Company is or may be party;

10. that the Company has not (i) received notice of any stop
notice under Order 50 of the Grand Court Rules in respect of any of its shares or (ii) issued any restrictions notice under the Companies
Act (as revised) of the Cayman Islands (**Companies Act**) in respect of the registration of the beneficial ownership of any of its
shares, which restrictions notice has not been withdrawn by the Company or ceased by court order;

11. that

(i) the Resolutions were duly passed and adopted in accordance with the law and the Constitutional Documents;

(ii) all interests of the directors of the Company on the subject matter of the Resolutions, if any, were declared
and disclosed in accordance with the law and Constitutional Documents;

(iii) the Resolutions have not been revoked, amended or superseded, in whole or in part, and remain in full
force and effect at the date of this opinion; and

(iv) the directors of the Company have concluded that the entry by the Company into documents approved by the
Resolutions and the transactions contemplated thereby are *bona fide* in the best interests of the Company and for a proper purpose
of the Company;

12. that the Register of Directors and Officers and the Certificate
of Incumbency accurately reflect the names of all directors and officers of the Company as at the dates the Resolutions were passed
or adopted and as at the date of this opinion;

13. that there are no records of the Company, agreements, documents
or arrangements other than the Constitutional Documents, the Resolutions and the documents expressly referred to herein as having been
examined by us which materially affect, amend or vary the transactions contemplated in the Resolutions or restrict the powers and authority
of the directors of the Company in any way which would affect opinions expressed herein;

14. that the carrying out each of the transactions referred to
in the Resolutions will not conflict with or breach any applicable economic, anti-money laundering, anti-terrorist financing or other
sanctions;

15. that any applicable escrow conditions have been met; and

16. that the directors or members of the Company have not taken
any steps to have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has
been appointed over any of the Company's property or assets.

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

![](ex5-1_001.jpg)

Schedule 3

**Reservations**

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| | |
|:---|:---|
| Our opinion is subject to the following: | Our opinion is subject to the following: |
| 1. | **Currency of Court Judgments**: The Cayman Islands Grand Court Rules 1995 expressly contemplate that judgments may be granted by the Grand Court of the Cayman Islands in currencies other than Cayman Islands dollars or United States dollars. Such Rules provide for various specific rates of interest payable upon judgment debts according to the currency of the judgment. |

---

2. **Conversion of Debts**: In the event the Company is placed
into liquidation, the Cayman Islands court is likely to require that all debts are converted (at the official exchange rate at the date
of conversion) into and paid in a common currency which is likely to be Cayman Islands dollars or United States dollars.

3. **Summary Court Register**: We have not examined the register
of the summary court of the Cayman Islands on the basis that claims in such court are limited to a maximum of approximately USD24,000.

4. **Preferences**: Every conveyance or transfer of property,
or charge thereon, and every payment obligation and judicial proceeding, made, incurred, taken or suffered by a company at a time when
that company was unable to pay its debts within the meaning of section 93 of the Companies Act, and made or granted in favour of a creditor
with a view to giving that creditor a preference over the other creditors of the Company, would be invalid pursuant to section 145(1)
of the Companies Act, if made, incurred, taken or suffered within the six months preceding the commencement of a liquidation of the Company.
Such actions will be deemed to have been made with a view to giving such creditor a preference if it is a "related party"
of the Company. A creditor shall be treated as a related party if it has the ability to control a company or exercise significant influence
over a company in making financial and operating decisions.

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

![](ex5-1_001.jpg)

5. **Undervalues**: Any disposition of property made at an
undervalue by or on behalf of a company and with an intent to defraud its creditors (which means an intention to wilfully defeat an obligation
owed to a creditor), shall be voidable (i) under section 146 of the Companies Act at the instance of the company's official liquidator,
and (ii) under the Fraudulent Dispositions Act, at the instance of a creditor thereby prejudiced.

6. **Defrauding Creditors**: If any business of a company
has been carried on with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose, the
Cayman Islands court may declare that any persons who were knowingly parties to the carrying on of the business of the company in such
manner are liable to make such contributions, if any, to the company's assets as the court thinks proper.

7. **Corporate Documents**: The Registry of Companies in
the Cayman Islands is not public in the sense that copies of the Constitutional Documents and information on shareholders is not publicly
available and information on directors is limited. We have therefore obtained scanned copies of the corporate documents specified in
Schedule 1 and relied exclusively on such scanned copies for the verification of such corporate information.

8. **Issue of shares:** The English case of *Houldsworth v City of Glasgow Bank* (1880) 5 App Cas 317 HL, provided that (i) in the event of a misrepresentation by a company on which
a shareholder relied in agreeing to subscribe for shares in such company, the shareholder may be entitled to rescind the share subscription
agreement and thereafter claim damages against such company for any additional loss suffered as a result of the misrepresentation; (ii)
such a claim for damages will not arise unless and until the shareholder has successfully rescinded the share subscription agreement;
and (iii) that a shareholder may be barred from rescinding on the grounds of delay or affirmation and if such company is wound up (whether
voluntarily or compulsorily), such shareholder will lose the right to rescind the share subscription agreement (**The Rule of Houldsworth**).
The Rule of Houldsworth was expressly not followed by the Cayman Islands Grand Court in a first instance decision (currently under appeal).
Our assessment is that the Rule of Houldsworth as framed above is of questionable status in the Cayman Islands and if a company enters
winding up (whether voluntarily or compulsorily) a shareholder would not necessarily lose the right to rescind the share subscription
agreement.

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai

## Exhibit 8.2

**Exhibit 8.2**

![](ex8-2_001.jpg)

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| | | | |
|:---|:---|:---|:---|
| OUR REF. GA/AW/IPO/252477 | OUR REF. GA/AW/IPO/252477 | | |
| *In regard to this letter, please contact* | Agnes Wong | *Telephone no.* | 2160 2342 |
|  | Alice Li |  | 3841 7958 |

---

21 January 2026

**<u>BY POST & BY EMAIL</u>**

**Cloud Data Holdings Corporation** 

1507-1510 Office Tower, Convention Plaza

1 Harbor Road, Wan Chai, Hong Kong

Attention: <u>Board of Directors</u>

Dear Sirs,

---

| | |
|:---|:---|
| **Re:** | **<u>Hong Kong Legal Opinion</u>** |

---

1. We are instructed by Cloud Data Holdings Corporation, a company incorporated in the Cayman Islands with
limited liability (the "**Company**") in relation to the Company's proposed listing of its certain ordinary shares
(the "**Ordinary Shares**") on Nasdaq Capital Market by way of an initial public offering (the "**IPO** ")
(the "**Purpose**") as set forth in the Company's registration statement on Form F-1, including all amendments or
supplements thereto (collectively, the "**Registration Statement**") filed by the Company with the Securities and Exchange
Commission of the United States of America (the "**SEC**") under the U.S. Securities Act of 1993 (as amended) in relation
to the IPO.

2. We have acted as the Hong Kong legal advisers (the "**Engagement**") to the Company, which
indirectly holds the entire issued share capital of Cloud Data Network Limited, a company incorporated in the Hong Kong Special Administrative
Region of the People's Republic of China ()"**Hong Kong**") with limited liability, a wholly-owned subsidiary of the
Company ()"**Cloud Data HK** ").

3. We confirm that we are lawyers qualified to practice in Hong Kong to give this legal opinion (the "**Opinion** ").

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Partners</u>*** |  | ***<u>Consultants</u>*** | **** | ***<u>Registered foreign lawyers</u>*** | ***<u>Registered foreign lawyers</u>*** |
| A. S. K. LAM JP #<br> 林新強律師<br>R. H. C. HUNG<br> 孔慶志律師<br>S. M. WAN<br> 溫韶文律師<br>J. L. H. TAN<br> 譚露華律師<br>J. J. K. HORNE<br> 韓進傑律師<br>| T. S. T. SO JP # @<br> 蘇紹聰律師<br>J. L. Y. MA #<br> 馬立恩律師<br>A. H. F. YAN @<br> 殷凱輝律師<br>A. S. T. WONG<br> 王倩彤律師<br>| E. H. C. MUI \*L<br> 梅浩洲律師<br>A. K. M. LEUNG # @<br> 梁錦明律師<br>C. H. TAN<br> 陳聰發律師<br>| J. Y. M. LIU \* #<br> 廖依敏律師<br>S. K. SIM<br> 沈士珖律師<br>N. J. FU<br> 傅婧律師<br>| T. F. SHEN (PRC)<br> 沈田豐律師<br>H. N. HUANG (PRC)<br> 黃寧寧律師<br>K. Y. Z. XUE (PRC)<br> 薛義忠律師<br>X. M. WANG (PRC)<br> 王雪梅律師<br>T. H. TIAN (PRC)<br> 田宏律師 | &nbsp;&nbsp;&nbsp;&nbsp;X. Y. ZHANG (PRC)<br> 張湘玉律師<br>\* NOTARY PUBLIC<br> 國際公証人

# CHINA-APPOINTED<br> ATTESTING OFFICER<br> 中國委托公証人<br>L NOTARY PUBLIC<br> (Ontario, Canada)<br>@ MEDIATOR<br> 調解員 |

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4. For the purpose of this Opinion, we have reviewed and examined copies of the Registration Statement, and
such other documents as we have considered necessary or advisable for the purpose of rendering this Opinion, which are provided to us
by the Company and Cloud Data HK and/or obtained through public searches (collectively, the "**Documents** "). 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 Cloud Data HK.

**<u>Assumptions and Qualifications</u>**

5. For the purposes of this Opinion, we have assumed without independent investigation that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all 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; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) where applicable, all signatures, seals and chops on the Documents are genuine, authentic and complete;
and

&nbsp;&nbsp;&nbsp;&nbsp;(c) where applicable, all individuals signing or executing the Documents have the requisite legal capacity
and/or are duly authorised to sign or execute the Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) all information provided by the Company and/or Cloud Data HK is true and correct; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 Opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) the Documents contain all relevant information which is material for the purposes of this Opinion and
there is no other agreement, undertaking, representation or warranty (oral or written) and no other arrangement (whether legally binding
or not) between all or any of the parties or any other matter which renders such information inaccurate, incomplete or misleading or which
affects the conclusions stated in this Opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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.

6. This Opinion is limited to and is given based on our understanding of the current laws in Hong Kong as
at the date hereof. As we are lawyers qualified to practise in the jurisdiction of Hong Kong, this Opinion shall not be taken to express
or imply any opinion on the laws of any jurisdictions other than Hong Kong and we have not investigated the laws of any jurisdiction other
than Hong Kong.

7. 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.

8. This Opinion is limited to the matters referred to herein and shall not be construed as extending to any
other matter or document not referred to herein. This Opinion speaks as of its date and we undertake no obligation to update this Opinion
based on events, changes in the law or other matters occurring after the date hereof or to provide any notice to any person or entity
of any subsequent events, facts or other matters which might affect the opinions given herein.

9. This Opinion is based on our understanding of the laws of Hong Kong. For matters not explicitly provided
under the laws of Hong Kong, the 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 ultimately take a view that is not contrary to our opinions stated in this Opinion.

10. 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.

11. This Opinion is based solely upon our inspection of the Documents, without any further independent investigation
with respect thereto. 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

12. The searches conducted by us do not reveal conclusively whether or not such an order, resolution or notice
has been made, as certain documents may be immediately filed with the Companies Registry of Hong Kong, Official Receivers' Office
and the courts of Hong Kong and even if filed, may not be immediately registered or entered into the public records or database.

13. Nothing in this Opinion shall be construed as an opinion that the Registration Statement complies with
any legal or regulatory requirement as to its contents.

14. This Opinion is provided to you solely for the Purpose. As such, they may be relied upon by you only in
consummating the Purpose and may not be used or relied upon on any other transactions or matters or by any other person for any other
purposes whatsoever without our prior written consent.

**<u>Legal opinion</u>**

15. Subject to the Assumptions and Qualifications listed and subject to any matters not disclosed to us, and
having regard to such considerations of the laws of Hong Kong in force as at the date of this Opinion as we consider relevant, we are
of the Opinion that:-

&nbsp;&nbsp;&nbsp;&nbsp;(a) solely based on the results from company searches on Cloud Data HK at the Companies Registry of Hong Kong
on 14 January 2026, results from winding-up searches on Cloud Data HK at the Official Receiver's Office in Hong Kong on 17 December
2025, and results from the litigation searches on Cloud Data HK conducted through ECREDIT MANAGEMENT LIMITED on 17 December 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cloud Data HK was incorporated in Hong Kong, and has since then been validly existing under the Companies
Ordinance (Cap. 622 of the Laws of Hong Kong);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no resolution has been passed to voluntarily wind up Cloud Data HK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no winding up petition has been presented to Cloud Data HK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no order has been made by any court for the winding up or administration of Cloud Data HK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no receiver or administrator has been appointed in relation to Cloud Data HK or any of its assets or revenues;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) we are not aware of any actions, suits or proceedings before the courts of Hong Kong against Cloud Data
HK;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the statements set forth in the Registration Statement under the captions "Prospectus Summary",
"Risk Factors", "Regulation" and "Legal Matters" in each case insofar as such statements purport to
describe or summarize the Hong Kong laws and legal matters relating the Company's business activities in Hong Kong with respect
to the regulations, 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;(c) the statements set forth in the Registration Statement under the caption "Taxation – Hong
Kong Taxation" and "Enforceability of Civil Liabilities – Hong Kong" are true and accurate in all material respects
and that such statements constitute our opinion.

16. Save as the above, 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 hereby
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,

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| |
|:---|
| /s/ Grandall Zimmern Law Firm |
| **Grandall Zimmern Law Firm** |

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## Exhibit 10.1

**Exhibit 10.1**

**FORM OF INDEMNIFICATION AGREEMENT**

**Cloud Data HOLDINGS LIMITED**

This Indemnification Agreement (this "**Agreement**"), made and entered into as of the ________________day of________________, by and between Cloud Data Holdings Limited, an exempted company with limited liability under the laws of Cayman Islands (the "**Company**") and_________________ ("**Indemnitee**").

W I T N E S E T H:

WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or executive officers unless they are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the corporation.

WHEREAS, the Company and Indemnitee recognize the continued difficulty in obtaining liability insurance for its directors and officers, the significant increases in the cost of such insurance and the general reductions in the coverage of such insurance.

WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons.

WHEREAS, the Board of Directors of the Company (the "**Board**") has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future.

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified.

WHEREAS, this Agreement is a supplement to and in furtherance of the amended and restated memorandum and articles of association of the Company (as may from time to time be supplemented and amended) (the "**Memorandum and Articles**") and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

WHEREAS, Indemnitee does not regard the protection available under the Memorandum and Articles and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director of the Company without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and take on additional service for or on behalf of the Company on the condition that he be so indemnified.

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

ARTICLE 1

CERTAIN DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As used in this Agreement:

"**Change of Control**" means any one of the following circumstances occurring after the date hereof: (i) there shall have occurred an event required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar schedule or form) under the Exchange Act, regardless of whether the Company is then subject to such reporting requirement; (ii) any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall have become, without prior approval of the Company's Board by approval of at least two-thirds of the Continuing Directors, the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company's then outstanding voting securities (provided that, for purposes of this clause (ii), the term "person" shall exclude (x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (z) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company); (iii) there occurs a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; (iv) all or substantially all the assets of the Company are sold or disposed of in a transaction or series of related transactions; (v) the approval by the stockholders of the Company of a complete liquidation of the Company; or (vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board.

"**Continuing Director**" means each director on the Board on the date hereof.

"**Corporate Status**" means the status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary, board of directors' committee member, employee or agent of the Company or of any other Enterprise.

"**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 Indemnitee.

"**Enterprise**" means (i) the Company, (ii) any of the Company's subsidiaries and affiliates, and (iii) any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, board of directors' committee member, employee or agent.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expenses**" means all direct and indirect costs (including attorneys' fees, retainers, court costs, transcripts, 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) reasonably incurred in connection with (i) prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or (ii) establishing or enforcing a right to indemnification under this Agreement, the Memorandum and Articles, applicable law or otherwise. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. For the avoidance of doubt, Expenses, however, shall not include any Liabilities.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the five years previous to its selection or appointment has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning 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 Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Liabilities**" means any losses or liabilities, including any judgments, fines, penalties and amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, penalties or amounts paid in settlement).

"**Proceeding**" means any threatened, pending or completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Agreement:

References to "Company" shall include, in addition to the resulting or surviving corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that if Indemnitee is or was a director, officer, employee, or agent of such constituent corporation or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

Reference to "other enterprise" shall include employee benefit plans; references to "fines" shall include any excise tax assessed with respect to any employee benefit plan; references to "serving at the request of the Company" shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to any of the Company's subsidiaries, affiliates, an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Company" as referred to in this Agreement.

Reference to "including" shall mean "including, without limitation," regardless of whether the words "without limitation" actually appear, references to the words "herein," "hereof" and "hereunder" and other words of similar import shall refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection or other subdivision.

ARTICLE 2

SERVICES BY INDEMNITEE

Section 2.01. Services By Indemnitee. Indemnitee hereby agrees to serve or continue to serve as a director of the Company, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed. An officer of the Company until such time as Indemnitee's employment is terminated for any reason.

ARTICLE 3

INDEMNIFICATION

Section 3.01. General. (a) The Company hereby agrees to and shall indemnify Indemnitee and hold Indemnitee harmless from and against any and all Expenses and Liabilities, in either case, actually and reasonably incurred by Indemnitee or on Indemnitee's behalf by reason of Indemnitee's Corporate Status, to the fullest extent permitted by applicable law. The Company's indemnification obligations set forth in this Section 3.01 shall apply (i) in respect of Indemnitee's past, present and future service in any Corporate Status and (ii) regardless of whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred.

For purposes of this Agreement, the meaning of the phrase "to the fullest extent permitted by applicable law" shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the fullest extent permitted by any provision of the Companies Act (as amended) of the Cayman Islands (the "Companies Act") or the corresponding provision of any successor statute, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the fullest extent authorized or permitted by any amendments to or replacements of the Companies Act adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Witness Expenses. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Expenses as a Party Where Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If 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, to the fullest extent permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. All such indemnification against Expenses shall be offset by the amount of cash, if any, received by the Indemnitee resulting from his/her success therein. 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.

Section 3.02. Exclusions. Notwithstanding any provision of this Agreement and unless Indemnitee ultimately is successful on the merits with respect to any such claim, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, regardless of whether the securities are subject to the requirements of such provisions; or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise provided in Sections 6.01(e), prior to a Change of Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that Indemnitee is indemnified and actually received such payment other than pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with a judicial action by or in the right of the Company, in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by final judgment in a court of law to be liable for fraud or willful default in the performance of his duty to the Company unless and only to the extent that any court in which such action was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnification for such Expenses as such court shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any judgment, fine or penalty which the Company is prohibited by applicable law from paying as indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) on account of Indemnitee's conduct which is finally adjudged to have been intentional misconduct, a knowing violation of applicable law or a transaction from which Indemnitee derived an improper personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) arising out of Indemnitee's breach of an employment agreement or any other agreement with the Company (if any) or, if applicable, any subsidiary or affiliate of the Company.

ARTICLE 4

ADVANCEMENT OF EXPENSES; DEFENSE OF CLAIMS

Section 4.01. Advances. Notwithstanding any provision of this Agreement to the contrary, the Company shall advance any Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding within 30 Business Days after the receipt by the Company of each statement in writing requesting such advance from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay such amounts and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements in writing to the Company to support the advances claimed. Any excess of the advanced Expenses over the actual Expenses will be promptly repaid to the Company. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company as soon as practicable after Indemnitee makes a written request to the Company for reimbursement. As used in this Section and this Agreement, the term "Business Day" shall have the meaning given to it under the Memorandum and Articles.

Section 4.02. Repayment of Advances or Other Expenses. Indemnitee agrees that Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to Section 4.01, in the event and only to the extent that it shall be determined by final judgment or other final adjudication under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified by the Company for such Expenses.

Section 4.03. Defense of Claims. The Company will be entitled to participate in the Proceeding at its own expense. Upon the delivery of written notice by the Company to Indemnitee, the Company shall be entitled to assume the defense of any Proceeding with counsel consented to by Indemnitee (such consent not to be unreasonably withheld), except for such Proceeding brought by the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee. After delivery of such notice, consent to such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to such Proceeding; provided that (i) Indemnitee shall have the right to employ separate counsel in respect of any Proceeding at Indemnitee's expense and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized in writing by the Company or (B) Indemnitee shall have reasonably concluded upon the advice of counsel that there is a conflict of interest between the Company and Indemnitee in the conduct of the defense of such Proceeding, then in each such case the fees and expenses of Indemnitee's counsel shall be borne by the Company. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any Expense, judgment, fine, damages, penalty or limitation on Indemnitee without the other party's written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement. The Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any Proceeding if the Company was not given a reasonable and timely opportunity to participate in the defense and/or settlement of such Proceeding.

ARTICLE 5

PROCEDURES FOR NOTIFICATION OF AND DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

Section 5.01. Notification; Request For Indemnification. (a) As a condition precedent to Indemnitee's right to obtain indemnification under this Agreement, as soon as reasonably practicable after receipt by Indemnitee of a written notice that he or she is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which Indemnitee intends to seek indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the Company written notice thereof, including the nature of and the facts underlying the Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As a condition precedent to an Indemnitee's right to obtain indemnification under this Agreement, Indemnitee shall deliver to the Company a written request for indemnification, including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee's entitlement to indemnification hereunder and such information as reasonably requested by the Company. Such request(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Indemnitee's entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law.

Section 5.02. Determination of Entitlement. (a) Where there has been a written request by Indemnitee for indemnification pursuant to Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than 60 calendar days) after final disposition of the relevant Proceeding, a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, or (B) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) Business Days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys' fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(ii), such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. If entitlement to indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(i)(B) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which case the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 Business Days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 1 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 such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within 20 Business Days after the submission by Indemnitee of a written request for indemnification pursuant to Section 5.01(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.01(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees to pay the reasonable fees and expenses of any Independent Counsel serving under this Agreement.

Section 5.03. Presumptions and Burdens of Proof; Effect of Certain Proceedings. (a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.01(b) of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of any person, persons or entity to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by any person, persons or entity that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the person, persons or entity empowered or selected under Section 5.02 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification , absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) calendar days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course of their duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The provisions of this Section 5.03(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary, officer, agent or employee of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement.

ARTICLE 6

REMEDIES OF INDEMNITEE

Section 6.01. Adjudication or Arbitration. (a) In the event of any dispute between Indemnitee and the Company hereunder as to entitlement to indemnification or advancement of Expenses (including where (i) a determination is made pursuant to Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to Section 3.01 of this Agreement is not made within ten (10) Business Days after a determination has been made that Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is made within ten (10) Business Days after entitlement is deemed to have been determined pursuant to Section 5.03(b)) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement, then Indemnitee shall be entitled to an adjudication by a court of his or her entitlement to such indemnification, contribution or advancement. Alternatively, in such case, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by the Hong Kong International Arbitration Centre. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 6.01 shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 6.01 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 5.02(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 6.01, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 4.02 until a final determination is made with respect to Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 6.01, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 6.01 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall indemnify Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee in writing, shall advance such Expenses to Indemnitee, which are reasonably incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee for (i) indemnification or advances of Expenses by the Company (or otherwise for the enforcement, interpretation or defense of his or her rights) under this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Memorandum and Articles now or hereafter in effect or (ii) recovery or advances under any directors' and officers' liability insurance policy maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as the case may be.

ARTICLE 7

DIRECTORS' AND OFFICERS' LIABILITY INSURANCE

Section 7.01. D&O Liability Insurance. To the extent that the Company maintains a policy or policies of insurance ("D&O Liability Insurance") providing liability insurance for directors and officers of the Company in their capacities as such (and for any capacity in which any director or officer of the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while serving in such capacity, Indemnitee shall be covered by the D&O Liability Insurance, in accordance with its or their terms, to the maximum extent of the coverage available for any other director or officer under such policy or policies. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided) hereunder or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the Memorandum and Articles now or hereafter in effect if and to the extent that Indemnitee has actually received such payment under valid and enforceable D&O Liability Insurance.

Section 7.02. Evidence of Coverage. To the extent that the Company maintains D&O Liability Insurance, the Company shall provide copies of all policies of D&O Liability Insurance providing liability insurance for Indemnitee obtained and maintained in accordance with Section 7.01 of this Agreement upon request by Indemnitee. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O Liability Insurance if the Company determines in good faith that such insurance is not reasonably available, the premium costs for such insurance are disproportionate to the amount of coverage provided, or the coverage is reduced by exclusions so as to provide an insufficient benefit.

ARTICLE 8

MISCELLANEOUS

Section 8.01. Non-exclusivity of Rights. The rights of indemnification, contribution and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Memorandum and Articles, any agreement, a vote of stockholders or a resolution of directors, or otherwise. 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.

Section 8.02. Insurance and Subrogation. (a) If, at the time the Company receives notice of a claim hereunder, and the Company has D&O Liability Insurance in effect, the Company shall give prompt notice 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 Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. The failure or refusal of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 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;(c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy (including without limitation to policies of the D&O Liability Insurance) or other indemnity provision.

Section 8.03. The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, board of directors' committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise.

Section 8.04. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses. The Company agrees that it would not be just and equitable if contribution pursuant to this Section 8.04 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

Section 8.05. Amendment. This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision limits rights with respect to indemnification, contribution or advancement of Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution or advancement of Expenses in effect prior to such change shall remain in full force and effect to the extent permitted by applicable law.

Section 8.06. Waivers. The observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

Section 8.07. Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement, provided that this Agreement is a supplement to and in furtherance of the Memorandum and Articles and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Section 8.08. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 8.09. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing (which may be by facsimile transmission). All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. The address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above.

Section 8.10. Binding Effect. (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and executors, administrators, personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial part of the business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnification, contribution and advancement of Expenses provided by, or granted pursuant to this Agreement shall continue during the period Indemnitee is an officer and/or a director of the Company or is or was serving at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his former or current capacity at the Company or any other enterprise at the Company's request, whether or not he is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such Indemnitee.

Section 8.11. Governing Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, Cayman laws, without regard to its conflict of laws rules.

Section 8.12. Consent to Jurisdiction. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 6.01(a) of this Agreement, each of the parties to this Agreement irrevocably agrees that the courts of the Cayman Islands shall have nonexclusive jurisdiction to hear and determine any claim, suit, action or proceeding, and to settle any disputes, which may arise out of or are in any way related to or in connection with this Agreement, and, for such purposes, irrevocably submits to the nonexclusive jurisdiction of such courts.

Section 8.13. Headings. The Article and Section headings in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

Section 8.14. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section 8.15. U.S. Federal Preemption. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission's (the "SEC") prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee also understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

Section 8.16. No Employment Rights. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

Section 8.17. Use of Certain Terms. As used in this Agreement, the words "herein," "hereof," and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first above written.

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| Cloud Data HOLDINGS LIMITED | Cloud Data HOLDINGS LIMITED |
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|  | Title: |

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| Address: |
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| INDEMNITEE |
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## Exhibit 10.2

**Exhibit 10.2**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (the "**Agreement**"), dated as of _____________, is entered between Cloud Data Holdings Corporation a company incorporated in the Cayman Islands (the "**Company**" and, together with its subsidiaries, the "**Group**") and ___________(the "**Executive**").

WHEREAS, the Company and the Executive wish to enter into an employment agreement whereby the Executive will be employed by the Company in accordance with the terms and conditions stated below;

NOW, THEREFORE, the parties hereby agree as follows:

ARTICLE 1<br> Employment, Duties And Responsibilities

Section 1.01 *. Employment.* The Executive shall serve as the ____________of the Company. The Executive hereby accepts such employment and agrees to devote substantially all of the Executive's time and efforts to promoting the interests of the Group.

Section 1.02 *. Duties and Responsibilities.* Subject to the supervision of and direction by the Board of Directors of the Company, the Executive shall perform such duties as are similar in nature to those duties and services customarily associated with the positions set forth above.

Section 1.03 *. Base of Operation.* The Executive's principal base of operation for the performance of his or her duties and responsibilities under this Agreement shall be the offices of the Company in_______________, and at such other places as shall from time to time be reasonably necessary to fulfill the Executive's obligations hereunder.

ARTICLE 2<br> Term

Section 2.01 *. Term.*

(a) Subject to other terms and conditions of this Agreement, the employment pursuant to this Agreement (the "**Employment**") shall commence on ______________and shall have an indefinite duration, unless it is terminated pursuant to this Agreement or as mutually agreed by the parties hereto.

(b) The Executive represents and warrants to the Company that neither the execution and delivery of this Agreement nor the performance of the Executive's duties hereunder violates or will violate the provisions of any other agreement to which the Executive is a party or by which the Executive is bound.

(c) It is understood and agreed that to the extent an employment agreement or similar agreement has been entered into by and between a member of the Group on one hand and the Executive on the other hand (the "**Operative Employment Agreement**"), and the Operative Employment Agreement is terminated for any reasons pursuant to the terms therein, the Employment shall also be terminated unless mutually agreed by both parties.

ARTICLE 3<br> Compensation And Expenses

Section 3.01 *. Salary, Remuneration and Benefits.* The Executive's salary, remuneration and benefits shall be determined by the Company and shall be specified in the Operative Employment Agreement or any other agreement between the Company or another member of the Group on one hand and the Executive on the other hand. The Executive's salary, remuneration and benefits shall be reviewed by the Board of Directors (or its designated compensation committee) and/or the management of the Company in accordance with the relevant policies adopted by the Company from time to time.

Section 3.02. *Expenses.* The Company will reimburse the Executive for reasonable documented business-related expenses incurred by the Executive in connection with the performance of the Executive's duties hereunder during the term of the Employment, subject, however, to the Company's policies and guidelines relating to business-related expenses as in effect from time to time during the duration of the employment, *provided* that, the Executive shall provide the Company with all appropriate receipts and vouchers.

Section 3.03 *. Employee Benefit Plans.* The Executive shall be entitled to participate during the term of the Employment in employee benefit plans, programs and arrangements of the Company as may be in effect from time to time, including, without limitation, any share incentive plan, comprehensive health insurance and retirement scheme, subject to the terms and provisions of such plan and the execution of the award agreement and other related agreements between the Company and the Executive, as well as the terms and conditions as set forth in the Operative Employment Agreement.

Section 3.04. *Payer of Compensation.* Subject to the terms and conditions as set forth in the Operative Employment Agreement, all compensation, salary, benefits and remuneration pursuant to this Agreement may be paid by the Company or any of its subsidiaries, as decided by the Company in its sole discretion.

ARTICLE 4<br> Exclusivity, Non-compete, Non-solicitation, Confidentiality, and Intellectual Property

Section 4.01 *. Exclusivity.* The Executive agrees to perform his or her duties, responsibilities and obligations hereunder efficiently and to the best of his or her ability. The Executive agrees that the Executive will devote substantially all of the Executive's working time, care and attention and best efforts to such duties, responsibilities and obligations throughout the term of the Employment. The Executive agrees that all of his or her activities as an employee of the Company shall be in conformity with all present and future policies, rules and regulations and directions of the Company not inconsistent with this Agreement and the Operative Employment Agreement.

Section 4.02 *. Non-compete, Non-solicitation and Confidentiality.*

 

*(a) Non-compete.* The Executive agrees that during the term of the Employment and for the twenty-four (24) months following the termination for any reason of the Employment, unless otherwise agreed by the Company, he or she will not, and will cause its affiliates not to, directly or indirectly (whether as a controller, agent, director, employee, partner, shareholder, management or otherwise): (i) be employed or self-employed in, engage in or own or hold any interest in, or provide any consulting, technical and other services or any assistance to any Competing Businesses; (ii) invest in any Competing Businesses; (iii) establish an entity that engages in any Competing Businesses; or (iv) provide any services that competes with those provided by the Group to any former, current or prospective customers of the Group. As used herein, a "**Competing Business**" means any business that is substantially similar to, or is in direct or indirect competition or would potentially compete with, any businesses conducted by the Company or any member of the Group, including but are not limited to those conducted by the entities as specified in the Operative Employment Agreement or any other agreement between the Company or any other member of the Group on one hand and the Executive on the other hand. The Executive also agreed that, throughout the term of the Employment and at all times thereafter, he or she will not and will cause his or her affiliates not to engage in any conduct that would damage the reputation of the Group.

(b) *Non-solicitation*. The Executive agrees that he or she will not and will cause his or her affiliates not to, directly or indirectly, (i) employ or otherwise use the services provided by a current employee of a member of the Group, a person that has unilaterally terminated his or her employment with a member of the Group without undergoing proper departure procedures, or any former employee of a member of the Group who is subject to non-compete restrictions; (ii) during the term of the Employment and for the twenty-four (24) months following the termination for any reason of the Employment, solicit or attempt to solicit (a) any officer or employee of any member of the Group to terminate his or her employment with such member of the Group; or (b) a person who is a customer, supplier, agent, licensee, licensor of any member of the Group or any other person that has an actual or prospective business relation with any member of the Group to terminate its relationship with the Group or to alter such relationship in a manner adverse to the Group.

*(c) Confidentiality.* Throughout the term of the Employment and at all times thereafter, the Executive shall keep in strict confidence and not to use all non-public information relating to the technology, business, financial condition and other aspects of the Company, including but not limited to know-how, confidential technical, financial, marketing, distribution and commercial information and other trade secrets, business methods, products, processes, procedures, development or experimental projects, plans, service providers, students, customers and users and such non-public information relating to the students, customers, users and suppliers of the Group, and, except as authorized by the Company, may not disclose or provide to any person, firm, corporation or entity such non-public information, and may not use such non-public information for any purpose other than to fulfill his or her responsibilities in the best interest of the Company. The Executive shall also comply with the Company's corporate policies and any other agreements on confidentiality that the Executive may enter into with the Company or any other member of the Group. This provision and such other confidentiality policies and agreements are hereinafter collectively referred to as the "**Confidentiality Terms.**" The Executive shall comply with the Confidentiality Terms throughout the term of the Employment and at all times thereafter.

*(d) Operative Employment Agreement.* Both parties hereto acknowledge that the Executive shall continue to comply with the provisions relating to non-compete, non-solicitation and confidentiality in the Operative Employment Agreement or another agreement entered into between the Company or any other member of the Group on one hand and the Executive on the other hand.

Section 4.03. *Transfer of Intellectual Property*. The Executive hereby agrees to transfer to the Company or another member of the Group as designated by the Company all intellectual property rights in the works created during the Employment or other intellectual property rights deemed to be occupational works in accordance with applicable laws and regulations (the "**Occupational Works**"). The "intellectual property rights" as referred to in this section means all current and future intellectual property rights, including but not limited to patent rights, trademarks or copyrights in any country, whether registered or not. The Executive agrees that, throughout the course of the Employment and at all times thereafter, he or she shall execute necessary documents and take necessary action to implement the foregoing transfer of the Occupational Works to the Group. The Executive acknowledged that the Company shall, where permitted by applicable laws and regulations, hold all rights and interests in the Occupational Works, including any patent or copyrights. The Executive further agrees that, throughout the course of the Employment and at all times thereafter, the Executive and his or her heirs, assignees and representatives will, upon the Company's requests, assign exclusively to the Company or another member of the Group as designated by the Company any right, title and interest in the Occupational Work and assist in the preparation and execution of all applications and instruments and carry out other tasks or procedures necessary in accordance with applicable laws and regulations for the Company or another member of the Group as designated by the Company to obtain and maintain the patent and other intellectual property right in any applicable jurisdictions and/or protecting the rights and interests of the Company or another member of the Group as designated by the Company in the Occupational Works.

ARTICLE 5<br> Termination of the employment

Section 5.01 *. Termination by Company.* The Company shall have the right to terminate the Employment at any time with "Cause" without advance notice pursuant to the terms and conditions hereof. For purposes of this Agreement, "**Cause**" shall have the meanings ascribed to it in the Operative Employment Agreement. For purposes of this Section 5.01, no act or failure to act, on the part of the Executive shall be deemed "**willful**" unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the act or omission of the Executive was in the best interest of the Company. The Company may also terminate the Executive's employment at any time with or without Cause by giving a 30 days' advance notice in writing.

Section 5.02 *. Termination by the Executive.* The Executive shall have the right to terminate the Employment at any time by giving a 30 days' advance notice in writing pursuant to the terms and conditions under the Operative Employment Agreement. If the Executive terminates the employment under this Section 5.02, the Company is not obliged to pay to the Executive any financial compensation for such termination.

Section 5.03 *. Death.* In the event the Executive passes away during the term of the Employment, this Agreement shall automatically terminate, effective on the date of the Executive's death.

Section 5.04. *Effect of Termination*.

(a) In the event of termination of the Executive's employment, by either party for any reason, the Company shall pay to the Executive (or his or her beneficiary in the event of his or her death) any base salary or other compensation earned but not paid to the Executive prior to the effective date of such termination. All other benefits due the Executive following his or her termination of employment shall be determined in accordance with the plans, policies and practices of the Company.

(b) In the event of termination of the Executive's employment by the Company other than for Cause, the Company shall pay to the Executive any additional amount as provided by applicable law.

ARTICLE 6<br> Miscellaneous

Section 6.01 *. Benefit Assignment; Assignment; Beneficiary.* This Agreement shall inure to the benefit of and be binding upon the Company and its assigns. This Agreement shall also inure to the benefit of, and be enforceable by, the Executive and the Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would still be payable to the Executive hereunder if the Executive had continued to live, all such amounts shall be paid in accordance with the terms of this Agreement to the Executive's beneficiary, devisee, legatee or other designee, or if there is no such designee, to the Executive's estate.

Section 6.02. *Notices.* Any notice required or permitted hereunder shall be in writing and shall be sufficiently given if personally delivered or if sent by registered or certified mail, national overnight courier, or email. In the case of the Company, to the office or email account of the Head of Human Resources; and in the case of the Executive, to the address or email account appearing on the employment records of the Company, from time to time. Any notice given hereunder shall be deemed to have been given at the time of receipt thereof by the person to whom such notice is given.

Section 6.03 *. Entire Agreement; Amendment.* This Agreement contains the entire agreement of the parties hereto with respect to the terms and conditions of the Executive's employment with the Company and, subject to Section 4.02(d) of this Agreement, supersedes any and all prior agreements and understandings, whether written or oral, between the parties hereto with respect to the employment of the Executive with the Company. For the avoidance of doubt, in case of any conflict between this Agreement and the Operative Employment Agreement as to the Executive's compensation, the term of the Employment, and the Executive's non-compete, confidentiality and non-solicitation obligations, the Operative Employment Agreement shall prevail. This Agreement may not be changed or modified except by an amendment in writing signed by both of the parties hereto.

Section 6.04 *. Waiver.* The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a continuing waiver or as a consent to or waiver of any subsequent breach hereof.

Section 6.05 *. Headings.* The article and section headings herein are for convenience of reference only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

Section 6.06 *. Governing Law.* This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of Hong Kong Special Administration Region of the People's Republic of China ("**Hong Kong**").

Section 6.07 *. Agreement To Take Actions.* Each party hereto shall execute and deliver such documents, certificates, agreements and other instruments, and shall take such other actions, as may be reasonably necessary or desirable in order to perform his or its obligations under this Agreement or to effectuate the purposes hereof.

Section 6.08 *. Arbitration.* Any dispute between the parties hereto respecting the meaning and intent of this Agreement or any of its terms and provisions shall be submitted to the Hong Kong International Arbitration Centre ("**HKIAC**") for arbitration in accordance with HKIAC's arbitration rules in effect at the time. The arbitral award is final and binding upon the parties thereto. The arbitration tribunal will consist of three arbitrators (one appointed by claimant, the second appointed by respondent and the third appointed by the first two arbitrators or the Chairman of HKIAC). The arbitration seat shall be in Hong Kong. The language of arbitration shall be English and Chinese.

Section 6.09 *. Survivorship.* The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

Section 6.10 *. Severability.* The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect.

Section 6.11 *. Counterparts.* This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

Section 6.13 *. Withholding.* All payments to the Executive hereunder shall be subject to withholding to the extent required by applicable law.

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| Cloud Data Holdings Corporation | Cloud Data Holdings Corporation |
| By: |  |
|  | Name: |
|  | Title: |

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| |
|:---|
| EXECUTIVE |
| Name: |
| Title: |

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## Exhibit 10.3

**Exhibit 10.3**

**CLOUD DATA HOLDINGS LIMITED**

**FORM OF DIRECTOR AGREEMENT**

This Director Agreement (the "Agreement") is made and entered into as of___________, by and between Cloud Data Holdings Limited, a Cayman Islands company (the "Company"), and ___________ (Passport / ID Card No.: ___________) (the "Director").

**I. SERVICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Board of Directors. The Director is appointed to serve as a director of the Company's Board of Directors (the "Board"), effective as of the date when the Securities and Exchange Commission (the "SEC") declares effective the Company's registration statement on Form F-1 (the "Effective Date") that was initially submitted with the SEC confidentially on August 1, 2025, until the earlier of (i) the ___________ anniversary of the effective appointment of the Director, (ii) the date on which the Director ceases to be a member of the Board for any reason, or (iii) the date of termination of this Agreement in accordance with Article V hereof (such earlier date being the "Expiration Date"). The Board shall consist of the Director and such other members as are nominated and elected pursuant to the then-current Memorandum and Articles of Association of the Company (the "Memorandum and Articles").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Director Services. The Director's services to the Company hereunder shall include services on the Board and services on the _________________________________ committee of the Board in accordance with applicable law and stock exchange rules as well as the Memorandum and Articles, and such other services mutually agreed to by the Director and the Company (the "Director Services").

**II. COMPENSATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Fees to Director. The Director shall be compensated for the Director Services as follows (check one):

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;☐ | Fixed Fee. | The Director shall receive from the Company a cash payment in the amount of US$___________ per ☐ month ☐ year, payable in arrears, until the Expiration Date. |
| &nbsp;&nbsp;☐ | Board-Determined Fee. | The Director shall receive from the Company compensation for the Director Services in such amount and on such terms as may be determined or approved by the Board of Directors (or the Compensation Committee, if applicable) from time to time, payable in accordance with the applicable Board resolution(s), until the Expiration Date. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Director and Officer Liability Insurance. If and to the extent the Company maintains a director and officer liability insurance policy, the Director shall be covered as an insured under such policy in connection with the Director Services, subject to the terms and conditions of such policy and on a basis consistent with coverage provided to other directors and officers.

**III. DUTIES OF DIRECTOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Fiduciary Duties. In fulfilling his/her managerial responsibilities, the Director shall be charged with a fiduciary duty to the Company. The Director shall be attentive and inform himself/herself of all material facts regarding a decision before taking any action. In addition, the Director's actions shall be motivated solely by the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Confidentiality. During the Term of this Agreement, and for a period of one (1) year after the Expiration Date, the Director shall maintain in strict confidence all information he/she has obtained or shall obtain from the Company that the Company has designated as "confidential" or that is by its nature confidential, relating to the Company's business, operations, properties, assets, services, condition (financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers, prospects, technology, or trade secrets, except to the extent such information (i) is in the public domain through no act or omission of the Director, (ii) is required to be disclosed by law or a valid order by a court or other governmental body, or (iii) is independently learned by the Director outside of his/her relationship with the Company and its affiliates (the "Confidential Information").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Non-disclosure and Non-use Obligations. The Director will use the Confidential Information solely to perform the Director Services for the benefit of the Company. The Director will treat all Confidential Information of the Company with the same degree of care as the Director treats his/her own Confidential Information, and the Director will use his/her best efforts to protect the Confidential Information. The Director will not use the Confidential Information for his/her own benefit or the benefit of any other person or entity, except as may be specifically permitted in this Agreement. The Director will immediately give notice to the Company of any unauthorized use or disclosure by or through him/her, or of which he/she becomes aware, of the Confidential Information. The Director agrees to assist the Company in remedying any such unauthorized use or disclosure of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Return of the Company Property. All materials furnished to the Director by the Company, whether delivered to the Director by the Company or made by the Director in the performance of Director Services under this Agreement (the "Company Property"), are the sole and exclusive property of the Company. The Director agrees to promptly deliver the original and any copies of the Company Property to the Company at any time upon the Company's request. Upon termination of this Agreement by either party for any reason, the Director agrees to promptly deliver to the Company or destroy, at the Company's option, the original and any copies of the Company Property. The Director agrees to certify in writing that the Director has so returned or destroyed all such Company Property.

**IV. COVENANTS OF DIRECTOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 No Conflict of Interest. During the Term of this Agreement, the Director shall not be employed by, own, manage, control or participate in the ownership, management, operation or control of any business entities that is competitive with the Company, which are identified on Exhibit A attached hereto (as amended and supplemented by the Company in its sole and absolute discretion from time to time), or otherwise undertake any obligation inconsistent with the terms hereof, provided that Director may continue the Director's current affiliation or other current relationships with the entity or entities described on Exhibit B (all of which entities are referred to collectively as "Current Affiliations"). This Agreement is subject to the current terms and agreements governing the Director's relationship with Current Affiliations, and nothing in this Agreement is intended to be or will be construed to inhibit or limit any of the Director's obligations to Current Affiliations. The Director represents that nothing in this Agreement conflicts with the Director's obligations to Current Affiliations. If the Director undertakes any duty, investment or other obligation that may present a conflict of interest prohibited under this Section 4.1, the Director shall inform the Board in writing with ten (10) days prior notice. If the Board decides such proposed new obligation would present an actual conflict of interest prohibited hereunder and the Director still undertakes the new obligation, the Board shall have the right to remove the Director from the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Non-interference with Business. During the Term of this Agreement, and for a period of two (2) years after the Expiration Date, the Director agrees not to interfere with the business of the Company in any manner. By way of example and not of limitation, the Director agrees not to solicit or induce any employee, independent contractor, customer, supplier, or business partner of the Company to terminate or breach his/her/its employment, contractual or other relationship with the Company.

**V. TERM AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Term. This Agreement is effective as of the Effective Date as provided for in Section 1.1 above and will continue until the Expiration Date (the "Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Resignation. The Director may terminate this Agreement at any time upon thirty (30) days prior written notice to the Company, or such shorter period as agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Company may terminate this Agreement at any time, with or without cause, upon written notice to the Director, effective immediately or on such later date as specified in the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Survival. The rights and obligations contained in Articles III and IV will survive any termination or expiration of this Agreement.

**VI. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Assignment. Except as expressly permitted by this Agreement, neither party shall assign, delegate, or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 No Waiver. The failure of any party to insist upon the strict observance and performance of the terms of this Agreement shall not be deemed a waiver of other obligations hereunder, nor shall it be considered a future or continuing waiver of the same terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth on the signature page of this Agreement or such other address as either party may specify in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Governing Law. This Agreement shall be governed in all respects by the laws of the Cayman Islands without regard to conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Severability. Should any provisions of this Agreement be held by a court of law to be illegal, invalid, or unenforceable, the legality, validity, and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to this subject matter and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all Director Services undertaken by the Director for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Amendments. This Agreement may only be amended, modified or changed by an agreement signed by the Company and the Director. The terms contained herein may not be altered, supplemented, or interpreted by any course of dealing or practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[The remainder of this page is intentionally left blank.]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

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| | |
|:---|:---|
| **Company:** | **Cloud Data Holdings Limited** |
| Address: |  |
| 1507-1510 0ffice Tower, Convention Plaza |  |
| 1 Harbor Road, Wan Chai, | By: |
| Hong Kong | Name: |
|  | Title: |
| **Director:** [DIRECTOR NAME] |  |
| Address: |  |
|  | By: |

---

[Signature Page to Director Agreement]

**<u>EXHIBIT A</u>**

**List of Company Competitors**

**<u>EXHIBIT B</u>**

**List of Director's Current Affiliations**

## Exhibit 10.4

**Exhibit 10.4**

**LEASE AGREEMENT**

**Membership Details Form**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Member Company Name (Legal Name): | CLOUD DATA NETWORK LIMITED |
|  | (BR No. :61544704) |
| Industry: | / |
| Agreement Date: | June 02nd, 2025 |
| Start Date: | July 01st, 2025 |
| Commitment Ter m (month-to-month after Commitment Term): | 12 Months |
| &nbsp;&nbsp;&nbsp;&nbsp;Office Number(s);Main Premises: | Room 14 of GO SPACE (1507-1510 Office Tower, |
|  | Convention Plaza, 1 Harbor Road, Wan Chai, Hong Kong) |
| Set-Up Fee: | HKD2, 000. 00 (including exit cleaning fee) |
| Service Retainer | HKD19, 600. 00 (equal to no less than 2 months Membership Fee) |
| Membership Fee: | HKD9, 800. 00 per month |
| Payment Method: | Cheque/Bank transfer |
| Conference Room Credits (per month): | / |
| Print and Copy Credits (per month): | / |
| Number of Individual Members/Capacity: | Three members |
| Notes: |  |

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This Agreement, including the Terms and Conditions and Membership Details Form, will be effective when signed by both parties. In the event of any conflict between the Terms and Conditions and the Membership Details Form, the Membership Details Form shall prevail.

By signing this Agreement you represent to us that you have the proper authority to execute this Agreement on behalf of the company listed above and incur the obligations described in this Agreement on behalf of such company.

**Golden Fortune Enterprising (HongKong) Co**

**Signature and Seal: /s/ Sharon Ni**

Name (Print): <u>Sharon Ni</u>

Title: <u>Manager</u>

Date: <u>June 02nd, 2025</u>

**Member Company Name: CLOUD DATA NETWORK LIMITED (BR NO:61544704)**

**Signature and Seal: /s/ Wenhong He**

Name (Print): <u>WENHONG HE</u>

Title: <u>Manager</u>

Date: <u>June 02nd, 2025</u>

**MEMBERSHIP AGREEMENT**

**Terms and Conditions**

**1. Definitions**

"Authorized Signatory" means an individual authorized to legally bind your company.

"Capacity" means number set forth in the Membership Details Form in the "Capacity" field.

"GFE" , "we" or "us" means Golden Fortune Enterprising (Hong Kong) Co Ltd, the contracting entity.

"Main Premises" means the Premises in which the Office Space is located, as set forth in the Membership Details Form.

"Member" means each person you authorize on your Member List as being allowed to receive the Services.

"Member Company" or "you" means the company, entity, or individual that enters into a Membership Agreement with GFE and is listed in the Membership Details Form.

"Office Space" means the office number and/or workspace location(s)specified in the Membership Details Form.

"Premises" means a building or portion of a building in which GFE offers or plans to offer offices, workstations, other workspaces, and/or other services to Members.

"Primary Member" means the primary in-Premises Member contact for GFE.

"Start Date" means the date set forth in the Membership Details Form.

**2. The Benefits of Membership**

(a) Services. Subject to the terms and conditions of this agreement, including any attachments, exhibits, and supplements(collectively, the"Agreement")and any other policies we make available to you with prior notice from time to time, during the Term (defined below), GFE will use commercially reasonable efforts to provide you(and your Members, as applicable)the services described below. These services are referred to in this Agreement as the "Services. "

● Non-exclusive
access to the Office Space.

● Regular
maintenance of the Office Space.

● Furnishings
for the Office Space.

● Use
of the conference rooms in your Main Premises.

● Air-conditioning
in the Office Space.

● Electricity
for reasonably acceptable administrative office use.

● Use
within the Premises of pantry made available therein.

● Acceptance
of mail and deliveries on behalf of your business during Regular Business Hours on Regular Business Days;provided that we are not liable
for any mall or packages received without a GFE employee's signature indicating acceptance.

(b) Certain Services. Use of the conference rooms in any GFE Premises other than your Main Premises and air-conditioning in the Office Space may only be available during Regular Business Hours on Regular Business Days, as defined below. "Regular Business Hours" are generally from 09:00 to 18:00 on Regular Business Days, with the exception of days prior to local bank/government holidays, when Regular Business Hours end at approximately 14:00. "Regular Business Days" are all weekdays, except local bank/government holidays and up to three other days of which we will inform you.

(c) Our Reserved Rights. We are entitled to access your Office Space, with or without notice, in connection with our provision of the Services, for safety or emergency purposes or for any other purposes. We will attempt to notify you verbally or electronically in advance, and will endeavor to respect reasonable security procedures to protect the confidentiality of your business. We may temporarlly move furniture contained in your Office Space. We reserve the right to alter your Office Space, provided that we will not do so in a manner that substantially decreases the square footage of your assigned Office Space or related amenities. We may also reasonably modify or reduce the list of Services or furnishings provided for your Office Space at any time. The Services may be provided by us, an affiliate or a third party.

(d) Office Space Not Timely Available. If we are unable to make the Office Space available by the Start Date, we will not be subject to any liability related to such inabilty. This Agreement shall remain in full force and effect, provided that: (i) the failure to provide access to the Office Space does not last longer than two (2) months and (ii) at our sole discretion we will either (x) provide you with alternate office space (which may or may not be within a GFE building)with reasonably comparable Capacity during such period and charge your Membership Fee or (y) not charge you the Membership Fee during the period the Office Space is not available to you. Following the two (2) month period set forth in (i) above, you shall have the ability to terminate this Agreement upon seven (7) days' prior notice to us. For purposes of clarity, if we do provide you alternate office space as described in clause (x) above, during the period we provide you with such alternate office space, the individuals named as Members shall be deemed to be Members and otherwise shall be fully subject to the terms of this Agreement. Notwithstanding anything in this paragraph to the contrary, if the delay in providing the Office Space is due to your actions or inactions or due to changes in work to the Office Space requested by you, we will not be subject to any liability related to such delay nor will such delay affect the validity of this Agreement and we shall have no obligations to provide you with the benefits described in subsections (x) and (y) of this paragraph.

**3. Your Members**

(a) Updating the Member List. Only those individuals set forth on the Member List will be deemed to be"Members" and entitled to the benefits described in this Agreement. Your Members will be able to begin using, accessing, and/or receiving the Services on the later of (i) the Start Date or (ii) the date we confirm the addition of such individual to the Member List. You are responsible for maintaining the accuracy of the Member List. Your Primary Member may make changes to your Member List by informing GFE in written.

(b) Changes to or Removal of Primary Member or Authorized Signatory. An Authorized Signatory generally has the sole authority to make changes to or terminate this Agreement. A Primary Member will generally serve as GFE's primary contact regarding matters that involve your Members, the physical Office Space or the Premises. We will be entitled to rely on communications to or from the Authorized Signatory or Primary Member as notice to or from the applicable Member Company. However, a Legal Representative of the applicable Member Company("Legal Representative")will have the authority to override the request of an Authorized Signatory or Primary Member, as applicable, provided that we receive such a request within 24 hours following such Authorized Signatory's or Primary Member's request.

**4. Membership Fees; Payments**

(a) Payments Due Upon Signing. Upon submitting a signed and completed Agreement, you will be obligated to deliver to us, in the amount(s)set forth on your Membership Details Form, (i)the Service Retainer and (ii)the Set-Up Fee.

(b) Membership Fee. During the Term (defined below)of this Agreement, your Membership Fee will be due monthly and in advance as of the first (1st)day of each month. You are obligated to make payment of all Membership Fees owed throughout the Commitment Term and this obligation is absolute notwithstanding any early termination of the Agreement by you ("Membership Fee Obligations"). All payments must be paid in full amount without any deductions. The Membership Fee set forth on the Membership Details Form covers the Services for only the number of Members indicated in the Membership Details Form.

(c) Invoices are available upon request.

(d) Credits. These allowances may not be rolled over from month to month. If these allocated amounts are exceeded, you will be responsible for paying fees for such overages.

(e) Late Fees. If payment for the Membership Fee or any other accrued and outstanding fee is not made by the tenth (10th) of the month in which such payment is due, you will be responsible for paying the then-current late charge.

(f) Outstanding Fees. Any outstanding fees will be charged in arrears on a monthly basis. When we receive funds from you, we will first apply funds to any balances which are in arrears and to the earliest month due first. Once past balances are satisfied, any remaining portion of the funds will be applied to current fees due. If any payments remain outstanding after we provide notice to you, we may, in our sole discretion, withhold Services or terminate this Agreement in accordance with Section 5(d).

(g) No Refunds. Except as provided herein, there are no refunds of any fees or other amounts paid by you or your Members in connection with the Services.

**5. Term and Termination**

(a) Term. This Agreement will be effective when signed by both parties ("Effective Date"); provided that we have no obligations to provide you with the Services until the later of (i) the date on which payment of your Service Retainer, Set-Up Fee and first month's Membership Fee has been received by us or (ii) the Start Date. If the Start Date is a Regular Business Day, you will be entitled to move into the Office Space no earlier than 11:00 on the Start Date. If the Start Date s not a Regular Business Day, you will be entitled to move into the Office Space no earlier than 11:00 on the first Regular Business Day after the Start Date.

(b) Cancellation Prior to Start Date by You. You may cancel this Agreement prior to the Start Date upon delivery of notice to us. If you terminate more than one (1) full calendar month prior to your Start Date, you may be entitled to a refund of your Set-Up Fee, less any applicable charges, expenses or deductions;however, you will not be entitled to a refund of your Service Retainer. If you terminate within one (1) full calendar month prior to your Start Date, you will not receive any refund of your Set-Up Fee or Service Retainer.

(c) Termination by You;Changes in Office Space. You may terminate this Agreement by informing GFE in written at least one (1) full calendar month prior to the month in which you intend to terminate this Agreement ("Termination Effective Month")and the termination will be effective on the later of the last Regular Business Day of the Termination Effective Month and the expiration of the Commitment Term. No termination by you shall be effective during the Commitment Term, and termination by you during the Commitment Term is a breach of this Agreement. If you terminate this Agreement prior to the end of the Commitment Term, your Membership Fee Obligations shall become immediately due. In addition to any rights, claims and remedies we choose to pursue in our discretion, your Service Retainer shall be forfeited immediately as a result of your breach.

(d) Termination or Suspension by Us. We may withhold Services or immediately terminate this Agreement by providing notice to you in accordance with Section 9(h)of this Agreement: (i) upon breach of this Agreement by you or any Member; (ii) upon termination, expiration or material loss of our rights in the Premises; (iii) if any outstanding fees are still due after we provide notice to you; (iv) at any other time, when we, in our reasonable discretion, see fit to do so; or (v) upon one (1) full calendar month notice when we, in our sole discretion, see fit to do so. You will remain liable for past due amounts, and we may exercise our rights to collect due payment, despite termination or expiration of this Agreement. An individual Member will no longer be allowed access to the Services and is no longer authorized to access the Main Premises upon the earlier of (x) the termination or expiration of this Agreement; (y) your removal of such Member from the Member List; or (z) our notice to you that such Member materially or repeatedly violated this Agreement.

(e) Service Retainer. The Service Retainer will beheld as a retainer for performance of all your obligations under this Agreement, including the Membership Fee Obligations, and is not intended to be a reserve from which fees may be paid. In the event you owe us other fees, you may not rely on deducting them from the Service Retainer, but must pay them separately. We will return the Service Retainer, or any balance after deducting outstanding fees and other costs due to us, including any unsatisfied Membership Fee Obligations, to you by bank transfer or other method that we communicate to you within thirty (30) days.

(f) Removal of Property Upon Termination. Prior to the termination or expiration of this Agreement, you will remove all of your, your Members', and your or their guests' property from the Office Space and Premises. After providing you with reasonable notice, we will be entitled to dispose of any property remaining in or on the Office Space or Premises after the termination or expiration of this Agreement and will not have any obligation to store such property, and you waive any claims or demands regarding such property or our handling of such property. You will be responsible for paying any fees reasonably incurred by us regarding such removal. Following the termination or expiration of this Agreement, we will not forward or hold mail or other packages delivered to us.

(g) Deregistration of Registered Address. You may not use an address provided by us as your registered address unless you have received our prior written consent. If, following the receipt of such written consent, you are using an address provided by us as your registered address, or you change your existing registered address to a registered address provided by us, upon termination or expiration of this Agreement, you shall complete the deregistration of such address with the relevant local authorities, including the relevant local Administration of Industry and Commerce, within 30 days of the date of such termination or expiration, and shall provide to us an original updated business license for our review and verification. For each whole or partial calendar month after such 30 day deadline has elapsed that you have not deregistered the registered address and provided to us proof of the same in the form of an updated business license, you agree to pay one month of your Membership Fee. In the event that such fees are insufficient to compensate us for our losses incurred due to your breach under this Section 5(g), we shall be entitled to recover such excess losses from you.

**6. House Rules.** 

In addition to any rules, policies and/or procedures that are specific to a Main Premises used by you:

(a) You acknowledge and agree that:

● keys,
key cards and other such items used to gain physical access to the Premises or the Office Space remain our property. You will cause your
Members to safeguard our property and you will be liable for replacement fees should any such property be lost, stolen or destroyed;

● you
shall promptly notify us of any change to your contact and payment information; we will provide notice to you of any changes to services,
fees, or other updates by emailing the email addresses provided by you. It is your responsibility to read such emails and to ensure your
Members are aware of any changes, even if we notify such Members directly;

● carts,
dollies and other freight items which may be made available may not be used in the passenger elevator except at our discretion;

● all
of your Members are at least 18 years of age;

● you
shall be solely and fully responsible for ensuring that no alcohol is consumed by any of your Members or guests who is younger than the
legal age for consuming alcohol in the applicable jurisdiction;

● common
spaces are to be enjoyed by all our Member Companies, members and guests unless otherwise instructed by us, and are for temporary use
and not as a place for continuous, everyday work;

● you
will provide us with reasonable notice of and complete all required paperwork prior to hosting any event at the Premises;

● you
will be responsible for any damage to your Office Space exceeding normal wear and tear;

● you
may not make any structural or nonstructural alterations or installations of wall attachments, furniture or antennae in the Office Space
without prior approval by us. In the event that any alterations or installations are made, you shall be responsible for the full cost
and expense of the alteration or installation and, prior to the termination of this Agreement, the removal of such items and the restoration
necessitated by any such alterations. To the extent that we incur any costs in connection with such alteration, installation or removal
which are not otherwise paid by you we shall deduct such costs from the Service Retainer. In no event are you permitted to perform any
of these actions.

(b) No Member will:

● perform
any activity or cause of permit anything that is reasonably likely to be disruptive or dangerous to us or any other Member Companies,
or our or their employees, guests or property, including without limitation the Office Space or the Premises;

● use
the Services, the Premises or the Ofice Space to conduct or pursue any illegal or offensive activities or comport themselves to the community
in a similar manner;

● misrepresent
himself or herself to the GFE community;

● take,
copy or use any information or intellectual property belonging to other Member Companies or their Members or guests, including without
limitation any confidential or proprietary information, personal names, likenesses, voices, business names, trademarks, service marks,
logos, trade dress, other identifiers or other intellectual property, or modified or altered versions of the same, and this provision
will survive termination of this Agreement;

● take,
copy or use for any purpose the name "GFE"or any of our other business names, trademarks, service marks, logos, trade dress,
other identifiers or other intellectual property or modified or altered versions of the same, or take, copy or use for any purpose any
pictures or illustrations of any portion of the Premises, without our prior consent, and this provision will survive termination of this
Agreement;

● use
our mail and deliveries services for fraudulent or unlawful purposes, and we shall not be liable for any such use;

● make
any copies of any keys, keycards or other means of entry to the Office Space or the Premises or lend, share or transfer any keys or keycards
to any third party, unless authorized by us in advance; install any locks to access the Office Space or anywhere within the Premises,
unless authorized by us in advance;

● allow
any guest(s)to enter the building without registering such guest(s)and performing any additional required steps according to our policies;

● bring
any weapons of any kind, or any other offensive, dangerous, inflammable or explosive materials into the Office Space or the Premises.

● You
are responsible for ensuring your members comply with all House Rules.

**7. Additional Agreements**

(a) Information Technology. We do not make any representation or warranty as to the security of our network. We cannot guarantee a particular degree of availability will be achieved in connection with your use of our network. GFE provides shared Internet access to Members via a wired or wireless network connection.

(b) Waiver of Claims. To the extent permitted by law, you, on your own behalf and on behalf of your Members, employees, agents, guests and invitees, waive any and all claims and rights against us and our landlords at the Premises and our and its affiliates, parents, and successors and each of our and their employees, assignees, officers, agents and directors (collectively, the "GFE Parties")resulting from injury or damage to, or destruction, theft, or loss of, any property (including data) or person.

(c) Limitation of Liability. To the maximum extent permitted by applicable law, the aggregate monetary liability of any of the GFE Parties to you or your Members, employees, agents, guests or invitees for any reason and for all causes of action, will not exceed the total Membership Fees paid by you to us under this Agreement in the twelve (12) months prior to the claim arising. None of the GFE Parties will be liable under any cause of action, for any indirect, special, incidental, consequential, reliance or punitive damages, including loss of profits or business interruption.

(d) Indemnification. You will indemnify the GFE Parties from and against any and all claims, including third party claims, liabilities, and expenses including reasonable attorneys' fees, resulting from any breach of this Agreement by you or your Members or your or their guests or invitees or any of your or their actions or omissions. You are responsible for the actions of and all damages caused by all persons that you, your Members or your or their guests invite to enter any of the Premises. You shall not make any settlement that requires a materially adverse act or admission by us or imposes any obligation upon any of the GFE Parties without our written consent. None of the GFE Parties shall be liable for any settlement made without its prior written consent.

(e) Insurance. You are responsible for maintaining, at your own expense and at all times during the Term, personal property insurance and commercial general liability insurance covering you and your Members for property loss and damage, injury to your Members and your Members' guests and prevention of or denial of use of or access to, all or part of the Premises, in form and amount appropriate to your business. You will ensure that GFE and the landlord of the applicable Premises shall each be named as additional insureds on any such policies of insurance and that you waive any rights of subrogation you may have against GFE and the landlord of the applicable premises. You shall provide proof of insurance upon our request.

(f) Other Members. We do not control and are not responsible for the actions of other Member Companies, Members, or any other third parties. If a dispute arises between Member Companies, members or their invitees or guests, we shall have no responsibility or obligation to participate, mediate or indemnify any party.

**8. Arbitration and Representative Litigation Waiver**

(a) Governing Law. This Agreement and the transactions contemplated hereby shall be governed by the law of Hong Kong.

(b) Representative Litigation Waiver. Any proceeding to resolve or litigate any dispute in any forum will be conducted solely on an individual basis. No proceeding will be combined with another without the prior written consent of all parties to all affected proceedings.

**9. Miscellaneous**

(a) Nature of the Agreement;Relationship of the Parties. The whole of the Office Space remains our property and in our possession and control. We are giving you the right to share with us the use of the Office Space so that we can provide the Services to you. Notwithstanding anything in this Agreement to the contrary, you and we agree that our relationship is not that of a conventional landlord-tenant or lessor-lessee and this Agreement in no way shall be construed as to grant you or any Member any title, easement, lien, possession or related rights in our business, the Premises, the Office Space or anything contained in or on the Premises or Office Space. This Agreement creates no tenancy interest, leasehold estate, or other real property interest. The parties hereto shall each be independent contractors in the performance of their obligations under this Agreement, and this Agreement shall not be deemed to create a fiduciary or agency relationship, or partnership or joint venture, for any purpose. Neither party will in any way misrepresent our relationship.

(b) Updates to the Agreement. Changes to membership and overage fees, will be governed by Section 4(b). With respect to other sections of this Agreement, we may from time to time update this Agreement and will provide notice to you of these updates. You will be deemed to have accepted the new terms of the Agreement following the completion of two(2)full calendar months after the date of notice of the update(s). Continued use of the Office Space or Services beyond this time will constitute acceptance of the new terms.

(c) Waiver. Neither party shall be deemed by any act or omission to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the waiving party.

(d) Subordination. This Agreement is subject and subordinate to our lease with our landlord of the Premises and to any supplemental documentation and to any other agreements to which our lease with such landlord are subject to or subordinate. However, the foregoing does not imply any sublease or other similar relationship involving an interest in real property.

(e) Extraordinary Events. GFE will not be liable for, and will not be considered in default or breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions that are beyond GFE's reasonable control, including without limitation (i) any delays or changes in construction of, or GFE's ability to procure any space in any Premises, and (ii) any delays or failure to perform caused by conditions under the control of our landlord at the applicable Premises.

(f) Severable Provisions. Each provision of this Agreement shall be considered separable. To the extent that any provision of this Agreement is prohibited, in full or in part, such provision and/or this Agreement shall be considered amended to the smallest degree possible in order to make the provision and this Agreement effective under applicable law and to effect to the nearest degree possible the intent of the provision being amended.

(g) Survival. Sections 1, 2(c), 4 (to the extent any payments remain outstanding), 5(c), 5(e), 5(f), 5(g), 6(b), 7(a)through 7(e), 7(g), 8, and 9 and all other provisions of this Agreement reasonably expected to survive the termination or expiration of this Agreement will do so.

(h) Notices. Any and all notices under this Agreement will be given via email, and will be effective on the first business day after being sent. All notices will be sent via email to the email addresses specified on the cover sheet, except as otherwise provided in this Agreement. GFE may send notices to either (or both) the Primary Member or the Authorized Signatory, as GFE determines in its reasonable discretion. Notices related to the physical Office Space, Premises, Members, other Member Companies or other issues in the Premises should be sent by the Primary Member. Notices related to this Agreement or the business relationship between you and GFE should be sent by your Authorized Signatory. In the event that we receive multiple notices from different individuals within your company containing inconsistent instructions, the Authorized Signatory's notice will control unless we decide otherwise in our reasonable discretion.

(i) Headings; Interpretation. The headings in this Agreement are for convenience only and are not to be used to interpret or construe any provision of this Agreement. Any use of "including" "for example" or "such as" in this Agreement shall be read as being followed by "without limitation" where appropriate. References to any times of day in this Agreement refer to the time of day in the Office Space's time zone.

(j) No Assignment. Except in connection with a merger, acquisition, corporate reorganization, or sale of all or substantially all of the shares or assets of you or your parent corporation, you may not transfer or otherwise assign any of your rights or obligations under this Agreement (including by operation of law) without our prior consent. We may assign this Agreement without your consent.

(k) OFAC. You hereby represent and warrant that (i)neither you, nor anyone who directly or indirectly owns a 50%or greater economic or voting interest in you, nor any of your Members are or will be, at any time during the Term, an entity or individual listed on the Specially Designated Nationals and Blocked Persons List published by the U. S. Department of Treasury.

(l) Anti-Money Laundering. You hereby represent and warrant that at all times you and your Members have conducted and will conduct your operations ethically and in accordance with all laws, including but not limited to laws that prohibit commercial bribery and money laundering (the "Anti-Money Laundering Laws"), and that all funds which you will use to comply with your payments obligations under this Agreement will derived from legal sources, pursuant to the provisions of Anti-Money Laundering Laws. You will provide us with all information and documents that we from time to time may request in order to comply with all Anti-Money Laundering Laws.

(m) Anti-Corruption Laws. Neither you nor any of your Members, your directors, officers, employees, agents, subcontractors, representatives or anyone acting on your behalf, (i) has, directly or indirectly, offered, paid, given, promised, or authorized the payment of any money, gift or anything of value to: (a) any Government Official or any commercial party, (b) any person while knowing or having reason to know that all or a portion of such money, gift or thing of value will be offered, paid or given, directly or indirectly, to any Government Official or any commercial party, or (c) any employee or representative of GFE for the purpose of (1) influencing an act or decision of the Government Official or commercial party in his or her official capacity, (2) inducing the Government Official or commercial party to do or omit to do any act in violation of the lawful duty of such official, (3) securing an improper advantage or (4) securing the execution of this Agreement, (ii) will authorize or make any payments or gifts or any offers or promises of payments or gifts of any kind, directly or indirectly, in connection with this Agreement, the Services or the Office Space.

(n) Entire Agreement. This Agreement, including the Membership Details Form, constitutes the entire agreement between the parties relating to the subject matter hereof and shall not be changed in any manner except by a writing executed by both parties or as otherwise permitted herein. All prior agreements and understandings between the parties regarding the matters described herein have merged into this Agreement.

## Exhibit 10.5

**Exhibit 10.5**

Certain information marked as "XXXX" has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

**IDC Agency Service Contract**

**Party A: BAISHENGDA INTERNATIONAL CO., LIMITED**

**Address: XXXX**

**Party B: CLOUD DATANETWORK LIMITED (hereinafter referred to as "CD")**

**Address: RM4,16/F,HO KING COMM CTR,2-16 FAYUEN ST MONGKOK KOWLOON, HONG KONG**

In view of:

Party A is a leading technology provider of intelligent computing center and cloud computing service in the Internet field, with power environment monitoring, patented technology of network coverage, core products, etc.;

Party B has overseas sales channel resources and market expansion capabilities covering Hong Kong, Taiwan Province, European and American countries;

Based on mutual consultation, both parties have reached the following cooperation terms:

Article 1: Cooperation Content

1.1 As Party A's overseas sales channel partner, Party B acts as an agent in the name of Party A to sell the products listed in the attachment (hereinafter referred to as "products"), including but not limited to customer docking, contract negotiation and order facilitation, and continues to assist Party A in providing products to its customers.

1.2 Party B assists Party A in connecting overseas sales channel resources and carrying out market expansion work. At the same time, it collects and sorts out the daily operation information of Party A's customers, and assists Party A in completing the business and financial information docking with overseas end customers.

1.3 Party B provides necessary technical support services to Party A, aiming at assisting Party A in continuously and stably providing products to its customers. The content of these technical support services includes but is not limited to, integrating network resources and connecting Party A's resources and equipment, coordinating resources for the temporary/customized needs of Party A's customers, providing 7 \* 24H uninterrupted information technology support, daily maintenance, troubleshooting and other technical support and inquiry services.

1.4 Party A reserves the right to finally review the terms of the customer contract matched by Party B, and the contract without written confirmation by Party A is not binding on Party A.

Article 2: Service Fees

2.1 If Party B successfully facilitates the signing of a valid sales contract between the customer and Party A, and Party A has actually provided the service, Party A shall pay CD the channel service fee as follows:

Calculation Standard: Refer to the attached sales schedule;

Payment Method: Within [5] working days after Party A receives full payment from the customer;

Settlement Basis: Based on the actual amount received from the customer.

Article 3: Rights and Obligations of Both Parties

3.1 Rights and responsibilities of Party A: During the cooperation period, Party A shall provide Party B with necessary services according to Party B's service content in Article 1 of this contract, and timely and clearly put forward service requirements to Party B or give feedback on the services provided by Party B. Party A shall pay the service fee to Party B on time every month according to the agreement in Article 2 of this contract.

3.2 Rights and responsibilities of Party B: During the cooperation period, Party B shall diligently and responsibly perform the service contents promised in Article 1 of this contract. When Party A puts forward relevant business or technical support problem solving needs to Party B, Party B shall promptly assist Party A in communicating with its customers and cooperate with Party A to complete the implementation of its customer needs.

Article 4: Other Terms

4.1 This Agreement shall be valid from October 1, 2022 to September 30, 2023, and shall be automatically renewed upon expiration unless otherwise agreed.

(Signature Page Below)

Party A: BAISHENGDA INTERNATIONAL CO., LIMITED

Signature:

Seal:

Date: **October 1, 2022**

Party B: **CLOUD DATANETWORK LIMITED**

Signature:

Seal:

Date: **October 1, 2022**

**Annex I: Sales Fee Schedule**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Item | Distribution Schedule | Qty | <br> Unit Price | Monthly<br> Distribution Fee | <br> Note |
| 1 | Hybrid Cloud | 20000 | 6.3 | 126000 | The actual <br> cost is <br> subject to <br> the monthly<br> bill |
| 2 | Equipment Rental | 140 | 120 | 16800 | The actual <br> cost is <br> subject to <br> the monthly<br> bill |
| 3 | IP | 700 | 3.6 | 2520 | The actual <br> cost is <br> subject to <br> the monthly<br> bill |
| Total: | Total: | Total: | Total: | 145320 |  |

---

**Appendix II: Sales Fee Schedule**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Distribution Service Name | Option | <br> Service Time | <br> Pricing Method | <br> Monthly Distribution Commission | <br> Remarks |
| <br> IDC network technology, Routine Maintenance Service | <br> ☑ | <br> The calculation shall be based on the actual purchase of such services by the end customer | <br> Pay monthly<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> The amount shall be subject to the actual settlement confirmed by both parties<br>| <br>Note: USD settlement<br>|

---

## Exhibit 10.6

**Exhibit 10.6**

![](ex10-6_001.jpg)

der content,and any revision Business Order Form ˄ USA ˅ Order number ˖ CDIN20250901 - 001 1.Customer Information XXXX Company Name: XXXX Contact Person: XXXX Email: XXXX Address: 2.Supplier Information Cloud Data Network Limited Company Name: homye Account Manager: XXXX Email: 1507 - 1510 Office Tower, Convention Plaza, 1 Harbor Road, Wan Chai, Hong Kong Address: 3.Products/Services Details Information Contract Term(months) Monthly Recurring Cost (MRC) Unit Price (USD) Qty Order Form Description Ltem 12 months 5,400.00 270.00 20 Rent Equipment HP DL380 ˄ 6\*E5 - 2682 256G 2233mhz,40G\*2) 1 12 months 8,750.00 1.75 5000 USA IP - T 2 12 months 6,000.00 5.00 1200 IP 3 20,150.00 Total(USD): 5G committed bandwidth with 10G burst capacity (excess charged at $1.75/Mbps, billed on 95th percentile) 4 4.Please remit to Cloud Data Network Limited account: Beneficiary Name:Cloud Data Network Limited Bank Name:XXXX Bank Address ˖ XXXX Account NO ˖ XXXX SWIFT ˖ XXXX 5.Term of service The service period is one year, commencing on September 1st, 2025 and concluding on August 31st, 2026. 6.Payment Method 6.l:The billing cycle is a natural month, which is settled monthly.The month of opening shall be charged by ˄ actual opening day/ days of the month) X (monthly rental fee); from the second month, it shall be charged by natural month; 6.2:Customer pays the service fe monthly pays Curency:USD). Within the fixed term of this order, Party A shall settle the monthly recuringxpenses within 7 working days after reeiving the bill and invoice. Because the fee may change with the service adjustment, the actualquantity used and the specific monthly rent fee are sub ject to the monthly rent bill 7.Taxs(If Applicable) The order amount does not include tax 8.Terms and Conditions 1. : Contract Period The Order shall remain in full force and effect for a minimum term of twelve (12) months commencing on the Effective Date. 2. :If the Customer requests termination of the service, The Cloud Data Network Limited shall be notified in writing at least 30 days in advance. If the Customer fails to propose a renewal at least 30 days prior to the expiration of the agreement, it shall be deemed automatically terminated. In the event the Customer requests early termination of this Agreement during the Term, all outstanding payment obligations hereunder shall be settled pursuant to mutual written agreement between the Parties, negotiated in good faith within thirty (30) days of such termination request. 9.Authorised Signature XXX Signature Cloud Data Network Limited Signature Date: 2025.8.20 Date: 2025.8.20 Signature: Signature: Company Chop: Company Chop: Remark:Provided that customer assigned this order,which means that customer accept all of the or or cancellation of this order should be made in written form. Certain information marked as "XXXX" has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

## Exhibit 10.7

**Exhibit 10.7**

![](ex10-7_001.jpg)

ited Signature the order content,and any revision or Business Order Form Japan Order number ˖ CDIN202508 - JP 1.Customer Information XXXX Company Name: XXXX Account Manager: XXXX Email: XXXX Address: 2.Supplier Information Cloud Data Network Limited Company Name: homye Account Manager: XXXX Email: 1507 - 1510 Office Tower, Convention Plaza, 1 Harbor Road, Wan Chai, Hong Kong Address: 3.Products/Services Details Information Contract Term(months) Monthly Recurring Cost (MRC) Unit Price (USD) Qty Order Form Description Ltem 12 months 2,000.00 500.00 4 8Vcpu16GBddr4 100Gsata, Operating system: CentOS 7.9 1 12 months 16,000.00 8.00 2000 Japan IP - T 2 12 months 300.00 5.00 60 IP 3 18,300.00 Total(USD): Equipment Delivery Date: Jul 26th, 2025. Start Billing Date: Aug 1st, 2025 4.Please remit to Cloud Data Network Limited account: Beneficiary Name:Cloud Data Network Limited Bank Name:XXXX Bank Address ˖ 1XXXX Account NO ˖ XXXX SWIFT ˖ HXXXX 5.Term of service The service period is one year, commencing on Aug 1st, 2025 and concluding on Jul 31th, 2026 6.Payment Method 6.l:The billing cycle is a natural month, which is settled monthly.The month of opening shall be charged by ˄ actual opening day/ days of the month) X (monthly rental fee); from the second month, it shall be charged by natural month; 6.2:Customer pays the service fe monthly pays Curency:USD). Within the fixed term of this order, Party A shall settle the monthly recuringxpenses within 7 working days after reeiving the bill and invoice. Because the fee may change with the service adjustment, the actualquantity used and the specific monthly rent fee are sub ject to the monthly rent bill. 7.Taxs(If Applicable) The order amount does not include tax 8.Terms and Conditions 1. : Contract Period The Order shall remain in full force and effect for a minimum term of twelve (12) months commencing on the Effective Date. 2. ˖ If the Customer requests termination of the service, The Cloud Data Network Limited shall be notified in writing at least 30 days in advance. If the Customer fails to propose a renewal at least 30 days prior to the expiration of the agreement, it shall be deemed automatically terminated. In the event the Customer requests early termination of this Agreement during the Term, all outstanding payment obligations hereunder shall be settled pursuant to mutual written agreement between the Parties, negotiated in good faith within thirty (30) days of such termination request. 9. Authorised Signature X X X X Signature Cloud Data Network Lim Date: 2025.06.19 Date: 2025.06.19 Signature: Signature: Company Chop: Company Chop: Remark:Provided that customer assigned this order,which means that customer accept all of cancellation of this order should be made in written form. Certain information marked as "XXXX" has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

## Exhibit 10.8

**Exhibit 10.8**

![](ex10-8_001.jpg)

d Signature Business Order Form ˄ Tai Wan - 300M ˅ Order number ˖ CDIN20250911 - TW300M 1.Customer Information XXXX Company Name: XXXX Contact Person: XXXX Email: XXXX Address: 2.Supplier Information Cloud Data Network Limited Company Name: Homye Account Manager: XXXX Email: 1507 - 1510 0ffice Tower,Road, Wan Chai, Hong Kong ˈ Convention Plaza,l Harbor Address: 3.Products/Services Details Information Monthly Recurring Cost (MRC) Unit Price (USD) Qty Order Form Description Ltem 600.00 300.00 2 Rent Equipment ˄ DELL CPU E5 - 2630V3 8 cores 16county seats Internal memory 16GSSD 1.8inch 200G) 1 2,400.00 8.00 300 Tai Wan IP - T 2 750.00 5.00 150 IP 3 3,750.00 Total(USD): 4.Please remit to Cloud Data Network Limited account: Beneficiary Name:Cloud Data Network Limited Bank Name:XXXX Bank Address ˖ XXXX Account NO ˖ XXXX SWIFT ˖ XXXX 5.Term of service The service period is one year, commencing on Oct 1st, 2025 and concluding on Sep 30st, 2026. 6.Payment Method 6 . l : The billing cycle is a natural month, which is settled monthly . The month of opening shall be charged by ˄ actual opening day/ days of the month) X (monthly rental fee) ; from the second month, it shall be charged by natural month ; 6 . 2 : Customer pays the service fe monthly pays Curency : USD) . Within the fixed term of this order, Party A shall settle the monthly recuringxpenses within 7 working days after reeiving the bill and invoice . Because the fee may change with the service adjustment, the actualquantity used and the specific monthly rent fee are sub ject to the monthly rent bill 7.Taxs(If Applicable) The order amount does not include tax 8.Terms and Conditions If the Customer requests termination of the service, The Cloud Data Network Limited shall be notified in writing at least 30 days in advance. If the Customer fails to propose a renewal at least 30 days prior to the expiration of the agreement, it shall be deemed automatically terminated. In the event the Customer requests early termination of this Agreement during the Term, all outstanding payment obligations hereunder shall be settled pursuant to mutual written agreement between the Parties, negotiated in good faith within thirty (30) days of such termination request. 9.Authorised Signature X X X X Signature Cloud Data Network Limite Date: 2025.9.11 Date:2025.9.11 Signature: Signature: Company Chop: Company Chop: Remark:Provided that customer assigned this order,which means that customer accept all of the order content,and any revision ll i f hi d h ld b d i i f Certain information marked as "XXXX" has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

## Exhibit 10.9

**Exhibit 10.9**

![](ex10-9_001.jpg)

## Exhibit 10.10

**Exhibit 10.10**

Certain information marked as "XXXX" has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.

**Consulting Service Agreement**

Party A: Cloud Data Network Limited

Address: 4th Floor, HO KING COMM CTR, 2-16 FAYUEN ST MONGKOK KOWLOON, HONG KONG

Authorized Representative: York

Contact Number: XXXX

Party B: Zhongshan Weijia Network Technology Limited

Address: XXXX, Zhongxing Street, Hongji Road, Shiqi District, Zhongshan City

Authorized Representative: XXXX

Contact Number: XXXX

Through friendly consultation, and adhering to the principles of honesty, trustworthiness, and cooperation, Party A and Party B have reached the following agreement regarding Party B's provision of product technology R&D consulting services, network operation consulting services, and technical operation and maintenance services entrusted by Party A. Both parties shall comply with the following terms.

**Article 1: Service Content, Methods, and Requirements**

1. Service Content: Party B shall provide Party A with: (1) Network operation and maintenance monitoring services, including 24/7 power environment monitoring services and 24/7 network monitoring services; (2) Fault handling assistance services, including helping users diagnose and analyze problems, notifying vendors or system integrators for hardware RMA, assisting with replacement after spare parts arrive, and sending defective parts back to the vendor for repair; assisting with remote support such as hard disk installation/replacement and server restarts.

2. Service Method: A graded response mechanism shall be established:

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| | | |
|:---|:---|:---|
| Priority | Response Time | Applicable scene |
| PO (urgent) | ≤15 minutes | The whole network is down and the core business is down |
| P1 (High) | ≤1 hour | Local network failure, performance degradation |
| P2 (medium) | ≤4 hours | Non-critical business affected |
| P3 (low) | ≤24 hours | Consulting or optimization needs |

---

Services shall be provided via: (1) On-site technical support; (2) Telephone and email technical support; (3) Remote network technical support, ensuring full 24/7 service coverage.

3. Service Requirements: Party B shall allocate a dedicated professional technical service team, including 2 senior project managers and 5–7 technical service staff, to ensure timely and effective responses to Party A's feedback.

**Article 2: Rights and Obligations of Both Parties**

1. Party A's rights and obligations include:

(1) Appointing a person in charge to coordinate relevant work and sign related documents;

(2) Providing necessary information, data, and materials to Party B, as well as auxiliary equipment as required;

(3) Supervising Party B's service performance and requesting relevant data or materials as necessary;

(4) Paying Party B according to the Agreement;

(5) Other obligations as required by this Agreement.

2. Party B's rights and obligations include:

(1) Appointing a person in charge to coordinate relevant work and sign related documents;

(2) Providing qualified staff in products, operations, design, maintenance, and customer service, as required by Party A;

(3) Taking immediate measures and notifying Party A in case of emergencies, and submitting a written report within 12 hours;

(4) Cooperating with Party A during Agreement changes or termination to ensure smooth service transition, including handover of information, materials, and facilities;

(5) Other obligations as required by this Agreement.

**Article 3: Term of Cooperation**

This Agreement is valid for 3 years, from July 1, 2022, to June 30, 2025. The first 3 months shall be a trial period. If Party A deems Party B's services unsatisfactory at the end of the trial, Party A may terminate without liability. If not terminated in advance, both parties may negotiate renewal upon expiration.

**Article 4: Fees and Payment**

1. The service fee under this Agreement is RMB 400,000 per month.

2. Fees are paid quarterly. The first payment of RMB 1,200,000 shall be made within 3 working days of signing. Subsequent payments shall be made within the first 5 working days of each quarter.

3. Party B's payment account details:

Bank: XXXX

Account Name: Zhongshan Weijia Network Technology Limited

Account Number: XXXX

Bank Address: XXXX

**Article 5: Confidentiality**

1. Both parties agree to maintain strict confidentiality of this Agreement and related information, disclosing only when necessary for cooperation or as required by authorities. Disclosure without prior written consent is prohibited.

2. Confidentiality obligations remain effective indefinitely, even after termination, except for legally required disclosures or disclosures necessary for cooperation.

**Article 6: Liability for Breach**

1. If either party directly or indirectly violates any provision of this Agreement, or fails to undertake, or undertakes untimely or insufficiently, any obligations under this Agreement, the non-breaching party shall have the right to notify the breaching party in writing to correct its breach and take adequate, effective, and timely measures to eliminate the consequences of the breach. The breaching party must make remedies. If the breaching party fails to take any remedial measures within fifteen (15) days after receiving the notice, the non-breaching party shall have the right to notify the breaching party in writing to terminate the cooperation.

2. If either party commits pre-contractual fault, fraudulent performance, or a fundamental breach during the performance of this Agreement, resulting in the Agreement being impossible to perform or continuation of performance being manifestly unfair, the non-breaching party shall, in addition to notifying the breaching party in writing to terminate this Agreement, also have the right to claim compensation for all direct economic losses and rights protection costs incurred, including but not limited to attorney's fees and notarial fees.

**Article 7: Governing Law and Dispute Resolution**

Disputes shall first be resolved amicably. If unresolved, they shall be submitted to Shenzhen International Arbitration Court, arbitration held in Shenzhen, conducted in Chinese, under relevant laws of the PRC Hong Kong region.

**Article 8: Force Majeure**

1. "Force Majeure" refers to unforeseeable, uncontrollable events that prevent performance, including policy changes, natural disasters, war, strikes, public health emergencies, power or communication failures, system failures, equipment failures, or cyber-attacks.

2. The affected party shall promptly notify the other in writing and provide proof.

3. No liability shall apply if performance is delayed or prevented due to force majeure.

**Article 9: Miscellaneous**

1. This Agreement becomes effective upon signature and seal by both parties.

2. It may terminate under:

(1) Mutual agreement;

(2) Force majeure;

(3) Regulatory or other adverse causes;

(4) Breach causing material harm;

(5) Expiration without renewal;

(6) Other legal or agreed termination conditions;

(7) Violation of this clause.

3. Uncovered matters shall be resolved via supplementary written agreements signed by both parties.

4. This Agreement is executed in duplicate; both parties hold one copy with equal legal effect.

5. This Agreement becomes effective upon signature and seal by both parties.

(The following is the signature page of this agreement.)

Party A (Seal):

Authorized Representative (signature):

Name: York

Title:

Date: June 29, 2022

Party B (Seal):

Authorized Representative (signature): XXXX

Name: XXXX

Title: XXXX

Date: June 29, 2022

## Exhibit 10.11

**Exhibit 10.11**

![](ex10-11_001.jpg)

## Exhibit 10.12

**Exhibit 10.12**

![](ex10-12_001.jpg)

## Exhibit 21.1

**Exhibit 21.1**

**List of Principal Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Principal Subsidiaries** | **Place of Incorporation** |
| Cloud Data (BVI) Holdings Corporation | BVI |
| Cloud Data Network Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

Guangdong Prouden CPAs GP

Ste.2701, Yuehai Financial Center,21 Zhujiang

West Rd., Guangzhou, Guangdong

<u>Independent Registered Public Accounting Firm's Consent</u>

We consent to the incorporation by reference in the Registration Statement of Cloud Data Holdings Corporation on Form F-1 of our report dated August 1, 2025**,** with respect to our audits of the consolidated financial statements of Cloud Data Holdings Corporation as of and for the years ended March 31, 2024 and 2025, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to our Firm under the heading "Experts" in such Prospectus.

/s/ Guangdong Prouden CPAs GP

Guangzhou, China

January 21, 2026

## Exhibit 23.2

**Exhibit 23.2**

![](ex23-2_001.jpg)

January 21, 2026

Cloud Data Holdings Corporation.

1507-1510 Office Tower, Convention Plaza

1 Harbor Road, Wan Chai,

Hong Kong

**<u>Re: Consent of Frost & Sullivan</u>**

Ladies and Gentlemen,

We understand that Cloud Data Holdings Corporation. (the "Company") plans to file a registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto, including, without limitation, the industry report titled "Hong Kong IDC and Cloud Service Market Independent Market Research" (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our independent industry reports and amendments thereto, in the Registration Statement and any amendments thereto, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

Yours faithfully,

For and on behalf of

**Frost & Sullivan Limited**

---

| | |
|:---|:---|
| **/s/** Terry Tse | **/s/** Terry Tse |
| Name: | Terry Tse |
| Title: | Consulting Director |

---

## Exhibit 23.5

**Exhibit 23.5**

**Consent**

Cloud Data Holdings Corporation (the "Company") has filed a Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the Company's initial public offering of ordinary shares. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ Hu Liu |
| Name: | Hu Liu |
| Date: | January 21, 2026 |

---

## Exhibit 23.6

**Exhibit 23.6**

**Consent**

Cloud Data Holdings Corporation (the "Company") has filed a Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the Company's initial public offering of ordinary shares. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ Yao Feng |
| Name: | Yao Feng |
| Date: | January 21, 2026 |

---

## Exhibit 23.7

**Exhibit 23.7**

**Consent**

Cloud Data Holdings Corporation (the "Company") has filed a Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the Company's initial public offering of ordinary shares. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ Shihua Li |
| Name: | Shihua Li |
| Date: | January 21, 2026 |

---

## Exhibit 99.1

**Exhibit 99.1**

**Cloud Data Holdings Corporation**

**(the "Company")**

**Code of Business Conduct and Ethics**

(Adopted by the Board of Directors on January 20, 2026, effective upon the effectiveness of the Company's registration statements on Form F-1 relating to the Company's initial public offering)

**Introduction**

This Code of Business Conduct and Ethics (the "**Code**") has been adopted by our Board of Directors (the "**Board**") and summarizes the standards that must guide our actions. Although they cover a wide range of business practices and procedures, these standards cannot and do not cover every issue that may arise, or every situation in which ethical decisions must be made, but rather set forth key guiding principles that represent Company policies and establish conditions for employment at the Company.

We must strive to foster a culture of honesty and accountability. Our commitment to the highest level of ethical conduct should be reflected in all of the Company's business activities, including, but not limited to, relationships with employees, customers, suppliers, competitors, the government, the public and our shareholders. All of our employees, officers and directors must conduct themselves according to the language and spirit of this Code and seek to avoid even the appearance of improper behavior. Even well-intentioned actions that violate the law or this Code may result in negative consequences for the Company and for the individuals involved.

One of our Company's most valuable assets is our reputation for integrity, professionalism and fairness. We should all recognize that our actions are the foundation of our reputation and adhering to this Code and applicable law is imperative.

**Conflicts of Interest**

Our employees, officers and directors have an obligation to conduct themselves in an honest and ethical manner and to act in the best interest of the Company. All employees, officers and directors should endeavor to avoid situations that present a potential or actual conflict between their interest and the interest of the Company.

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, including those of its subsidiaries and affiliates. A conflict of interest may arise when an employee, officer or director takes an action or has an interest that may make it difficult for him or her to perform his or her work objectively and effectively. A conflict of interest may also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of the employee's, officer's or director's position in the Company.

Although it would not be possible to describe every situation in which a conflict of interest may arise, the following are examples of situations that may constitute a conflict of interest:

● Working, in any capacity, for a competitor, customer or supplier while employed by the Company.

● Accepting gifts of more than modest value or receiving personal discounts (if such discounts are not generally offered to the public) or other benefits as a result of your position in the Company from a competitor, customer or supplier.

● Competing with the Company for the purchase or sale of property, products, services or other interests.

● Having an interest in a transaction involving the Company, a competitor, customer or supplier (other than as an employee, officer or director of the Company and not including routine investments in publicly traded companies).

● Receiving a loan or guarantee of an obligation as a result of your position with the Company.

● Directing business to a supplier owned or managed by, or which employs, a relative or friend.

Situations involving a conflict of interest may not always be obvious or easy to resolve. You should report actions that may involve a conflict of interest to the Audit Committee of the Board.

In order to avoid conflicts of interests, senior executive officers and directors must disclose to the Audit Committee of the Board any material transaction or relationship that reasonably could be expected to give rise to such a conflict. Conflicts of interests involving the Audit Committee of the Board shall be disclosed to the Board.

In the event that an actual or apparent conflict of interest arises between the personal and professional relationship or activities of an employee, officer or director, the employee, officer or director involved is required to handle such conflict of interest in an ethical manner in accordance with the provisions of this Code.

**Quality of Public Disclosures**

The Company has a responsibility to provide full and accurate information in our public disclosures, in all material respects, about the Company's financial condition and results of operations. Our reports and documents filed with or submitted to the United States Securities and Exchange Commission and our other public communications shall include full, fair, accurate, timely and understandable disclosure.

**Compliance with Laws, Rules and Regulations**

We are strongly committed to conducting our business affairs with honesty and integrity and in full compliance with all applicable laws, rules and regulations. No employee, officer or director of the Company shall commit an illegal or unethical act, or instruct others to do so, for any reason.

**Compliance with this Code and Reporting of Any Illegal or Unethical Behavior**

All employees, directors and officers are expected to comply with all of the provisions of this Code. The Code will be strictly enforced, and violations will be dealt with immediately, including by subjecting persons who violate its provisions to corrective and/or disciplinary action such as dismissal or removal from office. Violations of the Code that involve illegal behavior will be reported to the appropriate authorities.

Situations which may involve a violation of ethics, laws, rules, regulations or this Code may not always be clear and may require the exercise of judgment or the making of difficult decisions. Employees, officers and directors should promptly report any concerns about a violation of ethics, laws, rules, regulations or this Code to their supervisors or the legal department or a department with similar duties and responsibilities of the Company (the "Legal Department") or, in the case of accounting, internal accounting controls or auditing matters, the Audit Committee of the Board. Interested parties may also communicate directly with the Company's non-management directors through contact information located in the Company's annual report on Form 20-F.

Any concerns about a violation of ethics, laws, rules, regulations or this Code by any senior executive officer or director should be reported promptly to the Audit Committee of the Board. Any such concerns involving the Audit Committee should be reported to the Board. Reporting of such violations may also be done anonymously through email to the Company at a designated email address for compliance reporting. An anonymous report should provide enough information about the incident or situation to allow the Company to investigate properly. If concerns or complaints require confidentiality, including keeping an identity anonymous, the Company will endeavor to protect this confidentiality, subject to applicable law, regulation or legal proceedings.

The Company encourages all employees, officers and directors to report any suspected violations promptly and intends to thoroughly investigate any good faith reports of violations. The Company will not tolerate any kind of retaliation for reports or complaints regarding misconduct that were made in good faith. Open communication of issues and concerns by all employees, officers and directors without fear of retribution or retaliation is vital to the successful implementation of this Code. All employees, officers and directors are required to cooperate in any internal investigations of misconduct and unethical behavior.

The Company recognizes the need for this Code to be applied equally to everyone it covers. The Legal Department of the Company will have primary authority and responsibility for the enforcement of this Code, subject to the supervision of the Audit Committee of the Board, and the Company will devote the necessary resources to enable the Legal Department to establish such procedures as may be reasonably necessary to create a culture of accountability and facilitate compliance with this Code. Questions concerning this Code should be directed to the Legal Department.

**The provisions of this section are qualified in their entirety by reference to the following section.**

**Reporting Violations to a Governmental Agency**

Employees have the right under applicable law to certain protections for cooperating with or reporting legal violations to governmental agencies or entities and self-regulatory organizations. As such, nothing in this Code is intended to prohibit any employee from disclosing or reporting violations to, or from cooperating with, a governmental agency or entity or self-regulatory organization, and employees may do so without notifying the Company. The Company may not retaliate against all employees for any of these activities, and nothing in this Code or otherwise requires any employee to waive any monetary award or other payment that he or she might become entitled to from a governmental agency or entity, or self-regulatory organization.

All employees of the Company have the right to:

● Report possible violations of applicable law or regulation that have occurred, are occurring, or are about to occur to any governmental agency or entity, or self-regulatory organization;

● Cooperate voluntarily with, or respond to any inquiry from, or provide testimony before any self-regulatory organization or any other national or local regulatory or law enforcement authority;

● Make reports or disclosures to law enforcement or a regulatory authority without prior notice to, or authorization from, the Company; and

● Respond truthfully to a valid subpoena.

All employees have the right to not be retaliated against for reporting, either internally to the Company or to any governmental agency or entity or self-regulatory organization, information which the employee reasonably believes relates to a possible violation of law. It is a violation of law to retaliate against anyone who has reported such potential misconduct either internally or to any governmental agency or entity or self-regulatory organization. Retaliatory conduct includes discharge, demotion, suspension, threats, harassment, and any other manner of discrimination in the terms and conditions of employment because of any lawful act the employee may have performed. It is unlawful for the company to retaliate against an employee for reporting possible misconduct either internally or to any governmental agency or entity or self-regulatory organization when requested by such agency or organization.

Notwithstanding anything contained in this Code or otherwise, employees may disclose confidential Company information, including the existence and terms of any confidential agreements between the employee and the Company (including employment or severance agreements), to any governmental agency or entity or self-regulatory organization when requested by such agency or organization.

The Company cannot require an employee to withdraw reports or filings alleging possible violations of national or local law or regulation, and the Company may not offer employees any kind of inducement, including payment, to do so.

An employee's rights and remedies as a whistle-blower protected under applicable whistle-blower laws, including a monetary award, if any, may not be waived by any agreement, policy form, or condition of employment, including by a predispute arbitration agreement.

Even if an employee has participated in a possible violation of law, the employee may be eligible to participate in the confidentiality and retaliation protections afforded under applicable whistle-blower laws, and the employee may also be eligible to receive an award under such laws.

**Waivers and Amendments**

Any waiver (including any implicit waiver) of the provisions in this Code for executive officers or directors may only be granted by the Board or a committee thereof and will be promptly disclosed to the Company's shareholders. Any such waiver will also be disclosed in the Company's annual report on Form 20-F. Amendments to this Code must be approved by the Board and will also be disclosed in the Company's annual report on Form 20-F.

**Trading on Inside Information**

Using non-public Company information to trade in securities, or providing a family member, friend or any other person with non-public Company information, is illegal. All non-public, Company information should be considered inside information and should never be used for personal gain. You are required to familiarize yourself and comply with the Company's Statement of Policy Concerning Trading in Company Securities, copies of which are distributed to all employees, officers and directors and are available from the Legal Department. You should contact the Legal Department with any questions about your ability to buy or sell securities.

**Protection of Confidential Proprietary Information**

Confidential proprietary information generated by and gathered in our business is a valuable Company asset. Protecting this information plays a vital role in our continued growth and ability to compete, and all proprietary information should be maintained in strict confidence, except when disclosure is authorized by the Company or required by law.

Proprietary information includes all non-public information that might be useful to competitors or that could be harmful to the Company, its customers or its suppliers if disclosed. Intellectual property such as trade secrets, patents, trademarks and copyrights, as well as business, research and new product plans, objectives and strategies, records, databases, salary and benefits data, employee medical information, customer, employee and suppliers lists and any unpublished financial or pricing information must also be protected.

Unauthorized use or distribution of proprietary information violates Company policy and could be illegal. Such use or distribution could result in negative consequences for both the Company and the individuals involved, including potential legal and disciplinary actions. We respect the property rights of other companies and their proprietary information and require our employees, officers and directors to observe such rights.

Your obligation to protect the Company's proprietary and confidential information continues even after you leave the Company, and you must return all proprietary information in your possession upon leaving the Company.

**The provisions of this section are qualified in their entirety by the section entitled "Reporting Violations to Governmental Agencies" above.**

**Protection and Proper Use of Company Assets**

Protecting Company assets against loss, theft or other misuse is the responsibility of every employee, officer and director. Loss, theft and misuse of Company assets directly impact our profitability. Any suspected loss, misuse or theft should be reported to a supervisor or the Legal Department.

The sole purpose of the Company's equipment, vehicles, supplies and electronic resources (including hardware, software and the data thereon) is the conduct of our business. They may only be used for Company business consistent with Company guidelines.

**Corporate Opportunities**

Employees, officers and directors are prohibited from taking for themselves business opportunities that are discovered through the use of corporate property, information or position. No employee, officer or director may use corporate property, information or position for personal gain, and no employee, officer or director may compete with the Company. Competing with the Company may involve engaging in the same line of business as the Company or any situation in which the employee, officer or director takes away from the Company opportunities for sales or purchases of property, products, services or interests. Employees, officers and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises.

**Fair Dealing**

Each employee, officer and director of the Company should endeavor to deal fairly with customers, suppliers, competitors, the public and one another at all times and in accordance with ethical business practices.

Each employee has an obligation to comply with the anti-corruption and anti-bribery laws of Hong Kong and any other regions and countries in which the Company operates. No one should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice. No bribes, kickbacks or other similar payments in any form shall be made directly or indirectly to or for anyone for the purpose of obtaining or retaining business or obtaining any other favorable action. In the event of a violation of these provisions, the Company and any employee, officer or director involved may be subject to disciplinary action as well as potential civil or criminal liability for violation of this policy.

Occasional business gifts to, or entertainment of, non-government employees in connection with business discussions or the development of business relationships are generally deemed appropriate in the conduct of Company business. However, these gifts should be given infrequently and their value should be modest. Gifts or entertainment in any form that would likely result in a feeling or expectation of personal obligation should not be extended or accepted.

Practices that are acceptable in a commercial business environment may be against the law or the policies governing national or local government employees. Therefore, no gifts or business entertainment of any kind may be given to any government employee without the prior approval of a supervisor or the Legal Department.

Except in certain limited circumstances, the United States Foreign Corrupt Practices Act (the "FCPA") prohibits giving anything of value directly or indirectly to any "non-U.S. official" for the purpose of obtaining or retaining business. When in doubt as to whether a contemplated payment or gift may violate the FCPA, contact a supervisor or the Audit Committee of the Board before taking any action.

**Equal Opportunity, Non-Discrimination and Fair Employment**

The Company's policies for recruitment, advancement and retention of employees forbid discrimination on the basis of any criteria prohibited by law, including but not limited to race, sex and age. Our policies are designed to ensure that employees are treated, and treat each other, fairly and with respect and dignity. In keeping with this objective, conduct involving discrimination or harassment of others will not be tolerated. All employees, officers and directors are required to comply with the Company's policy on equal opportunity, non-discrimination and fair employment, copies of which were distributed by and are available from the Legal Department.

**Compliance with Antitrust Laws**

The antitrust laws prohibit agreements among competitors on such matters as prices, terms of sale to customers and the allocation of markets or customers. Antitrust laws can be complex, and violations may subject the Company and its employees to criminal sanctions, including fines, jail time and civil liability. If you have any questions about our antitrust compliance policies, consult the Legal Department.

**Trade Controls**

Employees are required to comply with all applicable trade laws and economic sanctions laws and regulations. These laws generally apply to the import, export and transfer of certain products and technology by companies with similar business operation.

**Political Contributions and Activities**

Any political contributions made by or on behalf of the Company and any solicitations for political contributions of any kind must be lawful and in compliance with Company policies. This policy applies solely to the use of Company assets and is not intended to discourage or prevent individual employees, officers or directors from making political contributions or engaging in political activities on their own behalf. No one may be reimbursed directly or indirectly by the Company for personal political contributions.

**Environment, Health and Safety**

We are committed to conducting our business in compliance with all applicable environmental and workplace health and safety laws and regulations. We strive to provide a safe and healthy work environment for our employees and to avoid adverse impact and injury to the environment and the communities in which we conduct our business. Achieving this goal is the responsibility of all officers, directors and employees.

**Dealings with the Community**

We are committed to being a responsible member of and recognize the mutual benefits of engaging and building relationships with, the communities in which we operate. Wherever the Company operates, we strive to make a positive and meaningful contribution to the surrounding community and to ensure the distribution of a fair share of benefits to all stakeholders impacted by its activities, including the surrounding community. We strongly encourage our employees to play a positive role in the community.

**Doing Business with Others**

We strive to promote the application of the standards of this Code by those with whom we do business. Our policies, therefore, prohibit the engaging of a third party to perform any act prohibited by law or by this Code, and we shall avoid doing business with others who intentionally and continually violate the law or the standards of this Code.

**Accuracy of Company Financial Records**

We maintain the highest standards in all matters relating to accounting, financial controls, internal reporting and taxation. All financial books, records and accounts must accurately reflect transactions and events and conform both to required accounting principles and to the Company's system of internal controls. Records shall not be distorted in any way to hide, disguise or alter the Company's true financial position.

**Retention of Records**

All Company business records and communications shall be clear, truthful and accurate. Employees, officers and directors of the Company shall avoid exaggeration, guesswork, legal conclusions and derogatory remarks or characterizations of people and companies. This applies to communications of all kinds, including email and "informal" notes or memos. Records should always be handled according to the Company's record retention policies. If an employee, officer or director is unsure whether a document should be retained, consult a supervisor or the Legal Department before proceeding.

**Anti-Money Laundering**

We are committed to preserving our reputation in the financial community by assisting in efforts to combat money laundering and terrorist financing. Money laundering is the practice of disguising the ownership or source of illegally obtained funds through a series of transactions to "clean" the funds, so they appear to be proceeds from legal activities.

We have adopted measures to reduce the extent to which the Company's facilities, products and services can be used for a purpose connected with market abuse or financial crimes. Additionally, where necessary, we screen customers, potential customers and suppliers to ensure that our products and services cannot be used to facilitate money laundering or terrorist activity. If you have any questions about our internal anti-money laundering process and procedure, consult the Legal Department.

**Social Media**

Unless you are authorized by the Company, you are discouraged from discussing the Company as part of your personal use of social media. While business should only be conducted through approved channels, we understand that social media is used as a source of information and as a form of communicating with friends, family and workplace contacts.

When you are using social media and identify yourself as a Company employee, officer or director or mention the Company incidentally, for instance on WeChat or professional networking site, please remember the following:

● Never disclose confidential information about the Company or its business, customers or suppliers.

● Make clear that any views expressed are your own and not those of the Company.

● Remember that our policy on Equal Opportunity, Non-Discrimination and Fair Employment applies to social media sites.

● Be respectful of your colleagues and all persons associated with the Company, including customers and suppliers.

● Promptly report to the Company's corporate communications department any social media content which inaccurately or inappropriately discusses the Company.

● Never respond to any information, including information that may be inaccurate about the Company.

● Never post documents, parts of documents, images or video or audio recordings that have been made with Company property or of Company products, services or people or at Company functions or events.

**Professional Networking**

Online networking on professional or industry sites has become an important and effective way for colleagues to stay in touch and exchange information. Employees, officers and directors should use good judgment when posting information about themselves or the Company on any of these services.

What you post about the Company or yourself will reflect on all of us. When using professional networking sites, you should observe the same standards of professionalism and integrity described in our code and follow the social media guidelines outlined above.

**Drug-Free, Violence-Free Workplace**

The use of alcohol and drugs can impair your ability to work effectively and productively. Except at approved Company functions, or with appropriate authorization, you may not drink alcohol on Company premises.

You are prohibited from working while your performance is impaired by alcohol or any other drug whether legal or illegal. Additionally, you may not possess any non-pharmaceutical drugs on Company premises or at work-related functions.

We strictly prohibit acts of hostility, intimidation or violence towards others in the workplace and in places where our business is being conducted. You may not bring firearms, explosives or any other weapons onto Company premises, or to any work-related setting, regardless of whether you are licensed to carry such weapons.

**Government Inquiries**

The Company cooperates with government agencies and authorities. Forward all requests for information, other than routine requests, to the Legal Department immediately to ensure that we respond appropriately.

All information provided must be truthful and accurate. Never mislead any investigator. Do not ever alter or destroy documents or records subject to an investigation.

**Review**

The Board shall review this Code annually and make changes as appropriate.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

福建省福州市台江区望龙二路1号国际金融中心（IFC）37层（350005）

电话：+86-591-87850803 传真：+86-591-87816904

37/F, IFC, No.1, Wanglong 2nd Avenue, Taijiang District, Fuzhou, Fujian 350005 P. R. China

Tel: +86-591-87850803 Fax: +86-591-87816904

www.allbrightlaw.com

**TO: Cloud Data Holdings Corporation**

December 9, 2025

Dear Sir/Madam,

We are acting as the People's Republic of China (the **"PRC**,**"** which for the purpose of this legal opinion, does not include Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan) legal counsel of Cloud Data Holdings Corporation (the **"Company"**) in connection with its initial public offering of certain ordinary shares, par value US$0.0001 per share (the **"Ordinary Shares"**), pursuant to the Company's registration statement on Form F-1, including all amendments and supplements thereto (the **"Registration Statement"**), filed by the Company with the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended (the **"Offering"**), and the listing of the offered securities on the Nasdaq Capital Market (the **"Listing"**).

We are licensed lawyers in the PRC and are authorized by the Ministry of Justice of the PRC to issue legal opinions in relation to the above matters in accordance with the published and publicly available PRC laws, regulations, rules and judicial interpretations announced by the PRC Supreme People's Court (collectively the "**PRC Laws**"), such licenses and authorization of which have not been revoked, suspended, restricted, or limited in any manner whatsoever.

**A.**  **<u>Documents Examined, Definition and Information Provided</u>** 

In rendering this opinion, we have reviewed the Company's Registration Statement, the Prospectus (as defined below). In addition, we have examined the originals or copies, certified or otherwise identified to our satisfaction of the documents as we have considered necessary or advisable for the purpose of rendering this opinion. Where certain facts were not independently established by us, we have relied upon certificates or statements issued or made by competent national, provincial or local governmental regulatory or administrative authority, agency or commission in the PRC having jurisdiction over the Company and appropriate representatives of the Company. All of these documents are hereinafter collectively referred to as the "**Documents**."

Unless the context of this opinion otherwise provides, the following terms in this opinion shall have the meanings set forth below:

---

| | |
|:---|:---|
| **"The Company"** | means Cloud Data Holdings Corporation. |
| **"Cloud Data HK"** | means Cloud Data Network Limited, a company incorporated under the laws of Hong Kong with limited liability |
| **"CSRC"** | means the China Securities Regulatory Commission. |
| **"CAC"** | means the Cyberspace Administration of China |
| "**Government Agency**" or "**Government Agencies**" | means any competent government authorities, agencies, courts, arbitration commissions, or regulatory bodies of the PRC or any province, autonomous region, city or other administrative division of the PRC. |
| "**Governmental Authorization**" | means any approval, consent, permit, authorization, filing, registration, exemption, waiver, endorsement, annual inspection, qualification and license required by the PRC Laws to be obtained from any Government Agency. |
| "**PRC Laws**" | means any and all laws, regulations, statues, rules, decrees, notices, and supreme court's judicial interpretations currently in force and publicly available in the PRC as of the date hereof. |
| "**Prospectus**" | means the prospectus, including all amendments or supplements thereto, that forms part of the Registration Statement, and the final prospectus in the form first filed with the Commission pursuant to and within the time limits described in Rule 424(b) under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. |

---

Capitalized terms used but not defined herein shall have the meanings set forth in the Registration Statement.

**B.**  **<u>Assumptions</u>** 

In our examination of the aforesaid Documents, we have assumed, without independent investigation and inquiry that:

&nbsp;&nbsp;&nbsp;&nbsp;1. all signatures, seals and chops are genuine and were made or affixed by representatives duly authorized
by the respective parties, all natural persons have the necessary legal capacity, all Documents submitted to us as originals are authentic,
and all Documents submitted to us as certified or photo static copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;2. no amendments, revisions, modifications or other changes have been made with respect to any of the Documents
after they were submitted to us for the purposes of this opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;3. each of the parties to the Documents (except that we do not make such assumptions about the former PRC
subsidiary) is duly organized and validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation,
and has been duly approved and authorized where applicable by the competent governmental authorities of the relevant jurisdiction to carry
on its business and to perform its obligations under the Documents to which it is a party.

In expressing the opinions set forth herein, we have relied upon the factual matters contained in the representations and warranties set forth in the Documents.

**C.**  **<u>Opinion</u>** 

On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises (the "**Overseas Listing Trial Measures**") and relevant five guidelines (collectively, the "**New Administrative Rules Regarding Overseas Listings**"), which became effective 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.

According to the Overseas Listing Trial Measures, among other things, a domestic company in the PRC that seeks to offer and list securities on overseas markets shall fulfill the filing procedures with the CSRC as per requirement of the Overseas Listing Trial Measures. Where a domestic company seeks to directly offer and list securities on overseas markets, the issuer shall file with the CSRC. Where a domestic company seeks to indirectly offer and list securities on overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible entity, file with the CSRC. Initial public offerings or listings on overseas markets shall be filed with the CSRC within 3 working days after the relevant application is submitted overseas. If an issuer offers securities on the same overseas market where it has previously offered and listed securities subsequently, filings shall be made with the CSRC within 3 working days after the offering is completed. Upon occurrence of any material event, such as change of control, investigations or sanctions imposed by overseas securities regulatory agencies or other relevant competent authorities, change of listing status or transfer of listing segment, or voluntary or mandatory delisting, after an issuer has offered and listed securities on an overseas market, the issuer shall submit a report thereof to CSRC within 3 working days after the occurrence and public disclosure of such event.

The Overseas Listing Trial Measures also provides that if the issuer both meets the following criteria, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China.

**We believe that the Company is not subject to the CSRC filing requirement because:**

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is headquartered in Hong Kong and most of the officers are employed by Cloud Data HK；

&nbsp;&nbsp;&nbsp;&nbsp;(ii) As of the date of this legal opinion, the Company does not, directly or indirectly, own or control any
entity or subsidiary in mainland China, nor is controlled by any Mainland Chinese company directly or indirectly;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) All of revenues and profits of the Company are generated by subsidiary in Hong Kong, none of business
activities are conducted in Mainland China, and the Company has not generated revenues or profits from Mainland China in the most recent
accounting year accounts for more than 50% of the corresponding figure in audited consolidated financial statements for the same period;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company does not have or intend to set up any subsidiary or enter into any contractual arrangements
to establish a variable interest entity structure with any entity in Mainland China;

&nbsp;&nbsp;&nbsp;&nbsp;(v) Pursuant to the Basic Law of the Hong Kong Special Administrative Region (the "**Basic Law** "),
PRC Laws shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to
national defense, foreign affairs and other matters that are not within the scope of autonomy).

**As of the date of this legal opinion, we also in the opinion of that:**

&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company and its subsidiaries will not be deemed to be an "operator of critical information
infrastructure," any "data processor" carrying out data processing activities, and the Company and its subsidiaries
will not be subject to cybersecurity review by the CAC for this Offering or required to obtain regulatory approval from the CAC nor any
other PRC authorities for the Company and its subsidiaries' operations in Hong Kong, since (a) Cloud Data HK is incorporated
and operating in Hong Kong only without any subsidiary or variable interest entity structure in Mainland China, and it is unclear
whether the Measures for Cybersecurity Review (2021) shall be applied to a Hong Kong company; (b) Cloud Data HK has in aggregate
collected and stored the personal information of less than one thousand individuals in Mainland China only and Cloud Data HK has acquired
the customers' separate consents for collecting and storing of their personal information and data; (c) the Company and its
subsidiaries do not place any reliance on collection and processing of any personal information to maintain its business operation; (d) data
processed in business should not have a bearing on national security nor affect or may affect national security; (e) all of the data
Cloud Data HK has collected is stored in servers located in Hong Kong; and (f) as of the date of this legal opinion, neither
the Company nor Cloud Data HK have been informed by any PRC governmental authority of being classified as "operator of critical
information infrastructure" or "data processor" that is subject to CAC cybersecurity review or a CSRC review;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company is currently not required to obtain any permission or approval from any PRC governmental agency
to operate its business;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Offering and the listing of the Company do not require any permission or approval from the CSRC, CAC,
or any other PRC governmental agency.

As of the date of this legal opinion, the statements made in the Registration Statement and Prospectus under the caption "Taxation — People's Republic of China Taxation" to the extent that the discussion states definitive legal conclusions under PRC tax laws and regulations, subject to the qualifications therein, constitute our opinion on such matters.

This opinion letter relates only to PRC Laws and we express no opinion as to any laws other than PRC Laws. PRC Laws referred to herein are laws currently in force as of the date of this opinion letter and there is no guarantee that any of such PRC Laws, or the interpretation thereof or enforcement therefor, will not be changed, amended or revoked in the immediate future or in the longer term with or without retroactive effect.

Although we do not assume any responsibility or liability for the accuracy, completeness or fairness of the statements contained in the Registration Statement, or the Prospectus, to the best of our knowledge after due and reasonable inquiries, nothing has come to our attention that would reasonably cause us to believe that, (A) the Registration Statement (other than the financial statements and related schedules, statistical data and other expertized statements therein, as to which we express no opinion), as of its effective date, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (B) the Prospectus (other than the financial statements and related schedules, statistical data and other expertized statements therein, as to which we express no opinion), as of its date and the date hereof, contained or contains any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

**D.**  **<u>Consent</u>** 

We hereby consent to the use of this consent as an exhibit to the Registration Statement, to the use of our name as your PRC counsel and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations promulgated thereunder.

Very truly yours,

*/s/ALLBRIGHT LAW OFFICES (FUZHOU)*

ALLBRIGHT LAW OFFICES (FUZHOU)

## Exhibit 99.3

**Exhibit 99.3**

**Executive Compensation Recovery Policy**

This **Executive Compensation Recovery Policy** (this "**Policy**") covers Cloud Data Holdings Corporation's Covered Officers and explains when Cloud Data Holdings Corporation ("Cloud Data") will be required or authorized, as applicable, to seek recovery of Incentive Compensation awarded or paid to Covered Officers. Please refer to <u>Exhibit A</u> attached hereto (the "<u>Definitions Exhibit</u>") for the definitions of capitalized terms used throughout this Policy.

1.  ***Miscalculation of Financial Performance Measure Results*** . In the event of a Restatement, Cloud Data will seek to recover, reasonably promptly, all Recoverable Incentive
 Compensation from a Covered Officer during the Applicable Period. Such recovery, in the case of a Restatement, will be made without regard
 to any individual knowledge or responsibility related to the Restatement or the Recoverable Incentive Compensation. Notwithstanding the
 foregoing, if Cloud Data is required to undertake a Restatement, Cloud Data will not be required to recover the Recoverable Incentive
 Compensation if the Compensation Committee determines it is impracticable to do so, after exercising a normal due process review of all
 the relevant facts and circumstances. Cloud Data will seek to recover all Recoverable
 Incentive Compensation that was awarded or paid in accordance with the definition of "Recoverable Incentive Compensation"
 set forth on the Definitions Exhibit. If such Recoverable Incentive Compensation was not awarded or paid on a formulaic basis, Cloud Data
 will seek to recover the amount that the Compensation Committee determines in good faith should be recouped.

2.  ***Legal and Compliance Violations*** .
 Compliance with the law and Cloud Data's Code of Business Conduct and Ethics and other corporate policies is a pre-condition to
 earning Incentive Compensation. If Cloud Data in its sole discretion concludes that a Covered Officer (1) committed a significant legal
 or compliance violation in connection with the Covered Officer's employment, including a violation of Cloud Data's corporate
 policies or Cloud Data's Code of Business Conduct and Ethics (each, "Misconduct"), or (2) was aware of or willfully
 blind to Misconduct that occurred in an area over which the Covered Officer had supervisory authority, Cloud Data may, at the direction
 of the Compensation Committee, seek recovery of all or a portion of the Recoverable Incentive Compensation awarded or paid to the Covered
 Officer for the Applicable Period in which the violation occurred. In addition, Cloud Data may, at the direction of the Compensation Committee,
 conclude that any unpaid or unvested Incentive Compensation has not been earned and must be forfeited. In the event of Misconduct, Cloud Data may seek
 recovery of Recoverable Incentive Compensation even if the Misconduct did not result in an award or payment greater than would have been
 awarded or paid absent the Misconduct. In the event of Misconduct, in determining whether
 to seek recovery and the amount, if any, by which the payment or award should be reduced, the Compensation Committee may consider—among
 other things—the seriousness of the Misconduct, whether the Covered Officer was unjustly enriched, whether seeking the recovery
 would prejudice Cloud Data's interests in any way, including in a proceeding or investigation, and any other factors it deems relevant
 to the determination.

3.  ***Other Actions*** . The Compensation Committee may, subject to applicable law, seek recovery in the manner it chooses, including by seeking reimbursement from the Covered Officer of all or part of the compensation awarded or paid, by electing to withhold unpaid compensation, by set-off, or by rescinding or canceling unvested stock. In the reasonable exercise of its business judgment under this Policy, the Compensation Committee may in its sole discretion determine whether and to what extent additional action is appropriate to address the circumstances surrounding a Restatement or Misconduct to minimize the likelihood of any recurrence and to impose such other discipline as it deems appropriate.

4.  ***No Indemnification or Reimbursement*** . Notwithstanding the terms of any other policy, program, agreement or arrangement, in no event will Cloud Data or any of its affiliates indemnify or reimburse a Covered Officer for any loss under this Policy and in no event will Cloud Data or any of its affiliates pay premiums on any insurance policy that would cover a Covered Officer's potential obligations with respect to Recoverable Incentive Compensation under this Policy.

5.  ***Administration of Policy*** . The Compensation Committee will have full authority to administer this Policy. Actions of the Compensation Committee pursuant to this Policy will be taken by the vote of a majority of its members. The Compensation Committee will, subject to the provisions of this Policy and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Cloud Data's applicable exchange listing standards, make such determinations and interpretations and take such actions in connection with this Policy as it deems necessary, appropriate or advisable. All determinations and interpretations made by the Compensation Committee will be final, binding and conclusive.

6.  ***Other Claims and Rights*** . The remedies under this Policy are in addition to, and not in lieu of, any legal and equitable claims Cloud Data or any of its affiliates may have or any actions that may be imposed by law enforcement agencies, regulators, administrative bodies, or other authorities. Further, the exercise by the Compensation Committee of any rights pursuant to this Policy will not impact any other rights that Cloud Data or any of its affiliates may have with respect to any Covered Officer subject to this Policy.

7.  ***Condition to Eligibility for Incentive Compensation*** . All Incentive Compensation subject to this Policy will not be earned, even if already paid, until the Policy ceases to apply to such Incentive Compensation and any other vesting conditions applicable to such Incentive Compensation are satisfied.

8.  ***Amendment*** ;  ***Termination*** . The Board or the Compensation Committee may amend or terminate this Policy at any time.

9.  ***Effectiveness*** . Except as otherwise determined in writing by the Compensation Committee, this Policy will apply to any Incentive Compensation that (a) in the case of any Restatement, is Received by Covered Officers prior to, on or following the Effective Date, and (b) in the case of Misconduct, is awarded or paid to a Covered Officer on or after the Effective Date. This Policy will survive and continue notwithstanding any termination of a Covered Officer's employment with Cloud Data and its affiliates.

10.  ***Successors*** . This Policy shall be binding and enforceable against all Covered Officers and their successors, beneficiaries, heirs, executors, administrators, or other legal representatives.

11.  ***Governing Law*** . To the extent not preempted by U.S. federal law, this Policy will be governed by and construed in accordance with the laws of the State of New York, without reference to principles of conflict of laws.

**<u>EXHIBIT A</u>**

**<u>DEFINITIONS</u>**

"<u>Applicable Period</u>" means (a) in the case of any Restatement, the three completed fiscal years of Cloud Data immediately preceding the earlier of (i) the date the Board, a committee of the Board, or the officer or officers of Cloud Data authorized to take such action if Board action is not required, concludes (or reasonably should have concluded) that a Restatement is required or (ii) the date a regulator, court or other legally authorized entity directs Cloud Data to undertake a Restatement, and (b) in the case of any Misconduct, such period as the Compensation Committee or Board determines to be appropriate in light of the scope and nature of the Misconduct. The "Applicable Period" also includes any transition period (that results from a change in Cloud Data's fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence.

"<u>Board</u>" means the Board of Directors of Cloud Data.

"<u>Compensation Committee</u>" means Cloud Data's committee of independent directors responsible for executive compensation decisions, or in the absence of such a committee, a majority of the independent directors serving on the Board.

"<u>Covered Officers</u>" means (a) in the case of any Restatement, any person who is, or was at any time, during the Applicable Period, an Executive Officer of Cloud Data and (b) in the case of any Misconduct, any person who was an Executive Officer at the time of the Misconduct. For the avoidance of doubt, a Covered Officer may include a former Executive Officer that left Cloud Data, retired, or transitioned to an employee role (including after serving as an Executive Officer in an interim capacity) during the Applicable Period.

"<u>Effective Date</u>" means the date of listing on Nasdaq or any other U.S. national stock exchange.

"<u>Executive Officer</u>" means Cloud Data's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person (including an officer of Cloud Data's parent(s) or subsidiaries) who performs similar policy-making functions for Cloud Data .

"<u>Financial Performance Measure</u>" means a measure that is determined and presented in accordance with the accounting principles used in preparing Cloud Data's financial statements (including "non-GAAP" financial measures, such as those appearing in Cloud Data's earnings releases or Management Discussion and Analysis), and any measure that is derived wholly or in part from such measure. Stock price and total shareholder return (and any measures derived wholly or in part therefrom) shall be considered Financial Performance Measures.

"<u>Impracticable</u>." The Compensation Committee may determine in good faith that recovery of Recoverable Incentive Compensation is "Impracticable" (a) in the case of any Restatement, if: (i) pursuing such recovery would violate home country law of the jurisdiction of incorporation of the Company where that law was adopted prior to October 2, 2023 and Cloud Data provides an opinion of counsel to that effect acceptable to Cloud Data's listing exchange; (ii) the direct expense paid to a third party to assist in enforcing this Policy would exceed the Recoverable Incentive Compensation and Cloud Data has (A) made a reasonable attempt to recover such amounts and (B) provided documentation of such attempts to recover to Cloud Data's applicable listing exchange; or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of Cloud Data, to fail to meet the requirements of the Internal Revenue Code of 1986, as amended, and (b) in the case of any Misconduct, in its sole discretion, in light of the scope and nature of the Misconduct.

"<u>Incentive Compensation</u>" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Performance Measure. Incentive Compensation does not include any base salaries (except with respect to any salary increases earned wholly or in part based on the attainment of a Financial Performance Measure performance goal); bonuses paid solely at the discretion of the Compensation Committee or Board that are not paid from a "bonus pool" that is determined by satisfying a Financial Performance Measure performance goal; bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period; non-equity incentive plan awards earned solely upon satisfying one or more strategic measures or operational measures; and equity awards that vest solely based on the passage of time and/or attaining one or more non-Financial Performance Measures. Notwithstanding the foregoing, in the case of any Misconduct, Incentive Compensation will include all forms of cash and equity incentive compensation, including, without limitation, cash bonuses and equity awards that are received or vest solely based on the passage of time and/or attaining one or more non-Financial Performance Measures.

"<u>Received</u>." Incentive Compensation is deemed "Received" in Cloud Data's fiscal period during which the Financial Performance Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period.

"<u>Recoverable Incentive Compensation</u>" means (a) in the case of any Restatement, the amount of any Incentive Compensation (calculated on a pre-tax basis) Received by a Covered Officer during the Applicable Period that is in excess of the amount that otherwise would have been Received if the calculation were based on the Restatement, and (b) in the case of any Misconduct, the amount of any Incentive Compensation (calculated on a pre-tax basis) awarded or paid to a Covered Officer during the Applicable Period that the Compensation Committee determines, in its sole discretion, to be appropriate in light of the scope and nature of the Misconduct. For the avoidance of doubt, in the case of any Restatement, Recoverable Incentive Compensation does not include any Incentive Compensation Received by a person (i) before such person began service as a Covered Officer and (ii) who did not serve as a Covered Officer at any time during the performance period for that Incentive Compensation. For the avoidance of doubt, in the case of any Restatement, Recoverable Incentive Compensation may include Incentive Compensation Received by a person while serving as an employee if such person previously served as a Covered Officer and then transitioned to an employee role. For Incentive Compensation based on (or derived from) stock price or total shareholder return where the amount of Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in the applicable Restatement, the amount will be determined by the Compensation Committee based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return upon which the Incentive Compensation was Received (in which case, Cloud Data will maintain documentation of such determination of that reasonable estimate and provide such documentation to Cloud Data's applicable listing exchange).

"<u>Restatement</u>" means an accounting restatement of any of Cloud Data's financial statements filed with the Securities and Exchange Commission under the Exchange Act, or the Securities Act of 1933, as amended, due to Cloud Data's material noncompliance with any financial reporting requirement under U.S. securities laws, regardless of whether Cloud Data or Covered Officer misconduct was the cause for such restatement. "Restatement" includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (commonly referred to as "Big R" restatements), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (commonly referred to as "little r" restatements).

## Exhibit 99.4

**Exhibit 99.4**

**Insider Trading Compliance Manual**

**Cloud Data Holdings Corporation**

Adopted January 20, 2026

In order to take on an active role in the prevention of insider trading violations by its officers, directors, employees, consultants, advisors, and other related individuals, the Board of Directors (the "**Board**") of Cloud Data Holdings Corporation, a company incorporated under the laws of the Cayman Islands (the "**Company**"), has adopted the policies and procedures described in this Insider Trading Compliance Manual, effective immediately after the completion of the Company's initial public offering.

**I. <u>Adoption of Insider Trading Policy</u>.**

The Company adopted the Insider Trading Policy (the "**Policy**"), which prohibits trading based on material, non-public information regarding the Company and its subsidiaries ("**Inside Information**"), effective immediately after the completion of the Company's initial public offering. The Policy covers all officers and directors of the Company and its subsidiaries, all other employees of the Company and its subsidiaries, all secretaries and assistants supporting such officers, directors, or employees and consultants or advisors to the Company or its subsidiaries who have or may have access to Inside Information and members of the immediate family or household of any such person. The Policy (and/or a summary thereof) is to be delivered to all new officers, directors, employees, consultants, advisors and related individuals who are within the categories of covered persons upon the commencement of their relationships with the Company, and is to be circulated to all covered personnel at least annually.

**II. <u>Designation of Certain Persons</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. <u>Insiders</u>** Section 16 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), prohibits "short-swing" profits by all directors and executive officers of the Company, and any direct or indirect beneficial owner of 10% or more of any of the Company's equity security of any class (collectively, the "**Insiders**") and such Insiders, in addition to any beneficial owners of 5% or more of the Company's registered securities of any class, are subject to the reporting and liability provisions of Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder (collectively, the "**Section 13(d) Individuals**"). Rule 3a12-3 under the Exchange Act exempts securities registered by a Foreign Private Issuer, or FPI from Section 16 of the Exchange Act. Accordingly, Section 13(d) Individuals of an FPI are not subject to the short-swing profit limits set forth in Section 16(b), nor are they required to comply with the Section 16(a) reporting requirements.

Under Sections 13(d) and 13(g) of the Exchange Act, and the U.S. Securities and Exchange Commission ("**SEC**") related rules, subject to certain exemptions, any person who after acquiring, directly or indirectly the beneficial ownership of a certain class of equity securities, becomes, either directly or indirectly, the beneficial owner of more than 5% of such class must deliver a statement to the issuer of the security and to each exchange where the security is traded. Delivery to each exchange can be satisfied by making a filing on EDGAR (as defined below). In addition, Section 13(d) Individuals must file with the SEC a statement containing certain information, as well as any additional information that the SEC may deem necessary or appropriate in the public interest or for the protection of investors. Attached hereto as <u>Exhibit A</u> is a separate memorandum which discusses the relevant terms of Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>Other Persons Subject to Policy</u>.** In addition, certain employees, consultants, and advisors of the Company as described in Section I above have, or are likely to have, from time to time access to Inside Information and together with the Insiders, are subject to the Policy.

**III. <u>Appointment of Chief Compliance Officer</u>.**

The Company has appointed Wenhong He as the Company's Chief Compliance Officer (the "**Compliance Officer**").

**IV. <u>Duties of the Compliance Officer</u>.**

The Compliance Officer has been designated by the Board to handle any and all matters relating to the Company's Insider Trading Compliance Program. Certain duties may be delegated to outside counsel with special expertise in securities issues and relevant law. The duties of the Compliance Officer shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pre-clearing all transactions involving the Company's securities by the Insiders and those individuals having regular access to Inside Information, defined for these purposes to include all officers, directors, and employees of the Company and its subsidiaries and members of the immediate family or household of any such person, in order to determine compliance with the Policy, insider trading laws, Section 13 and Section 16 of the Exchange Act and Rule 144 promulgated under the Securities Act of 1933, as amended. Attached hereto as <u>Exhibit C</u> is a Pre-Clearance Checklist to assist the Compliance Officer in the performance of his or her duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Assisting in the preparation and filing of Section 13(d) reports for all Section 13(d) Individuals although the filings are their individual obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Serving as the designated recipient at the Company of copies of reports filed with the SEC by Section 13(d) Individuals under Section 13(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Performing periodic reviews of available materials, which may include Schedule 13D, Schedule 13G, Form 144, officers' and directors' questionnaires, as applicable, and reports received from the Company's stock administrator and transfer agent, to determine trading activity by officers, directors and others who have, or may have, access to Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Circulating the Policy (and/or a summary thereof) to all covered employees, including the Insiders, on an annual basis, and providing the Policy and other appropriate materials to new officers, directors and others who have, or may have, access to Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Assisting the Board in implementing the Policy and Sections I and II of this memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Coordinating with Company counsel regarding all securities compliance matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Retaining copies of all appropriate securities reports, and maintaining records of his or her activities as Compliance Officer.

**Cloud Data Holdings Corporation**

**Insider Trading Policy**

and Guidelines with Respect to Certain Transactions in the Company's Securities

**Section I**

**APPLICABILITY** **OF POLICY**

This Policy applies to all transactions in the Company's securities, including ordinary shares, options and warrants to purchase ordinary shares, and any other securities the Company may issue from time to time, such as preferred shares, and convertible debentures, as well as derivative securities relating to the Company's shares, whether issued by the Company, such as exchange-traded options. It applies to all officers and directors of the Company, all other employees of the Company and its subsidiaries, all secretaries and assistants supporting such directors, officers, and employees, and consultants or advisors to the Company or its subsidiaries who have or may have access to Material Non-public Information (as defined below) regarding the Company and members of the immediate family or household of any such person. This group of people is sometimes referred to in this Policy as "Insiders." This Policy also applies to any person who receives Material Non-public Information from any Insider.

Any person who possesses Material Non-public Information regarding the Company is an Insider for so long as such information is not publicly known.

**Section II**

**DEFINITION OF MATERIAL NON-PUBLIC INFORMATION**

It is not possible to define all categories of material information. However, information should be regarded as "material" if there is a reasonable likelihood that it would be considered important to an investor in making an investment decision regarding the purchase or sale of the Company's securities. Material information may be positive or negative. "Non-public Information" is information that has not been previously disclosed to the general public and is otherwise not available to the general public.

While it may be difficult to determine whether any particular information is material, there are various categories of information that are particularly sensitive and, as a general rule, should always be considered material. Examples of such information may include:

● Financial results;

● Entry into a material agreement or discussions regarding entry into a material agreement;

● Projections of future earnings or losses;

● Major contract awards, cancellations or write-offs;

● Joint ventures or commercial ventures with third parties;

● News of a pending or proposed merger or acquisition;

● News of the disposition of material assets;

● Impending bankruptcy or financial liquidity problems;

● Gain or loss of a significant line of credit;

● Significant breach of a material agreement;

● New business or services announcements of a significant nature;

● Share splits;

● New equity or debt offerings;

● Significant litigation exposure due to actual or threatened litigation;

● Changes in senior management or the Board;

● Capital investment plans; and

● Changes in dividend policy.

All of the foregoing categories of information and any similar information should be considered "Material Non-public Information" for purposes of this Policy. **If there are any questions regarding whether a particular item of information is Material Non-public Information, please consult the Compliance Officer or the Company's legal counsel before taking any action with respect to such information.**

**Section III**

**CERTAIN EXCEPTIONS**

For purposes of this Policy, the Company considers that the exercise of stock options under the Company's stock option plan (but <u>not</u> the sale of any such shares) is exempt from this Policy, since the other party to the transaction involving only the Company itself and the price does not vary with the market but is fixed by the terms of the option agreement or the plan.

**Section IV**

**STATEMENT OF POLICY**

**<u>General Policy</u>**

It is the policy of the Company to prohibit the unauthorized disclosure of any non-public information acquired in the workplace and the misuse of Material Non-public Information in securities trading.

**<u>Specific Policies</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Trading on Material Non-public Information</u>.** With certain exceptions, no officer or director of the Company, no employee of the Company or its subsidiaries and no consultant or advisor to the Company or any of its subsidiaries and no members of the immediate family or household of any such person, shall engage in any transaction involving a purchase or sale of the Company's securities, including any offer to purchase or offer to sell, during any period commencing with the date that he or she possesses Material Non-public Information concerning the Company, and ending at the close of business on the second Trading Day (as defined below) following the date of public disclosure of that information, or at such time as such non-public information is no longer material. However, see "Permitted Trading Period" below for a full discussion of trading pursuant to a pre-established plan or by delegation.

As used herein, the term "Trading Day" shall mean a day on which national stock exchanges are open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Tipping</u>.** No Insider shall disclose ("**tip**") Material Non-public Information to any other person (including family members) where such information may be used by such person to his or her profit by trading in the securities of companies to which such information relates, nor shall such Insider or related person make recommendations or express opinions on the basis of Material Non-public Information as to trading in the Company's securities.

Regulation FD (Fair Disclosure) ("**Disclosure Regulation**") is an issuer disclosure rule implemented by the SEC that addresses selective disclosure. The Disclosure Regulation provides that when the Company, or person acting on its behalf, discloses Material Non-public Information to certain enumerated persons (in general, securities market professionals and holders of the Company's securities who may well trade on the basis of the information), it must make public disclosure of that information. The timing of the required public disclosure depends on whether the selective disclosure was intentional or unintentional; for an intentional selective disclosure, the Company must make public disclosures simultaneously; for a non-intentional disclosure, the Company must make public disclosure promptly. Under the Disclosure Regulation, the required public disclosure may be made by filing or furnishing a Form 6-K, or by another method or combination of methods that is reasonably designed to effect broad, non-exclusionary distribution of the information to the public.

It is the Company's policy that all communications with the press be handled through our Chief Executive Officer (CEO) or investor/public relations firm. Please refer all press, analyst or similar requests for information to the Company's CEO and do not respond to any inquiries without prior authorization from the Company's CEO. If the Company's CEO is unavailable, the Company's Chief Financial Officer will fill this role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Confidentiality of Non-public Information</u>.** Non-public information relating to the Company is the property of the Company and the unauthorized disclosure of such information (including, without limitation, via email or by posting on Internet message boards or blogs, anonymously or otherwise) is strictly forbidden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duty to Report Inappropriate and Irregular Conduct</u>.** All employees, and particularly executives, managers and/or supervisors, have a responsibility for maintaining financial integrity within the Company, and being consistent with generally accepted accounting principles and both federal and state securities laws. Any employee who becomes aware of any incidents involving financial or accounting manipulation or irregularities, whether by witnessing the incident or being told of it, must report it to their immediate supervisor and to the chairman of the Company's Audit Committee of the Board (or to the Chairman of the Board, if an Audit Committee has not been established). For a more complete understanding of this issue, employees should consult their employee manual and or seek the advice of the Company's general counsel or outside counsel.

**Section V**

**POTENTIAL CRIMINAL AND CIVIL LIABILITY**

**AND/OR DISCIPLINARY ACTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Liability for Insider Trading</u>.** Insiders may be subject to penalties of up to $5,000,000 and up to twenty (20) years in jail for engaging in transactions in the Company's securities at a time when they possess Material Non-public Information regarding the Company, regardless of whether such transactions were profitable. In addition, the SEC has the authority to seek a civil monetary penalty of up to three times the amount of profit gained or loss avoided by illegal insider trading. "Profit gained" or "loss avoided" generally means the difference between the purchase or sale price of the Company's shares and its value as measured by the trading price of the shares a reasonable period after public dissemination of the non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Liability for Tipping</u>.** Insiders may also be liable for improper transactions by any person (commonly referred to as a "**tippee**") to whom they have disclosed Material Non-public Information regarding the Company or to whom they have made recommendations or expressed opinions on the basis of such information as to trading in the Company's securities. The SEC has imposed large penalties even when the disclosing person did not profit from the trading. The SEC, the stock exchanges and the Financial Industry Regulatory Authority, Inc. use sophisticated electronic surveillance techniques to monitor *all trades* and uncover insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Possible Disciplinary Actions</u>.** Individuals subject to the Policy who violate this Policy shall also be subject to disciplinary action by the Company, which may include suspension, forfeiture of perquisites and ineligibility for future participation in the Company's equity incentive plans and/or termination of employment.

**Section VI**

**PERMITTED TRADING PERIOD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Black-Out Period and Trading Window</u>.**

To ensure compliance with this Policy and applicable federal and state securities laws, the Company requires that all officers, directors, employees, and all members of the immediate family or household of any such person refrain from conducting any transactions involving the purchase or sale of the Company's securities, other than during the period in any half year commencing at the close of business on the second Trading Day following the date of public disclosure of the financial results for the prior interim period or fiscal year and ending on the twenty-fifth day of the sixth month of the half year (the "**Trading Window**"). Notwithstanding the foregoing, persons subject to this Policy may submit a request to the Company to purchase or sell the Company's securities outside the Trading Window on the basis that they do not possess any Material Non-public Information. The Compliance Officer shall review all such requests and may grant such requests on a case-by-case basis if he or she determines that the person making such request does not possess any Material Non-public Information at that time.

If such public disclosure occurs on a Trading Day before the markets close, then such date of disclosure shall be considered the first Trading Day following such public disclosure. For example, if such public disclosure occurs at 1:00 p.m. EST on June 10, then June 10 shall be considered the first Trading Day following such disclosure.

**Please be advised that these guidelines are merely estimates. The actual trading window may be different because the Company's interim report or annual report may be filed earlier or later.** The filing date of an interim report or annual report may fall on a weekend or the Company may delay filing an annual report due to an extension. Please check with the Compliance Officer to confirm whether the trading window is open.

The safest period for trading in the Company's securities, assuming the absence of Material Non-public Information, is generally the first ten Trading Days of the Trading Window. It is the Company's policy that the period when the Trading Window is "closed" is a particularly sensitive period of time for transactions in the Company's securities from the perspective of compliance with applicable securities laws. This is because the officers, directors and certain other employees are, as any half-year period progresses, increasingly likely to possess Material Non-public Information about the expected financial results for the period. The purpose of the Trading Window is to avoid any unlawful or improper transactions or even the appearance of any such transactions.

It should be noted that even during the Trading Window any person possessing Material Non-public Information concerning the Company shall not engage in any transactions involving the Company's securities until such information has been known publicly for at least two Trading Days. The Company has adopted the policy of delaying trading for "at least two Trading Days" because the securities laws require that the public be informed <u>effectively</u> of previously undisclosed material information before Insiders trade in the Company's shares. Public disclosure may occur through a widely disseminated press release or through filings, such as Form 6-K, with the SEC. Furthermore, in order for the public to be effectively informed, the public must be given time to evaluate the information disclosed by the Company. Although the amount of time necessary for the public to evaluate the information may vary depending on the complexity of the information, generally two Trading Days is sufficient.

From time to time, the Company may also require that directors, officers, selected employees, and others suspend trading because of developments known to the Company and not yet disclosed to the public. In such event, such persons may not engage in any transaction involving the purchase or sale of the Company's securities during such period and may not disclose to others the fact of such suspension of trading.

Although the Company may from time to time require during a Trading Window that directors, officers, selected employees, and others suspend trading because of developments known to the Company and not yet disclosed to the public, ***each person is individually responsible at all times for compliance with the prohibitions against insider trading. Trading in the Company's securities during the Trading Window should <u>not</u> be considered a "safe harbor," and all directors, officers and other persons should use good judgment at all times***.

Notwithstanding these general rules, Insiders may trade <u>outside</u> of the Trading Window provided that such trades are made pursuant to a pre-established plan or by delegation. These alternatives are discussed in the next section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Trading According to a Pre-established Plan or by Delegation.**

Trading which is not "on the basis of" Material Non-public Information may not give rise to insider trading liability. The SEC has adopted Rule 10b5-1 under which insider trading liability can be avoided if Insiders follow very specific procedures. In general, such procedures involve trading according to pre-established instructions (a "**Pre-established Trade**").

Pre-established Trades must:

&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) Be documented by a contract, written plan, or formal instruction which provides that the trade take place in the future.** For example, an Insider can contract to sell his or her shares on a specific date, or simply delegate such decisions to an investment manager, 401(k) plan administrator or a similar third party. This documentation must be provided to the Compliance Officer;

&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) Include in its documentation the specific amount, price and timing of the trade, or the formula for determining the amount, price and timing.** For example, the Insider can buy or sell shares in a specific amount and on a specific date each month, or according to a pre-established percentage (of the Insider's salary, for example) each time that the share price falls or rises to pre-established levels. In the case where trading decisions have been delegated, the specific amount, price and timing need <u>not</u> be provided;

&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) Include additional representation in its documentation for Directors and Officers.** If the person who entered into the pre-established contract, written plan, or formal instruction (discussed in Section VI.2(a) above) is a director or officer of the Company, such director or officer shall include a representation certifying that, on the date of adoption of the pre-established contract, plan, or instruction, (i) he or she is not aware of any material nonpublic information about the Company or its securities, and (ii) he or she is adopting the pre-established contract, plan, or instruction in good faith and not as part of a plan or scheme to evade prohibitions on inside trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Be implemented at a time when the Insider does not possess Material Non-public Information and Upon the Expiration of a Cooling-Off Period.** As a practical matter, this means that the Insider may set up Pre-established Trades, or delegate trading discretion, <u>only</u> during a "Trading Window" (discussed in Section VI.1 above); *provided that* (i) any director or officer of the Company may not conduct a Pre-established Trade until the expiration of a cooling-off period, consisting of the later of (A) 90 days after the adoption or modification of the pre-established contract, plan, or instruction, and (B) two business days following the disclosure of the Company's financial results in a Form 20-F or Form 6-K (but, in any event, this required cooling period is subject to a maximum of 120 days after adoption of the pre-established contract, plan, or instruction), and (ii) any other persons, who are covered by the Policy (as discussed in Section I above) and are not directors or officers, may not conduct a Pre-established Trade until the expiration of a cooling-off period that is 30 days after the adoption of the pre-established contract, plan, or instruction; 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) Remain beyond the scope of the Insider's influence after implementation.** In general, the Insider must allow the Pre-established Trade to be executed without changes to the accompanying instructions, and the Insider cannot later execute a hedge transaction that modifies the effect of the Pre-established Trade. An Insider wishing to change the amount, price or timing of a Pre-established Trade, or terminate a Pre-established Trade, can do so <u>only</u> during a "Trading Window" (discussed in Section 1, above). If the Insider has delegated decision-making authority to a third party, the Insider cannot subsequently influence the third party in any way and such third party must not possess material non-public information at the time of any of the trades.

Prior to implementing a pre-established plan for trading, all officers and directors must receive the approval for such plan from the Compliance Officer. In addition, Insiders are generally prohibited from having more than one pre-established contract, plan, or instruction covering the same time period for open market purchase of sales of the Company's securities, unless one of the exceptions under 17 C.F.R 240.10b5-1(c)(1)(ii)(D) is met. Furthermore, Issuers are prohibited from entering into more than one pre-established contract, plan, or instruction, which is designed to effect open-market purchase or sale of the Company's securities as a single transaction, for any given 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Pre-Clearance of Trades</u>.**

Even during a Trading Window, all officers, directors, employees, as well as members of the immediate family or household of such individuals, must comply with the Company's "pre-clearance" process prior to trading in the Company's securities, implementing a pre-established plan for trading, or delegating decision-making authority over the Insider's trades. To do so, each officer and director must contact the Compliance Officer prior to initiating any of these actions. Trades executed pursuant to a properly implemented Pre-Established Trade approved by the Compliance Officer do not need to be pre-cleared. The Company may also find it necessary, from time to time, to require compliance with the pre-clearance process from certain individuals other than those mentioned above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Individual Responsibility</u>.**

As Insiders, every person subject to this Policy has the individual responsibility to comply with this Policy against insider trading, regardless of whether the Company has established a Trading Window applicable to that Insider or any other Insiders of the Company. Each individual, and not necessarily the Company, is responsible for his or her own actions and will be individually responsible for the consequences of their actions. Therefore, appropriate judgment, diligence and caution should be exercised in connection with any trade in the Company's securities. An Insider may, from time to time, have to forego a proposed transaction in the Company's securities even if he or she planned to make the transaction before learning of the Material Non-public Information and even though the Insider believes he or she may suffer an economic loss or forego anticipated profit by waiting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Exceptions to the Policy</u>.**

Any exceptions to this Policy may only be made by advance written approval of each of: (i) the CEO, (ii) the Compliance Officer and (iii) the Chairman of the Audit Committee of the Board (or the Chairman of the Board if an Audit Committee has not been established). Any such exceptions shall be immediately reported to the remaining members of the Board.

**Section VII**

**APPLICABILITY OF POLICY TO INSIDE INFORMATION**

**REGARDING OTHER COMPANIES**

This Policy and the guidelines described herein also apply to Material Non-public Information relating to other companies, including the Company's customers, vendors or suppliers or potential acquisition targets ("**business partners**"), when that information is obtained in the course of employment or performance of other services on behalf of the Company. Civil and criminal penalties, as well as the termination of employment, may result from trading on inside information regarding the Company's business partners. All employees should treat Material Non-public Information about the Company's business partners with the same care as is required with respect to the information relating directly to the Company.

**Section VIII**

**PROHIBITION AGAINST BUYING AND SELLING**

**COMPANY ORDINARY SHARES WITHIN A SIX-MONTH PERIOD**

**Insiders**

Generally, purchases and sales (or sales and purchases) of Company ordinary shares occurring within any six-month period in which a mathematical profit is realized result in illegal "short-swing profits". The prohibition against short-swing profits is found in Section 16 of the Exchange Act. Section 16 was drafted as a rather arbitrary prohibition against profitable "insider trading" in a company's securities within any six-month period regardless of the presence or absence of Material Non-public Information that may affect the market price of those securities. Each executive officer, director and 10% or greater shareholder of the Company is subject to the prohibition against short-swing profits under Section 16. The measure of damages is the profit computed from any purchase and sale or any sale and purchase within the short-swing (i.e., six-month) period, without regard to any setoffs for losses, any first-in or first-out rules, or the identity of the ordinary shares. This approach sometimes has been called the "lowest price in, highest price out" rule and can result in a realization of "profits" for Section 16 purposes even when the Insider has suffered a net loss on his or her trades. Rule 3a12-3 under the Exchange Act exempts securities registered by an FPI from Section 16 of the Exchange Act. Accordingly, Section 13(d) Individuals of an FPI are not subject to the short-swing profit limits set forth in Section 16(b), nor are they required to comply with the Section 16(a) reporting requirements.

**Section IX**

**INQUIRIES**

Please direct your questions as to any of the matters discussed in this Policy to the Compliance Officer.

**<u>Exhibit A</u>**

**Section 13 Memorandum**

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| | |
|:---|:---|
| **To:** | **All Officers, Directors and 5% or greater Shareholders ("Insider")** |
| **Re:** | **Overview of Section 13 Under the Exchange Act of 1934, as amended** |

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**A. <u>Introduction</u>.**

This Memorandum provides an overview of Section 13 of the Exchange Act of 1934, as amended (the "**Exchange Act**"), and the related rules promulgated by the SEC.

***Each executive officer, director and 5% or greater shareholder (commonly called an "Insider") of Cloud Data Holdings Corporation (the "Company") is personally responsible for complying with the provisions of Section 13, and failure by an Insider to comply strictly with his or her reporting requirements will result in an obligation by the Company to publicly disclose such failure.*** Moreover, Congress has granted the SEC authority to seek monetary court-imposed fines on Insiders who fail to timely comply with their reporting obligations.

Under Section 13 of the Exchange Act, reports made to the SEC are filed on Schedule 13D, Schedule 13G, Form 13F, and Form 13H. A securities firm (and, in some cases, its parent company or other control persons) generally will have a Section 13 reporting obligation if the firm directly or indirectly:

● beneficially owns, in the aggregate, more than 5% of a class of the voting, equity securities (the "**Section 13(d) Securities** "):

● registered under Section 12 of the Exchange Act,

● issued by any closed-end investment company registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act** "), or

● issued by any insurance company that would have been required to register its securities under Section 12 of the Exchange Act but for the exemption under Section 12(g)(2)(G) thereof (see Schedules 13D and 13G: Reporting Significant Acquisition and Ownership Positions below);

● manages discretionary accounts that, in the aggregate, hold equity securities trading on a national securities exchange with an aggregate fair market value of $100 million or more; or

● manages discretionary accounts that, in the aggregate, purchase or sell any NMS securities (generally exchange-listed equity securities and standardized options) in an aggregate amount equal to or greater than (i) 2 million shares or shares with a fair market value of over $20 million during a day, or (ii) 20 million shares or shares with a fair market value of over $200 million during a calendar month.

Exhibit A-1

**B. <u>Reporting Requirements Under Section 13(d) and 13(g)</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *<u>General</u>*.** Sections 13(d) and 13(g) of the Exchange Act require any person or group of persons<sup>1</sup> who directly or indirectly acquires or has beneficial ownership<sup>2</sup> of more than 5% of a class of an issuer's Section 13(d) Securities (the "**5% threshold**") to report such beneficial ownership on Schedule 13D or Schedule 13G, as appropriate. Both Schedule 13D and Schedule 13G require background information about the reporting persons and the Section 13(d) Securities listed on the schedule, including the name, address, and citizenship or place of organization of each reporting person, the amount of the securities beneficially owned and aggregate beneficial ownership percentage, and whether voting and investment power is held solely by the reporting persons or shared with others. Reporting persons that must report on Schedule 13D are also required to disclose a significant amount of additional information, including certain disciplinary events, the source and amount of funds or other consideration used to purchase the Section 13(d) Securities, the purpose of the acquisition, any plans to change or influence the control of the issuer, and a list of any transactions in the securities effected in the last 60 days. A reporting person may use the less burdensome Schedule 13G if it meets certain criteria described below.

In general, Schedule 13G is available to any reporting person that falls within one of the following three categories:

● *Exempt Investors*. A reporting person is an "Exempt Investor" if the reporting person beneficially owns more than 5% of a class of an issuer's Section 13(d) Securities at the end of a calendar year, but its acquisition of the securities is exempt under Section 13(d)(6) of the Exchange Act. For example, a person that acquired all of its Section 13(d) Securities prior to the issuer's registration of such securities (or class of securities) under the Exchange Act, or acquired no more than 2% of the Section 13(d) Securities within a 12-month period, is considered to be an Exempt Investor and would be eligible to file reports on Schedule 13G.

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| | |
|:---|:---|
| 1 | A "group" is defined in Rule 13d-5 as "two or more persons [that] agree to act together for the purpose of acquiring, holding, voting or disposing of equity securities of an issuer." See, for example, the persons described above in Reporting Obligations of "Control Persons". An agreement to act together does not need to be in writing and may be inferred by the SEC or a court from the concerted actions or common objective of the group members. |
| 2 | Under Rule 13d-3, "**beneficial ownership**" of a security exists if a person, directly or indirectly, through any contract, arrangement, understanding, or relationship or otherwise, has or shares voting power and/or investment power over a security. "**Voting power**" means the power to vote or direct the voting of a security. "**Investment power**" means the power to dispose of or direct the disposition of a security. Under current SEC rules, a person holding securities-based swaps or other derivative contracts may be deemed to beneficially own the underlying securities if the swap or derivative contract provides the holder with voting or investment power over the underlying securities. Please contact us if you would like guidance regarding the application of Section 13 to securities-based swaps or other derivative contracts. |

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Exhibit A-2

● *Qualified Institutions*. Along with certain other institutions listed under the Exchange Act<sup>3</sup>, a reporting person that is a registered investment adviser or broker-dealer may file a Schedule 13G as a "Qualified Institution" if it (a) acquired its position in a class of an issuer's Section 13(d) Securities in the ordinary course of its business, (b) did not acquire such securities with the purpose or effect of changing or influencing control of the issuer, nor in connection with any transaction with such purpose or effect (such purpose or effect, an "**activist intent** "), and (c) promptly notifies any discretionary account owner on whose behalf the firm holds more than 5% of the Section 13(d) Securities of such account owner's potential reporting obligation.

● *Passive Investors.* A reporting person is a "Passive Investor" if it beneficially owns more than 5% but less than 20% of a class of an issuer's Section 13(d) Securities and (a) the securities were not acquired or held with an activist intent, and (b) the securities were not acquired in connection with any transaction having an activist intent. There is no requirement that a Passive Investor limit its acquisition of Section 13(d) Securities to purchases made in the ordinary course of its business. In addition, a Passive Investor does not have an obligation to notify discretionary account owners on whose behalf the firm holds more than 5% of such Section 13(d) Securities of such account owner's potential reporting obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *<u>Method of Filing</u>.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Insider must file Section 13 schedules in electronic format via the Commission's Electronic Data Gathering Analysis and Retrieval System ("**EDGAR**") in accordance with EDGAR rules set forth in Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Filing Date</u>. Schedules are deemed filed with the SEC or the applicable exchange on the date recognized by EDGAR. For Section 13 purposes, filings may be made up to 10 p.m. EST. In the event that a due date falls on a weekend or SEC holiday, the filing will be deemed timely filed if it is filed on EDGAR by the next business day after such weekend or holiday. An Insider must first obtain several different identification codes from the SEC before the filings can be submitted. In order to receive such filing codes, the Insider first submits a Form ID to the SEC. The Form ID must be signed, notarized, and submitted electronically through the SEC's Filer Management website, which can be accessed at https://www.filermanagement.edgarfiling.sec.gov. The Insider is required to retain a manually signed hard copy of all EDGAR filings (and related documents like powers of attorney) in its records available for SEC inspection for a period of five years after the date of filing.

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| | |
|:---|:---|
| 3 | Under Rule 13d-1, a reporting person also qualifies as a Qualified Institution if it is a bank as defined in Section 3(a)(6) of the Exchange Act, an insurance company as defined in Section 3(a)(19) of the Exchange Act, an investment company registered under the Investment Company Act, or an employee benefit plan, savings association, or church plan. The term "Qualified Institution" also includes a non-U.S. institution that is the functional equivalent of any of the foregoing entities and the control persons and parent holding companies of an entity that qualifies as a Qualified Institution. |

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Exhibit A-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Company</u>. In addition, the rules under Section 13 require that a copy of the applicable filing be sent to the issuer of the security at its principal executive office by registered or certified mail. A copy of Schedules filed pursuant to §§ 240.13d-1(a) and 240.13d-2(a) shall also be sent to each national securities exchange where the security is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Securities to be Reported</u>. A person who is subject to Section 13 must only report as beneficially owned those securities in which he or she has a pecuniary interest. See the discussion of "beneficial ownership" below at Section D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *<u>Initial Report of Ownership – Schedule 13D or 13G</u>.*** Under Section 13, Insiders are required to make an initial report on Schedule 13D or Schedule 13G to the SEC of their holdings of all equity securities of the corporation (whether or not such equity securities are registered under the Exchange Act). This would include all traditional types of securities, such as ordinary shares, preferred shares and junior shares, as well as all types of derivative securities, such as warrants to purchase shares, options to purchase shares, puts and calls. Even Insiders who do not beneficially own any equity securities of the Company must file a report to that effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Filing Deadline</u>. An Insider who is not eligible to use Schedule 13G must file a Schedule 13D within 10 days of such reporting person's direct or indirect acquisition of beneficial ownership of more than 5% of a class of an issuer's Section 13(d) Securities.

● A reporting person that is an Exempt Investor is required to file its initial Schedule 13G within 45 days of the end of the calendar year in which the person exceeds the 5% threshold.

● A reporting person that is a Qualified Institution also is required to file its initial Schedule 13G within 45 days of the end of the calendar year in which the person exceeds the 5% threshold. Since the 5% threshold for a Qualified Institution is calculated as of the end of a calendar year, a Qualified Institution that acquires directly or indirectly more than 5% of a class of an issuer's Section 13(d) Securities during a calendar year, but as of December 31 has reduced its interest below the 5% threshold, will not be required to file an initial Schedule 13G. However, a Qualified Institution that acquires direct or indirect beneficial ownership of more than 10% of a class of an issuer's Section 13(d) Securities prior to the end of a calendar year must file an initial Schedule 13G within 10 days after the first month in which the person exceeds the 10% threshold.

● A reporting person that is a Passive Investor must file its initial Schedule 13G within 10 days of the date on which it exceeds the 5% threshold.

Exhibit A-4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Switching from Schedule 13G to Schedule 13D</u>. If an Insider that previously filed a Schedule 13G no longer satisfies the conditions to be an Exempt Investor, Qualified Institution, or Passive Investor, the person must switch to reporting its beneficial ownership of a class of an issuer's Section 13(d) Securities on a Schedule 13D (assuming that the person continues to exceed the 5% threshold). This could occur in the case of (1) an Insider that changes from acquiring or holding Section 13(d) Securities for passive investment to acquiring or holding such securities with an activist intent, (2) an Insider that is a Qualified Institution that deregisters as an investment adviser pursuant to an exemption under the Investment Advisers Act of 1940, as amended, or applicable state law, or (3) an Insider that is a Passive Investor that acquires 20% or more of a class of an issuer's Section 13(d) Securities. In each case, the Insider must file a Schedule 13D within 10 days of the event that caused it to no longer satisfy the necessary conditions (except that, if a former Qualified Institution is able to qualify as a Passive Investor, such person may simply amend its Schedule 13G within 10 days to switch its status).

An Insider who is required to switch to reporting on a Schedule 13D will be subject to a "cooling off" period from the date of the event giving rise to a Schedule 13D obligation (such as the change to an activist intent or acquiring 20% of a class of an issuer's Section 13(d) Securities) until 10 calendar days after the filing of Schedule 13D. During the "cooling off" period, the reporting person may not vote or direct the voting of the Section 13(d) Securities or acquire additional beneficial ownership of such securities. Consequently, a person should file a Schedule 13D as soon as possible once he is obligated to switch from a Schedule 13G to reduce the duration of the "cooling off" period.

The Insider will thereafter be subject to the Schedule 13D reporting requirements with respect to the Section 13(d) Securities until such time as the former Schedule 13G reporting person once again qualifies as a Qualified Institution or Passive Investor with respect to the Section 13(d) Securities or has reduced its beneficial ownership interest below the 5% threshold. However, only a reporting person that was originally eligible to file a Schedule 13G and was later required to file a Schedule 13D may switch to reporting on Schedule 13G.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *<u>Changes in Ownership – Amendments to Schedule 13D or 13G</u>*.**

*Amendments to Schedule 13D*. If there has been any material change to the information in a Schedule 13D previously filed by an Insider<sup>5</sup>, the person must promptly file an amendment to such Schedule 13D. A material change includes, without limitation, a reporting person's acquisition or disposition of 1% or more of a class of the issuer's Section 13(d) Securities, including as a result of an issuer's repurchase of its securities. An acquisition or disposition of less than 1% may be considered a material change depending on the circumstances. A disposition that reduces a reporting person's beneficial ownership interest below the 5% threshold, but is less than a 1% reduction, is not necessarily a material change that triggers an amendment to Schedule 13D. However, an amendment in such a circumstance is recommended to eliminate the reporting person's filing obligations if the reporting person does not in the near term again expect to increase its ownership above 5%. "Promptly" is generally considered to be within 2 to 5 calendar days of the material change, depending on the facts and circumstances.

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| | |
|:---|:---|
| 4 | See Question 103.07 (September 14, 2009), Regulation 13D-G C&DIs. |
| 5 | This includes a change in the previously reported ownership percentage of a reporting person even if such change results solely from an increase or decrease in the aggregate number of outstanding securities of the issuer. |

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Exhibit A-5

*Amendments to Schedule 13G.*

● **Annual**. If a reporting person previously filed a Schedule 13G and there has been any change to the information reported in such Schedule 13G as of the end of a calendar year, then an amendment to such Schedule 13G must be filed within 45 days of the calendar year end. A reporting person is not required to make an annual amendment to Schedule 13G if there has been no change since the previously filed Schedule 13G or if the only change results from a change in the person's ownership percentage as a result of a change in the aggregate number of Section 13(d) Securities outstanding (e.g., due to an issuer's repurchase of its securities).

● **Other than Annual (Qualified Institutions)**. A reporting person that previously filed a Schedule 13G as a Qualified Institution reporting beneficial ownership of less than 10% of a class of an issuer's Section 13(d) Securities, must file an amendment to its Schedule 13G within 10 days of the end of the first month such Qualified Institution is the direct or indirect beneficial owner of more than 10% of a class of the issuer's Section 13(d) Securities. Thereafter, within 10 days after the end of any month in which the person's direct or indirect beneficial ownership of such securities increases or decreases by more than 5% of the class of securities (computed as of the end of the month), the person must file an amendment to Schedule 13G.

● **Other than Annual (Passive Investors)**. A reporting person that previously filed a Schedule 13G as a Passive Investor must promptly file an amendment any time it directly or indirectly acquires more than 10% of a class of an issuer's Section 13(d) Securities. Thereafter, the reporting person must file an amendment to Schedule 13G promptly after its direct or indirect beneficial ownership of such securities increases or decreases by more than 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Reporting Identifying Information for Large Traders - Form 13H*.** Rule 13h-1 of the Exchange Act requires a Form 13H to be filed with the SEC by any individual or entity (each, a "**Large Trader**") that, directly or indirectly, exercises investment discretion over one or more accounts and effects transactions in NMS Securities (as defined below) for those accounts through one or more registered broker-dealers that, in the aggregate, equal or exceed (a) 2 million shares or $20 million in fair market value during any calendar day, or (b) 20 million shares or $200 million in fair market value during any calendar month (each, an "**identifying activity level**"). Under Regulation NMS, an "NMS Security" is defined to include any U.S. exchange-listed equity securities and any standardized options, but does not include any exchange-listed debt securities, securities futures, or shares of open-end mutual funds that are not currently reported pursuant to an effective transaction reporting plan under the Exchange Act. A Large Trader must file an initial Form 13H promptly after effecting aggregate transactions equal to or greater than one of the identifying activity levels. The SEC has indicated that filing within 10 days will be deemed a prompt filing. Amendments to Form 13H must be filed within 45 days after the end of each full calendar year and then promptly following the end of a calendar quarter if any of the information on Form 13H becomes inaccurate.

Exhibit A-6

Form 13H requires that a Large Trader, reporting for itself and for any affiliate that exercises investment discretion over NMS securities, list the broker-dealers at which the Large Trader and its affiliates have accounts and designate each broker-dealer as a "prime broker," an "executing broker," and/or a "clearing broker." Form 13H filings with the SEC are confidential and exempt from disclosure under the United States Freedom of Information Act. The information is, however, subject to disclosure to Congress and other federal agencies and when ordered by a court. If a securities firm has multiple affiliates in its organization that qualify as Large Traders, Rule 13h-1 permits the Large Traders to delegate their reporting obligation to a control person that would file a consolidated Form 13H for all of the Large Traders it controls. Otherwise, each Large Trader in the organization will be required to file a separate Form 13H.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. *<u>Reporting Obligations of Control Persons and Clients</u>*.**

*The Firm's Obligations*. As discussed above, a securities firm is deemed to be the beneficial owner of Section 13(d) Securities in all accounts over which it exercises voting and/or investment power. Therefore, a firm will be a reporting person if it directly or indirectly acquires or has beneficial ownership of more than 5% of a class of an issuer's Section 13(d) Securities. Unless a securities firm has an activist intent with respect to the issuer of the Section 13(d) Securities, the firm generally will be able to report on Schedule 13G as either a Qualified Institution or as a Passive Investor.

*Obligations of a Firm's Control Persons.* Any control person (as defined below) of a securities firm, by virtue of its ability to direct the voting and/or investment power exercised by the firm, may be considered an indirect beneficial owner of the Section 13(d) Securities. Consequently, the direct or indirect control persons of a securities firm may also be reporting persons with respect to a class of an issuer's Section 13(d) Securities. The following persons are likely to be considered "control persons" of a firm:

● any general partner, managing member, trustee, or controlling shareholder of the firm; and

● the direct or indirect parent company of the firm and any other person that indirectly controls the firm (e.g., a general partner, managing member, trustee, or controlling shareholder of the direct or indirect parent company).

If a securities firm (or parent company) is directly or indirectly owned by two partners, members, trustees, or shareholders, generally each such partner, member, trustee, or shareholder is deemed to be a control person. For example, if a private fund that beneficially owns more than 5% of a class of an issuer's Section 13(d) Securities is managed by a securities firm that is a limited partnership, the general partner of which is a limited liability company that in turn is owned in roughly equal proportions by two managing members, then each of the private fund, the securities firm, the firm's general partner, and the two managing members of the general partner likely will have an independent Section 13 reporting obligation.'

Exhibit A-7

*Availability of Filing on Schedule 13G by Control Persons*. Any direct and indirect control person of a securities firm may file a Schedule 13G as an Exempt Investor, a Qualified Institution or as a Passive Investor to the same extent as any other reporting person as described above. In order for a control person to file a Schedule 13G as a Qualified Institution, however, no more than 1% of a class of an issuer's Section 13(d) Securities may be held (i) directly by the control person or (ii) directly or indirectly by any of its subsidiaries or affiliates that are not Qualified Institutions. For example, a direct or indirect control person of a securities firm will not qualify as a Qualified Institution if more than 1% of a class of an issuer's Section 13(d) Securities is held by a private fund managed by the firm or other affiliate because a private fund is not among the institutions listed as a Qualified Institution under the Exchange Act.

A securities firm that has one of its control persons serving on an issuer's board of directors may not be eligible to qualify as a Passive Investor with respect to such issuer. Even though the securities firm may not otherwise have an activist intent, the staff of the SEC has stated "the fact that officers and directors have the ability to directly or indirectly influence the management and policies of an issuer will generally render officers and directors unable to certify to the requirements" necessary to file as a Passive Investor.<sup>6</sup>

*Obligations of a Firm's Clients.* If a client of a securities firm (including a private or registered fund or a separate account client) by itself beneficially owns more than 5% of a class of an issuer's Section 13(d) Securities, the client has its own independent Section 13 reporting obligation.

*Availability of Joint Filings by Reporting Persons.* As discussed above, each reporting person has an independent reporting obligation under Section 13 of the Exchange Act. The direct and indirect beneficial owners of the same Section 13(d) Securities may satisfy their reporting obligations by making a joint Schedule 13D or Schedule 13G filing, provided that:

● each reporting person is eligible to file on the Schedule used to make the Section 13 report (e.g., each person filing on a Schedule 13G is a Qualified Institution, Exempt Investor, or Passive Investor);

● each reporting person is responsible for the timely filing of the Schedule 13D or Schedule 13G and for the completeness and accuracy of its information in such filing<sup>7</sup>; and

● the Schedule 13D or Schedule 13G filed with the SEC (i) contains all of the required information with respect to each reporting person; (ii) is signed by each reporting person in his, her, or its individual capacity (including through a power of attorney); and (iii) has a joint filing agreement attached.

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| | |
|:---|:---|
| 6 | See Question 103.04 (September 14, 2009), Exchange Act Sections 13(d) and 13(g) and Regulation 13D-G Beneficial Ownership Reporting Compliance and Disclosure Interpretations of the Division of Corporation Finance of the SEC (the "Regulation 13D-G C&DIs"). |
| 7 | If the reporting persons are eligible to file jointly on Schedule 13G under separate categories (e.g., a private fund as a Passive Investor and its control persons as Qualified Institutions), then the reporting persons must comply with the earliest filing deadlines applicable to the group in filing any joint Schedule 13G. In the example above, the reporting persons would be required to file a Schedule 13G initially within 10 days of exceeding the 5% threshold and thereafter promptly upon any transaction triggering an amendment (i.e., the filing deadlines applicable to a Passive Investor) and not the later deadlines applicable to a Qualified Institution. |

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Exhibit A-8

**C. <u>Determining Beneficial Ownership</u>.**

In determining whether a securities firm has crossed the 5% threshold with respect to a class of an issuer's Section 13(d) Securities<sup>8</sup>, it must include the positions held in any proprietary accounts and the positions held in all discretionary client accounts that it manages (including any private or registered funds, accounts managed by or for principals and employees, and accounts managed for no compensation), and positions held in any accounts managed by the firm's control persons (which may include certain officers and directors) for themselves, their spouses, and dependent children (including IRA and most trust accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *<u>Determining Who is a Five Percent Holder</u>*.** Beneficial ownership in the Section 13 context is determined by reference to Rule 13d-3, which provides that a person is the beneficial owner of securities if that person has or shares voting or disposition power with respect to such securities, or can acquire such power within 60 days through the exercise or conversion of derivative securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *<u>Determining Beneficial Ownership for Reporting and Short-Swing Profit Liability</u>*.** For all Section 13 purposes other than determining who is a five percent holder, beneficial ownership means a direct or indirect pecuniary interest in the subject securities through any contract, arrangement, understanding, relationship or otherwise. "Pecuniary interest" means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities. Discussed below are several of the situations that may give rise to an indirect pecuniary interest.

&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>Family Holdings</u>. An Insider is deemed to have an indirect pecuniary interest in securities held by members of the Insider's immediate family sharing the same household. Immediate family includes grandparents, parents (and step-parents), spouses, siblings, children (and step-children) and grandchildren, as well as parents-in-laws, siblings-in-laws, children-in-law and all adoptive relationships. An Insider may disclaim beneficial ownership of shares held by members of his or her immediate family, but the burden of proof will be on the Insider to uphold the lack of a pecuniary interest.

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| | |
|:---|:---|
| 8 | In calculating the 5% test, a person is permitted to rely upon the issuer's most recent interim or annual report for purposes of determining the amount of outstanding voting securities of the issuer, unless the person knows or has reason to believe that such information is inaccurate. |

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Exhibit A-9

&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>Partnership Holdings</u>. Beneficial ownership of a partnership's securities is attributed to the general partner of a limited partnership in proportion of such person's partnership interest. Such interest is measured by the greater of the general partner's share of partnership profits or of the general partner's capital account (including any limited partnership interest held by the general partner).

&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>Corporate Holdings</u>. Beneficial ownership of securities held by a corporation will not be attributed to its shareholders who are not controlling shareholders and who do not have or share investment control over the corporation's portfolio 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;(d) <u>Derivative Securities</u>. Ownership of derivative securities (warrants, share appreciation rights, convertible securities, options and the like) is treated as indirect ownership of the underlying equity securities. Acquisition of derivative securities must be reported. If the derivative securities are acquired pursuant to an employee plan, the timing of such reporting depends upon the Rule 16b-3 status of the employee plan under which the grant was made.

**D. <u>Delinquent Filings</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. *<u>Correcting Late Filings</u>*.** In the case of an Insider that has failed to make required amendments to its Schedule 13D or Schedule 13G in a timely manner (i.e., any material changes), the Insider must immediately amend its schedule to disclose the required information. The SEC Staff has explained that, "[r]egardless of the approach taken, the security holder must ensure that the filings contain the information that it should have disclosed in each required amendment, including the dates and details of each event that necessitated a required amendment." However, the SEC Staff has also affirmed that, irrespective of whether a security holder takes any of these actions, a security holder may still face liability under the federal securities laws for failing to promptly file a required amendment to a Schedule 13D or Schedule 13G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *<u>Potential Liability</u>*.** The SEC may bring an enforcement action, in the context of a Schedule 13D or Schedule 13G filing, for violations of Section 13(d), Section 13(g), Rule 10b-5 and Section 10(b), provided that the SEC specifically shows: (1) a material misrepresentation or omission made by the defendant; (2) scienter on the part of the defendant; and (3) a connection between a misrepresentation or omission and purchase or sale of a security regarding the Rule 10b-5 claim it brings. The SEC may seek civil remedies in the form of injunctive relief, a cease-and-desist order, monetary penalties, and other forms of equitable relief (e.g., disgorgement of profits). Under Section 32 of the Exchange Act, criminal sanctions may also extend to the willful violation of Section 13(d) and Section 13(g). The U.S. Department of Justice, which prosecutes criminal offenses under the Exchange Act, may seek numerous penalties against any person that violates the Exchange Act and any rules thereunder, including a monetary fine of up to $5,000,000, imprisonment for up to 20 years and/or disgorgement.

Exhibit A-10

**<u>Exhibit B</u>**

**Cloud Data Holdings Corporation**

**Insider Trading Compliance Program - Pre-Clearance Checklist**

**Individual Proposing to Trade:_________________________**

**Number of Shares covered by Proposed Trade:_________________________**

**Date:_________________________**

☐ <u>Trading Window</u>. Confirm that the trade will be made during the Company's "trading window."

☐ <u>Section 13 Compliance</u>. Confirm, if the individual is subject to Section 13, that the proposed trade will not give rise to any potential liability under Section 13 as a result of matched past (or intended future) transactions. Also, ensure that an amendment to Schedule 13D or 13G has been or will be completed and will be timely filed.

☐ <u>Prohibited Trades</u>. Confirm, if the individual is subject to Section 13, that the proposed transaction is not a "short sale," put, call or other prohibited or strongly discouraged transaction.

☐ <u>Rule 144 Compliance</u>. Confirm that:

☐ Current public information requirement has been met;

☐ Shares are not restricted or, if restricted, the six-month holding period has been met;

☐ Volume limitations are not exceeded (confirm that the individual is not part of an aggregated group);

☐ The manner of sale requirements has been met; and

☐ The Notice of Form 144 Sale has been completed and filed.

☐ <u>Rule 10b-5 Concerns</u>. Confirm that (i) the individual has been reminded that trading is prohibited when in possession of any material information regarding the Company that has not been adequately disclosed to the public, and (ii) the Compliance Officer has discussed with the individual any information known to the individual or the Compliance Officer which might be considered material, so that the individual has made an informed judgment as to the presence of inside information.

Exhibit B-1

**Transactions Report**

Officer or Director:

I. TRANSACTIONS:

☐ No transactions. ☐ The transactions described below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Owner of Record** | **Transaction<br> Date <sup>(1)</sup>** | **Transaction<br> Code <sup>(2)</sup>** | **Security<br> (Common,<br> Preferred)** | **Number of<br> Securities<br> Acquired** | **Number of<br> Securities<br> Disposed of** | **Purchase/<br> Sale Unit<br> Price** |

---

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| | | |
|:---|:---|:---|
| (1)(a) | Brokerage transactions - trade date(d) | Acquisitions under stock bonus plan - date of grant |
| (b) | Other purchases and sales - date firm commitment is made (e) | Conversion - date of surrender of convertible security |
| (c) | Option and SAR exercises - date of exercise (f) | Gifts - date on which gift is made |
| (2) | Transaction Codes: |  |
| (P) | Pre-established Purchase or Sale (Q) | Transfer pursuant to marital settlement |
| (N) | Purchase or Sale (not "Pre-established") (U) | Tender of shares |
| (G) | Gift (W) | Acquisition or disposition of will |
| (M) | Option exercise (in-the-money option) (J) | Other acquisition or disposition (specify) |

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&nbsp;&nbsp;&nbsp;&nbsp;II. SECURITIES OWNERSHIP FOLLOWING TRANSACTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Company Securities Directly or Indirectly Owned (other than stock options noted below)</u>:

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| | | | |
|:---|:---|:---|:---|
| **Title of Security (*e.g.*,<br> Preferred, Common, etc.)** | **Number of Shares/Units** | **Record Holder (if not<br> Reporting Person)** | **Relationship to Reporting<br> Person** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Stock Option Ownership</u>:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date of Grant** | **Number of Shares** | **Exercise Price** | **Vesting Dates** | **Expiration Date** | **Exercises to Date<br> (Date, No. of<br> Shares**) |

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Exhibit B-2

**<u>Exhibit C</u>**

**Cloud Data Holdings Corporation**

**Transaction Reminder**

TO: [Name of Officer or Director]

FROM:

DATED:

RE: **Amendment to Schedule 13D filing**

This is to remind you that if there is a change in your beneficial ownership of ordinary shares or other securities of Cloud Data Holdings Corporation (the "Company"), you must file an amendment to Schedule 13D with the Securities and Exchange Commission (the "SEC") within 2-5 business days following the transaction.

Our records indicate that on __________ (specify date) you had the transactions in the Company's securities indicated on the attached exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Please advise us whether the information on the attached exhibit is correct:

☐ The information is complete and correct.

☐ This information is <u>not</u> complete and correct. I have marked the correct information on the attached exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Please advise us if we should assist you by preparing the amendment to Schedule 13D for your signature and filing it for you with the SEC based upon the information you provided to us, or if you will prepare and file the amendment to Schedule 13D yourself. (Please note that we have prepared and attached for your convenience an amendment to Schedule 13D reflecting the information we have, which (if it is complete and correct), you may sign and return in the envelope enclosed.)

☐ The Company should prepare and file the amendment to Schedule 13D on my behalf after receiving my signature on the form.

☐ I shall prepare and file the amendment to Schedule 13D myself.

<br> Signed <br> Dated

If you have any questions, contact Ms. Wenhong He, the Company's Compliance Officer.

I understand that my amendment to Schedule 13D must be filed as follows: (i) on EDGAR (the SEC Electronic Data-Gathering, Analysis and Retrieval system) and (ii) one copy with the Company's Compliance Officer.

Exhibit C-1

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Cloud Data Holdings Corporation**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary shares, par value US$0.0001 per share | (1) | 457(a) | 4312500 | $4.50 | $19406250.00 | 0.0001381 | $2680.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $19406250.00 |  | 2680.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2680.00 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes ordinary shares that are issuable upon the exercise of the underwriters' over-allotment option, if any. Also includes ordinary shares initially offered and sold outside the United States that may be resold from time to time in the United States either as part of their distribution or within 40 days after the later of the effective date of this registration statement and the date the shares are first bona fide offered to the public. These ordinary shares are not being registered for the purpose of sales outside the United States. Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(a) under the Securities Act of 1933.