# EDGAR Filing Document

**Accession Number:** 0002095150
**File Stem:** 0001493152-26-030109
**Filing Date:** 2026-6
**Character Count:** 1425681
**Document Hash:** 10a614466d4e116101da5f78d11eb735
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-030109.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001493152-26-030109

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 65

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ChainOn Group Ltd
- **CENTRAL INDEX KEY:** 0002095150
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-297023
- **FILM NUMBER:** 261121795

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 21/F, G.D.REAL ESTATE TOWER,
- **STREET 2:** NO. 143 CONNAUGHT ROAD CENTRAL
- **CITY:** HONG KONG SAR
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 2297 2027

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 21/F, G.D.REAL ESTATE TOWER,
- **STREET 2:** NO. 143 CONNAUGHT ROAD CENTRAL
- **CITY:** HONG KONG SAR
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

**As filed with the U.S. Securities and Exchange Commission on June 25, 2026**

**Registration No. [\*]**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**ChainOn Group Limited**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **7371** | **Not Applicable** |
| (State or Jurisdiction of<br> Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

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**21/F, G.D. Real Estate Tower, No. 143 Connaught Road Central, Hong Kong SAR**

**+852 2297 2027**

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

**Cogency Global Inc.**

**122 East 42nd St, 18th Floor**

**New York, NY 10168**

**(212) 947-7200**

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

***Copies to:***

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| | |
|:---|:---|
| **Shane Wu, Esq.**<br> **Ross D. Carmel, Esq.**<br> **Avital Perlman, Esq.**<br> **Sichenzia Ross Ference Carmel LLP**<br> **1185 Avenue of the Americas, 26<sup>th</sup> floor**<br> **New York, NY 10036**<br> **Tel: 212-930-9700** | **Ying Li, Esq.**<br> **Guillaume de Sampigny, Esq.**<br> **Hunter Taubman Fischer & Li LLC**<br> **950 Third Avenue, 19<sup>th</sup> Floor**<br> **New York, NY 10222**<br> **Tel: 212-530-2206** |

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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 earlier effective registration statement for the same Offering. ☐

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

Emerging growth company ☒

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

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

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

**The information in this prospectus is not complete and may be changed or supplemented. We may not sell these securities until the Registration Statement filed with the U.S. Securities and Exchange Commission of which this prospectus is a part is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state or jurisdiction where the offer or sale is not permitted.**

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED JUNE 25, 2026** |

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**ChainOn Group Limited**

![](formdrs_001.jpg)

**6,250,000** **Class A Ordinary Shares**

This is a firm commitment initial public offering of 6,250,000 Class A ordinary shares of ChainOn Group Limited (the "**Company**" or "**we**", "**us**"), par value US$0.0004 per share (the "**Class A Ordinary Shares**"). The estimated initial public offering price for the Class A Ordinary Shares in the offering is expected to be between $4 and $6 per Class A Ordinary Share.

We have reserved the symbol "CHON" for purpose of listing our Class A Ordinary Shares on Nasdaq Capital Market ("Nasdaq"). This offering is contingent upon the final approval from Nasdaq for our listing. There is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq. Further, there can be no assurance that the offering will be closed and our Class A Ordinary Shares will be trading on the Nasdaq. We will not proceed to consummate this offering if Nasdaq denies our listing.

We have a dual class share structure consisting of Class A Ordinary Shares, being the shares being offered to the public, and Class B Ordinary Shares, which are registered in the name of Invincible Legend Limited, a company wholly-owned by Mr. Wai Lun Lau. Immediately prior to the completion of this offering, we will have 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares issued and outstanding. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Class A Ordinary Share is entitled to one (1) vote. Each Class B Ordinary Share is entitled to twenty (20) votes and is convertible into one Class A Ordinary Share at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

As a result of our dual class structure, the holders of the Class B Ordinary Shares will have control over 79.87% of the entire issued voting shares of our Company at the close of the offering. See the risk factor entitled "*Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial*" on page 31 for a discussion of material risks associated with our dual class structure.

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 14 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

Upon completion of this Offering, Invincible Legend Limited, a company wholly-owned by Mr. Wai Lun Lau, will be the beneficial owner of an aggregate of 17,280,000 Class A Ordinary Shares which will represent approximately 57.12% of the then total issued and outstanding Class A Ordinary Shares, (assuming the underwriter does not exercise its over-allotment option), and the beneficial owner of 6,000,000 Class B Ordinary Shares, representing 100% of the total issued and outstanding Class B Ordinary Shares. As a result, Invincible Legend Limited will have the right to control 91.37% of our voting rights. As a result, following the completion of this offering, we will be a "controlled company" within the meaning of Nasdaq's listing rules. As a "controlled company," we will be permitted to elect to rely, and may elect to rely, on certain exemptions from corporate governance requirements, including that: (1) a majority of our board of directors consists of "independent directors" as defined under the rules of Nasdaq; (2) our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee purpose and responsibilities; and (3) our director nominations be made, or recommended to the full board of directors, by our independent directors or by a nominations committee that is composed entirely of independent directors and that we adopt a written charter or board resolution addressing the nominations process. Also, as long as Invincible Legend Limited beneficially owns a majority of the voting power of our outstanding ordinary shares, it will generally be able to control the outcome of matters submitted to our shareholders for approval, including the election of directors, without the approval of our other shareholders. We expect to qualify for and intend to continue to rely on exemptions from certain corporate governance requirements, including the controlled company exemption. See the risk factor entitled "*We are a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies"* and the sections titled "Management—Controlled Company" and "Principal Shareholders", for further information.

We are a Cayman Islands exempted company with limited liability. As a holding company with no material operations, our operations are conducted by our indirect wholly-owned subsidiary, ChainOn Technology (HK) Limited ("**ChainOn HK**", "**Operating Subsidiary**" or "**Operating Entity**"), in Hong Kong, a special administrative region of the People's Republic of China (the "**PRC**"). This is an offering of the Class A Ordinary Shares of ChainOn Group Limited, the holding company incorporated in the Cayman Islands, instead of shares of ChainOn HK, our Operating Subsidiary in Hong Kong. You may never directly hold any equity interest in our Operating Subsidiary.

We and our subsidiaries are not based in mainland China and do not have operations in mainland China. We currently do not have or intend to set up any subsidiary in mainland China, and do not foresee the need to enter into any contractual arrangements with a variable interest entity ("**VIE**") to establish a VIE structure in mainland China. For the six months ended October 31, 2025, we generated 100.0% of our revenues from Hong Kong. For the years ended April 30, 2025 and 2024, we generated 100.0% and 100.0% of our revenues from Hong Kong, respectively. Pursuant to the Basic Law of the Hong Kong Special Administrative Region (the "**Basic Law**"), which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. The Basic Law expressly provides that the national laws of the PRC which may be listed in Annex III of the Basic Law shall be confined to those relating to defense and foreign affairs as well as other matters outside the autonomy of Hong Kong. The basic policies of the PRC regarding Hong Kong as a special administrative region of the PRC are reflected in the Basic Law, providing Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems".

However, in light of the PRC government's recent expansion of authority in Hong Kong, we are subject to uncertainty about any future actions of the PRC government or authorities in Hong Kong, and all the material legal and operational risks associated with being based in and having operations in the PRC also apply to operations in Hong Kong. There is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong. The PRC government may intervene or influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or foreign investment in issuers like ourselves. Such governmental actions, if and when they occur: (i) could significantly limit or completely hinder our ability to continue our operations; (ii) could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See the risk factors entitled "*Substantially all of our operations are in Hong Kong and as a result, we are subject to significant regulatory, liquidity, and enforcement risks associated with operations in China, including the risk that 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. Due to the long arm provisions under the current Mainland China laws and regulations, the Chinese government may exercise significant oversight and exert more control over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to overseas investors or obtain foreign investment in us and cause the value of the Ordinary Shares to significantly decline or be worthless*" on page 20 and "*Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations and rules and the enforcement of laws of the Chinese government may also occur and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless*" on page 21 for more discussion.

The legal and operational risks associated in operating in the PRC also apply to our operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security, and anti-monopoly concerns, would be applicable to ChainOn HK and us, given ChainOn HK's substantial operations in Hong Kong and the possibilities that PRC government may exercise significant oversight over the conduct of business in Hong Kong. In the event that ChainOn HK is to become subject to laws and regulations of the PRC, these risks could result in material costs to ensure compliance, fines, material changes in our operations and/or the value of the securities we are registering for sale, and/or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. See the risk factors entitled "*We and our Operating Subsidiary face uncertainties arising from the possible revision regarding the interpretation and implementation of current and any future PRC laws and regulations related to part of our Operating Subsidiary's business operations*" on page 23 for more discussion.

We are also aware that recently the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland Chinese 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. In addition, due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to whether in the future we will be required to obtain approvals from the PRC authorities to operate our business or list on the U.S. exchanges and offer securities. If we and our subsidiaries (i) do not receive or maintain such permissions or approvals, should such approvals be required in the future by the PRC government, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we are required to obtain such permissions or approvals in the future, our operations and financial condition could be materially adversely affected, and our ability to offer securities to investors could be significantly limited or completely hindered and the securities currently being offered may substantially decline in value and become worthless. We believe that, as of the date of this prospectus, (i) the Company does not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (ii) the Company and its subsidiaries do not have any business operations in mainland China; (iii) the Company currently 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; (iv) none of the clients of the Company and its subsidiaries are located in mainland China and, (v) it does not have any operation in the PRC, nor does it have any partnership or cooperation with any PRC entity or individual; (vi) it currently does not have, nor does it plan to have, any investment, such as owning or leasing any asset, in the PRC; (vii) it has not employed any PRC natural persons; and (viii) no revenue of the Company is generated from the PRC, and have not engaged in any data processing related to the collection, storage, use, or processing of personal information of personnel within PRC for the purpose of providing services to personnel within PRC. Based on the Company's confirmation, our PRC counsel China Commercial Law Firm advised us that the Company is 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 China Securities Regulatory Commission (the "CSRC"), the Cyberspace Administration of China (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. The laws and regulations of mainland China do not currently have any material impact on our business, financial condition or results of operations and we are currently not subject to the PRC government's direct influence or discretion over the manner in which we conduct our business activities outside of mainland China.

Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what potential impact such modified or new laws and regulations will have on our Company's daily business operation, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. If there is significant change to current political arrangements between mainland China and Hong Kong, the PRC government intervenes or influences operations of companies operated in Hong Kong like us, or exerts more control through change of laws and regulations over offerings conducted overseas and/or foreign investment in issuers like us, it may result in a material change in our operations and/or the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risk Factors - The Chinese regulatory authorities could disallow our organizational structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless and "Risk Factors — Risks Related to Doing Business in Hong Kong" beginning on page 20 of this prospectus for more information. See the risk factors entitled "*PRC government may intervene or influence the Hong Kong operations of an offshore holding company, such as ChainOn HK, at any time, which could result in a material change in ChainOn HK's operations and/or the value of our Ordinary Shares. 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*" on page 22 and "*The Chinese regulatory authorities could disallow our organizational structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless*" on page 23 for more discussion.

In addition, our Class A Ordinary Shares may be prohibited from trading on a national exchange or over-the-counter market under the Holding Foreign Companies Accountable Act (the "**HFCA Act**") if the Public Company Accounting Oversight Board (United States) (the "**PCAOB**") is unable to inspect our auditors for three consecutive years. Pursuant to the HFCA Act, the PCAOB issued a Determination Report on December 16, 2021 which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i) mainland China of the PRC, and (ii) Hong Kong; and such report identified the specific registered public accounting firms which are subject to these determinations. On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and China's Ministry of Finance (the "**PRC MOF**") in respect of 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. Our current registered public accounting firm, J&S Associate PLT, is headquartered in Malaysia. J&S Associate PLT is currently registered with the PCAOB and is subject to the PCAOB inspections on a regular basis. Notwithstanding the foregoing, in the event that, in the future, the PCAOB determines that it is not able to fully conduct inspections of our auditor for three consecutive years, or the PCAOB re-evaluates its determination as a result of any obstruction with the implementation of the Statement of Protocol in the future, trading of our securities on a national securities exchange or in the over-the counter market may be prohibited under the HFCA Act and our access to the U.S. capital markets may be limited or restricted. In addition, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "**AHFCAA**"), which, if passed by the U.S. House of Representatives and signed into law, would reduce the period of time for foreign companies to comply with the PCAOB audits to two consecutive years instead of three, thus reducing the time period for triggering the prohibition on trading. 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 delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment. See "Risk Factors — Risks Relating to Doing Business in Hong Kong - *A recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.*" on page 27 of this prospectus for more information.

We are permitted under the laws of Cayman Islands to provide funding to our subsidiary ChainOn HK through loans or capital contributions without restrictions on the amount of the funds. There are no restrictions or limitation under the laws of Cayman Islands on our Company's ability to distribute earnings from its businesses, including subsidiaries, to the U.S. investors. ChainOn HK is permitted under the laws of Hong Kong to provide funding to our Company through dividend distribution without restrictions on the amount of the funds. Both our Company and ChainOn HK currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Neither our Company or its subsidiaries has any dividend payout policy, and each entity needs to comply with applicable law or regulations with respect to transfer of funds, dividends and distributions with other entities. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. As of the date of this prospectus, ChainOn HK does not have any history of declaring dividends, and none of our subsidiaries have made any dividends or distributions to the Company. In addition, the Company has not made any dividends or distributions to its shareholders and no dividends, transfers or distributions have been made between any of our subsidiaries. There are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of HKD into foreign currencies and the remittance of currencies out of Hong Kong. See *"Dividend Policy"* on page 38 and "Risk Factors – Risks Relating to Doing Business in Hong Kong – *In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors*." on page 23 of this prospectus for more information.

We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. See "Risk Factors" and "Prospectus Summary— Implications of Our Being an Emerging Growth Company" on pages 14 and 9, respectively.

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

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

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| | | | |
|:---|:---|:---|:---|
|  | **Per Class A <br> Ordinary Share** | **Total Without <br> Over-Allotment Option** | **Total With <br> Over-Allotment Option** |
| Public offering price <sup>(1)</sup> | $5.00 | $31250000 | $35937500 |
| Underwriting discounts <sup>(2)</sup> | $0.28 | $1718750 | $1976563 |
| Proceeds to us before offering expenses <sup>(3)</sup> | $4.72 | $29531250 | $33960937 |

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(1) Assumed
 an initial public offering price of $5.00 per Class A Ordinary Share, being the midpoint of the range set forth on the cover
 page of this registration statement.

(2) Represents
underwriting discounts equal to five and half percent (5.5%) per Class A Ordinary Share.

(3) The
 total estimated expenses related to this offering are set forth in the section entitled "Expenses Relating to This Offering."
 We have agreed to reimburse the representative for certain expenses. See "Underwriting" on page 97 of this prospectus
 for a description of these arrangements.

We have granted the underwriters a 45-day option to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering, solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount.

The underwriter expects to deliver our Class A Ordinary Shares to purchasers in this offering on or about [●], 2026, subject to satisfaction of customary closing conditions.

![](formdrs_002.jpg)

**The date of this prospectus is [●], 2026**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#G_001) | 1 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#G_002) | 2 |
| [DEFINITIONS](#G_003) | 3 |
| [PROSPECTUS SUMMARY](#G_004) | 5 |
| [RISK FACTORS](#G_005) | 14 |
| [USE OF PROCEEDS](#G_006) | 36 |
| [CAPITALIZATION](#G_007) | 37 |
| [DIVIDEND POLICY](#G_008) | 38 |
| [DILUTION](#G_009) | 39 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#G_010) | 40 |
| [HISTORY AND CORPORATE STRUCTURE](#G_011) | 55 |
| [INDUSTRY OVERVIEW](#G_012) | 56 |
| [BUSINESS](#G_013) | 63 |
| [REGULATORY ENVIRONMENT AND THE LAWS AND REGULATIONS OF HONG KONG](#G_015) | 71 |
| [MANAGEMENT](#G_016) | 75 |
| [PRINCIPAL SHAREHOLDERS](#G_017) | 80 |
| [RELATED PARTY TRANSACTION](#G_018) | 81 |
| [DESCRIPTION OF SHARES](#G_019) | 82 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#G_020) | 91 |
| [MATERIAL TAX CONSIDERATIONS](#G_021) | 92 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#G_022) | 96 |
| [UNDERWRITING](#G_023) | 97 |
| [EXPENSES RELATED TO THIS OFFERING](#G_024) | 101 |
| [LEGAL MATTERS](#G_025) | 102 |
| [EXPERTS](#G_026) | 102 |
| [WHERE YOU CAN FIND MORE INFORMATION](#G_027) | 102 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#G_028) | F-1 |

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Until [●], 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that buy, sell or trade our Class A Ordinary Shares, 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 an underwriter and with respect to their unsold allotments or subscriptions.

You should not assume that the information contained in the Registration Statement of which this prospectus is a part is accurate as of any date other than the date hereof, regardless of the time of delivery of this prospectus or of any sale of the Class A Ordinary Shares being registered in the Registration Statement of which this prospectus forms a part.

No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this Offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.

i

**ABOUT THIS PROSPECTUS**

Neither we nor the underwriter have authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any related free writing prospectus. Neither we, nor the underwriter take responsibility for, nor provide any assurance about the reliability of, any information that others may give you. This prospectus is an offer to sell only the securities offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. 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 any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the United States: neither we, nor the underwriter have done anything that would permit this Offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the Offering of the Class A Ordinary Shares and the distribution of this prospectus outside the United States.

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

This reorganization of the Company was completed on November 12, 2025.

Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with generally accepted accounting principles in the United States ("**U.S. GAAP**").

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

Our reporting currency is the U.S. dollar. We make no representation that the Hong Kong dollar or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Hong Kong dollars, as the case may be, at any particular rate or at all.

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

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| | | | |
|:---|:---|:---|:---|
|  | As of October 31, | As of April 30, | As of April 30, |
|  | 2025 | 2025 | 2024 |
| Year-end HK$: US$ spot rates | 7.77 | 7.75 | 7.82 |

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| | | |
|:---|:---|:---|
|  | For the Six Months Ended October 31, | For the Six Months Ended October 31, |
|  | 2025 | 2024 |
| Period Average HK$: US$ exchange rates | 7.81 | 7.80 |

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| | | |
|:---|:---|:---|
|  | For the Year Ended April 30, | For the Year Ended April 30, |
|  | 2025 | 2024 |
| Period Average HK$: US$ exchange rates | 7.78 | 7.82 |

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Numerical figures included in this prospectus have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking statements are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business." These statements relate to events that involve known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors," which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, these forward-looking statements can be identified by words or phrases such as "believe," "plan," "expect," "intend," "should," "seek," "estimate," "will," "aim" and "anticipate" or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical facts included in this document, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we will file with the SEC, other information sent to our shareholders and other written materials.

These forward-looking statements are subject to risks, uncertainties and assumptions, certain of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in "Risk Factors" and the following:

● our business and operating strategies and our various measures to implement such strategies;

● our operations and business prospects, including development and capital expenditure plans for our existing business;

● changes in policies, legislation, regulations or practices in the industry and place in which we operate that may affect our business operations;

● our financial condition, results of operations and dividend policy;

● changes in political and economic conditions and competition in the business in which we operate;

● the regulatory environment and industry outlook in general;

● catastrophic losses from man-made or natural disasters, such as fires, floods, windstorms, earthquakes, diseases, epidemics, other adverse weather conditions or natural disasters, war, international or domestic terrorism, civil disturbances and other political or social occurrences;

● the loss of key personnel and the inability to replace such personnel on a timely basis or on terms acceptable to us;

● the overall economic environment and general market and economic conditions in Hong Kong;

● changes in the need for capital and the availability of financing and capital to fund those needs;

● our ability to anticipate and respond to changes in consumer performances, tastes and trends; and

● legal, regulatory and other proceedings arising out of our operations.

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 undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the Registration Statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

**DEFINITIONS**

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| | |
|:---|:---|
| "Articles of Association" or "Articles" | means the amended and restated articles of association of our Company adopted on January 27, 2026, as amended from time to time, a copy of which is filed as Exhibit 3.1 to this Registration Statement. |
| "Business Day" | means a day (other than a Saturday, Sunday or public holiday in the U.S.) on which licensed banks in the U.S. are generally open for normal business to the public. |
| "ChainOn HK" or "Operating Subsidiary" | means ChainOn Technology (HK) Limited, a company incorporated in Hong Kong. |
| "BVI" | means the British Virgin Islands. |
| "China" or the "PRC" | means the People's Republic of China, including the special administrative regions of Hong Kong. |
| "Class A Ordinary Share(s)" | means ordinary class A share(s) with par value of US$0.0004 each of our Company and with the right to one (1) vote per ordinary share and no right of convertibility into Class B Ordinary Shares under any circumstances. |
| "Class B Ordinary Share(s)" | means class B ordinary share(s) with par value of US$0.0004 each of our Company and with the right to twenty (20) votes per ordinary share and the right of convertibility into Class A Ordinary Shares at any time at the option of the holder thereof on a 1 to 1 basis. |
| "Companies Act" | means the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time. |
| "Companies Ordinance" | means the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "Company", "the Company", "our Company" or "ChainOn" | means ChainOn Group Limited, a company incorporated in the Cayman Islands as an exempted company with limited liability on October 9, 2025. |
| "Employees' Compensation Ordinance" | means the Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "Invincible Legend Limited" | means Invincible Legend Limited, a company incorporated in the BVI with limited liability and wholly-owned by Mr. Wai Lun Lau. |
| "Exchange Act" | means the United States Securities Exchange Act of 1934, as amended. |
| "FINRA" | means the Financial Industry Regulatory Authority, Inc. |
| "ChainOn BVI" | means ChainOn Technology Limited, a company incorporated in the BVI with limited liability and wholly-owned by our Company. |
| "HK$," "Hong Kong dollars" or "HK dollars" | means Hong Kong dollars, the lawful currency of Hong Kong. |
| "IoT" | means Internet of Thing. |
| "Independent Third Party(ies)" | means a person or company who or which is independent of and is not a 5% beneficial owner (as defined in Rule 13d-3 promulgated under the Exchange Act) of, does not control and is not controlled by or under common control with any 5% owner and is not the spouse or descendant (by birth or adoption) of any 5% beneficial owner of the Company. |
| "IPO" | means initial public offering. |

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| | |
|:---|:---|
| "IT" | means information technology. |
| "Layer-2" network | means secondary or auxiliary network protocols that operate on top of an underlying blockchain or base layer, designed to process certain transactions or computational activities outside the primary chain while ultimately relying on the security assumptions or settlement functions of the base layer. |
| "Limitation Ordinance" | means the Limitation Ordinance (Chapter 347 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "Listing" | means the listing of our Class A Ordinary Shares on the Nasdaq and other national securities exchange. |
| "Mandatory Provident Fund Schemes Ordinance" | means the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "Memorandum of Association" or "Memorandum" | means the amended and restated memorandum of association of our Company adopted on January 27, 2026 and as supplemented, amended or otherwise modified from time to time, a copy of which is filed as Exhibit 3.1 to our Registration Statement of which this prospectus forms a part. |
| "Minimum Wage Ordinance" | means the Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time. |
| "MPF" | means mandatory provident fund to be contributed by an employer in accordance with the Mandatory Provident Fund Schemes Ordinance. |
| "MPF Authority" | means the Mandatory Provident Fund Scheme Authority of Hong Kong. |
| "Offering" | means the offer of Class A Ordinary Shares by our Company pursuant to this prospectus. |
| "Regulation S" | means Regulation S under the U.S. Securities Act. |
| "Sarbanes Oxley Act" | means The Sarbanes-Oxley Act of 2002. |
| "SEC" | means the United States Securities and Exchange Commission. |
| "Securities Act" | means the Securities Act of 1933, as amended. |
| "Share Subdivision" | means the share subdivision which resulted in the authorized share capital of the Company becoming US$50,000 divided into (i) 100,000,000 Class A Ordinary Shares of par value of US$0.0004 each, and (ii) 25,000,000 Class B Ordinary Shares of par value US$0.0004 each, effective January 27, 2026. |
| "SME" | means small and medium-sized enterprise (SME) |
| "U.S.," "United States" or "US" | means the United States of America. |
| "US$" or "U.S. dollars" | means United States dollars, the lawful currency of the United States of America. |
| "Web3 technologies" | means internet-based technologies that incorporate decentralized or distributed network architectures, including but not limited to blockchain and related ledger frameworks, which used to support certain types of digital applications and data processing models. |

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**PROSPECTUS SUMMARY**

*This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that may be important to you, and we urge you to read this entire prospectus carefully, including the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and our combined financial statements and notes to those statements, included elsewhere in this prospectus, before deciding to invest in our Class A Ordinary Shares. This prospectus includes forward-looking statements that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements" on page 2.*

**Overview**

ChainOn Technology (HK) Limited, our Operating Subsidiary, was incorporated in Hong Kong on December 29, 2017 under the name Success Illusion Limited. In our early stage of operations, the Operating Subsidiary focused on the development, sales, and maintenance of enterprise-grade servers and related hardware. On July 19, 2019, our Operating Subsidiary formally changed its name to ChainOn Technology (HK) Limited to reflect our ambition to expand beyond hardware into integrated technology services.

 ****

Currently, our Operating Subsidiary provides comprehensive technology services, leveraging our expertise in Web3 technologies, cloud infrastructure, and our end-to-end service model with a client-centric project management approach to deliver customized software development and technology solutions. We primarily operate through two service lines:

(1)  ***Project Development Services.*** 

(2)  ***Advisory and Support Services:*** (i) project monthly maintenance services; and (ii) hardware monthly maintenance services.

**Our Competitive Strengths**

The market for integrated technology-services is highly competitive, and we anticipate this competition will intensify. However, we believe the following key strengths set us apart from our competitors and will continue to drive our growth and success:

● *Blockchain Expertise.* Our Operating Subsidiary has established capabilities in developing secure, decentralized, and adaptable blockchain applications and smart contracts across multiple industries.

 **  

● *Comprehensive Technology Services.* Our Operating Subsidiary provides end-to-end solutions spanning blockchain applications, cloud hosting technology, hardware maintenance, and project maintenance, enabling us to deliver integrated technology services.

 **  

● *Client-Centric Operations.* Our Operating Subsidiary maintains direct engagement with clients throughout the project lifecycle. By combining agile development methodologies with ongoing maintenance and support, we aim to promote operational continuity and long-term client relationships.

 **  

● *Technical Expertise.* Our Operating Subsidiary's team includes both in-house professionals and outsourced specialists with skills in blockchain, software development, and cloud infrastructure, as well as experience in the ongoing maintenance of deployed systems.

● *Regional Presence with Growth Potential.* Our Operating Subsidiary has developed a strong knowledge base and client network in the Hong Kong market, while maintaining the infrastructure and capacity to expand our services to other Asia-Pacific markets as opportunities arise.

**Our Growth Strategies**

We and our Operating Entity have developed and plan to implement the following strategies to drive the expansion and growth of our business:

● *Expand Blockchain Solutions Offerings.* We plan to continue developing and enhancing blockchain applications for e-commerce, IoT, and customer relationship management (CRM) systems to address evolving client needs and broaden our service scope.

● *Develop Proprietary Software Products.* We intend to design and explore proprietary software solutions, including enterprise resource planning (ERP) systems with potential advanced automation features, to diversify our revenue streams and capture emerging market opportunities.

● *Strengthen Client Engagement.* We seek to deepen relationships with existing clients by providing ongoing project support, maintenance services, and technical consultation, which we believe may foster client loyalty and generate recurring business.

● *Explore Strategic Partnerships.* We aim to identify and establish collaborations with technology vendors, including those in Southeast Asia, to enhance our ability to fulfill client requirements, support proprietary product development, reduce operational costs, and improve profit margins.

**Corporate Information**

We were incorporated in the Cayman Islands on October 9, 2025. Our registered office in the Cayman Islands is located at 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. Our administrative office is located at 21/F, G.D. Real Estate Tower, No. 143 Connaught Road Central, Hong Kong SAR. Our telephone number is +852 2297 2027. The information contained on our website (*www.chainontech.com*) does not form part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd St, 18th Floor, New York, NY 10168.

**Risks and Challenges**

Investing in our Class A Ordinary Shares involves risks. You should carefully read and consider all of the information contained in this prospectus (including in "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our combined financial statements and the notes thereto) before making an investment decision.

For example, see "*Risk Factors Relating to Doing Business in Hong Kong*" beginning on page 20 for a detailed discussion about the number of risks relating to an investment in our Company arising from the legal system in China, including but not limited to:

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| |
|:---|
| Ongoing geopolitical tensions could materially and adversely affect our business, financial condition and results of operations – see "*Risk Factors – Ongoing geopolitical tensions could materially and adversely affect our business, financial condition and results of operations*" on page 20. |
| Substantially all of our operations are in Hong Kong and as a result, we are subject to significant regulatory, liquidity, and enforcement risks associated with operations in China, including the risk that 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. Due to the long arm provisions under the current Mainland China laws and regulations, the Chinese government may exercise significant oversight and exert more control over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to overseas investors or obtain foreign investment in us and cause the value of the Ordinary Shares to significantly decline or be worthless – see "*Risk Factors – Substantially all of our operations are in Hong Kong and as a result, we are subject to significant regulatory, liquidity, and enforcement risks associated with operations in China, including the risk that 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. Due to the long arm provisions under the current Mainland China laws and regulations, the Chinese government may exercise significant oversight and exert more control over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to overseas investors or obtain foreign investment in us and cause the value of the Ordinary Shares to significantly decline or be worthless*" on page 20. |
| Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations and rules and the enforcement of laws of the Chinese government may also occur and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless – see "*Risk Factors –Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations and rules and the enforcement of laws of the Chinese government may also occur and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless*" on page 21. |
| PRC government may intervene or influence the Hong Kong operations of an offshore holding company, such as ChainOn HK, at any time, which could result in a material change in ChainOn HK's operations and/or the value of our Ordinary Shares. 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 – see "*Risk Factors –PRC government may intervene or influence the Hong Kong operations of an offshore holding company, such as ChainOn HK, at any time, which could result in a material change in ChainOn HK's operations and/or the value of our Ordinary Shares. 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*" on page 22. |
| Our financial condition, results of operations, the value of our Ordinary Shares and/or our ability to offer or continue to offer securities to investors may be materially and adversely affected by existing or future PRC laws and regulations which may become applicable to us and ChainOn HK – see "*Risk Factors – Our financial condition, results of operations, the value of our Ordinary Shares and/or our ability to offer or continue to offer securities to investors may be materially and adversely affected by existing or future PRC laws and regulations which may become applicable to us and ChainOn HK*" on page 22. |
| We and our Operating Subsidiary face uncertainties arising from the possible revision regarding the interpretation and implementation of current and any future PRC laws and regulations related to part of our Operating Subsidiary's business operations – see "*Risk Factors – We and our Operating Subsidiary face uncertainties arising from the possible revision regarding the interpretation and implementation of current and any future PRC laws and regulations related to part of our Operating Subsidiary's business operations*" on page 23. |
| In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors – see "*Risk Factors – In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors*" on page 23. |
| The Chinese regulatory authorities could disallow our organizational structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless – see "*Risk Factors –The Chinese regulatory authorities could disallow our organizational structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless*" on page 23. |
| We may become subject to a variety of PRC laws and other regulations regarding data protection or cybersecurity, and any failure to comply with applicable laws and regulations could have a material and adverse effect on our business, financial condition and results of operations – see "*Risk Factors –We may become subject to a variety of PRC laws and other regulations regarding data protection or cybersecurity, and any failure to comply with applicable laws and regulations could have a material and adverse effect on our business, financial condition and results of operations*" on page 23. |
| The Opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the future – see "*Risk Factors –The Opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the future*" on page 25. |
| The Hong Kong legal system is subject to uncertainties in the interpretation and enforcement of PRC laws and regulations – see "*Risk Factors –The Hong Kong legal system is subject to uncertainties in the interpretation and enforcement of PRC laws and regulations*" on page 26. |
| We and our Operating Entity may be affected by adverse changes in the political, economic, regulatory or social conditions in Hong Kong – see "*Risk Factors –We and our Operating Entity may be affected by adverse changes in the political, economic, regulatory or social conditions in Hong Kong*" on page 27. |
| A joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB – see "*Risk Factors –A joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCAA all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB*" on page 27. |
| Directors and Officers of the Company will be subject to new public reporting obligations under the Holding Foreign Insiders Accountable Act, which may increase compliance costs, reputational risks, and regulatory enforcement risks – see *"Risk Factors –Directors and Officers of the Company will be subject to new public reporting obligations under the Holding Foreign Insiders Accountable Act, which may increase compliance costs, reputational risks, and regulatory enforcement risks" on page 36.* |

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The risks summarized below are qualified by reference to "*Risk Factors*" beginning on page 14 of this prospectus, which you should carefully consider before making a decision to invest in our Class A Ordinary Shares. If any of these risks actually occurs, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our Class A Ordinary Shares would likely decline, and you may lose all or part of your investment. In reviewing this prospectus, you should bear in mind that past results are no guarantee of future performance. See "*Special Note Regarding Forward-Looking Statements*" on page 2 for a discussion of forward-looking statements, and the significance of forward-looking statements in the context of this prospectus.

The following is a summary of what our management views as our most significant risk factors including but not limited to the following:

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| |
|:---|
| We and our Operating Entity have a limited operating history. It will be difficult for you to evaluate our current business performance and future prospects and may increase the risks associated with your investment – see "*Risk Factors –We and our Operating Entity have a limited operating history. It will be difficult for you to evaluate our current business performance and future prospects and may increase the risks associated with your investment*" on page 14. |
| If our customers are unable to execute user acceptance test or are unsatisfactory of the results therein, our business, financial condition and results of operations could be adversely affected – see "*Risk Factors –If our customers are unable to execute user acceptance test or are unsatisfactory of the results therein, our business, financial condition and results of operations could be adversely affected*" on page 15. |
| Our Operating Entity relies on its ability to attract new customers and retain existing customers, and any failure to do so could materially and adversely affect our business, financial condition, and results of operations – see "*Risk Factors – Our Operating Entity relies on its ability to attract new customers and retain existing customers, and any failure to do so could materially and adversely affect our business, financial condition, and results of operations*" on page 16. |
| Our Operating Entity is exposed to risks related to concentration of earnings, and it may have a material adverse effect on our financial condition and results of operations – see "*Risk Factors – Our Operating Entity is exposed to risks related to concentration of earnings, and it may have a material adverse effect on our financial condition and results of operations*" on page 17. |
| Our Operating Entity had customer concentration, with a significant portion of our revenues and accounts receivable attributable to a limited number of major customers – see "*Risk Factors – Our Operating Entity had customer concentration, with a significant portion of our revenues and accounts receivable attributable to a limited number of major customers*" on page 17. |
| Our Operating Entity relies on a limited number of suppliers to support our project development services and advisory and support services, and any disruption in these relationships could materially and adversely affect our business – see "*Risk Factors –Our Operating Entity relies on a limited number of suppliers to support our project development services and advisory and support services, and any disruption in these relationships could materially and adversely affect our business*" on page 17. |
| The economic, political and social conditions of the PRC as well as its government policies may adversely affect our business and results of operations – see "*Risk Factors –The economic, political and social conditions of the PRC as well as its government policies may adversely affect our business and results of operations*" on page 20. |

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**Holding Foreign Companies Accountable Act**

The Holding Foreign Companies Accountable Act, or HFCA, Act was enacted on December 18, 2020. The HFCA Act states if the United States Securities and Exchange Commission, or the SEC or the Securities and Exchange Commission, determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the Public Company Accounting Oversight Board of the United States, or PCAOB, for two consecutive years beginning in 2021, the SEC shall prohibit the company's shares from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On June 22, 2021, the U.S. Senate passed a bill which, if passed by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two years. Our auditor, J&S Associate PLT, is the independent registered public accounting firm that has issued the audit report included in this prospectus. J&S Associate PLT is registered with the PCAOB and, as such, is subject to the laws of the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with applicable professional standards. J&S Associate PLT is headquartered in Malaysia.

**Recent Regulatory Developments in the PRC**

Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China, including cracking down on certain illegal activities in the securities market, enhancing supervision over Chinese-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement.

For example, on June 10, 2021, the Standing Committee of the National People's Congress enacted the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for data security. **In light of recent events indicating greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, we may be subject to a variety of PRC laws, changes in regulatory actions in Hong Kong and other obligations regarding data protection and any other rules, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business and the offering. It remains uncertain as to how any such regulatory measures will be interpreted or implemented. See more detailed discussion of this risk factor on page 14 of this prospectus.**

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

On August 20, 2021, the 30th meeting of the Standing Committee of the 13th National People's Congress voted and passed the "Personal Information Protection Law of the People's Republic of China," or "PRC Personal Information Protection Law," which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the circumstances that processing of personal information of natural persons within the territory of China and that is carried out outside of China where (1) such processing is for the purpose of providing products or services for natural persons within China, (2) such processing is to analyze or evaluate the behavior of natural persons within China, or (3) there are any other circumstances stipulated by related laws and administrative regulations.

On December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022, replacing the former Measures for Cybersecurity Review (2020) issued on April 13, 2020. 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 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 undergo a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

Based on our confirmation to the facts listed below, our PRC counsel China Commercial Law Firm advised us that, we do not expect to be subject to the cybersecurity review by the China Securities Regulatory Commission ("CSRC") and the Cyberspace Administration of China ("CAC") in relation to this Offering, given that: (1) our Operating Subsidiary is incorporated in Hong Kong and is located in Hong Kong, not a PRC domestic company, (2) we have no subsidiary, variable interest entity ("VIE") structure or any direct operations in mainland China, and (3) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China ("Basic Law"), which is a national law of the PRC and the constitutional document for Hong Kong, national laws of the PRC shall not be applied in Hong Kong, except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense and foreign affairs, as well as other matters outside the autonomy of Hong Kong).

Based on our confirmation to the facts listed below, our PRC counsel China Commercial Law Firm advised us that, we do not currently expect the Measures for Cybersecurity Review (2021) and the PRC Personal Information Protection Law to have an impact on our business, operations or this Offering as we do not believe that our Operating Subsidiary would be deemed to be an "Operator" on the basis that (i) our Operating Subsidiary is incorporated in Hong Kong, not a PRC domestic company, and operates in Hong Kong without any subsidiary or VIE structure in mainland China; (ii) as of date of this prospectus, our Operating Subsidiary has not engaged in any data processing related to the collection, storage, use, or processing of personal information of personnel within PRC for the purpose of providing services to personnel within PRC, and that data processed in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities; (iii) all of the data our Operating Subsidiary has collected is stored in servers located in Hong Kong; and (iv) as of the date of this prospectus, our Operating Subsidiary has not been informed by any PRC governmental authority of any requirement that it files for a cybersecurity review or a CSRC review. An "Operator" is required to file for cybersecurity review before listing in the United States.

On February 17, 2023, the CSRC issued the Trial Overseas Listing Measures, which came into effect on March 31, 2023. Under the Trial Overseas Listing Measures, a domestic enterprise conducting overseas issuance and listing (includes direct and indirect overseas issuance and listing) shall conduct and complete relevant filing procedures with the CSRC. Any overseas issuance and listing conducted by an issuer that concurrently meets the following conditions shall be determined as indirect overseas issuance and listing by a domestic enterprise: (i) 50% or more of its operating revenue, total profit, total assets or net assets as recorded in its audited consolidated financial statements for the most recent fiscal year is being accounted for by domestic companies; and (ii) the main parts of its business activities are conducted in mainland China, its principal places of business are located in mainland China, or the senior management in charge of its business operation and management are mostly Chinese citizens or domiciled in mainland China.

We believe that: (i) the group currently does not have, nor do it currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) it is not controlled by any PRC entity or individual; (iii) it does not have any operation in the PRC, nor does it have any partnership or cooperation with any PRC entity or individual; (iv) it currently does not have, nor does it plan to have, any investment, such as owning or leasing any asset, in the PRC; (v) none of the senior managers in charge of the business operations and management are citizens of the PRC or domiciled in mainland China; and (vi) no revenue of the Company is generated from the PRC. Based on our confirmation to the facts mentioned above, our PRC counsel China Commercial Law Firm advised us that, this Offering shall not be deemed as a domestic enterprise that indirectly offer or list securities on an overseas stock exchange, nor does it requires filing or approvals from the CSRC. We are not subject to any PRC laws and regulations except to those applicable to Hong Kong listed in Annex III of the Basic Law. We believe that we do not need permission or approval from the Chinese government to operate our business or offer our Class A Ordinary Shares. As such, we have not applied for and we have not been denied any permissions or approvals.

Further, as of the date of this prospectus, we believe the Company is not considered a domestic enterprise under the Trial Measures and the Trial Measures do not apply to the Company, and its listing on Nasdaq does not require fulfilling the filing procedure to the CSRC. However, as advised by our PRC counsel China Commercial Law Firm, there can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us, or that the CSRC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with retrospective effect) to require us to obtain CSRC or other PRC governmental approvals for this Offering. If we or our Operating Subsidiary inadvertently conclude that such approvals are not required, we may be required to make corrections, be given a warning, be fined between RMB 1 million and RMB 10 million, warn the responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million, fine the controlling shareholder not less than RMB 1 million but not more than RMB 10 million, prevent the Company from entering the securities market and our ability to offer or continue to offer our Class A Ordinary Shares to investors could be significantly limited or completed hindered, which could cause the value of our Class A Ordinary Shares to significantly decline or become worthless. Our group may also face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of the PRC, limit our operations in the PRC, delay or restrict the repatriation of the proceeds from this Offering into the PRC or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities. See the risk factors entitled "*The Opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the future*" on page 25 and "*Substantially all of our operations are in Hong Kong and as a result, we are subject to significant regulatory, liquidity, and enforcement risks associated with operations in China, including the risk that 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. Due to the long arm provisions under the current Mainland China laws and regulations, the Chinese government may exercise significant oversight and exert more control over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to overseas investors or obtain foreign investment in us and cause the value of the Ordinary Shares to significantly decline or be worthless*" on page 20 for more discussion.

However, since these statements and regulatory actions are new and under development, it is highly uncertain how soon the legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our Operating Subsidiary, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on U.S. or other foreign exchanges. If any of our Operating Subsidiary is deemed to be an "Operator," or if Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law or the Trial Overseas Listing Measures becomes applicable to our Operating Subsidiary, the business operation of our Operating Subsidiary and the listing of our Class A Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or CSRC Overseas Issuance and Listing review in the future. If the applicable laws, regulations, or interpretations change and our Operating Subsidiary becomes subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiary will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory authorities. If our Operating Subsidiary fails to receive or maintain such permissions or if the required approvals are denied, our Operating Subsidiary may become subject to fines and other penalties which may have a material adverse effect on our business, operations and financial condition and may hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless. See the risk factors entitled "*Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations and rules and the enforcement of laws of the Chinese government may also occur and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless*" on page 21 and "*We and our Operating Subsidiary face uncertainties arising from the possible revision regarding the interpretation and implementation of current and any future PRC laws and regulations related to part of our Operating Subsidiary's business operations*" on page 23 for more discussion.

Additionally, due to long arm provisions under the current PRC laws and regulations, we are also subject to the risks of uncertainty about any future actions the Chinese government or authorities in Hong Kong may take in this regard.

Should the Chinese government choose to exercise significant oversight and discretion over the conduct of our Operating Subsidiary's business, it may intervene in or influence our operations. Such governmental actions (i) could result in a material change in our Operating Subsidiary's operations; (ii) could hinder our ability to continue to offer securities to investors or list on an exchange; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline in value or become worthless.

**Implications of Being a "Controlled Company"**

Upon completion of this Offering, Invincible Legend Limited will be the beneficial owner of an aggregate of 17,280,000 Class A Ordinary Shares which will represent approximately 57.12% of the then total issued and outstanding Class A Ordinary Shares, assuming the underwriter does not exercise its over-allotment option. In addition, Invincible Legend Limited will be the beneficial owner of 6,000,000 Class B Ordinary Shares, representing 100% of the total issued and outstanding Class B Ordinary Shares. As a result, Invincible Legend Limited will, therefore, have the right to control 91.37% of our voting rights. We will be a "controlled company" within the meaning of the New York Stock Exchange or Nasdaq Rules and therefore eligible for certain exemptions from the corporate governance requirements of the Nasdaq listing rules. For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors;

● an exemption from the rule that director nominees be selected or recommended for selection by either a majority of the independent directors or a nomination committee comprised solely of independent directors; and

● an exemption from the rule that a majority of our board of directors consist of independent directors.

We expect to qualify for and intend to continue to rely on exemptions from certain corporate governance requirements, including the controlled company exemption. As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

In addition, Invincible Legend Limited will be able to exert significant control over our management and affairs, including approval of significant corporate transactions. Our status as a controlled company could cause our Class A Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

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

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

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A in this registration statement;

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

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

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

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

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

● will not be required to provide management's report on internal control over financial reporting until our second annual report on Form 20-F filed following this offering.

We intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase periods may make it difficult to compare our financial statements to those of non- emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under §107 of the JOBS Act. We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year in which the fifth anniversary of the completion of this Offering occurs, (2) the last day of the fiscal year in which we have total annual gross revenue of at least US$1.235 billion, (3) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which means the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds US$700.0 million as of the prior December 31, and (4) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior three-year period. We may choose to take advantage of some, but not all, of the available exemptions. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold stock.

**Implications of Our Being a Foreign Private Issuer**

Upon completion of this Offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

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

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

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

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

● our officers, directors and principal shareholders are not required to comply with Section 16 of the Exchange Act requiring them to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction, until March 18, 2026, when an amendment to Section 16 requiring officers and directors of "foreign private issuers" to file public reports of their share ownership becomes effective. On December 18, 2025, President Trump signed into law the Holding Foreign Insiders Accountable Act ("HFIAA"), which eliminates the exemption to comply with Section 16 of the Exchange Act. The new law will take effect on March 18, 2026. Once in effect, directors and officers of foreign private issuers will be required to publicly report their ownership in, and transactions involving, the applicable foreign private issuer's securities to the SEC on Forms 3, 4, and 5.

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

In addition, as a company incorporated in 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 listing requirements. These practices may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing requirements of the Nasdaq.

**Transfer of cash to and from our subsidiaries**

Our business is conducted through our wholly-owned subsidiary ChainOn HK in Hong Kong. We, as a Cayman Islands holding company, will rely on dividends paid by ChainOn HK as well as the intermediary wholly owned subsidiary incorporated in the BVI, ChainOn BVI, for our Company's working capital and cash needs, including the funds necessary to pay any dividends.

As of the date of this prospectus, ChainOn HK does not have any history of declaring dividends, and none of our subsidiaries have made any dividends or distributions to the Company. In addition, the Company has not made any dividends or distributions to its shareholders and no dividends, transfers or distributions have been made between any of our subsidiaries. If we decide to pay dividends on any of our Class A Ordinary Shares, as a holding company, we will depend on the receipt of funds from our subsidiaries through dividend payments. We are permitted under the laws of the Cayman Islands to provide funding to our Operating Subsidiary through loans and/or capital contributions without restriction on the amount of the funds loaned or contributed.

We currently intend to retain all of our available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends or distributions in the foreseeable future. We do not have a formal cash management policy. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering operating and financial results, cashflow situation, business conditions and strategies, future operations and earnings, taxation considerations, interim dividends paid, if any and capital requirements and expenditure plans and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. There are risks related to the fact that the PRC government may restrict our ability to transfer cash outside of Hong Kong or fund operations outside of Hong Kong. See the risk factor on page 23 under "*Risks Related to Doing Business in Hong Kong – In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors."*

*Cayman Islands.* Subject to the Cayman Act and our Memorandum and Articles of Association, our board of directors may declare dividends and distributions on our Class A Ordinary Shares and authorize payment of the dividends or distributions out of the funds of the Company. Our company may only pay dividends out of profits or share premium, and provided always that under no circumstances a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

*British Virgin Islands.* Under BVI law, the board of directors of our BVI subsidiary may authorize payment of a dividend to its shareholders as such time and of such an amount as they determine if they are satisfied on reasonable grounds that immediately following the dividend the value of our assets will exceed our liabilities and we will be able to pay our debts as they become due.

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

Investors in our Class A Ordinary Shares should note that, to the extent cash in the business is in Hong Kong or a Hong Kong entity, the funds may not be available to fund operations or for other use outside of the PRC and Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of these subsidiaries by the PRC government or Hong Kong Government to transfer cash. See the risk factor on page 23 under "*Risks Related to Doing Business in Hong Kong – In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors."*

**Corporate Structure**

We were incorporated in the Cayman Islands on October 9, 2025. Our registered office in the Cayman Islands is at 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. Our principal executive office is at 21/F, G.D. Real Estate Tower, No. 143 Connaught Road Central, Hong Kong SAR. Our telephone number is +852 2297 2027. Our website address is www.chainontech.com. The information contained on our website does not form part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd St, 18th Floor, New York, NY 10168.

*<u>Reorganization</u>*

On October 13, 2025, 8,000 Class A Ordinary Shares and 2,000 Class B Ordinary Shares of the Company, credited as fully paid at par value, were allotted and issued to Invincible Legend Limited, a company wholly-owned by Mr. Wai Lun Lau. ChainOn Technology Limited was incorporated in the BVI as a business company on October 10, 2025, as the Company's wholly-owned subsidiary. On November 12, 2025, ChainOn Technology Limited acquired 100% equity interest of ChainOn HK from Mr. Wai Lun Lau, at the consideration of US$1,280 (HK$10,000).

Following an internal group Reorganization which was completed on November 12, 2025, ChainOn HK became our indirect wholly-owned subsidiary. Since its incorporation, ChainOn HK has been carrying on the business of integrated technology-services in Hong Kong.

*<u>Pre-IPO Investors</u>*

On January 21, 2026, our founding shareholder, Invincible Legend Limited, a company wholly owned by Mr. Wai Lun Lau, sold 2,240 Class A Ordinary Shares to Six Pre-IPO Investors, representing 28% of Mr. Wai Lun Lau's outstanding Class A Ordinary Shares, for US$2,688,000 in total. None of the Six Pre-IPO Investors beneficially owns more than 5% of our Class A Ordinary Shares. After the Share Subdivision and the Pro Rata Allotment were completed on January 27, 2026, Six Pre-IPO Investors held 6,720,000 Class A Ordinary Shares.

*<u>Share Subdivision</u>*

Following the completion of the Reorganization, on January 27, 2026, the shareholders of the Company approved a subdivision of the Company's issued and unissued ordinary shares on a 2,500-for-1 basis.

Prior to the share subdivision, the authorized share capital of the Company was US$50,000 divided into 50,000 ordinary shares with a par value of US$1.00 per share, comprised of (i) 40,000 Class A Ordinary Shares and (ii) 10,000 Class B Ordinary Shares, each with a par value of US$1.00 per share.

Upon the effectiveness of the share subdivision, the authorized share capital of the Company became US$50,000, divided into (i) 100,000,000 Class A Ordinary Shares and (ii) 25,000,000 Class B Ordinary Shares. As of the date of this prospectus, 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares were issued and outstanding.

The chart below sets out our corporate structure after the Offering (assuming no exercise by the underwriters of their over-allotment option). All percentages reflected the voting ownership interests instead of the equity interests held by each of our shareholders given that each holder of Class A Ordinary Shares is entitled to one (1) vote per Class A Ordinary Share and each holder of Class B Ordinary Shares is entitled to twenty (20) votes per Class B Ordinary Share:

![](formdrs_003.jpg)

Notes:

(1) Represents
 6,000,000 Class B Ordinary Shares and 17,280,000 Class A Ordinary Shares held by Invincible Legend Limited, a BVI company
 wholly-owned by Mr. Wai Lun Lau.

(2) Represents an aggregate of 6,720,000 Class A Ordinary
 Shares held by six Pre-IPO investors, none of whom beneficially owns more than 5% of our Class A Ordinary Shares.

The PRC government may, in the future, disallow our corporate structure, which restrictions would likely result in a material change in our operations and/or in the value of our Class A Ordinary Shares. Such restrictions may cause the value of our Class A Ordinary Shares to decline significantly in value or be rendered worthless. See the risk factors entitled "*PRC government may intervene or influence the Hong Kong operations of an offshore holding company, such as ChainOn HK, at any time, which could result in a material change in ChainOn HK's operations and/or the value of our Ordinary Shares. 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*" on page 22 and "*The Chinese regulatory authorities could disallow our organizational structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless*" on page 23 for more discussion.

**THE OFFERING**

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| | |
|:---|:---|
| **Offering Price** | The offering price will be between US$4 and US$6 per Class A Ordinary Share. |
| **Class A Ordinary Shares offered by us** | 6,250,000 Class A Ordinary Shares (or 7,187,500 Class A Ordinary Shares if the underwriter exercises its over-allotment option in full). |
| **Ordinary shares issued and outstanding prior to this Offering** | 30,000,000 ordinary shares, comprised of 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares |
| **Ordinary shares issued and outstanding immediately after this Offering** | 36,250,000 ordinary shares, comprised of 30,250,000 Class A Ordinary Shares (or 31,187,500 Class A Ordinary Shares if the underwriter exercises its over-allotment option in full) and 6,000,000 Class B Ordinary Shares. |
| **Over-Allotment Option** | We have granted to the underwriter a 45-day option to purchase from us up to an additional 15% of the Class A Ordinary Shares sold in this Offering solely to cover over allotment, if any, at the initial offering price less underwriting discounts. |
| **Voting Rights** | Each holder of Class A Ordinary Shares is entitled to one (1) vote per share. Each holder of Class B Ordinary Shares is entitled to twenty (20) votes per share. |
| **Conversion Rights** | Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Class B Ordinary Shares are convertible into Class A Ordinary Shares at any time at the option of the holder thereof on a 1 to 1 basis. |
| **Gross Proceeds** | US$31,250,000 (based on an assumed offering price of US$5.00 per Class A Ordinary Share, being the estimated mid-point of the offering price range stated on the cover page of this prospectus), and assuming the underwriters do not exercise their over-allotment option. |
| **Use of proceeds** | We estimate that we will receive net proceeds from the sale of our Class A Ordinary Shares of approximately US$27.67 million based upon an assumed offering price of US$5.00 per Class A Ordinary Share (being the estimated mid-point of the offering price range stated on the cover page of this prospectus) and assuming the underwriters do not exercise their over-allotment option, and up to US$32.05 million assuming the underwriters exercise their over-allotment option in full. We currently intend to use the net proceeds from this Offering for the following purposes: (i) approximately 40% for funding research and technological development activities and related investments in technology infrastructure ; (ii) approximately 20% for sales and marketing, business development and customer success initiatives; (iii) approximately 20% for strengthening our human capital; (iv) approximately 10% for potential strategic investments; and (v) approximately 10% for the balance for working capital and other general corporate purposes. |
| **Lock-up** | We have agreed with the underwriter, for a period of 180 days following the date of the underwriting agreement, subject to certain exceptions not to (1) offer, sell, issue, pledge, contract to sell, contract to purchase, grant any option, right or warrant to purchase, lend, make any short sale or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any other securities so owned convertible into or exercisable or exchangeable for Class A Ordinary Shares, (2) enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership of the Class A Ordinary Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, or (3) file any registration statement with the SEC relating to the offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or publicly disclose the intention to take any such action. |
|  | All officers, directors and shareholders owning 5% or more of our outstanding Class A Ordinary Shares have agreed, for a period of 180 days from the effective date of the registration statement of which this prospectus forms a part (the "Lock-Up Period") and subject to certain exceptions, not to (i) 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 or otherwise transfer or dispose of, directly or indirectly, or file with the SEC a registration statement under the Securities Act relating to, any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Class A Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, without the express written consent of Representative, which consent may be given or withheld in the Representative's sole discretion. |
| **Risk factors** | Investing in our Class A Ordinary Shares involves risks. See "*Risk Factors*" beginning on page 14 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
| **Listing** | We plan to apply for the listing of the Class A Ordinary Shares on the Nasdaq. |
| **Proposed trading symbol** | CHON |
| **Transfer agent** | Transhare Corporation |

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**RISK FACTORS**

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

**Risks Relating to Our Business and Industry**

***We and our Operating Entity***  ***have a limited operating history. It will be difficult for you to evaluate our current business performance and future prospects and may increase the risks associated with your investment****.*

We have a limited operating history for an investor to evaluate our business performance, operating results and prospects. We began our operations in 2017. Our limited historical financial data may not serve as an adequate basis for accurate prediction of our ability to operate in a rapidly evolving market and achieve our expansion plans. Our limited operating history may make it difficult for you to evaluate the risks and uncertainties associated with our operations. As a company with a limited operating history, our ability to forecast our future results or operations is limited and is subject to a number of risks and uncertainties, including our ability to plan for our future growth. You should consider our prospects and future profitability in light of the risks, uncertainties, and difficulties encountered by any new company. Such risks and uncertainties may affect our ability to develop and maintain our range of services for our customers and business partners and to compete with our competitors.

Our historical results of operations and financial performance may not be indicative of our future performance. We cannot assure you that we can be able to increase revenue in the future, and neither can we guarantee that our business expansion will be as successful as expected or that we can achieve profitability in the future.

Owing to our limited operating history, our business model has not been fully proven. If our assumptions about the risks and uncertainties that underlie our business planning are incorrect or changed as a result of market fluctuations, our operation and financial results could differ materially from our expectations and our business performance could be affected. We cannot assure you that we have fully addressed the risks and uncertainties that we may face in the future, and if we fail to do so, our business, financial condition, and results of operations could be adversely affected.

***If our technology services contain serious errors, defects, security vulnerabilities or bugs, our business, financial condition and results of operations could be adversely affected.***

Our reputation and capability to attract and retain customers, to a large extent, depend on the reliability of our technology services and applications. Our customers have high expectations towards the quality and performance of our solutions in relation to the content, features, services, sensibility, etc., thereof. Though we constantly perform tests on our technology services, we may not be able to completely eliminate the possibility of errors, defects, security vulnerabilities, or bugs resulting from internal and/or third-party mistakes that are difficult to detect and correct, such as connectivity failure, natural disasters, and cyber-attacks that are beyond our control. Our technology services may not be perfectly and adequately designed and we may not be able to eliminate the risk of poor performance. There may be defects in the functionality of our technology services and applications, and any errors, failure or bugs may result in:

● early termination of our
 contracts with customers;

● loss of recurring customers;

● negative influence on our
 reputation;

● weakening of our competitive
 position;

● claims by customers for
 their sustained losses;

● impairment of our ability
 to attract new customers; and

● increased operation costs
 such as research and development expenses.

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***If our customers are unable to execute user acceptance test or are unsatisfactory of the results therein, our business, financial condition and results of operations could be adversely affected.***

Once our customers have accepted the results of the user acceptance tests, our service is deemed to be completed and the invoice for final payment is then issued to the customers. During the execution of the user acceptance test, our customers will test our project deliverables to determine whether the project deliverables can handle the required tasks and execute functions in accordance with the specifications. We normally run our project deliverables through user acceptance tests or a software auditing program before presenting the same to our customers. Nonetheless, there is no assurance that all the bugs, errors or flaws in our solutions, if any, have been detected and corrected. Should our customers find our solutions unsatisfactory, we may have to amend our project deliverables and the user acceptance test may need to be performed multiple times until our project deliverables are acceptable to our customers. If we are unable to resolve all problems that arise from the project deliverables or if our customers are unable to execute a user acceptance test due to customers' internal difficulties, the occurrence of natural disasters and other catastrophic or force majeure events, such as health epidemics, cyberattack, power loss, telecommunications failure, political unrest, terrorist attacks, war, riots, and other geo-political unrest, the completion of our project may be postponed indefinitely. We may, as a result, not be able to receive our final payment and our project efforts may be in vain. Any interruptions, delays, or failures resulting from our inadequacies, unperceived events or actions beyond our control could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***If we fail to obtain the capital necessary to fund our operations and to grow our business, our business performance, financial condition and our ability to continue as a going concern will be adversely affected.***

We may need to raise additional funds in the future to support our business expansion and continued development and research. We may need to sell equity or debt securities to raise additional funds, which, however, may be difficult for us. The sale of additional securities will also likely dilute our existing shareholders. Additional financing may not be available in amounts or on terms satisfactory to us or at all. We may be unable to raise additional funds due to various factors, including our financial condition and the general condition of the financial markets. If we fail to raise additional funds, our expansion plans may be ceased or delayed whereby our business may not grow at the rate we expect and as a result, investors' perceptions of our business and our prospects may be adversely affected.

***If we fail to expand the features and capabilities of our solutions or effectively respond to the rapidly evolving technology services market in Hong Kong, our business, financial condition, results of operations and growth prospects would be materially and adversely affected.***

The growth of our business is mainly dependent on our ability to adjust, enhance and integrate our technology services with a variety of software platforms, hardware, network, cloud and other technologies. We need to continuously modify and enhance our services to adapt to changes and innovation in these technologies. Inability to modify our solutions or services to adapt to changes will hinder our ability to deliver services to our customers

As a technology services service provider, we expand our business by expanding the features and capabilities of our technology services that leverage cutting-edge technologies with a view to help our customers achieve digitalization of their operations. We also face the challenge of the rapidly evolving technologies, changing industry standards, continued launch of new services by other market players and increasingly diversified customer needs and preferences.

However, the process of research and development is complex and may require significant time and spending. We are unable to provide an accurate projection on the financial impact that new technologies may bring. If we invest in research and development that does not achieve significant commercial success, we may not be able to recover both our initial development cost and opportunity cost (i.e. reallocation of human and financial resources which could have brought other sources of income and opportunities). The failure to efficiently develop cloud-based solutions that are satisfactory to customers' needs may result in financial loss and may further lead to a loss of potential and existing customers.

Our financial performance may deteriorate for reasons, some of which are beyond our control, such as increase in market players, reduction in market size, shift in customer preference and change in government policy or local economic condition etc.

We believe our revenue growth depends on a number of factors, including, but not limited to, our ability to:

● expand our customer base, attract new customers and retain existing customers;

● achieve widespread acceptance and use of our technology services to address evolving needs of our customers;

● provide effective and timely customer support;

● adapt and respond to rapidly evolving technologies, changing industry standard and new services launched by other market players;

● enhance our technology infrastructure and maintain the security and reliability of our technology services and ensure privacy of the data we obtained through and utilized across our technology services;

● price our technology services effectively;

● comply with existing and new applicable laws and regulations and respond to changes in the regulatory regime and environment;

● maintain and enhance our relationship with major stakeholders such as our cloud-service providers and other suppliers;

● improve our operational efficiency;

● capitalize growth opportunities;

● attract, retain and motivate talented employees to support our business growth;

● expand our business to other overseas markets, such as the Southeast Asian market;

● compete with other market players and new market entrants, some of which may have substantially greater resources than us.

If we are unable to effectively address these risks, our prospects, business, financial condition and results of operations could be materially and adversely affected.

***Our Operating Entity relies on its***  ***ability to attract new customers and retain existing customers, and any failure to do so could materially and adversely affect our business, financial condition, and results of operations.***

We generally do not enter into long-term agreements with our project development service customers. Upon completion of a project, these customers may convert to our advisory and support services on a recurring basis; however, we may not be their exclusive technology service provider. Our customers generally engage us either for the one-time development and setup of customized software or blockchain projects, or, depending on the nature of the projects, for the provision of maintenance and support services on a recurring basis. Our ability to attract new customers and retain existing ones on terms favorable to us is critical to sustaining and increasing our revenue.

As part of our growth strategy, we rely significantly on business relationships and referrals from existing customers, some of whom are established enterprises and market leaders in their respective industries. However, we cannot assure you that our current customers will continue to recommend our services to others, particularly to their peers or competitors. If this referral-based strategy proves less effective than anticipated, we may not be able to maintain our current revenue levels or profitability.

In addition, our ability to attract new customers and retain existing ones could be adversely affected if competitors introduce lower-cost, more advanced, or differentiated solutions that are perceived as superior in terms of functionality, technology, or service quality. In such cases, our ability to renew existing agreements, secure new engagements, or expand our relationships with current customers could be impaired. The loss of any key customer or a reduction in the scope or frequency of customer engagements could materially and adversely affect our business, financial condition, and results of operations.

Moreover, factors beyond our control may also negatively impact customer retention. For example, restructuring activities, budgetary constraints, or economic downturns affecting our customers and their industries may lead to project delays, cancellations, or reduced demand for our technology solutions. Changes in government policies, regulatory developments, or market conditions in the technology and blockchain sectors could likewise result in the suspension or termination of customer engagements. Any such developments could materially and adversely affect our business, financial condition, and results of operations.

***The market in which we participate is highly competitive, and if we do not compete effectively, our operating results could be adversely affected.***

The market for technology service providers in Hong Kong is rapidly evolving and competitive. We face competition in various aspects of our business, including, among others, the comprehensiveness and adaptability of our technology services, ability to continuously innovate services and solutions, and expertise in developing industry specific solutions. Some of our competitors can devote significantly more resources than us in relation to the development, promotion and sales of their services and many have the ability to initiate or withstand substantial price competition. Some of our competitors may have longer operating history, established strong brand recognition, more established relationship with technology partners and customers, robust technological capabilities and significant financial resources which enable them to offer comparable technology solutions or own similar business scale to us at a lower price. Current or potential competitors of similar size of us may also be acquired by international or large- scale technology companies with significantly greater resources and therefore gain competitive advantages. In order to attract more customers, new entrants into the industry may offer competitive pricing that we cannot keep up with. Our competitors may also establish cooperative relationships among themselves or with third parties that may further enhance their service offerings or resources and ability to compete. With the introduction of new technologies and entry of new market participants, we expect competition to continue to intensify in the future. There is no guarantee that we will be able to sustain our competitive advantage or to effectively implement our business strategies. If our competitors are successful in bringing their solutions or services to the market earlier than us, or if their solutions or services are less expensive or more technologically capable than ours coupled with pricing pressure and increased competition, our business, operation and financial performance could be adversely affected.

Furthermore, since there are essentially no geographical limits for technology related services, our potential customers are not limited to the option of engaging local companies like us. We therefore face competition from both global and local market players.

Intensifying competition may also result in certain developments in our industry, such as downward competitive pressure on the service fees we charge, expansion by existing competitors, adoption by our competitors of innovative technology solutions or comparatively effective branding efforts, any of which may have a material adverse impact on our financial condition, results of operations and growth prospects. Increased investments made and lower prices or innovative services offered by our competitors may require us to divert significant managerial, financial and human resources in order to remain competitive, and ultimately may place a greater pressure on us to maintain our market share and negatively impact the revenues growth and profitability of our business.

As we intend to expand our operation to overseas markets, we may face competition from a larger number of prestigious companies with greater brand recognition, better developed systems, wider market acceptance and larger existing customer base.

If we are not able to compete effectively, the number of our customers may decrease and our market share and profitability may be negatively affected, which could materially and adversely affect our business, financial condition, results of operations and prospects, as well as our reputation.

***Our Operating Entity is***  ***exposed to risks related to concentration of earnings, and it may have a material adverse effect on our financial condition and results of operations.***

We currently derive a substantial portion of our total revenue from contracts secured with a few customers. For the six months ended October 31, 2025, two customers accounted for 36% and 34% of the Company's total revenues respectively. For the six months ended October 31, 2024, three customers accounted for 10% or more of our total revenues. Revenues from these three customers accounted for 42%, 24% and 20% of our total revenues, respectively. For the year ended April 30, 2025, four customers accounted for 25%, 21%, 12% and 10% of the Company's total revenue, respectively. For the year ended April 30, 2024, three customers accounted for 35%, 19%, and 14% of the Company's total revenue, respectively. We cannot guarantee that the volume of revenue we earn from our major customers will remain consistent in the future. Any substantial change in our business relationships with these customers, whether due to actions by our competitors, regulatory authorities, industry factors or otherwise, could have a material adverse effect on our business, financial condition, cash flows and results of operations.

***Our Operating Entity had customer concentration, with a significant portion of our revenues and accounts receivable attributable to a limited number of major customers.***

For the six months ended October 31, 2025, two customers accounted for 10% or more of the Company's total revenues. Revenues from these customers, with Customer A contributing US$929,313 and Customer K contributing US$877,538, accounted for 36% and 34% of the Company's total revenues, respectively. For the six months ended October 31, 2024, three customers accounted for 10% or more of our total revenues. Revenues from these three customers accounted for 42%, 24% and 20% of our total revenues, respectively. For the year ended April 30, 2025, four customers accounted for 10% or more of our total revenues, collectively representing approximately 74% of our total revenues. Revenues from Customer A, Customer B, Customer C, and Customer D amounted to approximately US$552,043, US$462,303, US$256,835, and US$218,310, representing 25%, 21%, 12%, and 10% of our total revenues, respectively. For the year ended April 30, 2024, three customers accounted for 10% or more of our total revenues, collectively representing approximately 68% of our total revenues, with Customer D, Customer E, and Customer F contributing approximately US$461,547, US$245,095, and US$184,075, representing 35%, 19%, and 14%, respectively.

In addition, as of October 31, 2025, two customers accounted for 10% or more of our total accounts receivable, collectively representing approximately 71% of this total. Accounts receivable from Customer K and Customer A amounted to approximately US$374,726 and US$181,921, respectively, representing 48% and 23% of the total accounts receivable. As of April 30, 2025, four customers accounted for 10% or more of our total accounts receivable, collectively representing approximately 69% of our total accounts receivable. Accounts receivable from Customer A, Customer G, Customer H, and Customer I amounted to approximately US$120,055, US$38,686, US$36,979, and US$32,238, representing 36%, 12%, 11%, and 10%, respectively. As of April 30, 2024, two customers accounted for 10% or more of our total accounts receivable, with Customer E and Customer J contributing approximately US$25,380 and US$3,836, representing 87% and 13%, respectively.

This level of customer concentration exposes us to a heightened degree of credit and business risk. If any of these major customers were to delay payments, reduce or discontinue their business with us due to commercial disputes, financial distress, changes in their operations, regulatory constraints, or other unforeseen events, our liquidity, cash flows, and results of operations could be materially and adversely affected. Because a significant portion of our revenues is concentrated among a limited number of major customers, the loss of one or more of these customers would require us to rapidly identify and develop new customer relationships. We may not be able to do so in a timely manner, on commercially favorable terms, or at all, given the relationship-driven nature of our business.

Our dependence on these major customers also increases our exposure to risks tied to their financial health, operational capacity, and reputational performance. If any such customer experiences declining demand, delayed or reduced payments, or adverse business developments, our revenues and financial condition could be materially and adversely affected, regardless of the stability of our own operations.

***Our Operating Entity relies***  ***on a limited number of suppliers to support our project development services and advisory and support services, and any disruption in these relationships could materially and adversely affect our business.***

Our project development services and advisory and support services depend on a limited number of external suppliers that provide key technical resources, program execution support, and other outsourced services necessary for the delivery of our offerings. For the six months ended October 31, 2025, two suppliers accounted for 10% or more of our total cost of revenues. For the years ended April 30, 2025 and 2024, three and two suppliers, respectively, accounted for 10% or more of our total cost of revenues. Because a substantial portion of our service costs is concentrated among a small group of suppliers, our business and results of operations are significantly dependent on the continuation of these supplier relationships.

If we were to lose one or more of these major suppliers due to changes in commercial terms, disputes, operational disruptions, regulatory constraints, financial difficulties, or other unforeseen events, we may not be able to source alternative suppliers in a timely manner, on comparable terms, or at all. Any interruption in service or inability to replace suppliers could result in delays in project execution, reduced service quality, increased costs, or loss of customers, any of which could materially and adversely affect our operations, revenues, and financial condition.

In addition, our reliance on a limited number of suppliers increases our exposure to risks tied to their financial stability, operational capacity, staffing resources, and reputation. If any major supplier experiences negative developments, such as staffing shortages, regulatory non-compliance, disputes with subcontractors, operational failures, or financial distress, our project development services and advisory and support services could be disrupted, even if our internal operations remain stable, which may materially and adversely affect our business and results of operations.

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***Our business is subject to system and data security risks, and our existing security measures may be inadequate to address these risks, making our systems susceptible to compromise, which could materially adversely affect our business, results of operations, financial condition and prospects.***

As a technology solution service provider in Hong Kong, our Operating Entity is expected to be the target of cyberattacks, distributed denial of service attacks, hacking and phishing attacks, security breaches, computer malware, and other malicious internet-based activities, our business is therefore subject to these risks. While we and our Operating Entity have adopted and implemented security protocol, network protection mechanisms, applicable recovery system or other defense procedures, we cannot assure you that these measures are, or will be, adequate to prevent any of such attacks and protect us from any network or service interruptions, system failures or data losses. We and our Operating Entity may not be able to anticipate or prevent all techniques that could be used to obtain unauthorized access to our systems because such techniques may change frequently and are generally not detected until an incident has occurred. Additionally, we cannot be certain that we will be able to address any vulnerabilities in our solutions that we may become aware of in the future. Attacks or security breaches could delay or interrupt our services provided to our customers and their end-customers, damage our reputation and brand, expose us to risks of potential litigation and liabilities, and require us to expend significant capital and other resources to alleviate problems caused by such attacks or security breaches.

Furthermore, any security incident, if happens to us, or to others, such as our customers, may lead to public disclosures and widespread negative publicity for us or our customers who may lose confidence in the security of our solutions. Concerns regarding privacy, data protection, and information security may cause some of our customers to stop using our solutions and decline to renew their subscriptions and make it harder for us to attract new customers. To the extent we do not effectively address these risks, our business, financial condition, results of operations, and prospects could be materially adversely affected.

***Future investments or acquisitions may not be successful.***

In addition to organic growth, we may take advantage of opportunities to invest in or acquire additional businesses, services, assets or technologies. However, we may fail to select appropriate investment or acquisition targets, or we may not be able to negotiate optimal arrangements, including arrangements to finance any acquisitions. Acquisitions and integrations of new assets and businesses into our own would require significant capital and our management attention and could result in a diversion of resources away from our existing business. Investments and acquisitions could result in the use of substantial amounts of cash, increased leverage, potentially dilutive issuances of equity securities, goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired business, and the invested or acquired assets or businesses may not generate the financial results we expect.

***Our project completion cycle can be unpredictable and longer than expected, which may result in increased time, costs, and resource allocation that could adversely affect our operating results.***

The timing of project completion for our customized software and blockchain development services can fluctuate and is often difficult to predict. The length of our project cycle, from initial design to final delivery, generally ranges from one to six months but can vary substantially depending on the project's scope, complexity, and customer requirements. In certain cases, project timelines may extend beyond seven months due to changes in client specifications, additional feature requests, or delays in customer approvals.

Because our services are highly customized, our projects typically involve an extended discussion and coordination process with clients, including frequent adjustments to deliverables. Larger enterprise clients, in particular, often conduct lengthy internal evaluation and approval procedures, which can prolong project execution and completion. Additionally, customers may request new functionalities or design modifications during implementation, leading to scope expansion and further delays.

As a result, we may face challenges accurately forecasting project duration and managing multiple concurrent projects. These uncertainties could impair our ability to allocate technical and project management resources efficiently, potentially increasing staffing needs and operating expenses. If our expectations regarding project timelines prove inaccurate, or if delays become more frequent, our costs could rise and our operating results could be adversely affected.

***Our growth depends on the effectiveness of our sales and marketing strategies, and ineffective marketing efforts could adversely affect our business, financial condition, and results of operations.***

Our ability to expand our customer base and increase market recognition depends in part on the effectiveness of our sales and marketing activities. We primarily promote our technology solutions through a relationship-driven approach that emphasizes referrals, event sponsorships, and direct engagement with potential clients. Our marketing efforts are currently managed by our in-house team and supplemented by participation in industry events, sponsorship of community initiatives, and collaboration with business partners to enhance brand visibility.

We plan to allocate additional resources to strengthen our marketing presence and support brand awareness through activities such as hosting seminars, sponsoring industry and community events, and developing digital marketing campaigns to reach potential clients. These initiatives will require substantial expenditures, and there is no assurance that such investments will result in a proportionate increase in revenue. Even if these activities generate new business opportunities, the incremental revenue may not be sufficient to offset the additional marketing expenses incurred.

If we are unable to effectively execute our marketing strategies or maintain our reputation among existing and potential clients, we may fail to attract new customers or retain current ones. Furthermore, if competitors implement more effective marketing or offer more attractive services, our ability to maintain market share could be adversely affected. As a result, our business, financial condition, and results of operations could be materially and adversely impacted.

***If we are unable to develop, maintain, and enhance our brand and reputation in a cost-effective manner, our growth strategies may be hindered and our business may be adversely affected.***

Our brand and reputation are some of the decisive factors in attracting new customers who determine whether to engage us for our services. We believe that our brand name and reputation are important corporate assets that differentiate our services from those of our competitors. As such, we have strategically offered services at a lower than market price for reputable and large-scale customers at the early stages of our business, with the aims to build our profile and to enhance reputation. However, our brand and reputation may be harmed and will be susceptible to factors, including but not limited to:

● issues that arise with
 our services;

● unsatisfied services provided
 to customers;

● statements made by former
 and existing customers, competitors, service providers and others;

● regulatory enquiries or
 enforcement actions taken against us or our employees;

● negative publicity relating
 to our services and our personnel; and

● involvement in disputes
 and legal proceedings.

We cannot assure that such negative events will not happen in the future. If these events happen and we fail to recover from destruction to our brand and reputation successfully, we may experience a significant decline in demand for our services, decrease in investor confidence, reduction of the value of our brand and ultimately result in a material adverse effect to our business and prospects.

***If we are unable to effectively recruit, retain, and train qualified project management personnel, or if we fail to maintain stable relationships with our third-party development vendors, our growth and operations may be adversely affected.***

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Our business model relies on a combination of our in-house team, which is responsible for project design, technical supervision, and client management, and third-party development vendors that execute most of the software programming and implementation work. Accordingly, our ability to successfully deliver high-quality projects and pursue growth opportunities depends on both retaining skilled internal personnel and maintaining reliable, long-term relationships with qualified external vendors.

Our Operating Entity competes with other technology companies and professional service firms for experienced project managers, system architects, and technical consultants in Hong Kong. Some of these competitors may have greater financial and human resources and may be able to offer more attractive compensation or benefits than our Operating Entity can. If our Operating Entity is unable to attract or retain qualified employees, our Operating Entity's capacity to oversee multiple concurrent projects, ensure quality control, and maintain customer satisfaction may be impaired.

In addition, our reliance on external vendors exposes us to the risk of capacity constraints, quality issues, or delays in project delivery if any vendor experiences operational difficulties, staffing shortages, or ceases to cooperate with us. Replacing or onboarding new vendors could require additional time, costs, and training, which may disrupt ongoing projects and reduce operational efficiency. If we fail to effectively manage and train our internal team or maintain stable relationships with our development vendors, we may face difficulties in executing projects on schedule and according to client specifications, which could adversely affect our reputation, business, financial condition, and results of operations.

***Natural disasters and other catastrophic or force majeure events could materially and adversely affect our business.***

Occurrence of natural disasters and other catastrophic or force majeure events, such as health epidemics, cyberattack, power loss, telecommunications failure, political unrest, terrorist attacks, war, riots, and other geo- political unrest could lead to damage and disruption to our operation and may affect our business or the economy as a whole. In the event of natural disaster or catastrophic events, we may experience corruption or loss of data, dissipation of trade secrets, system malfunction, and interruption of our service. We may not be able to operate our business and may endure system interruptions, delay in research and development, halt in system maintenance, reputation harm, degradation of infrastructure and suspension of service. We are highly susceptible to factors that specifically affect Hong Kong, and we may have to temporarily suspend our services under any event that results in disruption to our critical business functions in Hong Kong. Any such events affecting our ability to conduct normal business operations could materially impact our business, financial condition and operating results.

***We rely on our CEO, CFO and our key management and professional staff. The loss of key team members could affect our operations and our business may be severely disrupted.***

We have an experienced and capable management team, including Mr. Lok Him Kelvin Yan, our Chief Executive Officer and Chairman of the Board of Directors, and Mr. Leo Leong, our Chief Financial Officer and Director Nominee, who are responsible for managing our daily operations and customer relations, implementing our business strategies, pricing, overseeing financial performance and supervising employees. They are the key for our internal and external management. If we lose any members of our management team, we may face difficulties in executing our current plans and strategies, our business could be harmed and our growth prospects may be inhibited. negotiating, planning, pricing, new product development and product execution

On the other hand, execution of customer's requests and operation of our business is dependent on our highly skilled personnel, which consist of high-level developers who are able to perform advanced technical services. Because we operate in a relatively new industry that requires highly skilled technical personnel, our future success is vastly dependent on the talents, their experiences, and contributions they may provide. If we lose our high-level developers including software engineers, programmers and coders, we may not be able to efficiently direct our front-end, back-end and application developers, which will limit our ability to accurately execute our customers' instructions. We may also experience difficulties in hiring and retaining such personnel with desired qualifications with a competitive salary. These factors could disrupt our operations and have a material adverse effect on our business.

***Any unexpected and prolonged disruption to the access of our business premises may adversely affect our business.***

As we have only one business premise in Hong Kong, if there is any unexpected and prolonged disruption of usage or access to our business premises, such as fire or power failure and we cannot timely relocate our business premises to another suitable location with well-equipped facilities, the normal operation of our group and thus our business, results of operations and financial position will be adversely affected.

***The economic, political and social conditions of the PRC as well as its government policies may adversely affect our business and results of operations.***

The vast majority of our customers are operating in Hong Kong. Our business and results of operations may indirectly be adversely affected by changes in political, economic and social conditions or the relevant policies of the PRC government, such as changes in laws and regulations (or the interpretations thereof), measures which might be introduced to control inflation, changes in the rate or method of taxation, the imposition of additional restrictions on currency conversion and the imposition of additional export restrictions. Furthermore, a significant portion of economic activities in the PRC are export-driven and, therefore, are affected by developments in the economies of the principal trading partners of the PRC and other export-driven economies. In the past, the PRC government has implemented a number of measures to prevent the PRC economy from overheating and their current policy is to boost domestic spending. Many of the economic reforms undertaken by the PRC government are unprecedented and may be subject to change, revision or abolition. We can offer no assurance that the PRC government will continue to pursue a policy of economic and social reform. The policies and other measures taken by the PRC government to regulate the PRC economy and social condition may adversely affect our operating and financial results.

***Because we or our Operating Entity do not retain intellectual property rights to the software solutions we develop for our clients, our ability to build proprietary assets and long-term competitive advantages may be limited.***

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Under our current business model, all software and blockchain solutions developed under our project development services are owned by our clients. We or our Operating Entity do not retain any intellectual property rights to the software, code, or related technology created through our projects. As a result, we are unable to reuse or commercialize such software for other clients or for our own future development, which may limit our ability to build a portfolio of proprietary technologies, products, or intellectual property assets.

This structure may constrain our long-term growth potential and competitive advantage compared to other technology service providers that own or license proprietary platforms or reusable software frameworks. In addition, because our Operating Entity relies primarily on fee-based project income rather than recurring revenue derived from proprietary products or technologies, our business and revenue streams are more directly tied to our ability to continuously secure new projects.

If we and our Operating Entity are unable to develop or acquire proprietary technologies in the future, or if our clients restrict us from referencing or adapting past work for new projects, our ability to scale efficiently and enhance our market competitiveness may be adversely affected. As a result, our business, financial condition, and results of operations could be materially and adversely impacted.

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

***Ongoing geopolitical tensions could materially and adversely affect our business, financial condition and results of operations.***

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We may face risks associated with heightened geopolitical and economic tensions, including the evolving relationship between the United States and China, as well as armed conflicts, civil unrest, terrorism and other hostilities in various regions, such as Hamas and Israel, as well as further escalation of tensions between Israel, the U.S., and various countries in the Middle East, including hostilities involving Iran, and North Africa. These developments have contributed to increased global uncertainty and may result in economic instability, market volatility, disruptions to international trade and logistics, supply chain interruptions and changes in regulatory and trade policies, any of which could adversely affect our operations and consumer demand.

In particular, the United States and China have from time to time implemented, proposed or considered additional tariffs, sanctions, export controls and other restrictive measures affecting cross-border trade and investment. These actions, including those arising from investigations and enforcement actions under U.S. trade laws (such as Section 301 of the Trade Act of 1974), as well as any retaliatory measures by China or other jurisdictions, may increase the costs of importing products, restrict the movement of goods, disrupt shipping and logistics, and increase uncertainty for businesses engaged in cross-border commerce. Trade policies and restrictions may change rapidly and unpredictably, and further escalation could materially and adversely affect our business and operating results.

Historically, trade disputes and geopolitical tensions have adversely affected global economic conditions and the stability of financial and capital markets. Heightened uncertainty may also discourage investment in securities issued by China-based companies, including our Company, and negatively impact the trading price and liquidity of our Class A ordinary shares. In addition, any further restrictions, enhanced scrutiny or limitations on the trading of securities issued by China-based companies could adversely affect our access to capital and our ability to raise funds on acceptable terms, or at all.

Such geopolitical tensions, trade disputes and regional conflicts may negatively affect Hong Kong's macroeconomic environment and consumer sentiment, and may lead to reduced discretionary spending and weaker demand for consumer products and services. In addition, these developments may disrupt global supply chains and logistics, increase shipping and procurement costs, and result in longer delivery times, any of which could adversely affect Hong Kong-based businesses, including us. Heightened market volatility and uncertainty may also adversely impact the availability of capital and the cost of financing for companies operating in Hong Kong. Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

***Substantially all of our operations are in Hong Kong and as a result, we are subject to significant regulatory, liquidity, and enforcement risks associated with operations in China, including the risk that 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. Due to the long arm provisions under the current Mainland China laws and regulations, the Chinese government may exercise significant oversight and exert more control over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to overseas investors or obtain foreign investment in us and cause the value of the Ordinary Shares to significantly decline or be worthless.***

The Company is a holding company and we conduct our operation through our Operating Subsidiary ChainOn HK in Hong Kong. ChainOn HK's operations are primarily located in Hong Kong. Hong Kong is a Special Administrative Region of the PRC. The laws previously enacted in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law are maintained. Hong Kong has enjoyed the freedom to function with a high degree of autonomy for its affairs, including currencies, immigration and customs operations, and its independent judiciary system and parliamentary system. Hong Kong is responsible for its own domestic affairs including, but not limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues using the English common law system.

As at the date of this prospectus, as advise by our PRC counsel, we are not materially affected by recent statements by the Chinese Government indicating an extent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. However, due to long arm provisions under the current Mainland China laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in China. The Chinese government may intervene in or influence our operations at any time, with or without notice. Such intervention could take the form of direct action against us or the implementation of new laws or policies that impact our ability to operate, and may result in a material change in our operations, including disruptions to our business activities, restructuring of our corporate organization, or limitations on our commercial practices. These actions could also adversely affect the value of our Ordinary Shares, by reducing investor confidence, impairing our financial performance, or imposing restrictions on shareholder rights. The PRC government may also exert significant oversight and discretion over the conduct of our business, including decisions relating to our corporate governance, financial and operational strategies, and cross-border transactions. Such intervention may arise through regulatory investigations, administrative actions, enforcement of new laws or policies, or informal directives that compel compliance. Also, 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.

If the PRC government exercises such intervention or control, it could result in a material change in our operations, including interruptions in our business activities, modifications to our corporate structure, or increased operational costs to comply with new legal requirements. Such intervention could also adversely affect our financial position by restricting capital flows, limiting our access to financing, or requiring us to incur significant expenses in response to new compliance obligations. In addition, the perceived risk of governmental influence may negatively impact investor sentiment and reduce the market value of our Ordinary Shares.

In addition, the PRC government has recently promulgated a series of laws, regulations, and policy statements designed to exert greater oversight and control over securities offerings conducted overseas and foreign investment in China-based issuers. Any such action may also hinder our ability to continue to offer securities to investors, including by delaying or preventing future offerings, increasing regulatory scrutiny or conditions imposed on such offerings, or triggering enforcement actions. Moreover, such government intervention may materially limit the rights of our shareholders, including their ability to receive dividends, vote on significant corporate matters, or transfer shares freely. As a result, the value of our Ordinary Shares could experience a substantial decline or become entirely worthless. See "Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business, which could result in a material change in our operations and/or the value of our Ordinary Shares. Changes in the policies, regulations and rules and the enforcement of laws of the Chinese government may also occur and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Ordinary Shares, potentially rendering them worthless." for more information.

***Through long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight over the conduct of our business, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations and rules and the enforcement of laws of the Chinese government may also occur and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.***

Our operations are located in Hong Kong. In addition, PRC laws and regulations may be interpreted and applied inconsistently by different Hong Kong or PRC agencies or authorities and may be inconsistent with our current policies and practices. New laws, regulations, and other government directives in the PRC that apply to our Operating Subsidiary in Hong Kong may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other PRC or Hong Kong government actions may:

● intervene or interfere with our operations at any time;

● delay or impede our development;

● result in negative publicity or increase our operating costs;

● require significant management time and attention; and/or

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

Any such interventions or actions could result in a material negative change in our operations, which could also negatively impact the value of our Class A Ordinary Shares.

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

The PRC government may exert more supervision and regulations over offerings conducted overseas and foreign investment in the PRC or HK-based issuers, which may result in a material change in our operations and/or the value of our Class A Ordinary Shares, or even our ability to continue to offer securities to investors, in which case the value of our Class A Ordinary Shares could significantly decline or become worthless.

The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to achieve compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

***The PRC government may intervene or influence the Hong Kong operations of an offshore holding company, such as ChainOn HK, at any time, which could result in a material change in ChainOn HK's operations and/or the value of our Ordinary Shares. 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 be worthless.***

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We are a holding company and we mainly conduct our operations in Hong Kong through ChainOn HK. ChainOn HK does not have operations in Mainland China or are not regulated by any regulator in Mainland China as of the date of this prospectus. Hong Kong is a special administrative region of the PRC and, except for the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China ("Basic Law"), national laws of the PRC do not apply in Hong Kong unless they are listed in Annex III of the Basic Law 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 so do not apply directly to Hong Kong. However, due to long-arm provisions under the current PRC laws and regulations, there remain regulatory and legal uncertainties with respect to the implementation of the PRC laws and regulations to Hong Kong. The PRC government may intervene or influence the operations in Mainland China of an offshore holding company at any time, which, if extended to ChainOn HK's operations in Hong Kong, could result in a material change to ChainOn HK's operations and/or the value of our Ordinary Shares. In the event that we or ChainOn HK was to become subject to the PRC laws and regulations, the legal and operational risks associated with being based in and having operations in the PRC, will also apply to the operations in Hong Kong. We face the risks and uncertainties associated with the PRC legal system, complex and evolving PRC laws and regulation, and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to companies like ChainOn HK and us.

We are aware that the PRC government has recently indicated an intent to exert more oversight and control over listings conducted overseas and/or foreign investment in issuers based in Mainland China. For instance, on July 6, 2021, the relevant PRC governmental authorities promulgated the Opinions on Strictly Cracking Down on Illegal Securities Activities, which emphasized the need to strengthen the supervision over overseas listings by companies in Mainland China.

Recent statements, laws and regulations by the PRC government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Trial Overseas Listing Measures published by CSRC on February 17, 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 as to the enactment, interpretation, and implementation of regulatory requirements related to overseas securities offering and other capital markets activities and due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. The PRC laws and regulations are evolving, and their enactment timetable, interpretation, enforcement, and implementation involve significant uncertainties, and may change quickly with little advance notice, along with the risk that the PRC government may intervene or influence our Operating Subsidiary operations at any time could result in a material change in our operations and/or the value of our securities.

It remains uncertain whether the PRC government will adopt additional requirements or extend the existing requirements to apply to our Operating Subsidiary. 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. 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 Mainland 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 the value of our Ordinary Shares significantly decline or be worthless.

As of the date of this prospectus, we have no operations in Mainland China. As a Hong Kong-based issuer, we are not materially affected by recent statements by the PRC government indicating an intention to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers, as advised by our PRC counsel. However, we cannot assure you that the oversight and control will not be extended to companies operating in Hong Kong such as ChainOn HK in Hong Kong and the PRC government may exert more oversight and control over offerings that are conducted overseas and/or foreign investment in Hong Kong-based issuers, and if we were to be subject to such oversight and control, it may limit, or even completely hinder, our ability to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless.

***Our financial condition, results of operations, the value of our Ordinary Shares and/or our ability to offer or continue to offer securities to investors may be materially and adversely affected by existing or future PRC laws and regulations which may become applicable to us and ChainOn HK.***

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ChainOn HK has no operations in Mainland China, as of the date of this prospectus. While our principal executive office is located, and our Operating Subsidiary's business substantively operates, in Hong Kong, a special administrative region of China, a minimal portion of suppliers of ChainOn HK are Mainland Chinese entities. There is no guarantee that if certain existing or future PRC laws become applicable to us and our Operating Subsidiary, they will not have a material adverse impact on the business of our Operating Subsidiary in Hong Kong, our financial condition and results of operations and/or our ability to offer or continue to offer securities to investors, any of which may cause the value of such securities to significantly decline or be worthless.

Except for the Basic Law, national laws do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and are 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. PRC laws and regulations relating to data protection, cyber security and the anti-monopoly have not been listed in Annex III and, thus, they may not apply directly to Hong Kong.

The PRC laws and regulations are evolving, and their enactment timetable, interpretation and implementation may be revised from time to time. To the extent any PRC laws and regulations become applicable to us and our Operating Subsidiary, we and our Operating Subsidiary may be subject to the risks associated with the legal system in Mainland China, including with respect to the enforcement of laws and the possibility of changes of rules and regulations, which could materially and adversely affect our financial condition and results of operations.

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***We and our Operating Subsidiary face uncertainties arising from the possible revision regarding the interpretation and implementation of current and any future PRC laws and regulations related to part of our Operating Subsidiary's business operations.***

 **

As a minimal portion of our Operating Subsidiary's suppliers are mainland China nationals, business operations related to such suppliers may be subject to certain PRC laws and regulations. The legal system in Mainland China is a civil law system based on written statutes. Unlike common law systems, it is a system in which decided legal cases may be cited for reference but have less precedential value. The laws, regulations, and legal requirements in Mainland China are quickly evolving and may be revised from time to time. These revisions could affect our Operating Subsidiary's business operations related to customers from Mainland China. In addition, we and our Operating Subsidiary cannot predict the effect of future developments in the legal system of Mainland China, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof.

New laws and regulations may be enacted from time to time and there may be substantial revisions regarding the interpretation and implementation of current and any future PRC laws and regulations with little advance notice. In particular, the PRC governmental authorities may continue to promulgate new laws, regulations, rules and guidelines governing new economy companies with respect to a wide range of issues, such as privacy and data protection, and other matters, which may affect our Operating Subsidiary's business operations relating to customers from Mainland China. If these laws, regulations, rules and guidelines are deemed to be applicable to us and our Operating Subsidiary, we cannot assure you that we and our Operating Subsidiary will be able to comply with them in all respects, and we and our Operating Subsidiary may be ordered to rectify and terminate any actions that are deemed to be illegal by the PRC governmental authorities and may become subject to fines and other government sanctions, which may materially and adversely affect the business of our Operating Subsidiary in Hong Kong, and our financial condition and results of operations.

***In the event the PRC government restricts or prohibits cash transfers from Hong Kong, our ability to distribute earnings and pay dividends may be impeded, thus limiting our ability to grow our business or receive earnings to the detriment of our investors.***

Further, there are currently no restrictions or limitations 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 the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between ChainOn Group Limited, the ultimate holding company, and ChainOn HK, the wholly-owned 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 fund operations outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business outside of Hong Kong and may affect our ability to receive funds from ChainOn HK See "*Transfers of Cash to and from our Subsidiaries*" on page 10 for more detailed discussion.

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***The Chinese regulatory authorities could disallow our organizational structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless.***

We are exposed to various risks and uncertainties stemming from the interpretations and implementations of laws and regulations in the PRC. These include, but are not limited to, the regulatory scrutiny of PRC companies' overseas listings. Furthermore, we are susceptible to potential risks and uncertainties associated with future actions undertaken by the PRC government, which could potentially result in the disallowance of our organizational structure. Such an outcome would likely lead to a substantial transformation in our operational activities, and as a consequence, the value of our Class A Ordinary Shares may experience a significant depreciation or even become worthless.

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

We may become subject to a variety of laws and regulations in the PRC regarding privacy, data security, cybersecurity, and data protection, although we do not believe that we are currently subject to any such laws or regulations. These laws and regulations are continuously evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting, particularly with respect to foreign laws. In particular, there are numerous laws and regulations regarding privacy and the collection, sharing, use, processing, disclosure, and protection of personal information and other user data. Such laws and regulations often vary in scope, may be subject to differing interpretations, and may be inconsistent among different jurisdictions.

We obtain information about various aspects of our operations as well as regarding our employees and third parties. We also maintain information about various aspects of our operations as well as regarding our employees. The integrity and protection of our customer, employee and company data is critical to our business. Our customers and employees expect that we will adequately protect their personal information. We are required by applicable laws to keep strictly confidential the personal information that we collect, and to take adequate security measures to safeguard such information.

On November 7, 2016, the Standing Committee of the PRC National People's Congress issued the Cyber Security Law of the PRC, or Cyber Security Law, which became effective on June 1, 2017.

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

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

The PRC regulatory requirements regarding cybersecurity are constantly evolving. For instance, various regulatory bodies in China, including the CAC, the Ministry of Public Security and the State Administration for Market Regulation have interpreted and enforced data privacy and protection laws and regulations within their respective areas.

In November 2016, the Standing Committee of China's National People's Congress passed the CSL, which became effective in June 2017. The CSL is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny. The legal consequences of violation of the CSL include penalties of warning, confiscation of illegal income, suspension of related business, winding up for rectification, shutting down the websites, and revocation of business license or relevant permits. In April 2020, the CAC and certain other PRC regulatory authorities promulgated the Cybersecurity Review Measures, which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and services which do or may affect national security. On July 10, 2021, the CAC issued a revised draft of the Measures for Cybersecurity Review for public comments ("Draft Measures"), which required that, in addition to "operator of critical information infrastructure," any "data processor" carrying out data processing activities that affect or may affect national security should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. The CAC has said that under the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments." The cybersecurity review will also investigate the potential national security risks from overseas initial public offerings. On June 10, 2021, the Standing Committee of the National People's Congress promulgated the PRC Data Security Law, which took effect on September 1, 2021. The Data Security Law also sets forth the data security protection obligations for entities and individuals handling personal data, including that no entity or individual may acquire such data by stealing or other illegal means, and the collection and use of such data should not exceed the necessary limits. The costs of compliance with, and other burdens imposed by, CSL and any other cybersecurity and related laws may limit the use and adoption of our products and services and could have an adverse impact on our business.

On December 28, 2021, thirteen PRC regulatory agencies, namely, the CAC, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of State Security, the Ministry of Finance, the Ministry of Commerce, the State Administration for Market Regulation, CSRC, the People's Bank of China, the National Radio and Television Administration, National Administration of State Secrets Protection and the National Cryptography Administration, jointly adopted and published the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022. The Measures for Cybersecurity Review (2021) required that, among others, in addition to "operator of critical information infrastructure" any "operator of network platform" holding personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review.

According to the temporary application of Chinese laws related to cybersecurity to companies within China, companies established in Hong Kong are not within the scope of application. The Company is therefore currently not required to obtain regulatory approval from the CAC nor any other PRC authorities for its and its subsidiaries' operations in HK.

As advised by our PRC counsel China Commercial Law Firm, we do not expect to be subject to the cybersecurity review by the CAC, given that: (i) using our products and services do not require providing users' personal information; (ii) we possess minimum amount, if not none of personal information in our business operations; (iii) data processed in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities and (iv) our operations are in HK, a Special Autonomous Region apart from mainland PRC. However, detailed implementation and interpretation related to network security are still under development. If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we will take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us, where applicable and necessary.

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

As advised by our PRC counsel China Commercial Law Firm, we believe that we have been in compliance with the data privacy and personal information requirements of the CAC. Neither the CAC nor any other PRC regulatory agency or administration has contacted the Company in connection with the Company's or its subsidiaries' operations.

We may be subject to a variety of laws and other obligations regarding data protection in HK. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") came into force on 20 December 1996. The PDPO states that any person who controls the collection, holding, processing or use of personal data (the "data user") shall not do any act, or engage in a practice, that contravenes any of the data protection principles set out in Schedule 1 to the PDPO (the "Data Protection Principles") unless the act or practice, as the case may be, is required or permitted under the PDPO. Personal data means any data (a) relating directly or indirectly to a living individual; (b) from which it is practicable for the identity of the individual to be directly or indirectly ascertained; and (c) in a form in which access to or processing of the data is practicable.

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 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 fulfillment 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 unauthorized or accidental access, processing, erasure, loss or use; (5) a data user shall take practicable steps so 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 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.

Moreover, the Personal Data (Privacy) (Amendment) Ordinance 2021 (the "PDPAO") came into effect on 8 October 2021. It amends the PDPO, particularly to: (i) criminalize doxing, i.e. unconsented disclosure of personal information of targeted individuals and groups; (ii) introduce a cessation notice regime to tackle doxing with extra-territorial reach; and (iii) substantially expand the investigation and enforcement powers of the Privacy Commissioner for Personal Data, in contexts beyond doxing.

As advised by our Hong Kong counsel, Stevenson, Wong & Co., we are of the view that we are not likely to be in breach of the PDPO and the PDPAO, for the following reasons: (i) using our products and services do not require providing applicable users' personal information and (ii) we possess a minimum amount, if not none of the personal information in our business operations. Nonetheless, we are subject to laws and regulations relating to the collection, storage, use, processing, transmission, retention, security and transfer of personal information and other data. The interpretation and application of laws, regulations and standards on data protection and privacy may continue to evolve. We cannot assure you that the governmental authorities will not interpret or implement the laws or regulations in ways that negatively affect us. We may be subject to investigations and inspections by government authorities regarding our compliance with laws and regulations on data privacy, and we cannot assure you that our practices will always fully comply with all applicable rules and regulatory requirements. In addition, laws, regulations and standards on data protection and privacy continue to develop and may vary from jurisdiction to jurisdiction. Complying with emerging and changing international requirements may cause us to incur substantial costs or require us to change our business practices.

***The Opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the future.***

On February 17, 2023, with the approval of the State Council, the CSRC released the Trial Overseas Listing Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Overseas Listing Measures, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; if a domestic company fails to complete the filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines; (2) if the issuer meets both of the following conditions, the overseas offering and listing shall be determined as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenues or profits of the domestic operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in the issuer's audited combined financial statements for the same period; (ii) its major operational activities are carried out in China or its main places of business are located in China, or the senior managers in charge of operation and management of the issuer are mostly Chinese citizens or are domiciled in China; and (3) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for an initial public offering in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted.

We believe that: (i) the group currently does not have, nor do it currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) it is not controlled by any PRC entity or individual; (iii) it does not have any operation in the PRC, nor does it have any partnership or cooperation with any PRC entity or individual; (iv) it currently does not have, nor does it plan to have, any investment, such as owning or leasing any asset, in the PRC; (v) none of the senior managers in charge of the business operations and management are citizens of the PRC or domiciled in mainland China; and (vi) no revenue of the Company is generated from the PRC. Based on our confirmation to the facts mentioned above, our PRC counsel China Commercial Law Firm advised us that, this Offering shall not be deemed as a domestic enterprise that indirectly offer or list securities on an overseas stock exchange, nor does it requires filing or approvals from the CSRC. We are not subject to any PRC laws and regulations except to those applicable to Hong Kong listed in Annex III of the Basic Law. We do not need permission or approval from the Chinese government to operate our business or offer our Class A Ordinary Shares. As such, we have not applied for and we have not been denied any permissions or approvals. We believe that we do not need permission or approval from the Chinese government to operate our business or offer our Class A Ordinary Shares. As such, we have not applied for and we have not been denied any permissions or approvals.

Further, as of the date of this prospectus, we believe that the Company is not considered a domestic enterprise under the Trial Measures and the Trial Measures do not apply to the Company, and its listing on Nasdaq does not require fulfilling the filing procedure to the CSRC. However, as advised by our PRC counsel China Commercial Law Firm, there can be no assurance that the relevant PRC governmental authorities, including the CSRC, would reach the same conclusion as us, or that the CSRC or any other PRC governmental authorities would not promulgate new rules or new interpretation of current rules (with retrospective effect) to require us to obtain CSRC or other PRC governmental approvals for this Offering. If we or our Operating Subsidiary inadvertently conclude that such approvals are not required, we may be required to make corrections, be given a warning, be fined between RMB 1 million and RMB 10 million, warn the responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million, fine the controlling shareholder not less than RMB 1 million but not more than RMB 10 million, prevent the Company from entering the securities market and our ability to offer or continue to offer our Class A Ordinary Shares to investors could be significantly limited or completed hindered, which could cause the value of our Class A Ordinary Shares to significantly decline or become worthless. Our group may also face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of the PRC, limit our operations in the PRC, delay or restrict the repatriation of the proceeds from this Offering into the PRC or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of our securities.

On February 24, 2023, the CSRC revised the Archives Rules issued in 2009. The Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises ("the revised Archives Rules") came into effect on March 31, 2023. In the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests. Where a domestic company provides or publicly discloses to the relevant securities companies, securities service institutions, overseas regulatory authorities and other entities and individuals, or provides or publicly discloses through its overseas listing entity, any document or material involving any state secret or any work secret of any governmental agency, it shall report to the competent authority for approval in accordance with the law, and submit to the secrecy administration department for filing. Securities companies and securities service organizations shall comply with the confidentiality and archive management requirements, and keep the documents and materials properly. Securities companies and securities service institutions that provide domestic enterprises with relevant securities services for overseas issuance and listing of securities shall keep the working papers they compile (such as the records of working plan and procedure, evidence and supporting materials related to the services which are obtained and prepared by the aforementioned service providers) within the territory of the PRC. If such working papers need to be taken abroad, approval shall be obtained in accordance with relevant provisions.

The Trial Overseas Listing Measures, and the revised Archives Rules as enacted, do not presently subject us to additional compliance requirements because we are not considered a PRC-based "domestic company" and are instead subject to general application of the Basic Law. However, we cannot assure you that they will not apply to us in the future. If they do eventually apply to us, we cannot assure you that we will be able to get the clearance of filing procedures under the Trial Overseas Listing Measures on a timely basis, or at all. Any failure by us to fully comply with new regulatory requirements, including but limited to the failure to complete the filing procedures with the CSRC if required, may significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our Class A Ordinary Shares to significantly decline in value or become worthless.

Additionally, due to long arm provisions under the current PRC laws and regulations, we are also subject to the risks of uncertainty about any future actions the Chinese government or authorities in Hong Kong may take in this regard.

Should the Chinese government choose to exercise significant oversight and discretion over the conduct of our Hong Kong Operating Subsidiary's business, it may intervene in or influence our operations. Such governmental actions (i) could result in a material change in our Operating Subsidiary's operations; (ii) could hinder our ability to continue to offer securities to investors; and (iii) may cause the value of our Class A Ordinary Shares to significantly decline in value or become worthless.

***The Hong Kong legal system is subject to uncertainties in the interpretation and enforcement of PRC laws and regulations.***

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

The PRC legal system is based on written statutes and prior court decisions have limited value as precedents. 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.

***We and our Operating Entity***  ***may be affected by adverse changes in the political, economic, regulatory or social conditions in Hong Kong.***

Our operations in HK are subject to special PRC considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. Our operating results may be adversely affected by changes in the political and social conditions in HK, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things. Similarly, Hong Kong's economy differs from the economies of most developed countries in many respects, including the amount of PRC government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. Economic conditions in Hong Kong are sensitive to global economic conditions. Any economic downturn, changes in policies, currency and interest rate fluctuations, capital controls or capital restrictions, labor laws, changes in environmental protection laws and regulations, duties and taxation and limitations on imports and exports in these countries may materially and adversely affect our business, financial condition, results of operations and prospects.

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

On April 21, 2020, former SEC chairman Jay Clayton and former PCAOB chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.

The HFCAA was enacted on December 18, 2020. The HFCAA states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for two consecutive years beginning in 2021, the SEC shall prohibit the company's shares from being traded on a national securities exchange or in the over-the-counter trading market in the U.S.

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

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

On June 22, 2021, the U.S. Senate passed the Consolidated Appropriations Act, which was signed into law by President Biden and contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period for triggering the delisting of our Company and the prohibition of trading in our securities if the PCAOB is unable to inspect our accounting firm at such future time. A termination in the trading of our securities due to an involuntary delisting or any restriction on the trading in our securities would be expected to have a negative impact on the Company as well as on the value of our securities, should we face heightened operational and legal risks in relation to HFCAA compliance.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. 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, PCAOB announced the PCAOB determinations relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in the PRC or Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.

The recent joint statement by the SEC and PCAOB, proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies Accountable Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB.

On August 26, 2022, the PCAOB announced that it had signed the SOP with the CSRC and the Ministry of Finance of China. The SOP Agreement establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit documentation without redaction.

On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. The PCAOB's December 15, 2022 determination may be subsequently vacated and does not automatically grant a grace period. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and resumed regular inspections in early 2023. It continues pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA, if needed. Even though the PCAOB's December 15, 2022 determination significantly reduces the risk of an involuntary delisting under the HFCAA, it does not eliminate other requirements for companies with PRC operating entities' operations in China like us under both the HFCAA and SEC guidance.

Our auditor, J&S Associate PLT, an independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Our auditor is headquartered in Malaysia. As of the date of this prospectus, our auditor is not subject to the PCAOB determinations announced by the PCAOB on December 16, 2021 relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong because of a position taken by one or more authorities in the PRC or Hong Kong.

***Directors and Officers of the Company will be subject to new public reporting obligations under the Holding Foreign Insiders Accountable Act, which may increase compliance costs, reputational risks, and regulatory enforcement risks.***

The HFIAA was signed into law on December 18, 2025. Pursuant to the HFIAA, beginning March 18, 2026, directors and officers of foreign private issuers (FPIs), such as our company, will be required to publicly disclose their beneficial ownership of, and transactions in, the company's equity securities under Section 16(a) of the Securities Exchange Act of 1934. This represents a significant change, as directors and officers of FPIs were not previously required to comply with Section 16(a) reporting obligations.

Pursuant to the HFIAA, the following reporting requirements will apply to our directors and officers:

● Form 3: an initial statement of beneficial ownership must be filed with the U.S. Securities and Exchange Commission ("SEC") within 10 calendar days of an individual becoming a director or officer.

● Form 4: a report of changes in beneficial ownership must be filed within two business days following the transaction date.

● Form 5: an annual statement of changes in beneficial ownership not previously reported must be filed within 45 calendar days after the end of the company's fiscal year.

While insiders of FPIs remain exempt from the short-swing profit disgorgement rules under Section 16(b) and the short-sale restrictions under Section 16(c), failure to comply with Section 16(a) reporting obligations may result in penalties or enforcement actions by the SEC.

The public disclosure of insider holdings and transactions may expose our directors and officers to reputational risks or scrutiny from investors, regulators, or media, which could negatively impact the market perception of our company. Additionally, the administrative burden and costs associated with preparing and filing these reports may increase our compliance costs.

If our directors and officers fail to comply with these new reporting obligations, it may lead to regulatory penalties or enforcement actions, which could adversely affect our business, reputation, and financial condition. The increased transparency of insider trading activity may also impact investor confidence in our company or the market price of our securities.

**Risks Relating to Our Initial Public Offering and Ownership of Our Class A Ordinary Shares**

***The market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance and could result in significant losses and you may not be able to resell your shares at or above the offering price.***

The offering price for our Class A Ordinary Shares will be determined through negotiations between the underwriter and us and may vary from the market price of our Class A Ordinary Shares following our Offering. If you purchase our Class A Ordinary Shares in our Offering, you may not be able to resell those Class A Ordinary Shares at or above the offering price. We cannot assure you that our Class A Ordinary Shares' offering price, or the market price following our Offering, will equal or exceed prices in privately negotiated transactions of our Class A Ordinary Shares that have occurred from time to time prior to our initial public Offering. The market price of our Class A Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

● actual or anticipated fluctuations in our revenue and other operating results;

● the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

● actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

● announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

● price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

● lawsuits threatened or filed against us; and

● other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

In addition, the trading price of our Class A 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, akin to the performance and fluctuation of the market prices of other companies with business operations located mainly in HK or the PRC that have listed their securities in the United States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings. The trading performances of the securities of these Chinese companies after their offerings may affect the general perception and attitude of investors toward Chinese companies listed in the United. Consequently, these factors may impact the trading performance of our shares, notwithstanding our actual operating performance.

In addition to market and industry factors, the price and trading volume for our Class A Ordinary Shares may be highly volatile for factors specific to our own operations, including the following:

● variations in our revenues, earnings and cash flow;

● changes in financial estimates by securities analysts;

● additions or departures of key personnel;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

Any of these factors may result in large and sudden changes in the volume and price at which our Class A Ordinary Shares will trade.

In the past, shareholders of public companies have often brought securities class action suits against companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations 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 not maintain the listing of our Class A Ordinary Shares on the Nasdaq, which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.***

We intend to list our Class A Ordinary Shares on the Nasdaq concurrently with this Offering. In order to continue listing our Class A Ordinary Shares on the Nasdaq, we must maintain certain financial and share price levels, and we may be unable to meet these requirements in the future. We cannot assure you that our Class A Ordinary Shares will continue to be listed on the Nasdaq in the future. If the Nasdaq delists our Class A Ordinary Shares and we are unable to list our Class A Ordinary Shares on another national securities exchange, we will endeavor to have our Class A Ordinary Shares quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

● a limited availability of market quotations for our Class A Ordinary Shares;

● reduced liquidity for our Class A Ordinary Shares;

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

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

As long as our Class A Ordinary Shares are listed on the Nasdaq, U.S. federal law prevents or preempts states from regulating their sale of those listed Class A Ordinary Shares. However, the law does permit states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of those listed Class A Ordinary Shares. Further, if our Class A Ordinary Shares are no longer listed on the Nasdaq, we would be subject to regulations in each state in which we offer our Class A Ordinary Shares.

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

The market price of our Class A Ordinary Shares could decline as a result of future sales of substantial amounts of our Class A Ordinary Shares in the public market after the completion of this Offering, or the perception that these sales could occur. Future sales, or perceived sales, of substantial amounts of the shares could adversely affect the market price of our Class A Ordinary Shares and could materially impair our ability to raise capital through equity offerings in the future. As of the date of this prospectus, we have 24,000,000 Class A Ordinary Shares outstanding. The Class A Ordinary Shares sold in this Offering will be freely tradable without restriction or further registration under the Securities Act, and Class A Ordinary Shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 under the Securities Act and applicable lock-up agreements. There will be 30,250,000 Class A Ordinary Shares outstanding immediately after this Offering assuming the underwriters do not exercise their over-allotment option.

In connection with this Offering, our directors and officers named in the section "Management," and certain shareholders have agreed not to sell any shares until 180 days after the date of this prospectus without the prior written consent of the underwriter, subject to certain exceptions. However, the underwriter may release these securities from these restrictions at any time. See "*Underwriting*" and "*Shares Eligible for Future Sale*" for a more detailed description of the restrictions on selling our securities after this Offering.

***Short selling may drive down the market price of our Class A Ordinary Shares.***

Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. Since it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These negative opinions have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any negative opinions of short sellers, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality. 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 Class A Ordinary Shares.

***Because we may not expect to pay dividends in the foreseeable future, you may rely on price appreciation of our Class A Ordinary Shares for a return on your investment.***

We currently intend to retain 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 or make any distributions in the foreseeable future. Therefore, you should not rely on an investment in our Class A 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. 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, among other things, 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 securities will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value after this Offering or even maintain the price at which you purchased our Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment.

***Because our offering price is substantially higher than our net tangible book value per Class A Ordinary Share, you will experience immediate and substantial dilution.***

If you purchase Class A Ordinary Shares in this Offering, you will pay substantially more than the corresponding amount paid by existing shareholder for their shares and more than our net tangible book value per share. As a result, you will experience immediate and substantial dilution of US$4.19 per Class A Ordinary Share, representing the difference between our pro forma net tangible book value per Class A Ordinary Share of US$0.81 as of October 31, 2025, after receiving the net proceeds to us from this Offering, assuming no change to the number of Class A Ordinary Shares offered by us as stated on the cover page of this prospectus and an assumed public offering price of US$5.00 per Class A Ordinary Share (being the midpoint of the range set forth on the cover page of this prospectus). See "*Dilution*" for a more complete description of how the value of your investment in our Class A Ordinary Shares will be diluted upon the completion of this Offering.

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

We plan to use the net proceeds of this Offering as discussed under "Use of Proceeds". However, our management will have considerable discretion in the application of the net proceeds received by us in this Offering. 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 this Offering may be placed in investments that do not produce income or that lose value.

***If we become classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences.***

A non-U.S. corporation such as our Company will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either

● At least 75% of our gross income for the year is passive income; or

● The average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

It is possible that, in future taxable years, more than 50% of our assets may be assets which produce passive income. We will make this determination following the end of any particular tax year. We treat our affiliated entities as being owned by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we combine their operating results in our combined financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to be a PFIC, see "*Material Tax Considerations — Passive Foreign Investment Company Considerations*" on page 94.

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

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, including the election of directors, amendment of memorandum and articles of association and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, Mr. Wai Lun Lau, our controlling shareholder, through Invincible Legend Limited, will beneficially own approximately 57.12% of our outstanding Class A Ordinary Shares and 100% of our Class B Ordinary Shares, representing 91.37% of the total voting power of the aggregate voting power of our Company immediately following the completion of this Offering, assuming that the underwriters do not exercise their over-allotment option. The interests of our controlling shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our controlling shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

***Our Controlling Shareholder has substantial influence over the Company. Its interests may not be aligned with the interests of our other shareholders, and it could prevent or cause a change of control or other transactions.***

As of the date of this prospectus, Mr. Wai Lun Lau indirectly beneficially owns an aggregate of 17,280,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares through Invincible Legend Limited, representing 95.33% of the total voting power of the aggregate voting power of our Company. Upon completion of this Offering, he owns an aggregate of 17,280,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares through Invincible Legend Limited, representing 91.3% of the aggregate voting power of our Company (or 90.80% aggregate voting power if the over-allotment option is exercised in full.

Accordingly, Invincible Legend Limited, or Mr. Wai Lun Lau through Invincible Legend Limited, could control the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, the election of directors and other significant corporate actions, including the power to prevent or cause a change in control. Without the consent of Invincible Legend Limited, we may be prevented from entering into transactions that could be beneficial to us or our minority shareholders. In addition, our directors and officers could violate their fiduciary duties by diverting business opportunities from us to themselves or others. The interests of our largest shareholder may differ from the interests of our other shareholders. The concentration in the ownership of our shares may cause a material decline in the value of our Class A Ordinary Shares. For more information regarding our principal shareholders and their affiliated entities, see "*Principal Shareholder*" on page 80.

***We are a "controlled company" within the meaning of the rules of Nasdaq and, as a result, will rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.***

Upon the completion of this Offering, we will be a "controlled company" as defined under the rules of Nasdaq. For so long as we remain a controlled company under that definition, we are permitted to elect to rely, and will rely, on certain exemptions from corporate governance rules, including:

● an exemption from the rule that a majority of our board of directors must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Accordingly, a majority of the members of our board of directors might not be independent directors and our nomination and compensation committees might not consist entirely of independent directors upon closing of the Offering. Our status as a controlled company could cause our Class A Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. We expect to qualify for and intend to continue to rely on exemptions from certain corporate governance requirements, including the controlled company exemption.

***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 listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards.***

As a foreign private issuer that has applied to list our Class A Ordinary Shares on Nasdaq, we may rely on provisions in the Nasdaq corporate governance listing standards that allow us to follow Cayman Islands law with regard to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on the Nasdaq.

For example, we may be exempt from the Nasdaq regulations that require a listed U.S. company to:

● require non-management directors to meet on a regular basis without management present; and

● seek shareholders' approval for the implementation of certain equity compensation plans and issuances of Class A Ordinary Shares.

As a foreign private issuer, we are permitted to follow home country practice in lieu of the above requirements. Our audit committee is required to comply with the provisions of Rule 10A-3 of the Exchange Act, which is applicable to U.S. companies listed on the Nasdaq.

***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 incorporated under the laws of Cayman Islands as an exempted company with limited liability Our corporate affairs are governed by our Memorandum and Articles of Association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our directors and us, actions by minority shareholders and the fiduciary duties of our directors to us 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 English common law, which is generally persuasive authority, but is not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions of the United States. In particular, the Cayman Islands has a different body of securities laws than the United States. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will, in certain circumstances, recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.

Shareholders of Cayman Islands business companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the Memorandum and Articles of Association) or to obtain copies of lists of shareholders of these companies. Our directors are not required under our Memorandum and Articles of Association to make our corporate records available for inspection by our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions, such as the U.S. Currently, we plan to rely on home country practice with respect to any corporate governance matter. Accordingly, our shareholders will be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of the board of directors or our controlling shareholder than they would as shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, see "*Certain Cayman Islands Company Considerations — Differences in Corporate Law*."

***Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market for and price of our Class A Ordinary Share.***

To implement Section 404 of the Sarbanes-Oxley Act of 2002, the SEC adopted rules requiring public companies to include a report of management on our internal control over financial reporting. Prior to filing the registration statement of which this prospectus is a part, we were a group of private companies with limited accounting personnel and other resources for addressing our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in connection with the audits of our consolidated financial statements for the years ended April 30, 2025 and 2024, we identified material weaknesses in our internal control over financial reporting as well as other control deficiencies for the above mentioned periods. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

Material weaknesses that have been identified are summarized as the followings: (1) lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures; and (2) inadequate segregation of duties for initiating, authorizing, recording, and processing journal entries due to limited staff and resources.

We intend to implement measures designed to improve our internal control over financial reporting to address the underlying causes of these material weaknesses, including: (i) engaging third-party US GAAP consultant to assist in preparing financial statements, and training staff in financial department for US GAAP purposes; and (ii) creating account for each of the personnel and design the authority in the accounting system for each of the personnel. However, the implementation of these measures may not fully address the deficiencies in our internal control over financial reporting. We are not able to estimate with reasonable certainty the costs that we will need to incur to implement these and other measures designed to improve our internal control over financial reporting.

Pursuant to the JOBS Act, we qualify as an "emerging growth company" as we recorded revenues less than US$1.235 billion in our most recent fiscal year, which allows us to take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act, in the assessment of the emerging growth company's internal control over financial reporting.

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

***We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Class A Ordinary Shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides 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. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period, although we have adopted certain new and revised accounting standards based on transition guidance permitted under such standards. As a result of this election, our future financial statements may not be comparable to other public companies that comply with the public company effective dates for these new or revised accounting standards.

***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 United States domestic public companies.***

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

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

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

● the selective disclosure rules by issuers of material non-public information under Regulation FD.

However, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies. Moreover, we will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of the Nasdaq. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, 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 if you were investing in a U.S. domestic issuer.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

As discussed above, we are a foreign private issuer, and, therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter. Accordingly, the latest determination will be made with respect to us on October 31, 2025. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents, and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. If we were to lose our foreign private issuer status, we would be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We also would be required to comply with U.S. federal proxy requirements. In addition, we would lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting and other expenses that we do not incur as a foreign private issuer.

***If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer.***

As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. On December 18, 2025, the Holding Foreign Insiders Accountable Act was enacted as part of the National Defense Authorization Act for Fiscal Year 2026, mandating directors and officers of foreign private issuers to file Section 16(a) reports (Forms 3, 4, and 5) with the SEC to report beneficial ownership interests in companies, effective on March 18, 2026. Our principal shareholders who are not our officers or directors, however, will remain exempt from Section 16(a) reporting requirements. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States domestic issuers, and we are not required to disclose in our periodic reports all of the information that United States domestic issuers are required to disclose. While we currently expect to continue qualifying as a foreign private issuer, we may cease to qualify as a foreign private issuer in the future.

***We will incur significantly increased costs and devote substantial amount of our management's time as a result of becoming a public company and the eventual listing of our Class A Ordinary Shares on the Nasdaq.***

As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, we will incur additional legal, accounting and other expenses as a public reporting company that we did not incur as a private company, particularly after we cease to qualify as an emerging growth company. For example, we will be required to comply with the additional requirements of the rules and regulations of the SEC and the Nasdaq rules, including applicable corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate the number of additional costs we may incur as a result of becoming a public company or the timing of such costs.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure create uncertainty for public companies, increasing legal and financial compliance costs and make some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us and our business may be adversely affected.

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

We may need to raise additional funds immediately after the completion of this Offering or in the future to finance further expansion of our capacity and business relating to our existing operations, acquisitions or strategic partnerships. If additional funds are raised through the issuance of new equity or equity-linked securities of the Company other than on a pro rata basis to existing shareholder, the percentage ownership of such shareholders in the Company may be reduced, and such new securities may confer rights and privileges that take priority over those conferred by the shares. Alternatively, if we meet such funding requirements by way of additional debt financing, we may have restrictions placed on us through such debt financing arrangements which may:

● further limit our ability to pay dividends or require us to seek consents for the payment of dividends;

● increase our vulnerability to general adverse economic and industry conditions;

● require us to dedicate a substantial portion of our cash flows from operations to service our debt, thereby reducing the availability of our cash flow to fund capital expenditure, working capital requirements and other general corporate needs; and

● limit our flexibility in planning for, or reacting to, changes in our business and our industry.

***Our compensation of directors and executive officers may not be publicly available, and our shareholders may have limited visibility into management's remuneration practices.***

Under Cayman Islands law, we are not required to disclose compensation paid to our directors and executive officers on an individual basis, and we have not otherwise made such disclosure publicly. The executive officers of the Company receive compensation consisting primarily of fixed base salaries and variable cash bonuses, together with other customary employee benefits in line with market practice. The fixed component of compensation is determined based on market conditions and individual responsibilities and is reviewed periodically. The variable component typically consists of discretionary cash bonuses, which are assessed based on performance criteria agreed upon by the Board.

Because detailed compensation information for our directors and executive officers is not required to be publicly disclosed under applicable laws, our shareholders may have less visibility into the Company's remuneration practices than they would as shareholders of a company incorporated in the United States. As a result, public shareholders may have more difficulty in assessing whether management's compensation aligns with their interests, which could limit their ability to influence or evaluate executive decisions affecting the Company.

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from the sale of Class A Ordinary Shares of approximately US$27.67 million based upon an assumed offering price of US$5.00 per Class A Ordinary Share (being the midpoint of the range set forth on the cover page of this prospectus). This estimate reflects the net proceeds from this Offering after the underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses) (assuming no exercise by the underwriters of their over-allotment option).

Each $1.00 increase (decrease) in the assumed offering price of US$5.00 per Class A Ordinary Share (being the midpoint of the range set forth on the cover page of this prospectus) would increase (decrease) the net proceeds to us from this Offering by US$5.84 million, assuming the number of Class A Ordinary Shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) approximately 40 % for
 funding research and technological development activities and related investments in technology infrastructure, including the enhancement
 of our integrated information technology services platform, the expansion of our Web3 and blockchain product offerings, and investments
 in cloud and data infrastructure, developer tooling and cybersecurity;

(ii) approximately 20 % for
 sales and marketing, business development and customer success initiatives to expand our client base and increase adoption of our
 solutions in existing and new geographic markets;

(iii) approximately 20% for strengthening
 our human capital, including the recruitment, training and retention of engineering, product and other key personnel;

(iv) approximately 10% for potential
 strategic investments in, or acquisitions of, businesses, products or technologies that are complementary to our existing ecosystem,
 although we currently have no agreements or commitments with respect to any such transactions; and

(v) approximately 10% for the
 balance for working capital and other general corporate purposes.

The precise amounts and percentage of proceeds we would devote to particular categories of activity will depend on prevailing market and business conditions as well as particular opportunities that may arise from time to time. This expected use of our net proceeds from this Offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including any unforeseen cash needs. Similarly, the priority of our prospective uses of proceeds will depend on business and market conditions are they develop. Accordingly, our management will have significant flexibility and broad discretion in applying the net proceeds of the Offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently than as described in this prospectus.

**CAPITALIZATION**

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

● on an actual basis;

● on a pro forma basis giving effect to the completion of the firm commitment offering at an assumed initial public offering price of US$5.00 per Class A Ordinary Share (being the midpoint of the range set forth on the cover page of this prospectus) and to reflect the application of the proceeds after deducting the underwriting discounts, non-accountable expense allowance and the estimated offering expenses (including accountable expenses) payable by us (excluding any Class A Ordinary Shares that may be sold as a result of the underwriters exercising their over-allotment option).

The pro forma as adjusted information below is illustrative only, and our capitalization following the completion of this Offering is subject to adjustment based on the actual net proceeds to us from the Offering. 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 unaudited condensed consolidated financial statements and related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
| | **As of October 31, 2025** | **As of October 31, 2025** |
| <br>**Shareholders' Equity** | **Actual<sup>(1)</sup>** | **Pro Forma<sup>(2)</sup>** |
|  | US$ | US$ |
| Class A Ordinary Shares, US$0.0004 par value; 100,000,000 Class A Ordinary Shares authorized; 24,000,000 Class A Ordinary Shares issued and outstanding as of October 31, 2025 on an actual basis; and 30,250,000 Class A Ordinary Shares issued and outstanding on a pro forma basis | 9600 | 12100 |
| Class B Ordinary Shares, US$0.0004 par value per share; 25,000,000 Class B Ordinary Shares authorized; 6,000,000 Class B Ordinary Shares issued and outstanding as of October 31, 2025 on both an actual and a pro forma basis | 2400 | 2400 |
| Subscription receivable | (12000) | (12000) |
| Additional paid-in capital | 2000808 | 29669470 |
| Accumulated losses | (286431) | (286431) |
| Accumulated other comprehensive income | 6745 | 6745 |
| **Total Shareholders' Equity** | 1721122 | 29392284 |

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\*Retroactively stated for the effect of the reorganization and share recapitalization

(1) Reflects (i) the effect of the Reorganization on November 12, 2025; (ii) a 1-for-2,500 share subdivision effected on January 27, 2026; (iii) the issuance of 4,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares to our existing shareholders on January 27, 2026. All shares and amounts presented on actual basis have been retroactively adjusted to reflect these transactions. As a result, a total of 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares, each with a par value of $0.0004 per share, were issued and outstanding as of October 31, 2025. For further details regarding our share capital and corporate structure, please refer to the section titled "History and Corporate Structure" of this prospectus.

(2) Reflects the sale of Class A Ordinary Shares in this Offering (excluding any Class A Ordinary Shares that may be sold pursuant to the over-allotment option) at the assumed initial public offering price of US$5.00 per Class A Ordinary Share (being the midpoint of the range set forth on the cover page of this prospectus), and after deducting the estimated underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses) payable by us. The pro forma information is illustrative only. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts, non-accountable expense allowance, and the estimated offering expenses (including accountable expenses) payable by us. We estimate that such net proceeds will be approximately US$27.67 million. For an itemization of an estimation of the total offering expenses (including accountable expenses) payable by us, see "Expenses Related to this Offering".

**DIVIDEND POLICY**

As of the date of this prospectus, ChainOn HK does not have any history of declaring dividends, and none of our subsidiaries have made any dividends or distributions to the Company. In addition, the Company has not made any dividends or distributions to its shareholders and no dividends, transfers or distributions have been made between any of our subsidiaries.

We have not adopted a formal dividend policy as of the date of this prospectus. Our board of directors has complete discretion in deciding whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that Company may only pay dividends out of profit or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare final dividend, but no dividend shall exceed the amount recommended by our board of directors. Even if our board of directors decides to pay dividends, the timing, 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 distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions, and other factors deemed relevant by our board of directors. Please see the section entitled "Material Tax Consideration" of this prospectus for information on the potential tax consequences of any cash dividends declared.

There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation of our significant subsidiaries that would affect the payment or remittance of dividends. As a holding company, we may rely on dividends and other distributions on equity paid by our Operating Subsidiary for our cash and financing requirements. We are permitted under the laws of Cayman Islands and our Memorandum and Articles of Association (as amended from time to time) to provide funding to our Operating Subsidiary incorporated in Hong Kong through loans or capital contributions. Our Operating Subsidiary is permitted under the laws of Hong Kong to provide funding to us through dividend distribution without restrictions on the amount of the funds. If our Operating Subsidiary incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us. As of the date of this prospectus, our Operating Subsidiary has not experienced any difficulties or limitations on its ability to pay dividends; nor does it 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 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.

**DILUTION**

Investors purchasing our Class A Ordinary Shares in this Offering will experience immediate and substantial dilution in the pro forma net tangible book value of our Class A Ordinary Shares. Dilution in pro forma net tangible book value represents the difference between the initial public offering price of our Class A Ordinary Shares and the pro forma net tangible book value per Class A Ordinary Share immediately after the Offering.

As stipulated in our Memorandum and Articles of Association, each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holders of Class B Ordinary Shares, at any time and without the payment of any additional sum; Conversely, holders of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances. Holders of both Class A and Class B Ordinary Shares are entitled to receive dividends paid by us at the same rate and have equal rights to our surplus assets upon its liquidation, as stipulated in our Memorandum and Articles of Association. In addition, holders of Class A Ordinary Shares shall be entitled to one vote on all matters subject to the vote at our general meetings, while holders of Class B Ordinary Shares shall be entitled to twenty votes on all matters subject to the vote at our general meetings. These shares rank pari passu in all other respects.

Our actual net tangible book value per Class A Ordinary Share represents our total tangible assets (total assets excluding intangible assets) less total liabilities, divided by the total number of outstanding ordinary shares, including both Class A and Class B Ordinary Shares, as of October 31, 2025. Because Class A Ordinary Shares and Class B Ordinary Shares have identical rights to dividends paid by us and our surplus assets upon liquidation, the net tangible book value per Class A Ordinary Share is identical to the net tangible book value per Class B Ordinary Share and per Ordinary Share on a combined basis.

This actual baseline is calculated after giving effect to (i) the Reorganization on November 12, 2025; (ii) a 1-for-2,500 share subdivision effected on January 27, 2026; (iii) the issuance of 4,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares to our existing shareholders on January 27, 2026. All shares and amounts presented on actual basis have been retroactively adjusted to reflect these transactions. As a result, a total of 24,000,000 Class A ordinary shares and 6,000,000 Class B Ordinary Shares, each with a par value of $0.0004 per share, were issued and outstanding as of October 31, 2025.

After the sale of Class A Ordinary Shares in this Offering at an assumed initial public offering price of US$5.00 per Class A Ordinary Share (being the midpoint of the range set forth on the cover page of this prospectus), and assuming no exercise by the underwriters of their over-allotment option, we will have 36,250,000 ordinary shares outstanding (including 30,250,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares), after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable (including accountable expenses) by us, the pro forma net tangible book value as of October 31, 2025 would have been approximately US$29.37 million, or US$0.81 per Class A Ordinary Share. This represents an immediate increase in pro forma net tangible book value of US$0.76 per Class A Ordinary Share to our existing shareholders and an immediate dilution of US$4.19 per Class A Ordinary Share to new investors purchasing Class A Ordinary Shares in this Offering.

The following table sets forth the estimated net tangible book value per Class A Ordinary Share after the Offering and the dilution to persons purchasing Class A Ordinary Shares based on the foregoing firm commitment offering assumptions. Although the calculation of net tangible book value per share includes both Class A Ordinary Shares and Class B Ordinary Shares because both classes have identical economic rights, the following table is presented with respect to the Class A Ordinary Shares being offered hereby.

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| | | |
|:---|:---|:---|
|  | **Offering<br> without the<br> Exercise of the<br> Over-allotment<br> Option (US$)** | **Offering with<br> Full Exercise of the<br> Over-allotment**<br> **Option (US$)** |
| Assumed initial public offering price per Class A Ordinary Share (being the midpoint of the range set forth on the cover page of this prospectus) | 5.00 | 5.00 |
| Actual net tangible book value per Class A Ordinary Share as of October 31, 2025 | 0.05 | 0.05 |
| Increase in pro forma net tangible book value per Class A Ordinary Share attributable to payments by new investors in this Offering | 0.76 | 0.86 |
| Pro forma net tangible book value per Class A Ordinary Share immediately after this Offering | 0.81 | 0.91 |
| Dilution per Class A Ordinary Share to new investors in this Offering | 4.19 | 4.09 |

---

The following table summarizes, on a pro forma basis as of October 31, 2025, the differences between existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us in this offering, the total consideration paid and the average price per Class A Ordinary Share paid (being the estimated mid-point of the offering price range stated on the cover of this prospectus) before deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses (including accountable expenses). The table does not include the 6,000,000 Class B Ordinary Shares held by our existing shareholders or any Class A Ordinary Shares issuable upon the exercise of the over-allotment option granted to the underwriters.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares**<br> **Purchased** | **Class A Ordinary Shares**<br> **Purchased** | **Total**<br> **Consideration** | **Total**<br> **Consideration** | **Average Price**<br> **per Class A Ordinary Share** |
|  | **Number** | **%** | **US$** | **%** | **US$** |
| Existing Shareholders | 24000000 | 79.34 | 9600 | 0.03 | 0.0004 |
| Investors in this Offering | 6250000 | 20.66 | 31250000 | 99.97 | 5.00 |
| Total | 30250000 | 100.00 | 31259600 | 100.00 | 1.03 |

---

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

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<br> RESULTS OF OPERATIONS**

 

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

**Overview**

We, through our Operating Subsidiary, ChainOn HK, are primarily engaged in providing integrated technology-related services, including software system development and implementation, advisory and support in Hong Kong.

Our revenues were approximately US$2.6 million and approximately US$0.8 million for the six months ended October 31, 2025 and 2024, respectively and US$2.2 million and US$1.3 million for the years ended April 30, 2025 and 2024, respectively. We recorded net income of approximately US$0.7 million and approximately US$0.3 million for six months ended October 31, 2025 and 2024, respectively, and net income of approximately US$0.9 million and approximately US$0.2 million for the years ended April 30, 2025 and 2024, respectively. We plan to keep our business growing by broadening our customer base into adjacent Asia-Pacific markets, optimizing our technology capabilities, expanding the scope of our technology-related services, exploring strategic partnerships, and strengthening our customer relationships.

**Factors Affecting Our Results of Operations**

Our business and operating results are influenced by general factors affecting our total addressable market, including, among others, overall economic conditions in Hong Kong and globally, as well as changes in regulatory, tax, and geopolitical environments, and the competitive landscape for our services. Any changes in these general factors could materially affect the demand for our core business and our results of operations. In addition, the following company-specific factors may directly and materially impact our results of operations:

 

*Our ability to compete successfully and broaden our customer base*

Although we have established long-term relationships with our key customers, there is no assurance that we will continue to do so successfully. Some of our competitors may possess greater financial and human resources, adopt more competitive pricing strategies, or maintain closer relationships with suppliers. If competitors offer lower-priced alternatives, engage in aggressive pricing to expand their market share, or provide services with superior performance, functionality, or efficiency, we may lose customers to them. Any such developments could adversely affect our business, financial condition, and results of operations.

 

*Our ability to control the costs of revenues*

Our cost of revenues is largely influenced by market forces, including fluctuations in general labor costs and supply-demand conditions. As our business expands, we expect to strengthen our bargaining power and secure more favorable commercial terms, including pricing and payment arrangements, from our suppliers. However, since these costs are subject to market dynamics beyond our control, any significant increase in costs that cannot be passed on to customers could materially and adversely affect our results of operations.

 

*Our ability to retain skilled personnel*

Our future growth and success depend substantially on the continued service and contributions of our senior management and skilled IT personnel. Many of these key employees possess specialized knowledge and experience that are difficult to replace. Competition for qualified talent is intense, and recruiting individuals with the requisite combination of technical expertise and business acumen may be challenging, time-consuming, and costly. The loss of any key personnel, or our failure to effectively recruit, train, or retain qualified staff, could have a material adverse effect on our operations and future prospects.

 

 

*Our ability to adapt to the rapid technology change of the market*

Our industry is characterized by rapid technological evolution, frequent introduction of new solutions, and continually changing industry standards. Customers increasingly expect fast innovation and improved service functionality. Our future success will depend on our ability to adapt to emerging technologies, align our offerings with evolving standards, and continuously upgrade our employees' technical capabilities to meet market expectations. Failure to keep pace with technological changes could materially and adversely affect our business and results of operations.

*Impact of U.S.-China Relations, Sanctions, and Tariffs*

The ongoing relationship tensions between the United States and China, marked by the imposition of tariffs and countermeasures, continue to create uncertainty in global markets and economic conditions. The volatility and unpredictability of tariff policies, along with potential restrictions or bans on certain semiconductor chips, could significantly impact our equipment sourcing. While it is difficult to predict the full extent and duration of these trade actions and their resultant market disruptions, including increased operational costs, and potential disruptions to technological capabilities, such factors could materially affect our business operations, financial performance, and revenue streams. However, as of the date of this prospectus, since (i) our business operations and customers are all located in Hong Kong; (ii) our suppliers are located either in Hong Kong or China; and (iii) our computer and office equipment primarily comprises standardized components predominantly sourced domestically in Hong Kong, our exposure to restrictions on semiconductor technologies is significantly reduced, making our current dependency on impacted technologies manageable. Therefore, we have not experienced any material adverse effects on our cash flows, liquidity, capital resources, cash requirements, financial position, or results of operations arising directly from the ongoing U.S.-China trade tensions and related tariff measures.

**Key Components of Results of Operations**

 ****

***Revenues***

Our revenues consist of (i) project development services; and (ii) advisory and support services. The following table sets forth the breakdown of our total revenues, both in absolute amount and as a percentage of our total revenues, for the six months ended October 31, 2025 and 2024, and years ended April 30, 2025 and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **US$** | **% of total<br> revenues** | **US$** | **% of total<br> revenues** | **US$** | **%** |
| **Revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Project development service income | 1876335 | 72.2 | 480377 | 61.0 | 1395958 | 290.6 |
| &nbsp;&nbsp;&nbsp;Advisory and support service income | 722821 | 27.8 | 306607 | 39.0 | 416214 | 135.7 |
| **Total revenues** | 2599156 | 100.0 | 786984 | 100.0 | 1812172 | 230.3 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **US$** | **% of total<br> revenues** | **US$** | **% of total<br> revenues** | **US$** | **%** |
| **Revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Project development service income | 1624322 | 73.5 | 902722 | 68.8 | 721600 | 79.9 |
| &nbsp;&nbsp;&nbsp;Advisory and support service income | 584757 | 26.5 | 409888 | 31.2 | 174869 | 42.7 |
| **Total revenues** | 2209079 | 100.0 | 1312610 | 100.0 | 896469 | 68.3 |

---

 

*a)* *Project development service income* 

Revenue from project development services represents the delivery of integrated solutions after providing a series of design, development, and implementation services. These services encompass a broad range of customized software and system development projects, including Enterprise Resource Planning (ERP) systems, Web3 solutions, financial management systems, supply chain management systems, inventory control systems, and point-of-sale platforms.

Revenue for these services is charged at a fixed contract price with no variable consideration, as explicitly specified in the contract. Each contract includes a 10-day warranty period, which is not separately priced and is classified as an assurance-type warranty under ASC 606. Accordingly, the warranty is bundled with the related project development services and treated as a single performance obligation.

Revenue is recognized over time as performance obligations are satisfied, using an input method based on the ratio of actual costs incurred to total estimated costs. We believe this method faithfully depicts the transfer of control to the customer, as incurred costs directly correlate with the value of services provided. The fixed contract price for each project depends on the complexity, scope, and nature of each project. Billing is typically based on predefined contractual milestones, and customers are generally granted credit terms of 180 days from the invoice date. Upon completion of each milestone, the corresponding deliverables are confirmed by the customer through a signed completion certificate. The typical duration of a project ranges from one to six months, depending on its complexity and the contractual requirements.

Revenue from project development services represented approximately 72.2% and 61.0% of our total revenues for the six months ended October 31, 2025 and 2024, respectively, and approximately 73.5% and 68.8% of our total revenues for the years ended April 30, 2025 and 2024, respectively.

 

*b)* *Advisory and support service income* 

Revenue from advisory and support services represents income derived from the provision of ongoing IT-related maintenance and support activities, including system upgrades, troubleshooting, and other technical support services. These services are provided at a fixed contractual amount with no variable consideration, as explicitly specified in the contracts.

Revenue is recognized on a straight-line basis over the term of the contract, as the services are performed evenly throughout the period and the customer simultaneously receives and consumes the benefits of the services. The fixed contractual amount for each contract is generally influenced by the size, scope, and nature of the service engagements. Typically, service periods are structured on a monthly or quarterly basis, depending on the contractual terms, and contracts are automatically renewed until both parties reach a mutual agreement to terminate or until other conditions specified in the contracts are met. Billing occurs on a monthly or quarterly basis as stipulated in the contracts, and customers are generally granted credit terms of 180 days from the invoice date.

Revenue of advisory and support services represented approximately 27.8% and 39.0% of our total revenues for the six months ended October 31, 2025 and 2024, respectively, and approximately 26.5% and 31.2% of our total revenues for the years ended April 30, 2025 and 2024, respectively.

**Cost of revenues**

Cost of revenues primarily consists of subcontracting and labor costs directly attributable to the provision of our technology-related services, including project development, advisory, and support services. These costs are expensed as incurred. Our suppliers generally provide credit terms of 180 days from the invoice date, with billings typically made in stages based on project progress. Cost of revenues represented approximately 55.7% and 47.4% of our total revenues for the six months ended October 31, 2025 and 2024, respectively and approximately 45.0% and 62.6% of our total revenues for the years ended April 30, 2025 and 2024, respectively.

 ****

***Gross profit and gross profit margin***

The following table sets forth our gross profit and gross profit margin by revenue streams for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Gross <br> Profit** | **Gross <br> Profit <br> Margin** | **Gross <br> Profit** | **Gross <br> Profit <br> Margin** | **Gross Profit** | **Gross Profit** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| **Gross profit:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Project development service income | 520805 | 27.8 | 191477 | 39.9 | 329328 | 172.0 |
| &nbsp;&nbsp;&nbsp;Advisory and support service income | 631069 | 87.3 | 222779 | 72.7 | 408290 | 183.3 |
| **Total gross profit** | 1151874 | 44.3 | 414256 | 52.6 | 737618 | 178.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Gross <br> Profit** | **Gross <br> Profit <br> Margin** | **Gross <br> Profit** | **Gross <br> Profit <br> Margin** | **Gross Profit** | **Gross Profit** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| **Gross profit:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Project development service income | 784232 | 48.3 | 309932 | 34.3 | 474300 | 153.0 |
| &nbsp;&nbsp;&nbsp;Advisory and support service income | 431120 | 73.7 | 181367 | 44.2 | 249753 | 137.7 |
| **Total gross profit** | 1215352 | 55.0 | 491299 | 37.4 | 724053 | 147.4 |

---

Gross profit represents our revenues less cost of revenues. Our gross profit margin represents our gross profit as a percentage of our revenues. Our gross profit and margin are influenced by various factors, including the type of customer, project size, type and nature of services rendered. Our gross profit was approximately US$1.2 million and US$0.4 million for the six months ended October 31, 2025 and 2024, respectively, and US$1.2 million and US$0.5 million for the years ended April 30, 2025 and 2024, respectively. Our gross profit margin was 44.3% and 52.6% for the six months ended October 31, 2025 and 2024, respectively, and 55.0% and 37.4% for the years ended April 30, 2025 and 2024, respectively.

 ****

***Operating expenses***

 

*Selling and marketing expenses*

Selling and marketing expenses include (i) salaries and contributions to retirement benefit schemes for our business development and marketing team; and (ii) marketing expenses incurred in connection with business development activities and promotions. Selling and marketing expenses accounted for 2.6% and 11.0% of our total revenues for the six months ended October 31, 2025 and 2024, respectively, and 6.1% and 19.3% of our total revenues for the years ended April 30, 2025 and 2024, respectively.

 

*General and administrative expenses*

General and administrative expenses primarily consist of (i) audit fees and consultancy fees incurred to support our business operations; (ii) salaries and contributions to retirement benefit schemes for administrative personnel; (iii) rental and related expenses for our office premises; (iv) depreciation of property and equipment; and (v) other administrative expenses, including expected credit loss and office expenses. General and administrative expenses accounted for 13.0% and 2.5% of our total revenues for the six months ended October 31, 2025 and 2024, respectively, and 3.1% and 3.7% of our total revenues for the years ended April 30, 2025 and 2024, respectively.

 ****

 ****

***Other income***

The following table sets forth our other income, both in absolute amount and as a percentage of total revenues, for the six months ended October 31, 2025 and 2024, and years ended April 30, 2025 and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **US$** | **% of total<br> revenues** | **US$** | **% of total<br> revenues** | **US$** | **%** |
| **Other income, net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange transaction gains (losses) | 1154 | 0.0 | (1180) | 0.2 | 2334 | 197.8 |
| &nbsp;&nbsp;&nbsp;Interest expense | (2164) | 0.1 | (4637) | 0.6 | 2473 | (53.3) |
| &nbsp;&nbsp;&nbsp;Interest income | 4016 | 0.2 | 1341 | 0.2 | 2675 | 199.5 |
| &nbsp;&nbsp;&nbsp;Government grants |  |  | 21159 | 2.7 | (21159) | (100.0) |
| &nbsp;&nbsp;&nbsp;Sundry income | 4745 | 0.2 | 8720 | 1.1 | (3975) | (45.6) |
| **Total other income, net** | 7751 | 0.3 | 25403 | 3.2 | (17652) | (69.5) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **US$** | **% of total<br> revenues** | **US$** | **% of total<br> revenues** | **US$** | **%** |
| **Other income, net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange transaction losses | (3900) | 0.2 | (1195) | 0.1 | (2705) | 226.4 |
| &nbsp;&nbsp;&nbsp;Interest expense | (10290) | 0.5 | (12140) | 0.9 | 1850 | (15.2) |
| &nbsp;&nbsp;&nbsp;Interest income | 6658 | 0.3 |  |  | 6658 | 100 |
| &nbsp;&nbsp;&nbsp;Government grants | 21189 | 1 | 19478 | 1.5 | 1711 | 8.8 |
| &nbsp;&nbsp;&nbsp;Sundry income | 9060 | 0.4 | 30225 | 2.3 | (21165) | (70.0) |
| **Total other income, net** | 22717 | 1 | 36368 | 2.8 | (13651) | (37.5) |

---

Other income, net amounted to US$7,751 and US$25,403 for the six months ended October 31, 2025 and 2024, respectively, representing 0.3% and 3.2% of our total revenues for those periods. Other income, net amounted to US$22,717 and US$36,368 for the years ended April 30, 2025 and 2024, respectively, representing 1.0% and 2.8% of our total revenues for those years.

Interest expense for the six months ended October 31, 2025 and 2024, and for the years ended April 30, 2025 and 2024 primarily consisted of interest incurred on our bank overdrafts.

Interest income for the six months ended October 31, 2025 and 2024, and for the year ended April 30, 2025, represented (i) interest earned on cash deposits held with banks; and (ii) interest earned from loan receivables.

Government grants for the six months ended October 31, 2024 represented funding granted under Cyberport Creative Micro Fund by Hong Kong Cyberport Management Company Limited to support innovation, high potential digital tech projects and early-stage start-ups with business elements. For the year ended April 30, 2025, government grants represented (i) funding granted under Cyberport Creative Micro Fund by Hong Kong Cyberport Management Company Limited to support innovation, high potential digital tech projects and early-stage start-ups with business elements; and (ii) funding granted under Reindustrialisation and Technology Training Programme by Vocational Training Council in Hong Kong to support training program. For the year ended April 30, 2024, government grants represented (i) funding granted under Reindustrialisation and Technology Training Programme by Vocational Training Council in Hong Kong to support training program; and (ii) funding granted under Technology Voucher Programme by Innovation and Technology Fund in Hong Kong to support companies to use technological services and solutions to improve productivity, or upgrades or transform business processes.

Sundry income for the six months ended October 31, 2025 and 2024, and for the year ended April 30, 2025, mainly represented the change in the cash surrender value of our investment in life insurance policies. For the year ended April 30, 2024, sundry income primarily comprised (i) the change in the cash surrender value of life insurance investments; and (ii) training fee income generated from technology-related courses and training services provided to individuals and corporate clients. As the training fee income was not part of the Company's principal business activities, it was recognized as sundry income for that year.

**Income Tax**

 

*Cayman Islands and British Virgin Islands*

 

Under the current and applicable laws of the Cayman Islands and the British Virgin Islands, we are not subject to tax on income or capital gains under these jurisdictions.

 

*Hong Kong*

Our subsidiary operating in Hong Kong is subjected to Hong Kong Profits Tax. In accordance with the two-tiered profits tax rates regime, Hong Kong Profits Tax is calculated at the tax rate of 8.25% on assessable profits of the first HK$2 million (equivalent to US$256,835) and 16.5% on any assessable profits in excess of HK$2 million (equivalent to US$256,835).

Income tax accounted for 4.0% and 6.8% of our total revenues for the six months ended October 31, 2025 and 2024, respectively, and 7.7% and 2.7% of our total revenues for the years ended April 30, 2025 and 2024, respectively. Under relevant Hong Kong tax laws, tax case is normally subject to investigation by the tax authority for up to 6 years of assessment prior to the current year of assessment, unless in a case of fraud or willful evasion, then the investigation can be extended to cover 10 years of assessment. As of October 31, 2025 and April 30, 2025, we had no open tax investigations from the tax authority and we do not consider that there was any uncertain tax position as of those dates.

**Results of Operations**

The following table sets forth a summary of our results of operations for the six months ended October 31, 2025 and 2024, and the years ended April 30, 2025 and 2024, as indicated. This information should be read together with our unaudited condensed consolidated financial statements for the six months ended October 31, 2025 and 2024, and audited consolidated financial statements for the years ended April 30, 2025 and 2024 and related notes included elsewhere in this prospectus. The operating results in any period/ year are not necessarily indicative of the results that may be expected for any future trends.

 ****

***Six Months Ended October 31, 2025 Compared to the Six Months Ended October 31, 2024***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **US$** | **% of total <br> revenues** | **US$** | **% of**<br> **total<br> revenues** | <br>**US$** | <br>**%** |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Project development service income | 1876335 | 72.2 | 480377 | 61.0 | 1395958 | 290.6 |
| &nbsp;&nbsp;&nbsp;Advisory and support service income | 722821 | 27.8 | 306607 | 39.0 | 416214 | 135.7 |
| &nbsp;&nbsp;&nbsp;**Total revenues** | 2599156 | 100.0 | 786984 | 100.0 | 1812172 | 230.3 |
| **Cost of revenues** | (1447282) | 55.7 | (372728) | 47.4 | 1074554 | 288.3 |
| **Gross profit** | 1151874 | 44.3 | 414256 | 52.6 | 737618 | 178.1 |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (67921) | 2.6 | (86933) | 11.0 | 19012 | (21.9) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (339222) | 13.0 | (19491) | 2.5 | (319731) | 1640.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (407143) | 15.6 | (106424) | 13.5 | (300719) | 282.6 |
| **Income from operations** | 744731 | 28.7 | 307832 | 39.1 | 436899 | 141.9 |
| **Other income, net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange transaction gains (losses) | 1154 | 0.0 | (1180) | 0.2 | 2334 | 197.8 |
| &nbsp;&nbsp;&nbsp;Interest expense | (2164) | 0.1 | (4637) | 0.6 | 2473 | (53.3) |
| &nbsp;&nbsp;&nbsp;Interest income | 4016 | 0.2 | 1341 | 0.2 | 2675 | 199.5 |
| &nbsp;&nbsp;&nbsp;Government grants |  |  | 21159 | 2.7 | (21159) | (100.0) |
| &nbsp;&nbsp;&nbsp;Sundry income | 4745 | 0.2 | 8720 | 1.1 | (3975) | (45.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 7751 | 0.3 | 25403 | 3.2 | (17652) | (69.5) |
| **Income before income tax expenses** | 752482 | 29.0 | 333235 | 42.3 | 419247 | 125.8 |
| Income tax expenses | (102202) | 4.0 | (53741) | 6.8 | (48461) | 90.2 |
| **Net income** | 650280 | 25.0 | 279494 | 35.5 | 370786 | 132.7 |

---

***Revenues analysis by service types***

Total revenues increased by 230.3% from approximately US$0.8 million for the six months ended October 31, 2024 to approximately US$2.6 million for the six months ended October 31, 2025. This increase in total revenues was primarily driven by significant growth in both project development services and advisory and support services.

 

*Project development services*

Project development service income can be further disaggregated by contract value category, which we use to distinguish and analyze projects based on their size. The following table sets forth the number of projects and the corresponding revenue by contract value category for the six months ended October 31, 2025 and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Number of <br> projects** | **Revenue** | **Number of <br> projects** | **Revenue** | **Number of <br> projects (%)** | **Revenue**<br> **(%)** |
| **Project Development services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contract value equal to or over HK$0.5 million (US$63,986) | 12 | $1758498 | 1 | $330310 | 1100.0 | 432.4 |
| &nbsp;&nbsp;&nbsp;Contract value below HK$0.5 million (US$63,986) | 5 | 117837 | 4 | 150067 | 25.0 | (21.5) |
| **Total** | 17 | $1876335 | 5 | $480377 | 240.0 | 290.6 |

---

Revenue from project development services increased by approximately US$1.4 million, or 290.6%, from approximately US$0.5 million for the six months ended October 31, 2024, to approximately US$1.9 million for the six months ended October 31, 2025. This significant growth was primarily driven by our ability to adapt to evolving market trends and to integrate emerging technologies into our service offerings. With the rapid advancement of technology, particularly in areas such as Web3 solutions, we strategically enhanced our service portfolio to align with clients' increasing demand for technologically sophisticated solutions. This strategic shift enabled us to broaden our customer base by focusing on projects with higher contract values that typically involve more advanced and complex technological requirements. As illustrated in the table above, the number of high-value projects with a contract value of US$63,986 or above increased by eleven (11) projects, or 1100.0%, from one (1) project generating approximately US$0.3 million in revenue for the six months ended October 31, 2024, to 12 projects contributing approximately US$1.8 million in revenue for the six months ended October 31, 2025. The corresponding increase of US$1.5 million, or 432.4%, in revenue from high-value projects was the principal contributor to our overall growth in project development service income, more than offsetting a modest decline of US$0.1 million in revenue from projects with contract values below US$63,986.

*Advisory and Support services*

Advisory and support service income can also be further disaggregated by fee category. The following table sets forth the number of contracts and the corresponding revenues by monthly fee category for the six months ended October 31, 2025 and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** | **For the Six Months Ended October 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Number of <br> contracts** | **Revenue** | **Number of <br> contracts** | **Revenue** | **Number of <br> contracts <br> (%)** | **Revenue**<br> **(%)** |
| **Advisory and Support services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Monthly fee equal to or over HK$50,000 (US$6,399) | 8 | $722594 | 3 | $265437 | 166.7 | 172.2 |
| &nbsp;&nbsp;&nbsp;Monthly fee below HK$50,000 (US$6,399) | 1 | 227 | 18 | 41170 | (94.4) | (99.4) |
| **Total** | 9 | $722821 | 21 | $306607 | (57.1) | 135.7 |

---

Revenue from advisory and support services increased by US$0.4 million, or 135.7%, from US$0.3 million for the six months ended October 31, 2024, to US$0.7 million for the six months ended October 31, 2025. This growth was primarily driven by an increase in contracts with a monthly fee of US$6,399 or above. With the rapid advancement of technology, particularly in areas such as Web3 solutions, we strategically enhanced and expanded our service offerings to meet evolving customer needs. This strategic adaptation enabled us to command higher service fees and strengthen our overall revenue base. As shown in the table above, the number of customers with a monthly fee of US$6,399 or above increased from three (3), contributing approximately US$0.3 million in revenue for the six months ended October 31, 2024, to eight (8), generating US$0.7 million in revenue for the six months ended October 31, 2025. This shift resulted in an incremental revenue increase of approximately US$0.4 million, or 172.2%, from higher-value contracts.

Although the number of customers with a monthly fee below US$6,399 declined from eighteen (18) for the six months ended October 31, 2024 to one (1) for the six months ended October 31, 2025, resulting in a revenue decrease of US$40,943, or 99.4%, this decline was more than offset by a substantial increase in income from higher-value contracts, leading to overall growth in our advisory and support services revenue.

 ****

***Revenues analysis by customer types***

The sources of each type of revenue can be further disaggregated between new customers and existing customers. The following table sets forth this information for the six months ended October 31, 2025 and 2024.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | | | | |
|  | **October 31,** | **October 31,** | **October 31,** | **October 31,** | **October 31,** | **October 31,** | **October 31,** | **October 31,** | | | | |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **Variance** | **Variance** | **Variance** | **Variance** |
|  | **New**<br> **customers\*** | **New**<br> **customers\*** | **Existing**<br> **customers\*** | **Existing**<br> **customers\*** | **New**<br> **customers\*** | **New**<br> **customers\*** | **Existing**<br> **customers\*** | **Existing**<br> **customers\*** | **New**<br> **customers\*** | **New**<br> **customers\*** | **Existing**<br> **customers\*** | **Existing**<br> **customers\*** |
|  | **Number of <br> contracts** | **Revenues** | **Number of <br> contracts** | **Revenues** | **Number of <br> contracts** | **Revenues** | **Number of <br> contracts** | **Revenues** | **Number of <br> contracts <br> (%)** | **Revenues**<br> **(%)** | **Number of <br> contracts <br> (%)** | **Revenue**<br> **(%)** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Project Development services | 10 | $998638 | 7 | $877697 | 4 | $445569 | 1 | $34808 | 150.0 | 124.1 | 600.0 | 2421.5 |
| Advisory and Support services | 1 | 134371 | 8 | 588450 | 1 | 74045 | 20 | 232562 |  | 81.5 | (60.0) | 153.0 |
| **Total /revenues** |  | $1133009 |  | $1466147 |  | $519614 |  | $267370 |  | 118.0 |  | 448.4 |
| **% of total revenue** |  | 43.6 |  | 56.4 |  | 66.0 |  | 34.0 |  |  |  |  |

---

 

*\*New customers" refer to customers that had not previously conducted any business with us, while "existing customers" refer to customers that had engaged us in at least one prior transaction.*

As shown in the table above, our total revenues for the six months ended October 31, 2025 increased significantly for both new and existing customers compared to the same period in 2024, with particularly strong growth in project development services. Revenues from new customers rose from US$0.5 million for the six months ended October 31, 2024, to US$1.1 million for the same period in 2025, representing an increase of approximately US$0.6 million, or 118.0%, mainly driven by higher project development services revenue and, to a lesser extent, growth in advisory and support services. Revenues from existing customers increased even more markedly, from approximately US$0.3 million for the six months ended October 31, 2024, to approximately US$1.5 million for the six months ended October 31, 2025, an increase of approximately US$1.2 million, or 448.4%, reflecting substantial expansion in both project development services and recurring advisory and support service income.

For new customers, project development services revenues more than doubled to approximately US$1.0 million, supported by an increase in the number of contracts from four (4) for the six months ended October 31, 2024, to ten (10) for the same period in 2025. Advisory and support service revenues from new customers also grew, from US$74,045 for the six months ended October 31, 2024, to US$0.1 million for the six months ended October 31, 2025. This significant increase reflects the successful business development strategy. During the period, we refined our service portfolio to align with evolving market trends and customer demands, which enabled us to acquire new clients across a wider range of industries and backgrounds. These initiatives collectively improved our ability to attract first-time customers and convert new market opportunities into sustainable revenue streams.

For existing customers, project development services revenues increased from US$34,808 for the six months ended October 31, 2024 to approximately US$0.9 million for the six months ended October 31, 2025, driven by an increase in the number of projects by six (6), from one (1) for the six months ended October 31, 2024, to seven (7) for the six months ended October 31, 2025, as existing customers adopted expanded scopes incorporating advanced technologies, like Web3 solutions, resulting in higher-value engagements. Advisory and support services revenues from existing customers rose from approximately US$0.2 million for the six months ended October 31, 2024, to US$0.6 million for the six months ended October 31, 2025, even though the number of projects declined from twenty (20) for the six months ended October 31, 2024, to eight (8) for the six months ended October 31, 2025. This reflects a shift toward higher monthly service engagements with existing customers, as certain existing project development customers were successfully converted to ongoing advisory and support service contracts, which carried higher monthly fees.

 ****

 ****

***Cost of revenues***

Cost of revenues increased by approximately US$1.0 million, or 288.3%, from approximately US$0.4 million for the six months ended October 31, 2024, to approximately US$1.4 million for the six months ended October 31, 2025. This increase was mainly attributable to costs required to support the substantial growth in project development and advisory and support service revenues. The increase in cost of revenues also reflected a change in project mix, with a greater proportion of projects involving innovative and newly launched Web3 technologies, such as intent-based payment gateways, account abstraction wallets, and EIP-4337 protocols. These projects incurred higher infrastructure and system-integration costs compared to other projects, resulting in a higher overall cost of revenues.

***Gross profit***

Gross profit increased by approximately US$0.8 million, or 178.1%, from US$0.4 million for the six months ended October 31, 2024, to US$1.2 million for the six months ended October 31, 2025. Our gross profit margin was approximately 44.3% for the six months ended October 31, 2025, compared with approximately 52.6% for the six months ended October 31, 2024.

The gross profit margin for project development services decreased to approximately 27.8% for the six months ended October 31, 2025, from approximately 39.9% for the six months ended October 31, 2024. This decline was primarily due to a shift in project mix toward a higher proportion of innovative and newly launched Web3 technologies during the six months ended October 31, 2025, which require more complex technologies and therefore incur higher infrastructure and integration costs. These projects, while temporarily compressing margins, are designed to deliver higher value and position us for stronger long-term profitability by enhancing our capabilities and competitiveness in advanced Web3 solutions.

The gross profit margin for our advisory and support services increased notably to approximately 87.3% for the six months ended October 31, 2025, from approximately 72.7% for the six months ended October 31, 2024. This improvement was mainly driven by greater demand for premium advisory services related to Web3 technologies. Clients who initially engaged us for project development services increasingly required continued system maintenance and infrastructure optimization support for the advanced Web3 solutions we developed. Such post-development service needs often involved more complex technical support and ongoing enhancements, allowing us to charge higher fees. As a result, part of our project development client base transitioned into long-term advisory and support contracts, providing stable, high-margin revenue streams. This shift not only contributed to the increase in the gross profit margin for advisory and support services but also strengthened client retention and enhanced the predictability of our recurring revenue base.

***Operating expenses***

Selling and marketing expenses decreased by US$19,012, or 21.9%, to US$67,921 for the six months ended October 31, 2025, from US$86,933 for the six months ended October 31, 2024. This decrease was mainly due to tighter control over marketing and promotional activities, including fewer discretionary campaigns and a more targeted allocation of marketing spend, which led to a reduction in marketing and promotional expenses of US$46,226 for the six months ended October 31, 2025 compared with the same period in 2024. Although salaries and related staff costs for selling and marketing functions increased by US$27,042 over the same period, mainly due to remuneration adjustments and performance-based incentives, this increase was smaller than the reduction in external marketing expenditures. As a result, total selling and marketing expenses declined for the period, while the Group continued to implement its focused marketing strategy and cost management measures.

General and administrative expenses increased by approximately US$0.3 million, or 1,640.4%, to US$0.3 million for the six months ended October 31, 2025, from US$19,491 for the six months ended October 31, 2024. The increase was primarily driven by: (i) a rise in wages and related MPF for administrative staff of US$0.1 million, mainly due to expansion in administrative headcount, including the hiring of the CEO, CFO and finance staff; (ii) an increase of US$41,376 in operating lease expenses, reflecting commencement of a new office lease and the resulting increase in right-of-use assets for the six months ended October 31, 2025; (iii) consulting and accounting expenses of US$76,374 for the six months ended October 31, 2025, mainly related to audit fee incurred in connection with preparing our consolidated financial statements; and (iv) higher other general and administrative expenses, including an expected credit loss of US$20,678. These increases reflect management's efforts to strengthen the Group's corporate infrastructure in order to support anticipated business expansion and planned corporate development initiatives.

 ****

***Other income***

Other income decreased by US$17,652, or 69.5%, from US$25,403 for the six months ended October 31, 2024, to US$7,751 for the six months ended October 31, 2025. The decrease was primarily attributable to a reduction in government grants of US$21,159 and sundry income of US$3,975 for the six months ended October 31, 2025, offset by an aggregate increase of US$7,482 from lower interest expense, higher interest income, and higher exchange gains during the same period.

 ****

***Income before income taxes***

We recorded income before income taxes of US$0.8 million and approximately US$0.4 million for the six months ended October 31, 2025 and 2024, respectively. The significant increase in income before income taxes was primarily attributable to substantial growth in revenues, resulting an increase in gross profit of approximately US$0.7 million. This improvement in income before income taxes was achieved even after a measured increase in general and administrative expenses of US$0.3 million, which partially offset the higher gross profit.

***Income tax expense***

Income tax expense increased to US$0.1 million for the six months ended October 31, 2025, from US$53,741 for the six months ended October 31, 2024. The increase in income tax expense was consistent with the growth in income before income taxes. Our effective tax rates were 13.58% and 16.13% for the six months ended October 31, 2025 and 2024, respectively. The effective tax rate decreased to 13.58% from 16.13% primarily because, for the six months ended October 31, 2025, the Company's current tax expense benefited from Hong Kong's two-tiered profits tax regime, under which the first HK$2 million (approximately US$255,944) of assessable profits is taxed at a reduced rate of 8.25%. By contrast, for the six months ended October 31, 2024, the effective tax rate was driven primarily by deferred tax effects related to tax losses carried forward, measured at enacted rates expected to apply when the temporary differences reverse.

 ****

***Net income***

As a result of the foregoing factors, net income increased by 132.7% from approximately US$0.3 million for the six months ended October 31, 2024 to approximately US$0.7 million for the six months ended October 31, 2025.

***Year Ended April 30, 2025 Compared to Year Ended April 30, 2024***

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **US$** | **% of total <br> revenues** | **US$** | **% of**<br> **total <br> revenues** | <br>**US$** | <br>**%** |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Project development service income | 1624322 | 73.5 | 902722 | 68.8 | 721600 | 79.9 |
| &nbsp;&nbsp;&nbsp;Advisory and support service income | 584757 | 26.5 | 409888 | 31.2 | 174869 | 42.7 |
| &nbsp;&nbsp;&nbsp;**Total revenues** | 2209079 | 100 | 1312610 | 100 | 896469 | 68.3 |
| **Cost of revenues** | (993727) | 45 | (821311) | 62.6 | (172416) | 21 |
| **Gross profit** | 1215352 | 55 | 491299 | 37.4 | 724053 | 147.4 |
| **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (135275) | 6.1 | (253008) | 19.3 | 117733 | (46.5) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (69417) | 3.1 | (48941) | 3.7 | (20476) | 41.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (204692) | 9.2 | (301949) | 23 | 97257 | (32.2) |
| **Income from operations** | 1010660 | 45.8 | 189350 | 14.4 | 821310 | 433.8 |
| **Other income, net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange transaction losses | (3900) | 0.2 | (1195) | 0.1 | (2705) | 226.4 |
| &nbsp;&nbsp;&nbsp;Interest expense | (10290) | 0.5 | (12140) | 0.9 | 1850 | (15.2) |
| &nbsp;&nbsp;&nbsp;Interest income | 6658 | 0.3 |  |  | 6658 | 100 |
| &nbsp;&nbsp;&nbsp;Government grants | 21189 | 1 | 19478 | 1.5 | 1711 | 8.8 |
| &nbsp;&nbsp;&nbsp;Sundry income | 9060 | 0.4 | 30225 | 2.3 | (21165) | (70.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 22717 | 1 | 36368 | 2.8 | (13651) | (37.5) |
| **Income before income tax expenses** | 1033377 | 46.8 | 225718 | 17.2 | 807659 | 357.8 |
| Income tax expenses | (169020) | 7.7 | (36026) | 2.7 | (132994) | 369.2 |
| **Net income** | 864357 | 39.1 | 189692 | 14.5 | 674665 | 355.7 |

---

 ****

***Revenues analysis by service types***

Total revenues increased by 68.3% from US$1.3 million for the year ended April 30, 2024 to US$2.2 million for the year ended April 30, 2025. This increase in total revenues was primarily driven by significant growth in both project development services and advisory and support services.

 

*Project development services* 

Project development service income can be further disaggregated by contract value category, which we use to distinguish and analyze projects based on their size. The following table sets forth the number of projects and the corresponding revenue by contract value category for the years ended April 30, 2025 and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Number of <br> projects** | **Revenue** | **Number of <br> projects** | **Revenue** | **Number of <br> projects (%)** | **Revenue**<br> **(%)** |
| **Project Development services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract value equal to or over HK$0.5 million (US$64,209) | 9 | $1474040 | 5 | $746463 | 80.0 | 97.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract value below HK$0.5 million (US$64,209) | 4 | 150282 | 6 | 156259 | (33.3) | (3.8) |
| **Total** | 13 | $1624322 | 11 | $902722 | 18.2 | 79.9 |

---

Revenue from project development services increased by US$0.7 million, or 79.9%, from US$0.9 million for the year ended April 30, 2024, to US$1.6 million for the year ended April 30, 2025. This significant growth was primarily driven by our ability to adapt to evolving market trends and to integrate emerging technologies into our service offerings. With the rapid advancement of technology, particularly in areas such as Web3 solutions, we strategically enhanced our service portfolio to align with clients' increasing demand for technologically sophisticated solutions. This strategic shift enabled us not only to command premium pricing but also to broaden our customer base by focusing on projects with higher contract values that typically involve more advanced and complex technological requirements. As illustrated in the table above, the number of high-value projects with a contract value of US$64,209 or above increased by four (4) projects, or 80.0%, from five (5) projects generating approximately US$0.7 million in revenue for the year ended April 30, 2024, to nine (9) projects contributing approximately US$1.5 million in revenue for the year ended April 30, 2025. The corresponding increase of US$0.7 million, or 97.5%, in revenue from high-value projects was the principal contributor to our overall growth in project development service income.

*Advisory and Support services* 

Advisory and support service income can also be further disaggregated by fee category. The following table sets forth the number of contracts and the corresponding revenues by monthly fee category for the years ended April 30, 2025 and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** | **For the Years Ended April 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Number of <br> contracts** | **Revenue** | **Number of <br> contracts** | **Revenue** | **Number of <br> contracts <br> (%)** | **Revenue**<br> **(%)** |
| **Advisory and Support services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monthly fee equal to or over HK$50,000 (US$6,420) | 4 | $533318 | 2 | $239684 | 100.0 | 122.5 |
| &nbsp;&nbsp;&nbsp;Monthly fee below HK$50,000 (US$6,420) | 18 | 51439 | 35 | 170204 | (48.6) | (69.8) |
| **Total** | 22 | $584757 | 37 | $409888 | (40.5) | 42.7 |

---

Revenue from advisory and support services increased by approximately US$0.2 million, or 42.7%, from US$0.4 million for the year ended April 30, 2024, to approximately US$0.6 million for the year ended April 30, 2025. This growth was primarily driven by an increase in contracts with a monthly fee of US$6,420 or above. With the rapid advancement of technology—particularly in areas such as Web3 solutions—we strategically enhanced and expanded our service offerings to meet evolving customer needs. This strategic adaptation enabled us to command higher service fees and strengthen our overall revenue base. As shown in the table above, the number of customers with a monthly fee of US$6,420 or above increased from two (2), contributing US$0.2 million in revenue for the year ended April 30, 2024, to four (4), generating US$0.5 million in revenue for the year ended April 30, 2025. This shift resulted in an incremental revenue increase of approximately US$0.3 million, or 122.5%, from higher-value contracts.

Although the number of customers with a monthly fee below US$6,420 declined from thirty-five (35) in fiscal year 2024 to eighteen (18) in fiscal year 2025—resulting in a revenue decrease of US$0.1 million, or 69.8%—the substantial increase in income from higher-value contracts more than offset this decline, leading to overall growth in our advisory and support service revenue.

 ****

***Revenues analysis by customer types***

The sources of each type of revenue can be further disaggregated between new customers and existing customers. The following table sets forth this information for the years ended April 30, 2025 and 2024.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** | **For the Years Ended** | **For the Years Ended** | **For the Years Ended** | **For the Years Ended** | **For the Years Ended** | **For the Years Ended** | | | | |
|  | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** | | | | |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **Variance** | **Variance** | **Variance** | **Variance** |
|  | **New**<br> **customers\*** | **New**<br> **customers\*** | **Existing**<br> **customers\*** | **Existing**<br> **customers\*** | **New**<br> **customers\*** | **New**<br> **customers\*** | **Existing**<br> **customers\*** | **Existing**<br> **customers\*** | **New**<br> **customers\*** | **New**<br> **customers\*** | **Existing**<br> **customers\*** | **Existing**<br> **customers\*** |
|  | **Number of <br> contracts** | **Revenues** | **Number of <br> contracts** | **Revenues** | **Number of <br> contracts** | **Revenues** | **Number of <br> contracts** | **Revenues** | **Number of <br> contracts <br> (%)** | **Revenues**<br> **(%)** | **Number of <br> contracts <br> (%)** | **Revenue**<br> **(%)** |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |
| *Project Development services* | 12 | $1589464 | 1 | $34858 | 5 | $648828 | 6 | $253894 | 140.0 | 145.0 | (83.3) | (86.3) |
| Advisory and Support services | 1 | 147680 | 21 | 437076 | 1 | 166181 | 36 | 243707 |  | (11.1) | (41.7) | 79.3 |
| **Total revenues** |  | $1737144 |  | $471934 |  | $815009 |  | $497601 |  | 113.1 |  | (5.2) |
| **% of total revenue** |  | 78.6 |  | 21.4 |  | 62.1 |  | 37.9 |  |  |  |  |

---

 

*\*New customers" refer to customers that had not previously conducted any business with us, while "existing customers" refer to customers that had engaged us in at least one prior transaction.*

As shown in the table above, the increase in our total revenues was primarily driven by a substantial rise in revenue from new customers, which grew by US$0.9 million, or 113.1%, compared with the prior year. The strong growth from new customers was mainly attributable to our project development services, which contributed the majority of the overall increase.

This significant increase in revenue from new customers reflects the effectiveness of our business development and market expansion strategies. During the year, we actively strengthened our marketing outreach and enhanced our brand visibility within targeted customer segments. We also refined our service portfolio to align with evolving market trends and customer demands, which enabled us to acquire new clients across a wider range of industries and backgrounds. These initiatives collectively improved our ability to attract first-time customers and convert new market opportunities into sustainable revenue streams.

Revenue from existing customers remained relatively stable during the same period, supported primarily by recurring advisory and support service income. The consistent contribution from existing customers underscores our strong customer retention capabilities and the continued confidence placed in our solutions and service quality. Repeat engagements from long-term clients provide a reliable and recurring source of income, contributing to greater revenue stability and predictability.

 ****

***Cost of revenues***

Cost of revenues increased by approximately US$0.2 million, or 21.0%, from US$0.8 million for the year ended April 30, 2024, to approximately US$1.0 million for the year ended April 30, 2025. This increase was generally consistent with the overall growth in total revenues, reflecting the expansion of our business activities during the year. Notably, cost of revenues as a percentage of total revenues decreased from 62.6% for the year ended April 30, 2024, to 45.0% for the year ended April 30, 2025. This improvement was primarily attributable to: (i) enhanced bargaining power with subcontractors, supported by strengthened relationships that allowed us to negotiate more favorable contract terms; and (ii) continued improvements in workflow and operational efficiency, which optimized resource allocation and strengthened cost management. These initiatives collectively enabled us to maintain high service quality standards while improving cost control and overall profitability.

***Gross profit***

Gross profit increased by approximately US$0.7 million, or 147.4%, from US$0.5 million for the year ended April 30, 2024, to US$1.2 million for the year ended April 30, 2025. Our gross profit margin improved to 55.0% for the year ended April 30, 2025, compared with 37.4% for the year ended April 30, 2024.

The gross profit margin for project development services increased to 48.3% for the year ended April 30, 2025, from 34.3% for the year ended April 30, 2024. This improvement was primarily due to our ability to adapt to evolving market trends and integrate Web3 technologies and other advanced solutions into our service offerings. This strategic shift not only attracted new customers but also enabled us to command higher pricing and deliver projects with enhanced value and complexity, resulting in improved margins and overall profitability.

The gross profit margin for advisory and support services increased to 73.7% for the year ended April 30, 2025, from 44.2% for the year ended April 30, 2024. This substantial improvement was primarily driven by: (a) strategic adjustments to pricing structures that reflected the enhanced value of our services, allowing us to charge higher rates and improve profitability; and (b) reduced labor costs resulting from workflow optimization and better resource allocation, supported by targeted staff training that enhanced technical proficiency and operational efficiency. These combined efforts allowed us to deliver services more efficiently and with improved quality, contributing to stronger profitability in this revenue stream.

***Operating expenses***

Selling and marketing expenses decreased by approximately US$0.1 million, or 46.5%, to US$0.1 million for the year ended April 30, 2025, from US$0.2 million for the year ended April 30, 2024. This decrease was primarily attributable to a reduction in salaries and benefits for business development and marketing staff by US$152,785, following a strategic downsizing of the team from four personnel in fiscal year 2024 to two in fiscal year 2025. The adjustment reflected a shift toward a more focused marketing strategy and enhanced cost management through resource reallocation. Rather than maintaining a larger in-house marketing team, we redirected resources toward external marketing and promotional channels to maintain visibility and competitiveness in our target market segments of which the expenses increased by US$43,361. This approach strengthened our market positioning while improving cost efficiency. Overall, the savings in personnel expenses more than offset the modest increase in external marketing and promotional spending, resulting in a net decrease in selling and marketing expenses.

General and administrative expenses increased by US$20,476, or 41.8%, to US$69,417 for the year ended April 30, 2025, from US$48,941 for the year ended April 30, 2024. The increase was primarily driven by a US$25,298 rise in wages and salaries for administrative staff, mainly due to the appointments of ChainOn HK's CEO and CFO in March and April 2025, respectively. These appointments were part of our organizational strengthening efforts in preparation for future growth and corporate development initiatives.

 ****

***Other income***

Other income decreased by US$13,651, or 37.5%, from US$36,368 for the year ended April 30, 2024, to US$22,717 for the year ended April 30, 2025. The decrease was primarily attributable to a reduction in sundry income of US$21,165, mainly due to the absence of training fee income during the year ended April 30, 2025, as compared to the prior year. This decline was partially offset by an increase in interest income arising from a loan receivable extended on September 16, 2024.

 ****

***Income before income taxes***

We recorded income before income taxes of US$1.0 million and US$0.2 million for the years ended April 30, 2025 and April 30, 2024, respectively. The significant increase in income before income taxes was primarily attributable to: (i) a higher gross profit margin, driven by the successful acquisition of high-value projects and the ability to command higher margins on more complex and large-scale engagements; and (ii) improved cost management, including the implementation of more focused marketing strategies and optimized resource allocation. These combined factors contributed to the substantial growth in profitability for the year ended April 30, 2025.

***Income tax expense***

Income tax expense increased to US$0.2 million for the year ended April 30, 2025, from US$36,026 for the year ended April 30, 2024. The increase in income tax expense was consistent with the growth in income before income taxes. Our effective tax rates were 16.36% and 15.96% for the years ended April 30, 2025 and 2024, respectively.

 ****

***Net income***

As a result of the foregoing factors, net income increased by 355.7% from approximately US$0.2 million for the year ended April 30, 2024 to approximately US$0.9 million for the year ended April 30, 2025.

**Liquidity and Capital Resources**

In assessing our liquidity, we monitor and analyze our cash on-hand and our operating and capital expenditure commitments. Our liquidity needs are to meet our working capital requirements, operating expenses and capital expenditure obligations. Bank overdrafts and cash generated from operations have been utilized to finance our working capital requirements.

As of October 31, 2025, we had positive working capital of US$953,884, which included US$248,584 in cash. Additionally, as of April 30, 2025, we had positive working capital of US$538,981, which included US$188,639 in cash.

Considering all facts and information on hand, we expect our cash on hand is sufficient to finance our working capital requirements within the normal operating cycle of a twelve-months period from the date these unaudited and audited consolidated financial statements are issued.

If we are unable to have sufficient fund to finance our working capital requirements within the normal operating cycle of a twelve-months period from the date these unaudited and audited consolidated financial statements are issued, we may consider supplementing our available sources of funds through the following sources:

● additional
 equity financing from shareholders and third-party investors; and/or

● financial support from
 financial institutions, our shareholders and related parties.

Based on the above considerations, we are of the opinion that we have sufficient funds to meet our working capital requirements and current liabilities as they become due within twelve months from the date these unaudited and audited consolidated financial statements are issued. However, there is no assurance that we will be successful in implementing our plans. There are a number of factors that could potentially arise and could undermine our plans, such as changes in the demand for our services, general market conditions, and competitive environment of the capital market industry in Hong Kong and changes in regulatory requirements, etc.

 

 

*Cash Flows*

The following table sets forth a summary of our cash flows for the six months ended October 31, 2025 and 2024, and for the years ended April 30, 2025 and 2024 as indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br>October 31,** | **For the Six Months Ended <br>October 31,** | **For the Years Ended <br> April 30,** | **For the Years Ended <br> April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **US$** | **US$** | **US$** | **US$** |
|  | **(Unaudited)** | **(Unaudited)** | **(Audited)** | **(Audited)** |
| Net cash provided by operating activities | 202543 | 292934 | 512762 | 152942 |
| Net cash provided by (used in) investing activities | 21344 | (316226) | (53678) | (129952) |
| Net cash (used in) provided by financing activities | (163861) | 2063 | (292485) | (1889) |
| Net increase (decrease) in cash | 60026 | (21229) | 166599 | 21101 |
| Effect of exchange rate changes on cash | (81) | 62 | 873 |  |
| Cash, beginning of period/ year | 188639 | 21167 | 21167 | 66 |
| Cash, end of period/ year | 248584 | - | 188639 | 21167 |

---

 

*Operating activities*

Net cash provided by operating activities decreased to US$0.2 million for the six months ended October 31, 2025, down from approximately US$0.3 million for the six months ended October 31, 2024. Operating cash flows decreased despite higher net income primarily because cash was absorbed by working capital, reflecting the timing of customer billings and collections and higher advance payments to vendors. Net income increased to approximately US$0.7 million for the six months ended October 31, 2025, from approximately US$0.3 million for the six months ended October 31, 2024, reflecting improved operating performance. However, cash receipts from customers did not increase commensurately due to slower collections and the initiation of more projects near period end, which contributed to an increase of approximately US$0.4 million in accounts receivable. In addition, prepayments and other assets increased by approximately US$0.2 million, mainly due to higher advance payments to vendors near period end. Non-cash items increased to approximately US$0.1 million from US$61,236, and partially offset the working capital outflows.

Net cash provided by operating activities increased to approximately US$0.5 million for the year ended April 30, 2025 from approximately US$0.2 million for the year ended April 30, 2024. The increase was primarily driven by higher profitability, partially offset by working capital outflows. Net income increased by US$0.7 million from US$0.2 million for the year ended April 30, 2024 to US$0.9 million for the year ended April 30, 2025, reflecting improved gross margins and cost efficiencies. Operating cash flows were adversely affected by (i) an increase of approximately US$0.3 million in accounts receivable due to project timing and slower collections near year end, (ii) a decrease of approximately US$0.2 million in contract liabilities as customer advances were recognized as revenue, reducing cash inflows from advances in the period, and (iii) a decrease of approximately US$0.1 million in accounts payable as balances were settled. Non-cash items, mainly deferred tax expense, increased to approximately US$0.2 million from US$52,221.

*Investing activities*

Net cash provided by investing activities improved to a net inflow of approximately US$21,344 for the six months ended October 31, 2025 from a net outflow of US$0.3 million for the six months ended October 31, 2024. Net cash provided by investing activities for the six months ended October 31, 2025 was primarily due to the repayment of US$59,970 on loan receivable, set off against the spending of US$38,626 in office equipment and leasehold improvements. For the six months ended October 31, 2024, net cash used in investing activities was primarily due to (i) the purchase of US$60,526 in computer and office equipment; and (ii) a drawdown of US$0.4 million on loan receivable, set off against the repayment of US$0.2 million on loan receivable.

Net cash used in investing activities decreased to US$53,678 for the year ended April 30, 2025 from US$0.1 million for the year ended April 30, 2024. The net cash used in investing activities for the year ended April 30, 2025, was primarily due to (i) the purchase of US$60,613 in computer and office equipment; and (ii) a drawdown of US$460,957 on loan receivable, set off against the repayment of US$467,892 on loan receivable.

For the year ended April 30, 2024, the cash used was primarily due to (i) the purchase of US$69,744 in computer and office equipment; and (ii) a drawdown of US$60,208 on loan receivable.

*Financing activities*

Net cash used in financing activities changed to an outflow of US$0.2 million for the six months ended October 31, 2025 from an inflow of US$2,063 for the six months ended October 31, 2024, mainly due to payments of offering costs related to the IPO for the six months ended October 31, 2025. For the six months ended October 31, 2024, net cash provided by financing activities was related to the proceeds from bank overdrafts.

Net cash used in financing activities increased to approximately US$0.3 million for the year ended April 30, 2025 from US$1,889 for the year ended April 30, 2024. This increase was primarily due to (i) the repayment of bank overdrafts of approximately US$0.2 million during the year ended April 30, 2025; and (ii) payments of offering costs related to IPO, amounting to US$0.1 million for the year ended April 30, 2025. For the year ended April 30, 2024, net cash used in financing activities was related to the repayment of bank overdrafts.

**Quantitative and Qualitative Disclosures about Market Risks**

 ****

***Currency risk***

Our operating activities are mainly transacted in HK$ which is also the functional currency of our Operating Subsidiary. We consider the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$. Hong Kong Monetary Authority guarantees to exchange US$ into HK$, or vice versa, at a rate close to HK$7.80 to US$1.00.

 ****

We consider that the overall foreign exchange risk is not significant, and we have not used any instruments or derivatives to manage or hedge the risk.

 ****

***Credit risks***

Financial instruments that potentially subject us to the credit risks consist of cash, accounts receivable, loan receivable, investments in life insurance policies. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates.

We deposit our cash with reputable banks located in Hong Kong. As of October 31, 2025 and April 30, 2025, US$248,584 and US$188,639 were deposited with these banks, respectively. Balances maintained with banks in Hong Kong are insured under the Deposit Protection Scheme introduced by the Hong Kong Government for a maximum amount of HK$500,000 (equivalent to US$64,476) and further increased to HK$800,000 (equivalent to US$103,162), effective October 1, 2024, for each depositor at one bank, whilst the balances maintained by us may at times exceed the insured limits. Cash balances maintained with banks in Hong Kong are not otherwise insured by the Federal Deposit Insurance Corporation or other programs. We have not experienced any losses in these bank accounts and management believes that we are not exposed to any significant credit risk on our cash.

Assets that potentially subject us to a significant credit risk primarily consist of accounts receivable, loan receivable, investments in life insurance policies. We perform regular and ongoing credit assessments of the counterparts' financial conditions and credit histories. We also assess historical collection trends, aging of receivables and general economic conditions. We consider that we have adequate controls over these receivables in order to minimize the related credit risk. As of October 31, 2025 and April 30, 2025, we recorded an allowance for expected credit losses of US$20,791 and US$nil, respectively.

 ****

***Concentration risks***

For the six months ended October 31, 2025 and 2024 and the years ended April 30, 2025 and 2024, all of our assets were located in Hong Kong. At the same time, we consider that we were exposed to the following concentrations of risk:

(a) Major customers

For the six months ended October 31, 2025, two customers accounted for 10% or more of our total revenues. Revenues from these two customers accounted for 36% and 34% of our total revenues, respectively. For the six months ended October 31, 2024, three customers accounted for 10% or more of our total revenues. Revenues from these three customers accounted for 42%, 24% and 20% of our total revenues, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended<br> October 31, 2025** | **For the Six Months Ended<br> October 31, 2025** | **For the Six Months Ended<br> October 31, 2024** | **For the Six Months Ended<br> October 31, 2024** |
| <br>**Customers** | **Revenues**<br>**(Unaudited)** | **% of**<br>**revenues** | **Revenues**<br>**(Unaudited)** | **% of**<br>**revenues** |
| Customer A | $929313 | 36% | $189305 | 24% |
| Customer K | 877538 | 34% |  |  |
| Customer B |  | -% | 330310 | 42% |
| Customer D | 3647 | -% | 155123 | 20% |
| Total | $1810498 | 70% | $674738 | 86% |

---

For the year ended April 30, 2025, four customers accounted for 10% or more of our total revenues. Revenues from these four customers accounted for 25%, 21%, 12% and 10% of our total revenues, respectively. For the year ended April 30, 2024, three customers accounted for 10% or more of our total revenues. Revenues from these three customers accounted for 35%, 19% and 14% of our total revenues, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended <br> April 30, 2025** | **For the Year Ended <br> April 30, 2025** | **For the Year Ended <br> April 30, 2024** | **For the Year Ended <br> April 30, 2024** |
| <br>**Customers** | **Revenues<br> (Audited)** | **% of <br> revenues** | **Revenues<br> (Audited)** | **% of <br> revenues** |
| Customer A | $552043 | 25% | $- |  |
| Customer B | 462303 | 21% |  |  |
| Customer C | 256835 | 12% |  |  |
| Customer D | 218310 | 10% | 461547 | 35% |
| Customer E | 124750 | 6% | 245095 | 19% |
| Customer F | - | - | 184075 | 14% |
| Total: | $1614241 | 74% | $890717 | 68% |

---

(b) Major
suppliers

For the six months ended October 31, 2025, two suppliers accounted for 10% or more of our cost of revenues. Cost of revenues from these two suppliers accounted for 50% and 34% of our total cost of revenues, respectively. For the six months ended October 31, 2024, two suppliers accounted for 10% or more of our cost of revenues. Cost of revenues from these two suppliers accounted for 41% and 36% of our total cost of revenues, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended<br> October 31, 2025** | **For the Six Months Ended<br> October 31, 2025** | **For the Six Months Ended<br> October 31, 2024** | **For the Six Months Ended<br> October 31, 2024** |
| <br>**Suppliers** | **Cost of revenues**<br>**(Unaudited)** | **% of cost of**<br>**revenues** | **Cost of revenues**<br>**(Unaudited)** | **% of cost of**<br>**revenues** |
| Supplier C | $722275 | 50% | $135019 | 36% |
| Supplier A | 491047 | 34% | 153882 | 41% |
| Total: | $1213322 | 84% | $288901 | 77% |

---

For the year ended April 30, 2025, three suppliers accounted for 10% or more of our cost of revenues. Cost of revenues from these three suppliers accounted for 34%, 29% and 23% of our total cost of revenues, respectively. For the year ended April 30, 2024, two suppliers accounted for 10% or more of our cost of revenues related. Cost of revenues from these two suppliers accounted for 48% and 26% of our total cost of revenues, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended <br> April 30, 2025** | **For the Year Ended <br> April 30, 2025** | **For the Year Ended <br> April 30, 2024** | **For the Year Ended <br> April 30, 2024** |
| <br>**Suppliers** | **Cost of <br> revenues<br> (Audited)** | **% of <br> cost of <br> revenues** | **Cost of <br> revenues<br> (Audited)** | **% of <br> cost of<br> revenues** |
| Supplier A | $335499 | 34% | $34259 | 4% |
| Supplier B | 288939 | 29% | 388971 | 48% |
| Supplier C | 231525 | 23% | 215117 | 26% |
| Total: | $855963 | 86% | $638347 | 78% |

---

(c) Receivables

The following table sets forth information as to each customer that accounted for 10% or more of our total accounts receivable, before allowance for expected credit losses, as of October 31, 2025 and April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of <br> October 31, 2025** | **As of <br> October 31, 2025** | **As of <br> April 30, 2025** | **As of <br> April 30, 2025** |
| <br>**Customers** | **Accounts <br> receivable (Unaudited)** | **% of <br> accounts <br> receivable, Gross** | **Accounts <br> receivable<br> (Audited)** | **% of <br> accounts <br> receivable, gross** |
| Customer K | $374726 | 48% | $- | -% |
| Customer A | 181921 | 23% | 120055 | 36% |
| Customer G |  | -% | 38686 | 12% |
| Customer H |  | -% | 36979 | 11% |
| Customer I | - | -% | 32238 | 10% |
| Total: | $556647 | 71% | $227958 | 69% |

---

(d) Payables

As of October 31, 2025 and April 30, 2025, we had no outstanding accounts payable.

 ****

***Interest rate risk***

Fluctuations in market interest rates may negatively affect our financial condition and results of operations. We are exposed to floating interest rate risk on bank deposits and bank overdrafts, particularly during periods when the interest rate is expected to significant changes. Nevertheless, given the amounts of bank deposits and bank overdrafts in question, we consider our interest rate risk to be manageable and not likely to cause significant disruption to the business. We have not used any instruments or derivatives to manage or hedge our interest rate risk exposure.

**Research and Development, Patents and Licenses, etc.**

We have not historically incurred significant expenditures on in house research and development activities. We do, however, incur expenses in connection with technology related training, industry seminars, conferences, and similar professional development activities, which assist us in remaining current with technological developments in the technology solution and IT services sector. We do not own any material proprietary software, patents, or licenses. In delivering our integrated technology-related services, we rely primarily on third party hardware and software technologies, together with its internal technical personnel and project execution capabilities, to design, integrate, and implement customer specific solutions.

**Off-Balance Sheet Commitments and Arrangements**

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Specifically, we have not entered into any financial guarantees, commitments or other arrangements to guarantee payment obligations of any parties. In addition, we have not entered into any derivative contracts that are indexed to our shares and classified as shareholders' equity or that are not reflected in our unaudited condensed consolidated financial statements. Moreover, we do not have any retained or contingent interest in assets transferred to an entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.

**Commitments and Contingencies**

As of October 31, 2025 and April 30, 2025, we did not have any significant financial and capital commitments, long-term obligations, or guarantees.

As of October 31, 2025 and April 30, 2025, we were not a party to any legal or administrative proceedings. In addition, there were no legal or regulatory proceedings, either individually or in the aggregate, that could have resulted in an unfavorable outcome with a material adverse effect on our results of operations, consolidated financial condition, or cash flows.

As of the date of this prospectus, we did not have any loss contingencies which require to be recognized or disclosed in our unaudited condensed consolidated financial statements.

**Seasonality**

The nature of our business does not appear to be affected by seasonal variations. We may experience fluctuations in demand due to heightened or weakened economic conditions, geopolitical events, and shifts in trade patterns in areas where we operate.

**Trend Information**

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

**Inflation**

Whilst inflation has been a global issue impacting many countries around the globe, inflation in Hong Kong has not materially affected our results of operations in recent years. According to the Census and Statistics Department of Hong Kong, the year-over-year percent changes in the consumer price index rise by 2.1% when compared to the years ended April 30, 2025 and 2024, and increased by 1.2% the six months ended October 31, 2024 to the six months ended October 31, 2025. Although we have not been affected by inflation at this point in time, we may be affected if Hong Kong and any other jurisdiction where we operate in the future experience higher rates of inflation in the future.

**Significant Accounting Policies and Critical Accounting Judgments and Estimates**

We prepare our unaudited condensed consolidated financial statements in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions that affect (i) the reported amounts of our assets and liabilities; (ii) the disclosure of our contingent assets and liabilities at the end of each reporting period; and (iii) the reported amounts of revenues and expenses during each reporting period. We continually evaluate these judgments, estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other conditions and our expectations regarding the future based on available information, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

When reading our unaudited condensed consolidated financial statements, you should consider our selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions. Our critical accounting policies and practices include the following: (i) revenue recognition; (ii) investments in life insurance policies; (iii) income taxes; (iv) accounts receivable, net; (v) loan receivable; and (vi) contract liabilities. See Note 3 — Summary of Significant Accounting Policies to our unaudited condensed consolidated financial statements for the disclosure of these accounting policies. We believe the following accounting estimate involves the most significant judgments used in the preparation of our unaudited condensed consolidated financial statements.

**Critical Accounting Estimates**

 ****

***Allowance for expected credit losses against financial assets***

We assess the allowance by pooling relevant financial assets that have similar risk characteristics and evaluates receivable individually when specific assets no longer share those risk characteristics. We determine the expected credit losses based on aging data, historical collection experience, customer specific facts current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect our ability to collect from counterparties. Balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. We continue to evaluate the reasonableness of the allowance policy and update it if necessary. As of October 31, 2025 and April 30, 2025, we recorded an allowance for expected credit losses against accounts receivable of US$20,791 and US$nil, respectively.

**Recent Accounting Pronouncements**

See the discussion of the recent accounting pronouncements contained in Note 3 to the unaudited condensed consolidated financial statements, "Summary of Significant Accounting Policies".

**HISTORY AND CORPORATE STRUCTURE**

We are a Cayman Islands exempted company with limited liability that wholly-owns our BVI company subsidiary, ChainOn BVI, which, in turn, wholly-owns our Operating Subsidiary, ChainOn HK, in Hong Kong.

**Corporate Structure**

Our Company was incorporated in the Cayman Islands on October 9, 2025 under the Companies Act as an exempted company with limited liability. Our Company is authorized to issue a maximum of (i) 100,000,000 Class A Ordinary Shares of par value USD0.0004 each and 25,000,000 Class B Ordinary Shares of par value USD0.0004 each.

*<u>ChainOn HK</u>*

ChainOn HK was incorporated in Hong Kong as Success Illusion Limited with limited liability on December 29, 2017. On July 19, 2019, Success Illusion Limited changed its name to ChainOn Technology (HK) Limited. Immediately prior to the Reorganization, Mr. Wai Lun Lau owned 100% equity interest of ChainOn HK.

*<u>Reorganization</u>*

On October 13, 2025, 8,000 Class A Ordinary Shares and 2,000 Class B Ordinary Shares of the Company credited as fully paid at par value, were allotted and issued to Invincible Legend Limited, a company wholly-owned by Mr. Wai Lun Lau. ChainOn Technology Limited was incorporated in the British Virgin Islands as a business company on October 10, 2025, as the Company's wholly-owns subsidiary. On November 12, 2025, ChainOn Technology Limited acquired 100% equity interest of ChainOn HK from Mr. Wai Lun Lau, at the consideration of US$1,280 (HK$10,000).

Following an internal group Reorganization which was completed on November 12, 2025, ChainOn HK became our indirect wholly-owned subsidiary. Since its incorporation, ChainOn HK has been carrying on the business of integrated technology-services in Hong Kong.

*<u>Pre-IPO Investors</u>*

On January 21, 2026, our founding shareholder, Invincible Legend Limited, a company wholly owned by Mr. Wai Lun Lau, sold 2,240 Class A Ordinary Shares to Six Pre-IPO Investors, representing 28% of Mr. Wai Lun Lau's outstanding Class A Ordinary Shares, for US$2,688,000 in total. None of the Six Pre-IPO Investors beneficially owns more than 5% of our Class A Ordinary Shares. After the Share Subdivision and the Pro Rata Allotment were completed on January 27, 2026, Six Pre-IPO Investors held 6,720,000 Class A Ordinary Shares.

*<u>Share Subdivision</u>*

Following the completion of the Reorganization, on January 27, 2026, the shareholders of the Company approved a subdivision of the Company's issued and unissued ordinary shares on a 2,500-for-1 basis.

Prior to the share subdivision, the authorized share capital of the Company was US$50,000 divided into 50,000 ordinary shares with a par value of US$1.00 per share, comprised of (i) 40,000 Class A Ordinary Shares and (ii) 10,000 Class B Ordinary Shares, each with a par value of US$1.00 per share.

Upon the effectiveness of the share subdivision, the authorized share capital of the Company became US$50,000, divided into (i) 100,000,000 Class A Ordinary Shares and (ii) 25,000,000 Class B Ordinary Shares. As of the date of this prospectus, 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares were issued and outstanding.

**Organization Chart**

The chart below sets out our corporate structure before and after the Offering (assuming no exercise by the underwriters of their over-allotment option). All percentages reflected the voting ownership interests instead of the equity interests held by each of our shareholders given that each holder of Class A Ordinary Shares is entitled to one (1) vote per Class A Ordinary Share and each holder of Class B Ordinary Shares is entitled to twenty (20) votes per Class B Ordinary Share:

![](formdrs_004.jpg)

Notes:

(1) Represents
 6,000,000 Class B Ordinary Shares and 17,280,000 Class A Ordinary Shares held by Invincible Legend Limited, a BVI company
 wholly-owned by Mr. Wai Lun Lau.

(2) Represents
 an aggregate of 6,720,000 Class A Ordinary Shares held by six Pre-IPO investors, none of whom beneficially owns more than 5% of our
 Class A Ordinary Shares.

The PRC government may, in the future, disallow our corporate structure, which restrictions would likely result in a material change in our operations and/or in the value of our Class A Ordinary Shares. Such restrictions may cause the value of our Class A Ordinary Shares to decline significantly in value or be rendered worthless. See the risk factors entitled "*PRC government may intervene or influence the Hong Kong operations of an offshore holding company, such as ChainOn HK, at any time, which could result in a material change in ChainOn HK's operations and/or the value of our Ordinary Shares. 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*" on page 22 and "*The Chinese regulatory authorities could disallow our organizational structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless*" on page 23 for more discussion.

**INDUSTRY OVERVIEW**

*The information contained in this section and elsewhere in the prospectus has been derived from various official government and other publications generally believed to be reliable and the market research report prepared by Frost & Sullivan Limited ("Frost & Sullivan") on Hong Kong Integrated Technology Services Market, 2026 and commissioned by ChainOn Group Limited. All information and data presented in this section is derived from Frost & Sullivan's industry report, unless otherwise noted. The following discussion includes projections for future growth, which may not occur at the rates that are projected or at all.*

**Overview of Hong Kong Macro Economy**

**Nominal GDP**

Attributed to the increase in domestic demand and trade performance featured with the recovery of the economy in Europe and North America, the nominal GDP in Hong Kong has registered steady growth, from USD344.9 billion in 2020 to USD428.2 billion in 2025. Moving forward, according to the International Monetary Fund ("IMF"), Hong Kong's economy is set to regain its momentum along with the recovery of cross-border commercial activities and core business sectors; the nominal GDP of Hong Kong is expected to recover and grow from USD446.7 billion in 2026 to USD537.0 billion in 2030, representing a compound annual growth rate ("CAGR") of approximately 4.6%. As Hong Kong's key industries, particularly in finance, retail, and trade, expand, their increased corporate IT budgets and accelerated digital transformation will propel sustained demand for Integrated Technology Services ("ITS") to upgrade legacy systems and enhance operational efficiency.

![](formdrs_016.jpg)

 

*Source: International Monetary Fund, Frost & Sullivan*

**Number of Registered Local Companies in Hong Kong**

According to the Companies Registry of Hong Kong, the total number of registered companies in Hong Kong increased from 1,387,919 in 2020 to 1,557,103 in 2025, representing a CAGR of approximately 2.3% and reaching a record high. This growth was driven by Hong Kong's robust business environment, deeper integration with the Greater Bay Area\*, and government policies supporting innovation, technology, and the Web3 sector. The sustained increase in corporate entities is expected to expand demands for consulting, system integration, cybersecurity, and compliance technology services, especially from newly established enterprises, particularly technology-focused start-ups and traditional businesses undergoing digital transformation.

 

*Source: Company Registry, Frost & Sullivan*

 

*\*Note: The Greater Bay Area represents a national development initiative encompassing Hong Kong, Macao, and nine cities in Guangdong province in the PRC aimed at creating an integrated economic and innovation hub.*

**Overview of Integrated Technology Services Market in Hong Kong**

**Definition and Classification**

"ITS" refers to end-to-end, one-stop technology solutions provided to enterprise clients, encompassing everything from initial consultation, solution design, and system development to ongoing operation and maintenance and hardware support. The market can be divided into two core categories below:

(i) Project
 Development Services refer to the provision of customized software development and technical
 architecture solutions tailored to the specific business needs of clients. Such services
 are typically delivered on a project basis, encompassing full lifecycle management, from
 requirement analysis to deployment. Key technology domains include:

● Customized Software Development: including customized enterprise-level applications and internal management systems (such as enterprise resource planning and customer relationship management) tailored to optimize business workflows.

● Web3-based Technology Solutions: Leveraging decentralized technologies to provide Web3 underlying architecture design and development for clients in industries such as finance and retail. Core project types encompass decentralized finance ("DeFi") platforms, decentralized wallets, decentralized storage systems, and so on.

● Cloud Infrastructure Solutions: Providing cloud migration, hybrid/multi-cloud architecture design, cloud-native application development, and cloud data center deployment services to enhance the agility and cost-efficiency of clients' IT architectures.

(ii) Advisory
 and Support Services refer to ongoing strategic consulting, system maintenance, and technical
 support services provided on a monthly or annual retainer/subscription basis, aiming to ensure
 the long-term security and stability of clients' IT environments.

**Industrial Value Chain Analysis**

The value chain of the ITS market in Hong Kong comprises three key segments: upstream suppliers, midstream service providers, and downstream end-users.

***Upstream Segment***

The upstream segment consists of (i) hardware equipment manufacturers, such as servers and networking devices; (ii) major cloud infrastructure providers, such as AWS and Azure; and (iii) software tool vendors. They supply the foundational technological resources and raw computing power, ranging from physical infrastructure and scalable cloud environments to fundamental software frameworks, that empower midstream service providers to design, integrate, and deploy customized IT solutions.

***Midstream Segment***

 ****

While the midstream segment consists of service providers, including our Operating Subsidiary, who aggregate upstream resources and leverage specialized IT talent to deliver end-to-end solutions. Value is generated by translating complex technologies, such as advanced decentralized technologies, into practical, compliant business applications through Project Development Services—thereby empowering downstream clients to optimize operational efficiency and accelerate digital transformation—and is further reinforced by ongoing Advisory and Support Services to ensure long-term system resilience and regulatory adherence.

***Downstream Segment***

The downstream segment encompasses enterprise clients across the finance, retail, and manufacturing sectors. By partnering with service providers, these end-users achieve digital transformation, enhance operational agility, and significantly reduce cost without the need to maintain specialized in-house IT teams.

 

*Source: Frost & Sullivan*

**Market Size of the Integrated Technology Services Market in Hong Kong**

The ITS market size in Hong Kong grew from USD 227.5 million in 2020 to USD 457.9 million in 2025, at a CAGR of 10.5%. The rapid growth is due to accelerated digital transformation across enterprises amid the pandemic, increased government initiatives promoting smart city and fintech development, rising adoption of cloud computing, big data, and cybersecurity solutions, as well as early-stage exploration of Web3 and blockchain technologies by forward-looking organizations.

The market is projected to experience continued expansion, reaching USD 587.2 million in 2030. This persistent growth is fueled by ongoing technological advancements in AI, IoT, and 5G, deeper integration with the Greater Bay Area economy, growing demand for ESG(Environmental, Social and Governance)-focused digital solutions, sustained public sector digitalization, and the gradual mainstreaming of Web3 applications requiring specialized consulting and implementation services.

 

*Source: Frost & Sullivan*

**Market Size of the Web3-based Technology Solutions Services Market in Hong Kong**

In terms of the Web3-based technology solutions services sector, the market size in Hong Kong surged from USD 5.5 million in 2020 to USD 27.5 million in 2025, at a CAGR of 37.7%, mainly driven by (i) a clear regulatory roadmap introduced by the Hong Kong government starting in late 2020; (ii) growing institutional interest in virtual assets following global crypto market cycles; (iii) increasing demand from financial institutions for compliant custody and tokenization solutions; and (iv) early enterprise adoption of blockchain for supply chain, identity, and data integrity use cases.

The market is projected to experience sustained expansion, reaching USD 79.3 million by 2030, fueled by maturing Web3 infrastructure, deeper integration of digital assets into mainstream finance through licensed platforms and ETF products, rising demand for real-world asset tokenization services from traditional sectors including real estate and private equity, continued government support for Web3 innovation hubs and talent development, and the gradual standardization of compliance and auditing requirements that drive professional services spending.

*Source: Frost & Sullivan*

**Market Size of Customized Software Development Service in Hong Kong**

The customized software development sector in Hong Kong grew from USD 124.9 million in 2020 to USD 180.9 million in 2025 at a CAGR of 7.7%, driven by sustained enterprise demand for core business system customization. The market is projected to reach USD 214.3 million by 2030 at a CAGR of 3.2% from 2026 to 2030, supported by ongoing legacy system modernization, industry-specific applications, and integration with artificial intelligence, while the continued shift toward cloud and SaaS-based solutions is expected to moderate the growth trajectory of traditional customized software development.

*Source: Frost & Sullivan*

**Market Size of Cloud Infrastructure Solution Service in Hong Kong**

The cloud infrastructure solution service sector in Hong Kong grew from USD 147.1 million in 2020 to USD 249.6 million in 2025, at a CAGR of 11.2%. This robust expansion was fueled by accelerated enterprise cloud migration amid pandemic-driven remote work, widespread adoption of hybrid/multi-cloud architectures, and government digital transformation initiatives prioritizing scalable, resilient cloud infrastructure. Looking forward, the market is projected to continue growing, reaching USD 293.6 million by 2030, underpinned by ongoing demand for cloud-native design, edge computing, and cloud security solutions, alongside deeper cross-border integration with the Greater Bay Area.

![](formdrs_022.jpg)

*Source: Frost & Sullivan*

 

**Market Drivers**

**(1)** **Surging demand for digitalization transformation:** The foundational demand for integrated IT services
 is steadily expanding, underpinned by the continuous growth of Hong Kong's corporate
 landscape. The total number of local and re-domiciled companies in Hong Kong increased from
 approximately 1.4 million in 2020 to 1.6 million in 2025, representing a CAGR of 2.3%. To
 enhance operational agility and cost-efficiency in a highly competitive business environment,
 this growing base of enterprises is rapidly accelerating its digital transformation. This
 transition is heavily catalyzed by government funding schemes, notably the Digital Transformation
 Support Pilot Programme, which provides matching funding of up to HKD 50,000 per enterprise
 to help SMEs in retail, catering, tourism, and personal services adopt off-the-shelf digital
 solutions, which has benefited over 8,700 local SMEs by 2025. Complementing this, the Technology
 Voucher Programme provided cumulative funding of up to HKD 600,000 per eligible non-listed
 enterprise to adopt technology services and solutions and supported over 35,800 enterprises
 by the end of 2024. Additional schemes, such as the BUD Fund, have further supported enterprises
 in upgrading operations and expanding into overseas markets, with approximately 12,800 approved
 applications representing around HKD 7.9 billion in funding by 2025. Collectively, these
 government initiatives have significantly lowered the barriers for local businesses, especially
 SMEs, to adopt digital technologies, driving sustained demand for ITS, including customized
 software development, cloud infrastructure solutions, and seamless cloud migration. As businesses
 increasingly move away from rigid off-the-shelf software toward bespoke, client-centric end-to-end
 project development services, the ITS market in Hong Kong continues to experience substantial
 growth.

**(2)** **Escalating IT architecture complexity:** As corporate IT environments become increasingly sophisticated,
 often blending legacy on-premise hardware, modern cloud infrastructure, and emerging Web3
 applications, the complexity of system integration and maintenance has escalated exponentially.
 Compounded by a structural shortage of specialized in-house IT talent in Hong Kong and the
 rising frequency of sophisticated cyber threats, enterprises are shifting towards outsourcing
 their entire IT operations. This trend acts as a primary catalyst for the Advisory and Support
 Services segment. Companies are increasingly subscribing to project and hardware monthly
 maintenance services on a retainer basis to ensure seamless hardware-software synergy, continuous
 system monitoring, vulnerability patching, and guaranteed emergency response times. This
 reliance on end-to-end service models ensures operational continuity and allows enterprises
 to focus on their core business competencies while generating stable, recurring revenue for
 service providers.

**(3)** **Accelerated Web3 integration driven by favorable policy environment:** The Hong Kong ITS market is
 experiencing robust growth underpinned by the government's strategic commitment to
 establishing the city as a leading global hub for Web3 and digital assets. This development
 has been shaped by a progressive regulatory framework, with each key milestone generating
 clear demand for integrated technology solutions. Initial market activity was catalyzed by
 the proposal of a licensing regime for virtual asset service providers in late 2020, which
 introduced formal anti-money laundering and customer due diligence obligations for digital
 asset exchanges and custodians. In response, demand emerged for compliant digital asset management
 solutions, particularly decentralized social wallets incorporating identity verification
 and transaction monitoring capabilities. Market momentum accelerated following the Policy
 Statement on Virtual Asset Development in October 2022, which provided official top-level
 endorsement for distributed ledger technology and the Web3 ecosystem. With the formal implementation
 of the licensing regime in June 2023, alongside initiatives including the e-HKD pilot and
 green bond tokenization, the market shifted from exploration to commercialization. These
 developments have prompted businesses to adopt decentralized technologies across multiple
 fronts, such as financial institutions having turned to decentralized finance platforms for
 multi-chain staking and automated reward distribution, while enterprises deploying production-grade
 Web3 applications have increasingly adopted decentralized storage solutions to ensure data
 integrity and long-term availability. In 2025, the release of the Policy Statement on Virtual
 Asset Development 2.0 further reinforced this trajectory; it introduced a unified licensing
 regime to streamline legal oversight, expanded the suite of tokenized products to enhance
 market transparency, advanced cross-sectoral applications and public-private collaboration,
 and strengthened talent development alongside international cooperation. Collectively, these
 measures signal a maturing regulatory environment, deeper industry collaboration, and more
 comprehensive infrastructure support. Furthermore, the rigorous cybersecurity, data privacy,
 and compliance standards embedded within Hong Kong's regulatory framework have generated
 sustained demand for ongoing advisory services, routine security audits, and long-term compliance
 support.

**Market Trends and Opportunities**

**(1)** **Shift towards seamless technology integration and enhanced user experience**: The ITS market
 in Hong Kong is witnessing a shift in enterprise demand from standalone system deployment
 to the seamless integration of emerging technologies into existing customer-facing platforms.
 Businesses across retail, entertainment, and consumer sectors are increasingly seeking to
 adopt Web3 capabilities without introducing technical complexity that may disrupt user experience.
 This trend is evidenced by growing enterprise adoption of wallet-as-a-service and account
 abstraction solutions. Rather than requiring end-users to manage private keys or seed phrases,
 technology service providers are now engaged to embed decentralized wallet functionalities
 into traditional mobile applications and customer relationship management systems. This approach
 enables clients to implement blockchain-based loyalty programs, digital collectibles, and
 digital asset transactions while maintaining the familiar user onboarding experience of conventional
 applications.

**(2)** **Upgrade of financial IT infrastructure to support programmable applications**: Traditional financial
 institutions, asset managers, and family offices in Hong Kong are increasingly seeking greater
 capital efficiency, transparency, and automated settlement capabilities. This has driven
 demand for upgrading legacy IT infrastructures to support smart-contract-enabled ecosystems,
 marking a transition from static financial software to dynamic, programmable financial networks.
 A notable development in this area is the emerging demand for institutional-grade, permissioned
 decentralized finance architectures. Technology service providers are increasingly commissioned
 to develop customized decentralized trading platforms, automated market makers, and lending
 protocols tailored for institutional clients. These engagements typically require the integration
 of compliance mechanisms, including Know Your Customer and Anti-Money Laundering controls,
 directly into the smart contract layer, combining the efficiency of DeFi with the regulatory
 rigor expected by traditional financial institutions.

**(3)** **Growing demand for resilient data architectures and data sovereignty**: As enterprises generate
 and manage increasing volumes of sensitive data, concerns over the vulnerabilities associated
 with centralized cloud infrastructure have gained prominence. This has contributed to growing
 interest in data governance architectures that offer enhanced resilience, immutability, and
 auditability. In response, the ITS market has seen increased enterprise adoption of decentralized
 storage protocols, which requires help from technology service providers who are playing
 a key role in bridging legacy enterprise databases with decentralized storage networks, ensuring
 that critical corporate data, such as decentralized application frontends and off-chain metadata
 for tokenized real-world assets, remains cryptographically secure, permanently available,
 and resistant to single-point-of-failure risks associated with conventional server infrastructure.

**(4)** **Global Expansion:** As global demand for specialized Web3 and digital asset infrastructure accelerates,
 a widening gap has emerged between market needs and experienced implementation partners capable
 of delivering compliant, enterprise-grade solutions. Hong Kong has strategically positioned
 itself to address this gap through robust overseas expansion support initiatives launched
 by the Hong Kong authorities, such as "The Cradle" Global Expansion Service Centre
 and the Hong Kong Professional Services GoGlobal Platform, which provide end-to-end assistance
 in international technical standards alignment, regulatory compliance, product localization,
 intellectual property management, and cross-border market entry. Furthermore, Hong Kong's
 ever-evolving Web3 ecosystem, built upon one of the world's most comprehensive virtual
 asset regulatory frameworks, has cultivated a pool of service providers with institutional-grade
 capabilities in areas such as compliant custody, decentralized finance, and Web3 integration.
 This unique combination of strong government-backed support and deep local expertise positions
 Hong Kong-based ITS players as trusted partners for cross-border deployments in serving global
 clients.

**Market Challenges**

**(1)** **Intense Talent Competition and Escalating Operational Costs:** The rapid expansion of technology
 consulting and implementation services in Hong Kong has intensified competition for specialized
 talent, particularly in emerging fields such as Web3, artificial intelligence, and cybersecurity.
 This competition for talent, combined with Hong Kong's high operational costs, including
 office rents and compliance overheads, places significant margin pressure on service providers.
 Many firms struggle to balance competitive pricing with the investment required to maintain
 skilled teams and deliver high-quality solutions. SMEs face challenges in scaling their workforce
 to meet diverse client demands while retaining profitability in a cost-sensitive market.

**(2)** **Evolving Regulatory Complexity and Compliance Burdens:** Hong Kong's unique position as an
 international financial hub with growing integration into the Greater Bay Area exposes technology
 service providers to a dual regulatory environment. Navigating the interplay between local
 data privacy laws, cross-border data transfer restrictions, and sector-specific requirements
 in finance and healthcare creates substantial compliance complexity. Frequent updates to
 cybersecurity standards and emerging regulations around virtual assets and AI governance
 require continuous adaptation, increasing operational overhead and project delivery timelines.
 Providers must invest heavily in compliance expertise and adaptive frameworks to mitigate
 legal risks and maintain client confidence amid regulatory fluidity.

**Cost Analysis**

**Average Monthly Salary of Employees**

In the ITS market, the cost of human resources has been increasing in the past five years, with the index growing from 100.0 in 2020 to 108.6 in 2024, representing a CAGR of approximately 2.1%. As the Hong Kong economy continues to grow and expand demand for technology services, it is anticipated that labor wages in the ITS industry are likely to rise in the next five years.

![](formdrs_023.jpg)

*Source: HKSAR Census and Statistics Department, Frost & Sullivan*

**Competitive Landscape of Integrated Technology Services Market in Hong Kong**

**Competition Overview**

The Hong Kong ITS market is characterized by a highly fragmented competitive landscape with over 12,000 market participants in 2025, and has not yet formed a market structure dominated by a few major players.

By scale, market participants can be categorized into three main segments. (i) Multinational consulting and technology companies, such as Accenture, IBM, Deloitte, HCL Technologies. By leveraging their global resource integration capabilities, established methodologies and brand reputation, these service providers occupy a leading position in digital transformation projects for large enterprises, multinational corporations and government departments in Hong Kong. They demonstrate particular advantages in core system reconfiguration and cross-regional project delivery, though their project costs tend to be relatively high and decision-making processes comparatively lengthy. (ii) Local and regional service providers, primarily comprising Hong Kong-based system integrators and specialized IT consulting firms such as Comax and PTS Consulting. These enterprises have established a solid business foundation in the SME market, ongoing maintenance services and customized development through their deep local market knowledge, long-standing client relationships and flexible delivery capabilities. (iii) Emerging Web3 and financial technology specialist firms, including the Operating Subsidiary, focusing on specific and well-defined niches such as blockchain architecture, digital asset compliance, smart contract auditing and regulatory technology. These players are able to rapidly capture emerging market demand by establishing differentiated barriers to expertise.

In 2025, the Operating Subsidiary accounted for approximately 0.5% of the overall ITS market in Hong Kong. It is important to note that the broader Hong Kong ITS market is highly fragmented, as the provision of underlying IT services is not a licensed activity, and the sector is populated by a multitude of small players, resulting in relatively low overall market visibility with a relatively low market share for the majority of players that may not reflect the true significance and strategic market position of market participants. While the broader market remains dominated by traditional IT service providers, the Operating Subsidiary focuses exclusively on the emerging Web3 and financial technology specialist segment, a sector with high barriers to entry due to regulatory complexity and specialized expertise requirements. This focus has enabled the Operating Subsidiary to establish a distinct competitive position, with significant headroom for growth as the Web3 ecosystem in Hong Kong continues to expand.

**Key Success Factors**

**Expertise and Proven Track Record:** In the rapidly evolving IT landscape, a critical success factor is the ability to seamlessly integrate cutting-edge technologies into practical business solutions. Service providers must possess deep, proven expertise in Web3 architectures, smart contract deployment, and complex cloud infrastructure (including multi-cloud and hybrid environments). A robust portfolio of successful, high-profile project deliveries not only validates the provider's technical prowess but also instills confidence in prospective clients seeking digital transformation, enabling the provider to command premium pricing and secure high-value customized software development contracts.

**Robust End-to-End Service Capabilities:** The ability to offer a comprehensive, end-to-end service model is paramount. Successful market players seamlessly transition clients from the initial project development phase, including consulting, design, and coding, to the ongoing advisory and support phase. By providing integrated project and hardware monthly maintenance services, providers ensure that custom-built software and underlying cloud/hardware infrastructures operate in perfect synergy. This holistic approach not only maximizes client satisfaction by eliminating vendor fragmentation but also establishes stable, recurring revenue streams, such as retainer contracts, that enhance the financial resilience of the service provider.

**Client-Centric Project Management and Retention of Talent:** Delivering customized software and complex IT solutions requires a profound understanding of the client's specific industry workflows. A highly client-centric project management approach, ensuring agile delivery, transparent communication, and strict adherence to timelines, which is essential for client retention. Furthermore, the backbone of this capability is the provider's ability to attract, train, and retain a pool of highly specialized IT professionals, including Web3 developers, cloud architects, and cybersecurity experts, whose specialized skills are critical to maintaining service excellence and operational efficiency.

**Entry Barriers**

**Scarcity of Specialized IT Talent:** The ITS market, particularly segments involving Web3 applications, advanced cloud architecture, and customized enterprise software, requires a highly skilled, certified, and multidisciplinary workforce. Hong Kong is currently navigating a structural shortage of such specialized IT professionals. New entrants face formidable challenges and prohibitively high operational costs in recruiting, training, and retaining the top-tier talent necessary to execute complex Project Development Services and provide round-the-clock technical support, thereby creating a significant barrier to entry.

**Client Acquisition and Industry Reputation:** Enterprise clients, especially within heavily regulated industries such as finance, retail, and public sectors, are highly risk-averse when selecting technology partners. They mandate extensive portfolios of successful, large-scale implementations and verifiable industry credentials before awarding contracts. Established players with a demonstrable history of delivering reliable cloud infrastructure and bespoke software possess a formidable competitive moat. It is exceedingly challenging for newly established firms without a proven, localized track record to build sufficient trust to win significant project tenders or advisory mandates.

**High Client Switching Costs and Deep Operational Integration:** The provision of ongoing Advisory and Support Services, specifically project and hardware monthly maintenance, results in the service provider becoming deeply embedded within the client's daily operations and core IT infrastructure. Transitioning to a new technology vendor entails substantial risks of operational disruption, complex data migration challenges, and steep learning curves for the new provider to understand bespoke legacy systems. This customer loyalty creates exceptionally high switching costs, effectively locking in existing clients and posing a massive barrier for new competitors attempting to disrupt established vendor-client relationships.

**BUSINESS**

**OVERVIEW**

We are a Cayman Islands exempted company with limited liability with a principal place of business in Hong Kong through our wholly-owned subsidiary, ChainOn Technology (HK) Limited (formerly known as Success Illusion Limited).

***Business History***

 ****

Our Operating Subsidiary was incorporated in Hong Kong on December 29, 2017 under the name Success Illusion Limited. In our early stage of operations, the Operating Subsidiary focused on the development, sales, and maintenance of enterprise-grade servers and related hardware. On July 19, 2019, our Operating Subsidiary formally changed its name to ChainOn Technology (HK) Limited to reflect our ambition to expand beyond hardware into integrated technology services.

From 2019 to 2022, our Operating Subsidiary primarily focused on hardware server development, hardware sales, and related monthly maintenance services, which together represented our principal revenue streams during that period. Beginning in 2023, our Operating Subsidiary undertook a strategic transition to diversify its business model. Recognizing the growing adoption of Web3 technologies across industries, our Operating Subsidiary expanded our focus into custom Web3 technologies applications, smart contracts, and decentralized systems. At the same time, our Operating Subsidiary introduced technical consultation services and launched training course under the "IMETA" brand to support client education and the adoption of Web3 technologies solutions. These initiatives marked the beginning of our evolution from a hardware-focused enterprise into a provider of integrated technology services. In 2024, our Operating Subsidiary further strengthened its service portfolio by introducing project monthly maintenance services, providing clients with recurring support, monitoring, and system updates for Web3 technologies and software projects completed by us. The project monthly maintenance services offering has since become a key component of its recurring revenue model.

***Our U.S. Expansion***

To enhance our international presence and expand our global market reach, we established our U.S. subsidiary, ChainOn US Inc., on April 27, 2026. ChainOn US Inc. was established to serve as a technology service provider delivering one-stop, integrated software development solutions across the United States, with a focus on custom Web3 applications, smart contract development, and secure enterprise software architecture solutions.

Leveraging the proven operational experience and established track record of our broader corporate group in Asia in enterprise digital transformation and software development services, we intend to capitalize on our group-wide expertise in decentralized technologies, cloud infrastructure, and end-to-end software solutions delivered through a client-centric service model.

As part of our U.S. expansion strategy, we plan to establish a strong local client base by leveraging our global technical capabilities, introduce customized blockchain solutions tailored for e-commerce, IoT, and CRM applications, and develop market-specific proprietary software solutions, including ERP systems with advanced automation functionalities.

As of the date of this prospectus, ChainOn US Inc. has established relationships with 2 clients in the United States and continues to execute its U.S. expansion strategy through business development initiatives and localized market outreach.

***Current Business Lines***

 ****

Currently, our Operating Subsidiary provides comprehensive technology services, leveraging our expertise in Web3 technologies, cloud infrastructure, and our end-to-end service model with a client-centric project management approach to deliver customized software development and technology solutions. We primarily operate through two service lines through our Operating Entity:

(1)  ***Project Development Services.*** 

(2)  ***Advisory and Support Services:*** (i) project monthly maintenance services; and (ii) hardware monthly maintenance services.

***Our Vision***

Our goal is to be a provider of Web3 technologies and enterprise technology solutions under the "ChainOn" brand, serving clients across Hong Kong and the Asia-Pacific region.

***Our Mission***

Our mission is to deliver secure, scalable technology services and software products that drive operational efficiency and support clients' evolving business needs.

**OUR GROWTH STRATEGIES**

We and our Operating Subsidiary have developed and plan to implement the following strategies to drive the expansion and growth of our business:

● *Expand Blockchain Solutions Offerings.* We plan to continue developing and enhancing blockchain applications for e-commerce, IoT, and CRM systems to address evolving client needs and broaden our service scope.

● *Develop Proprietary Software Products.* We intend to design and explore proprietary software solutions, including ERP systems with potential advanced automation features, to diversify our revenue streams and capture emerging market
 opportunities.

● *Strengthen Client Engagement.* We seek to deepen relationships with existing clients by providing ongoing project support, maintenance services, and technical consultation,
 which we believe may foster client loyalty and generate recurring business.

● *Explore Strategic Partnerships.* We aim to identify and establish collaborations with technology vendors, including those in Southeast Asia, to enhance our ability
 to fulfill client requirements, support proprietary product development, reduce operational costs, and improve profit margins.

● *Geographic Market Expansion.* We plan to expand our service delivery beyond Hong Kong into adjacent Asia-Pacific markets through remote engagement, virtual
 collaboration, and targeted business development initiatives.

● *Enhance Technical Capabilities.* We intend to continue strengthening our in-house expertise in blockchain, software development, and cloud infrastructure to sustain
 our competitive advantage and better serve client needs.

**OUR COMPETITIVE STRENGTHS**

The market for integrated technology-services is highly competitive, and we anticipate this competition will intensify. However, we believe the following key strengths set us apart from our competitors and will continue to drive our growth and success:

---

| | |
|:---|:---|
| ● | *Blockchain Expertise.* Our Operating Subsidiary has established capabilities in developing secure, decentralized, and adaptable blockchain applications and smart contracts across multiple industries. |
|  | |
| ● | *Comprehensive Technology Services.* Our Operating Subsidiary provides end-to-end solutions spanning blockchain applications, cloud hosting technology, hardware maintenance, and project maintenance, enabling us to deliver integrated technology services. |
|  | |
| ● | *Client-Centric Operations.* Our Operating Subsidiary maintains direct engagement with clients throughout the project lifecycle. By combining agile development methodologies with ongoing maintenance and support, we aim to promote operational continuity and long-term client relationships. |
|  | |
| ● | *Technical Expertise.* Our Operating Subsidiary's team includes both in-house professionals and outsourced specialists with skills in blockchain, software development, and cloud infrastructure, as well as experience in the ongoing maintenance of deployed systems. |
| ● | *Regional Presence with Growth Potential.* Our Operating Subsidiary has developed a strong knowledge base and client network in the Hong Kong market, while maintaining the infrastructure and capacity to expand our services to other Asia-Pacific markets as opportunities arise. |

---

**OUR SERVICES**

**(1) Project Development Services**

Our Operating Subsidiary provide end-to-end custom software development services, including Web3 technologies application development, for enterprises, SMEs, and blockchain-related projects. Our in-house expert team plays a pivotal role in the delivery of our software solutions. Our in-house experts are responsible for gathering client requirements and conducting technical feasibility analyses to align project objectives with business needs. They also design the product framework, define key features, and establish detailed development pipelines to guide the programming and implementation of the software solutions.

Once the project implementation plans are finalized by our in-house expert team, our Operating Subsidiary coordinate with external development vendors to confirm the project scope, technical specifications, and deliverables. Once aligned, the vendors carry out coding and implementation, while our Operating Subsidiary oversee iterative development cycles, conduct milestone reviews, and perform quality assurance checks to ensure the solutions meet agreed standards. Upon completion of a project, these customers may convert to our advisory and support services on a recurring basis.

***Third-Party Vendor Management***

 ****

Our Operating Entity maintain strict policies for selecting and managing third-party development vendors, including:

&nbsp;&nbsp;&nbsp;&nbsp;1. Qualification
 Reviews: Assess vendor technical expertise, experience, certifications, and track record before engagement.

2. Performance Monitoring:
 Conduct milestone reviews, progress reporting, and quality audits throughout the project lifecycle.

3. Compliance Requirements:
 Ensure adherence to data privacy, cybersecurity, and relevant regulatory obligations.

4. Timeline Requirements:
 Define clear project timelines and delivery milestones, with escalation procedures for delays or issues.

5. Contractual & Qualification
 Requirements: Vendors must comply with confidentiality agreements, intellectual property clauses, service-level expectations, and
 maintain necessary professional certifications.

Through this service model, our Operating Entity is able to focus our internal resources on project design and client engagement, while leveraging external vendors to reduce costs and ease the burden of managing a large in-house development staff. This approach allows us to maintain a lean but highly skilled core team, while supporting efficient product delivery and promoting quality standards.

***Competitive Advantages***

 ****

● Strong in-house project management and client engagement, supporting timely delivery and alignment with business objectives.

● Experienced oversight integrating multiple technologies, including blockchain, enabling secure, adaptable, and efficient solutions.

● Flexible service offerings, allowing customization to meet the specific requirements of different clients and industries.

● Collaboration with trusted development vendors, providing specialized expertise while promoting project quality and cost efficiency.

 ****

 **

***Operational Metrics***

 **

As of the date of this prospectus, our Operating Entity has delivered products and solutions spanning a range of functionalities, including Web3 technologies-based applications, enterprise management tools, and data integration platforms, with applications across industries such as e-commerce, finance, and enterprise IT systems.

● For the year ended April 30, 2024, our project capacity was driven more by vendor bandwidth than by internal staffing. In our operations, our Operating Entity completed 11 projects while some projects required coordination among multiple vendors.

● For the year ended April 30, 2025, our Operating Entity completed 13 projects, reflecting both our ongoing operational efforts and the expanded scope of services to include additional blockchain-related offerings. The increase in blockchain service demand allowed us to diversify our project portfolio and deliver more comprehensive solutions across decentralized technologies. Looking ahead, future scalability remains achievable by onboarding additional qualified vendors as demand grows, enabling us to continue supporting a broader range of enterprise initiatives and emerging technology deployments.

● For the six months ended October 31, 2024, our Operating Entity completed five projects for project development services.

● For the six months ended October 31, 2025, our Operating Entity completed 17 projects for project development services.

All software solutions developed under this service are owned by our clients, and we or our Operating Entity do not retain intellectual property rights to the delivered products.

 ****

***Representative Solutions Delivered***

The representative projects described below illustrate software solutions designed and developed for third-party clients pursuant to our Project Development Services. The Company does not own or operate these platforms for its own account, nor does it retain any intellectual property rights, maintain custody of user assets, or exercise control over daily operations. Upon delivery and acceptance, full operational control and ownership were transferred to the respective clients, and the Company has no ongoing discretionary authority over the platforms' governance or underlying protocols.

(A) Decentralized Social Wallet

According to client demands and technical specifications, we developed a decentralized social wallet that combines secure digital asset management with social networking functionalities. Key features include a multi-asset wallet, Web3 identity integration, peer-to-peer transfers, content sharing, and smart contract automation. The wallet is accessible across iOS, Android, and web platforms, providing users with analytics and portfolio tracking.

The decentralized social wallet has enabled users to seamlessly manage digital assets while engaging in social interactions, creating a new paradigm for community-driven finance. Early adopters have reported higher engagement and retention rates due to integrated social and financial features. Clients benefit from increased user acquisition, reduced reliance on centralized intermediaries, and enhanced security for their users' digital assets. The platform also serves as a foundation for future Web3 integrations and monetization opportunities.

The architectural diagram illustrates a multi-layered decentralized network topology that bifurcates social connectivity from financial finality to optimize for both performance and security. The primary interaction layer is established as a Peer-to-Peer (P2P) mesh network, where individual wallet instances function as distributed nodes that facilitate direct, end-to-end encrypted communication and content propagation without a centralized administrative server. To secure these interactions, each wallet utilizes asymmetric cryptography to derive unique, sovereign identities, ensuring that all peer-to-peer data remains private and user-controlled. While social data is distributed across this mesh, financial transactions and critical state changes are broadcast to a unified decentralized consensus layer. This blockchain-based ledger acts as the network's immutable source of truth, utilizing a distributed set of validators to ensure transaction integrity and prevent double-spending. By integrating this dual-layer approach, the software achieves the low-latency benefits of a mesh network while maintaining the high-assurance security of a decentralized ledger, effectively eliminating single points of failure and custodial risks.

![](formdrs_013.jpg)

(B) Decentralized Storage Project

We delivered a decentralized storage platform designed for enterprises and blockchain projects requiring secure and scalable data management. The solution features distributed storage architecture, end-to-end encryption, cross-chain interoperability, automated replication, and compliance-ready design, ensuring high performance alignment.

By leveraging decentralized infrastructure, clients achieve enhanced data security, reduced dependence on centralized cloud providers, and cost-effective scalability. Adoption of the platform has improved operational efficiency for enterprise clients, providing auditability, data immutability, and flexible storage management. The solution supports long-term digital transformation strategies and positions clients to integrate decentralized storage as part of broader blockchain-based workflows.

The architectural diagram delineates a four-stage distributed data lifecycle protocol designed to transition enterprise information into a secure, decentralized environment while ensuring data sovereignty and high availability. The process initiates with the ingestion of enterprise files, which are immediately subjected to encryption to ensure that data remains obscured before any network propagation occurs. Following encryption, the system executes a sharding and shredding mechanism, wherein the data is partitioned into discrete, uniform fragments. This fragmentation serves as a foundational security layer; because no individual node in the storage network possesses a complete or intelligible dataset, the risk of unauthorized reconstruction or bulk data exfiltration from a single point of failure is effectively neutralized.

The encrypted shards are stored across the P2P network, while cryptographic hashes of each shard are recorded on the blockchain to serve as a verifiable reference for integrity checks. This separation of storage and validation layers aims to support redundancy and data persistence.

Central to this infrastructure is the automation provided by decentralized protocols that govern the storage and retrieval cycles. When a retrieval request is initiated, the blockchain consensus layer verifies the integrity of the request against the anchored hashes, allowing the system to reconstruct the original file from the distributed shards across the P2P network. This process ensures that enterprise data remains persistent and retrievable via verified cryptographic proofs, aligning with the rigorous data integrity standards required for the transparent operations of a listed entity.

![](formdrs_014.jpg)

(C) Decentralized Finance Platform

We developed a DeFi platform initially focused on virtual asset staking, with features such as multi-chain staking support, smart contract security, risk analytics, flexible staking options modules. The platform allows users to earn rewards securely while maintaining transparency and control over their assets.

The DeFi platform has allowed clients to enter the growing staking market efficiently while mitigating operational and security risks. Early users have reported competitive staking yields and improved asset management transparency. Clients benefit from increased engagement with token holders, expanded DeFi service offerings, and a scalable architecture that can support future modules such as lending, liquidity provision, and governance. The platform positions clients at the forefront of emerging decentralized financial services.

The architectural diagram illustrates a decentralized staking ecosystem that integrates infrastructure maintenance to optimize for both capital efficiency and network security. The primary interaction layer is established through a decentralized finance platform, where users engage in staking and unstaking activities facilitated by automated smart contracts without the requirement of a centralized intermediary. To secure these interactions, the system utilizes smart contract logic to automate the distribution of rewards and the management of staked assets (e.g., Token A and Token B).

While user participation is managed via the platform interface, the technical execution of network maintenance is delegated to node operators who manage the validator infrastructure. These operators are responsible for the uptime and operational integrity of the validators, which interface directly with the blockchain. This blockchain-based ledger performs the essential functions of record-keeping, transaction ordering, and state replication through a distributed consensus mechanism. By integrating this tiered approach, the software provides the functional utility of decentralized finance while maintaining a secure unified decentralized consensus layer.

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**(2) Advisory and Support Services**

We also provide advisory and support services designed to assist clients throughout the lifecycle of their technology adoption and implementation. This service line combines (i) project monthly maintenance services; and (ii) hardware maintenance services.

***Project monthly maintenance services***

Recognizing the importance of recurring revenue and long-term client relationships, our Operating Entity introduced project monthly maintenance services in 2024 to provide ongoing support, monitoring, and optimization for software solutions previously developed by the Operating Subsidiary. This service line has expanded rapidly since its introduction and has become a significant component of our recurring business model. Maintenance agreements are typically structured as recurring contracts, providing predictable revenue streams while supporting software performance, security, and stability over time.

Under this service, our Operating Entity provides comprehensive project management, technical maintenance, and support services for deployed software solutions. Each client is assigned a dedicated project manager who serves as the primary point of contact and is responsible for coordinating internal resources, monitoring project progress, and ensuring alignment between the client's business objectives and the technical development roadmap. The project manager also oversees the preparation of monthly reports summarizing completed work, performance metrics, and future plans, as well as the organization of periodic review meetings to discuss project status and upcoming milestones.

In addition to project management, our Operating Entity provides continuous technical maintenance and support performed by its in-house technical staff. These services include system monitoring, bug detection and resolution, performance optimization, and updates to ensure stable operation. Our Operating Entity also provides remote technical support during regular business hours and maintains a 24/7 response mechanism for critical emergency issues. Our maintenance activities further include ensuring software compatibility with major operating system updates, implementing security patches and vulnerability scans, and performing ongoing improvements to the user interface (UI) and user experience (UX) in accordance with project priorities. Through this integrated approach, ChainOn helps clients maintain reliable, secure, and efficient software performance over time while strengthening.

The provision of project monthly maintenance services is relatively staff-intensive, as our in-house project managers were responsible for client communications, ongoing updates, and coordination with external vendors. For the year ended April 30, 2024, our Operating Entity was able to manage two active maintenance contracts concurrently. For the year ended April 30, 2025, our Operating Entity added one technical staff member to assist with routine maintenance tasks, which improved operational efficiency and allowed us to manage four concurrent maintenance contracts without compromising service quality or responsiveness. For the six months ended October 31, 2025, we were able to manage eight active maintenance contracts concurrently. For the six months ended October 31, 2024, we were able to manage three active maintenance contracts concurrently. All intellectual property associated with these projects remains with the respective clients.

***Hardware maintenance services***

Before our strategic transition in 2023 from a hardware-focused enterprise to a provider of integrated technology services, hardware-related services was our core business and formed the foundation of our operations. This service encompassed the sale of enterprise-grade servers, hard disks, and related storage hardware, together with recurring monthly maintenance contracts. These activities provided stability and continuity during our Operating Subsidiary's early years and continue to contribute a smaller but steady portion of overall revenue. Under this service, our Operating Entity provides hardware maintenance services to enterprises, SMEs, and individual clients. Operating Subsidiary primarily resells high-quality storage and computing hardware and coordinates maintenance services delivered by selected third-party vendors. The service workflow includes assessing client requirements, procuring and delivering the appropriate hardware, and coordinating vendor-provided maintenance and troubleshooting while maintaining direct communication with clients to ensure service quality. Capacity under this service is largely vendor-driven, as hosting and hardware upkeep are performed by third-party providers.

For the years ended April 30, 2024 and 2025, our hardware maintenance services line served approximately 35 client accounts in fiscal 2024 and 18 client accounts in fiscal 2025. For the six months ended October 31, 2025, our Operating Entity was able to manage 8 active maintenance contracts concurrently. For the six months ended October 31, 2024, our Operating Entity was able to manage 3 active maintenance contracts concurrently. For the six months ended October 31, 2025, the hardware maintenance service line served only one client account. For the six months ended October 31, 2024, the hardware maintenance service line served 18 client accounts. Capacity under this service is largely vendor-driven, as hosting and hardware upkeep are performed by third-party providers. As vendor scalability improved, our Operating Entity selectively focused on larger and more complex mandates, resulting in a lower number of active accounts in fiscal 2025 while maintaining service quality and revenue contribution.

**CUSTOMERS**

Our clients include both large corporations and SMEs in Hong Kong. Customers were acquired through a combination of direct business development efforts, word-of-mouth referrals, and introductions through industry networks within the Web3 technologies, SME, and technology ecosystems. Our Operating Subsidiary's customer base reflects a balanced mix of Web3 technologies ventures, SMEs, and traditional businesses undergoing digital transformation.

We normally enter into standard project development agreements with our clients, pursuant to which we provide system design, software development, testing, integration and delivery services in accordance with predefined project specifications and milestones. Fees under such agreements are typically fixed, ranging from approximately US$7,700 to US$0.4 million depending on scope and complexity, and are paid according to a milestone-based schedule. Upon the client's full payment of the service fees, ownership of the deliverables is transferred to the client, while our Operating Entity retains ownership of any pre-existing intellectual property incorporated therein. The agreements generally include customary confidentiality obligations, limitations of liability not exceeding the aggregate service fees paid, and mutual termination rights, including termination for convenience upon advance written notice.

For the fiscal year ended April 30, 2024, the company served a total of 42 customers, all based in Hong Kong. Seven customers were in the project development line, contributing around US$0.9 million, or 68.8% of total revenues. Meanwhile, 37 customers were in the advisory and support line, contributing about US$0.4 million, or 31.2% of total revenues. Notably, two customers were involved in both the project development and advisory support lines.

Three customers each accounted for more than 10% of the company's total revenues for the fiscal year ended April 30, 2024 as set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Customer Name** | **Total Revenue (US$)** | **Percentage** | **Business Line** |
| Customer A | 461547 | 35.2% | Project Development, Advisory and Support |
| Customer E | 245095 | 18.7% | Project Development |
| Customer F | 184075 | 14.0% | Project Development |

---

For the fiscal year ended April 30, 2025, the company served a total of 30 customers, all based in Hong Kong. 10 customers were in the project development line, contributing around US$1.6 million, or 73.5% of total revenues. Meanwhile, 22 customers were in the advisory and support line, contributing about US$0.6 million, or 26.5% of total revenues. Notably, two customers were involved in both the project development and advisory support lines.

Four customers each accounted for more than 10% of the company's total revenues for the fiscal year ended April 30, 2025, as set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Customer Name** | **Total Revenue (US$)** | **Percentage** | **Business Line** |
| Customer A | 552043 | 25.0% | Project Development & Advisory and Support |
| Customer B | 462303 | 21.0% | Project Development |
| Customer C | 256835 | 11.6% | Project Development |
| Customer D | 218310 | 10.0% | Advisory and Support |

---

For the six months ended October 31, 2025, the company served a total of 15 customers, all based in Hong Kong. Nine customers were in the project development line, contributing around US$1.9 million, or 72.2% of total revenues. Meanwhile, nine customers were in the advisory and support line, contributing US$0.7 million, or 27.8% of total revenues. Notably, three customers were involved in both the project development and advisory support lines.

Two customers each accounted for more than 10% of the company's total revenues for the six months ended October 31, 2025, as set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Customer Name** | **Total Revenue (US$)** | **Percentage** | **Business Line** |
| Customer A | 929313 | 36% | Project Development & Advisory and Support |
| Customer K | 877538 | 34% | Project Development & Advisory and Support |

---

For the six months ended October 31, 2024 the company served a total of 23 customers, all based in Hong Kong. Three customers were in the project development line, contributing around US$0.5 million, or 61.0% of total revenues. Meanwhile, 21 customers were in the advisory and support line, contributing US$0.3 million, or 39.0% of total revenues. Notably, one customer was involved in both the project development and advisory support lines.

Three customers each accounted for more than 10% of the company's total revenues for the six months ended October 31, 2024, as set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Customer Name** | **Total Revenue (US$)** | **Percentage** | **Business Line** |
| Customer B | 330310 | 42% | Project Development |
| Customer A | 189305 | 24% | Project Development & Advisory and Support |
| Customer D | 155123 | 20% | Advisory and Support |

---

**SUPPLIERS**

Our suppliers refer to vendors that provide outsourced project development services and advisory and support services to our Operating Subsidiary. For the fiscal year ended April 30, 2024, our Operating Subsidiary engaged a total of three suppliers across its main business lines.

Among them, two suppliers each accounted for more than 10% of the Company's total purchases for the fiscal year ended April 30, 2024, as set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Supplier Name** | **Total Purchase (US$)** | **Percentage** | **Business Line** |
| Supplier B | 388971 | 47.7% | Project Development & Advisory and Support |
| Supplier C | 215117 | 26.4% | Project Development |

---

For the fiscal year ended April 30, 2025, our Operating Subsidiary engaged a total of three suppliers across its main business lines.

Among them, three suppliers each accounted for more than 10% of the Company's total purchases for the fiscal year ended April 30, 2025, as set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Supplier Name** | **Total Purchase (US$)** | **Percentage** | **Business Line** |
| Supplier A | 335499 | 33.8% | Project Development & Advisory and Support |
| Supplier B | 288939 | 29.1% | Project Development |
| Supplier C | 231525 | 23.3% | Project Development |

---

For the six months ended October 31, 2025, our Operating Subsidiary engaged a total of four suppliers across its main business lines.

Among them, two suppliers each accounted for more than 10% of the Company's total purchases for the six months ended October 31, 2025, as set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Supplier Name** | **Total Purchase (US$)** | **Percentage** | **Business Line** |
| Supplier C | 722275 | 50% | Project Development |
| Supplier A | 491047 | 34% | Project Development |

---

For the six months ended October 31, 2024 our Operating Subsidiary engaged a total of three suppliers across its main business lines.

Among them, two suppliers each accounted for more than 10% of the Company's total purchases for the six months ended October 31, 2024, as set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
| **Supplier Name** | **Total Purchase (US$)** | **Percentage** | **Business Line** |
| Supplier C | 135019 | 36% | Project Development |
| Supplier A | 153882 | 41% | Project Development & Advisory and Support |

---

**SALES AND MARKETING**

We employ a combination of relationship-driven marketing, event sponsorships, and targeted promotional activities to increase visibility and attract clients. Its marketing approach emphasizes the development of professional relationships, enhancement of brand recognition, and demonstration of our capabilities in technology solutions, project development, and maintenance services.

In May 2024, our Operating Subsidiary engaged EverMind Marketing and Production Limited to provide event-production support for the Hong Kong Cultural Centre Outdoor Plaza Event. The engagement covered stage and marquee installation, lighting and audio setup, and official safety certifications. This initiative strengthened our public presence and demonstrated its commitment to professional event management.

In October 2024, our Operating Subsidiary sponsored the production of the local Hong Kong film (The Rainy Night Butcher). The sponsorship aimed to support local cultural development while associating our brand with a high-profile creative project, thereby further enhancing its market visibility and reputation.

**RESEARCH AND DEVELOPMENT**

R&D is an integral part of our continued growth and is primarily focused on supporting our ongoing projects and client engagements. To better serve our clients' needs, we concentrate on applying and adapting emerging technologies to enhance the performance, functionality, and reliability of the solutions we deliver. The Company's R&D team currently consists of three full-time employees who form the core of our technical operations and are primarily dedicated to the project development and project monthly maintenance service lines. The team plays a critical role in ensuring that our technology solutions remain stable, secure, and scalable, and that project deliverables meet client specifications and quality standards.

At present, our R&D activities are closely integrated with our operational projects. The team focuses on evaluating and implementing new tools and frameworks that can improve development efficiency, optimize system architecture, and support the ongoing enhancement of client solutions.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | |
| **Mr. Lai Him Leung** | **Chief Technology Officer of the ChainOn HK** | Mr. Leung has eight years of experience in technology development and management. He holds a bachelor of science in computer engineering from the City University of Hong Kong and joined ChainOn HK in July 2025. Mr. Leung oversees the Operating Subsidiary's technical strategy, sets R&D priorities, monitors project quality, and ensures that technical standards are consistently met. He also coordinates the R&D team's efforts to align with project objectives and maintains the stability and performance of all technology solutions. |

---

**FACILITIES**

As of the date of this prospectus, our Operating Entity leases one office properties in Hong Kong for our administrative and operational functions. We do not own any real estate assets. The following table sets forth details of our leased properties:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Location** | **Term of lease** | **Usage** | **Size** | **Rent** |
| 21/F, G.D. Real Estate Tower, No. 143 Connaught Road Central, Hong Kong SAR | June 1, 2025 - May 31, 2027 | Office | 3508 sq. ft. | US$9,631 per month |

---

We believe our existing facilities are adequate for our current operations. We will continue to evaluate our space requirements as our business grows and may seek additional space if needed.

**INTELLECTUAL PROPERTY**

***General***

As of the date of this prospectus, ChainOn HK owns four registered trademarks and does not have any other registered intellectual property or pending applications.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Trademark** | **Registration<br> Number** | **Place of<br> Registration** | **Trade Mark Text** | **Class** | **Date of<br> Registration** | **Expiry Date** |
| ![](image_01.jpg) | 305836726 | Hong Kong | iMeta | 42 | December 20, 2021 | December 19, 2031 |
| ![](image_02.jpg) | 305836735 | Hong Kong | C ChainOn<br> Technology (HK)<br> Limited 鏈上雲 | 42 | December 20, 2021 | December 19, 2031 |
| ![](image_03.jpg) | 305841261 | Hong Kong | MetaU | 42 | December 23, 2021 | December 22, 2031 |
| ![](image_04.jpg) | 306052563 | Hong Kong | PETAGON | 9, 42 | September 5, 2022 | September 4, 2032 |

---

***Domain***

Our principal domain name is www.chainontech.com, which we use in connection with our business operations and online presence.

**LEGAL PROCEEDINGS**

We are not currently a party to any litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business, operating results, cash flows or financial condition.

**INSURANCE AND SOCIAL SECURITY MATTERS**

As the sole beneficiary, ChainOn Technology (HK) Limited, is insured by Manulife (International) Limited under a Universal Life Key Person Insurance policy ("Manulife Insurance Policy"), with a one-off premium payment of US$211,337.00 starting from December 28, 2021. The Manulife Insurance Policy is designed to safeguard our Operating Subsidiary against potential financial impacts arising from the loss of a key management member, Mr. Wai Lun Lau. On December 6, 2022, ChainOn HK pledged the Manulife Insurance Policy as collateral for the banking facilities totaling HK$1.2 million (approximately US$154,742) under DBS Bank (Hong Kong) Limited.

For our employees, we participate in the statutory labor insurance scheme in accordance with applicable local laws and regulations. Other than labor insurance, we do not maintain additional employee-related insurance coverage, such as medical, life, accident, or supplemental liability insurance.

As of the date of this prospectus, we believe that our existing insurance coverage is consistent with common practice for similarly situated companies in Hong Kong and is adequate for our current operations. To the best of our knowledge, our insurance arrangements do not violate any mandatory requirements under applicable Hong Kong laws and regulations.

**EMPLOYEES**

We had 8 and 8, 7, 4, and 5 employees as of the date of this prospectus and as of October 31, 2025, April 30, 2025, 2024, and 2023. The following table sets forth a breakdown of our employees by function as of the date of this prospectus:

---

| | |
|:---|:---|
| Management | 3 |
| Business Development and Finance | 3 |
| Technical Operation | 2 |
| **Total** | **8** |

---

We compensate our employees with basic salaries as well as performance-based bonuses. As of the date of this prospectus, none of our employees are represented by any collective bargaining arrangements, and we consider our relations with our employees to be good.

**SEASONALITY**

Seasonality does not materially affect our business or operating results. Historically, we have experienced fluctuations based on trading volume of our key clients. Our revenue also depends substantially on our clients' trading volumes, which are influenced by the general trading activities of the market. See "Risk Factor – Risks Relating to Our Business and Industry – We had customer concentration, with a significant portion of our revenues and accounts receivable attributable to a limited number of major customers."

**REGULATORY ENVIRONMENT AND THE LAWS AND REGULATIONS OF HONG KONG**

**Hong Kong Regulations**

As we conduct business in Hong Kong through our wholly-owned subsidiary ChainOn HK, our business operations are subject to various regulations and rules promulgated by the Hong Kong government. The following is a brief summary of the Hong Kong laws and regulations that currently and materially affect our business. This section does not purport to be a comprehensive summary of all present and proposed regulations and legislation relating to the industries in which we operate.

**Hong Kong Laws and Regulations relating to Protection of Personal Data**

*Personal Data (Privacy) Ordinance* (Chapter 486 of the Laws of Hong Kong) ("PDPO"), which came into full effect in Hong Kong on August 1, 1996, aims to protect the privacy of individuals of their personal data. The PDPO imposes a statutory duty on data users to comply with the requirements of the six data protection principles (the "Data Protection Principles") contained in Schedule 1 to the PDPO. The PDPO provides that a data user shall not do an act, or engage in a practice, that contravenes a Data Protection Principle unless the act or practice, as the case may be, is required or permitted under the PDPO. The six Data Protection Principles are:

● Principle
 1 – purpose and manner of collection of personal data;

● Principle
 2 – accuracy and duration of retention of personal data;

● Principle
 3 – use of personal data;

● Principle
 4 – security of personal data;

● Principle
 5 – information to be generally available; and

● Principle
 6 – access to personal data.

Non-compliance with a Data Protection Principle may lead to a complaint to the Privacy Commissioner for Personal Data (the "Privacy Commissioner"). The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention. A data user who contravenes an enforcement notice commits an offence which may lead to a fine and imprisonment.

The PDPO also gives data subjects certain rights, inter alia:

● the
 right to be informed by a data user whether the data user holds personal data of which the
 individual is the data subject;

● if
 the data user holds such data, to be supplied with a copy of such data; and

● the
 right to request correction of any data they consider to be inaccurate.

The PDPO criminalizes, including but not limited to, the misuse or inappropriate use of personal data in direct marketing activities, non-compliance with a data access request and the unauthorized disclosure of personal data obtained without the relevant data user's consent.

**Hong Kong Laws and Regulations relating to Trade Description**

*Trade Descriptions Ordinance* (Chapter 362 of the Laws of Hong Kong) ("TDO"), which came into full effect in Hong Kong on April 1, 1981, aims to prohibit false or misleading trade description and statements to goods and services provided by traders to the consumers during or after a commercial transaction. Pursuant to the TDO, "trade description" in relation to goods means an indication, direct or indirect, and by whatever means given, of certain matters (including among other things, quantity, method of manufacture, composition, fitness for purpose, availability, compliance with a standard specified or recognized by any person, price, their being of the same kind as goods supplied to a person, price, place or date of manufacture, production, processing or reconditioning, person by whom manufactured, produced, processed or reconditioned etc.), with respect to any goods or parts of the goods; and in relation to services means an indication, direct or indirect, and by whatever means given, of certain matters (including among other things, nature, scope, quantity, fitness for purpose, method and procedures, availability, the person by whom the service is supplied, after-sale service assistance, price etc.). Any person in the course of any trade or business applies a false trade description to any goods and services or supply or offers to supply them commits an offence and a person also commits the same offence if he/she is in possession for sale or for any purpose of trade or manufacture of any goods with a false description. The TDO also provides that traders may commit an offence if they engage in a commercial practice that has a misleading omission of material information of the goods, an aggressive commercial practice, involves bait advertising, bait and switch or wrong acceptance of payment. A trader who fails to comply with the TDO may commit a criminal offence and be liable on conviction to a fine and imprisonment.

**Hong Kong Laws and Regulations relating to Supply of Services**

*Supply of Services (Implied Terms) Ordinance* (Chapter 457 of the Laws of Hong Kong) ("SSITO"), which came into full effect in Hong Kong on October 21, 1994, stipulates that in a contract for the supply of service, 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. The SSITO provides that where, under a contract for the supply of a service by a supplier 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. The SSITO also provides that where, under a contract for the supply of a service, the consideration for the service is not determined by the contract, is not left to be determined 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 party contracting with the supplier will pay a reasonable charge. Where a supplier is dealing with a party to a contract for supply of service who deals as a consumer, the supplier cannot, by reference to any contract term, exclude or restrict any liability of his arising under the contract by virtue of the Supply of Services (Implied Terms) Ordinance. Otherwise, where any 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 negative or varied by express agreement, or by the course of dealing between the parties, or by such usage as binds both parties to the contract.

**Hong Kong Laws and Regulations relating to Exemption Clauses in a Contract**

Control of Exemption Clauses Ordinance (Chapter 71 of the Laws of Hong Kong) ("CECO"), which came into full effect in Hong Kong on December 1, 1990 aims to limit the extent to which civil liability for breach of contract, or for negligence or other breach of duty, can be avoided by means of contract terms. The CECO provides that unless the concerned terms satisfy the test of reasonableness, a person dealing as consumer cannot by reference to any contract term be made to indemnify another person (whether a party to the contract or not) in respect of liability that may be incurred by the other for negligence or breach of contract. The CECO also provides that as between contracting parties where one of them deals as consumer or on the other's written standard terms of business, as against that party, the other cannot by reference to any contract term (i) when himself in breach of contract, exclude or restrict any liability of his in respect of the breach, or (ii) claim to be entitled to render a contractual performance substantially different from that which was reasonably expected of him, or (iii) claim to be entitled in respect of the whole or any part of his contractual obligation, to render no performance at all, except in so far as the contract term satisfies the requirement of reasonableness.

**Hong Kong Laws and Regulations relating to Intellectual Properties Rights**

*Trade Marks Ordinance* (Chapter 559 of the Laws of Hong Kong) ("TMO"), which came into full effect in Hong Kong on April 4, 2003 provides the framework for the Hong Kong's system of registration of trademarks and protection of the rights attached to a registered trade mark, including logo and a brand name. The TMO restricts unauthorized use of a sign which is identical or similar to the registered mark for identical and/or similar goods and/or services for which the mark was registered, where such use is likely to cause confusion on the part of the public. The TMO provides that a person may also commit a criminal offence if that person fraudulently uses a trade mark, including selling and importing goods bearing a forged trade mar, or possessing or using equipment for the purpose of forging a trade mark. However, pursuant to section 20 of the TMO, a registered trade mark is not infringed by the use of trade mark in relation to goods which have been put on the market anywhere in the world under that trade mark by the owner or with his consent (whether express or implied or conditional or unconditional), unless the condition of the goods has been changed or impaired after they have been put on the market, and the use of the registered trade mark in relation to those goods is detrimental to the distinctive character or repute of the trade mark.

*Patents Ordinance* (Chapter 514 of the Laws of Hong Kong), which came into full effect in Hong Kong on June 27, 1997 provides the framework for "re-registration" system of Chinese, UK and European patents in Hong Kong. Pursuant to *Patents (Amendment)Ordinance* 2016, which came into full effect in Hong Kong on 19 December 2019 provide a new framework for a new patent system - an "original grant patent" system, running in parallel with the "re-registration" system.

*Copyright Ordinance* (Chapter 528 of the Laws of Hong Kong) ("Copyright Ordinance"), which came into full effect in Hong Kong on July 13, 2001 provides comprehensive protection for recognized 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. Copyright is an automatic right, which arises when a work is created. It is not necessary to register a copyright in Hong Kong in order to get protection under Hong Kong law. In fact, there is no official registry in Hong Kong for registration of copyright works. The Copyright Ordinance restricts certain acts such as copying and/or issuing or making available copies to the public of a copyright work without the authorization from the copyright owner as it may constitute primary infringement. The Copyright Ordinance provides that a person may also incur liability for secondary infringement if that person possesses, sells, distributes or deals with a copy of a work which is, and which he knows or has reason to believe to be, an infringing copy of work for the purposes of or in the course of any trade or business without the consent of the copyright owner. A copyright owner can also take civil legal action against any person who infringes the copyright in the work.

**Hong Kong Laws and Regulations relating to Competition**

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

**Hong Kong Laws and Regulations relating to Employment** 

Pursuant to *Employment Ordinance* (Chapter 57 of the Laws of Hong Kong) ("EO"), which came into full effect in Hong Kong on September 27, 1968, all employees covered by the EO are entitled to basic protection under the EO including but not limited to payment of wages, restrictions on wages deductions, notice of termination of employment contract, payment in lieu of notice, maternity protection in the case of a pregnant employee, not less than one rest day in every period of seven days, severance payments or long service payments, sickness allowance, paid annual leave of up to 14 days depending on the period of employment and the granting of statutory holidays.

Pursuant to *Mandatory Provident Fund Schemes Ordinance* (Chapter 485 of the Laws of Hong Kong) ("MPFSO"), which came into full effect in Hong Kong on December 1, 2000, every employer must take all practicable steps to ensure that the employee becomes a member of a registered Mandatory Provident Fund (MPF) scheme. An employer who fails to comply with such a requirement may commit a criminal offence and be liable on conviction to a fine and imprisonment. The MPFSO provides that an employer who is employing a relevant employee must, for each contribution period, from the employer's own funds, contribute to the relevant MPF scheme the amount determined in accordance with the MPFSO. If an employer has complied with such requirement to the satisfaction of the Mandatory Provident Fund Schemes Authority, a certificate will be issued to the employer, certifying that the employer is a participating employer in the specified MPF scheme.

Pursuant to *Employees' Compensation Ordinance* (Chapter 282 of the Laws of Hong Kong) ("ECO"), which came into full effect in Hong Kong on December 1, 1953, all employers are required to take out insurance policies to cover their liabilities under the ECO and at common law for injuries at work in respect of all of their employees, and an employer who has taken out an insurance policy under the ECO is required to display a prescribed notice of insurance in a conspicuous place on each of its premises where any employee is employed. An employer failing to do so may commit a criminal offence and be liable on conviction to a fine and imprisonment.

Pursuant to *Minimum Wage Ordinance* (Chapter 608 of the Laws of Hong Kong) ("MWO"), which came into full effect in Hong Kong on May 1, 2011, an employee is entitled to be paid wages no less than the statutory minimum wage at a prescribed hourly rate during the wage period. With effect from 1 May 2025, the statutory minimum hourly wage rate is HK$42.1. Failure to comply with MWO constitutes an offence under EO.

Pursuant to *Occupational Safety and Health Ordinance* (Chapter 509 of the Laws of Hong Kong), which came into full effect in Hong Kong on 23 May 1997, employers must as far as reasonably practicably ensure the safety and health of their employees at work. An employer who fails to ensure the safety and health of employees at work commits an offence and is liable on conviction to a fine and imprisonment.

**MANAGEMENT**

The following table sets forth the names, ages and titles of our directors, executive officers and key employees:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
| Mr. Lok Him Kelvin Yan | 32 | Chief Executive Officer and Chairman of the Board of Directors |
| Mr. Leo Leong | 64 | Chief Financial Officer and Director |
| Ms. Ke Yi Audrey Terng | 36 | Independent Director Nominee and Chairman of the Compensation Committee |
| Ms. Loretta York-Tao Ho | 54 | Independent Director Nominee and Chairman of the Audit Committee |
| Mr. John Robert Fiore | 64 | Independent Director Nominee |
| Mr. Hong Cheuk Foster Yim | 46 | Independent Director Nominee and Chairman of the Nomination Committee |

---

Each independent director nominee will be appointed immediately prior to the effectiveness of the registration statement of which this prospectus forms a part.

**Directors and Executive Officers** 

**Mr. Lok Him Kelvin Yan** has served as Chief Executive Officer of ChainOn Technology (H.K.) Limited since March 2025 and served as our Group's Chief Executive Officer since October 2025. Before joining us, Mr. Yan had over ten years of experience in technology companies, with responsibilities spanning technology leadership and recruitment. His recent focus has been on technology, blockchain, and financial services hiring. From August 2024 to March 2025, Mr. Yan served as general manager of OGAME Limited, a Hong Kong local technology and development company. From October 2023 to July 2024, he served as business manager at Hudson Global Resources (Hong Kong) Limited, a recruitment and business consulting company. From May 2022 to September 2023, Mr. Yan served as consultant at Morgan McKinley Limited, a recruitment and business consulting company; and from July 2021 to April 2022, he served as senior recruitment consultant at Bauer Kasier & Co. Limited / PI Business Consulting Limited.

**Mr. Leo Leong** has served as Chief Financial Officer of ChainOn Technology (H.K.) Limited since April 2025 and served as the Chief Financial Officer of our Group since October 2025. Mr. Leong has over 30 years of regional finance experience in the technology and retail sectors and has served in finance partnership roles across the Asia-Pacific region. From May 2024 to February 2025, Mr. Leong served as finance director of Matrix Research Limited. From December 2020 to May 2024, Mr. Leong served as financial controller of Tricor Group (now Vistra), where he oversaw finance for the corporate trust division. Mr. Leong received a bachelor of economics degree in accounting and economics from the University of Sydney in 1984 and became a fellow of CPA Australia (FCPA) since 1988.

**Ms. Ke Yi Audrey Terng** will serve as our independent director starting immediately prior to the effectiveness of our registration statement, of which this prospectus forms a part. Ms. Terng has over 14 years of global management experience in product design, research, business operations, and strategy, with a focus on product design and digital marketing. Ms. Terng serves as principal user experience designer at Hanwha Vision America, subsidiary Korea public company Hanwha Corporation (000880.KS) since September 2024,. From June 2022 to September 2024, Ms. Terng was the director of user experience design at Duclo, Inc., where she led the design and development of B2B integrated security software solutions until its acquisition by Hanwha Group. From May 2017 to May 2022, Ms. Terng gained experience, through staffing company, at Apple Inc., where she served as senior UX producer and interactive producer through a professional staffing firm. Ms. Terng was an adjunct lecturer in UX Design at the Academy of Art University in San Francisco from September 2018 to May 2019. Ms. Terng received an M.B.A. from the University of Warwick in 2021, an M.F.A. in Interaction and UX/UI Design from the Academy of Art University in 2015, and a B.A. in Broadcast and Electronic Communication Arts from San Francisco State University in 2010, and she is currently pursuing an M.S. in Law at Northwestern University. She is a Project Management Professional (PMP®) certified by the Project Management Institute.

**Ms. Loretta York-Tao Ho** will serve as our independent director starting immediately prior to the effectiveness of our registration statement, of which this prospectus forms a part. Ms. Ho is a senior finance and accounting executive with over 25 years of experience in SEC reporting, public company financial disclosure, and regulatory compliance. Since March 2025, Ms. Ho has served as a licensed Texas Realtor at Keller Williams Realty. From March 2010 to September 2024, Ms. Ho held various leadership positions at Toyota Financial Services, a subsidiary of Toyota Motor Corporation (NYSE: TM), including National Manager – Billing & Payments Projects/System Initiatives from April 2024 to September 2024, National Manager – General Accounting from August 2021 to March 2024, National Manager – General Accounting & Financial Reporting from June 2019 to August 2021, Controller of Toyota Financial Savings Bank from April 2013 to June 2019, and Manager – SEC Reporting from March 2010 to April 2013. In these roles, Ms. Ho oversaw the preparation of SEC Forms 10-K and 10-Q, including consolidated financial statements, footnotes, and Management Discussion and Analysis, managed SOX-compliant control frameworks, and led accounting and regulatory reporting for an FDIC-regulated bank. From January 2007 to March 2010, Ms. Ho served as Manager – Financial Reporting at Honeywell International Inc. (NASDAQ: HON), where she supported SEC reporting and global consolidation across 150+ reporting units in 21 countries. From December 2003 to January 2007, Ms. Ho served as Financial Reporting Manager at Mattel, Inc. (NASDAQ: MAT), where she reviewed and prepared quarterly press release tables and various SEC filings. From March 2001 to December 2003, Ms. Ho served as Assistant Vice President – Loan Analysis at Fleet Capital Corporation (Bank of America). From September 1995 to March 2001, Ms. Ho served as Manager – Assurance & Business Advisory Services at PricewaterhouseCoopers L.L.P. Ms. Ho received a Bachelor of Science in Business Administration with emphases in Accounting and Finance from the University of California at Berkeley, Haas School of Business. Ms. Ho is a Certified Public Accountant licensed in the State of California.

**Mr. Foster Yim** will serve as our independent director starting immediately prior to the effectiveness of our registration statement, of which this prospectus forms a part. Mr. Yim has practiced as a barrister in Hong Kong since 2011. His practice focuses on advisory work, litigation strategy, and criminal litigation, with recent experience in securities and fintech matters, including crypto-asset related disputes. He has acted as counsel in a number of notable cases before the Hong Kong courts and has been involved in IPO projects for Hong Kong-listed companies. Mr. Yim also serves as a panel arbitrator for the Shenzhen Court of International Arbitration. He received a Postgraduate Certificate in Laws in 2010 and a Juris Doctor in 2009 from the Chinese University of Hong Kong, an M.Sc. in Marketing in 2006 from the Chinese University of Hong Kong, an M.A. in Philosophy in 2003 from the University of Hong Kong, and a B.A. in Translation in 2002 from the Chinese University of Hong Kong. He is currently an independent non-executive director of Yincheng International Holding Co. Ltd. and 1957 & Co. (Hospitality) Limited.

**Mr. John Robert Fiore** will serve as our independent director starting immediately prior to the effectiveness of our registration statement, of which this prospectus forms a part. Mr. Fiore has practiced law in the United States since 1994. Since 2001, Mr. Fiore has served as the head of his own law firm, Fiore & Company, handling plaintiff's civil litigation, criminal defense, and corporate matters for clients from North America, Europe, China, and Hong Kong. Mr. Fiore currently serves as an independent director of Agencia Commercial, Ltd. (Nasdaq: AGCC), where he heads the audit committee. Mr. Fiore received a Bachelor of Arts degree in Political Science from Pennsylvania State University and a Juris Doctor degree from the University of Pittsburgh. He was admitted to the New York Bar in 1994 and the Florida Bar in 1988.

**Family Relationships**

There is no family relationship among any of our directors or executive officers.

**Committees of the Board of Directors**

Our board of directors will establish an audit committee, a compensation committee and a nomination committee effective upon the Registration Statement of which this prospectus forms a part becoming effective, each of which will operate pursuant to a charter adopted by our board of directors that will be effective upon the effectiveness of the Registration Statement of which this prospectus is a part. The board of directors may also establish other committees from time to time to assist our Company and the board of directors. Upon the effectiveness of the Registration Statement of which this prospectus is a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, the Nasdaq and SEC rules and regulations. Upon our listing on the Nasdaq, each committee's charter will be available on our website at www.chainontech.com. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

***Audit committee***

Ms. Ke Yi Audrey Terng, Ms. Loretta York-Tao Ho, Mr. John Robert Fiore and Mr. Hong Cheuk Foster Yim will serve on the audit committee, which will be chaired by Ms. Loretta York-Tao Ho. 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 the Nasdaq. Our board of directors has designated Ms. Loretta York-Tao Ho as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

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

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

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

● 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;

● coordinating the oversight and reviewing the adequacy of our internal controls over financial reporting;

● 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;

● 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;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing earnings releases.

***Compensation committee***

Ms. Ke Yi Audrey Terng, Ms. Loretta York-Tao Ho, Mr. John Robert Fiore and Mr. Hong Cheuk Foster Yim will serve on the compensation committee, which will be chaired by Ms. Ke Yi Audrey Terng. The compensation committee's responsibilities include:

● evaluating the performance of our chief executive officer in light of our company's 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;

● reviewing and recommending to the board of directors the cash compensation of our other executive officers;

● reviewing and establishing our overall management compensation, philosophy and policy;

● overseeing and administering our compensation and similar plans;

● 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 the Nasdaq rules;

● retaining and approving the compensation of any compensation advisors;

● reviewing and approving our policies and procedures for the grant of equity-based awards;

● reviewing and recommending to the board of directors the compensation of our directors; and

● preparing the compensation committee report required by SEC rules, if and when required.

***Nomination committee***

Ms. Ke Yi Audrey Terng, Ms. Loretta York-Tao Ho, Mr. John Robert Fiore and Mr. Hong Cheuk Foster Yim and will serve on the nomination committee, which will be chaired by Mr. Hong Cheuk Foster Yim Our board of directors has determined that each member of the nomination committee is "independent" as defined in the applicable the Nasdaq rules. The nomination committee's responsibilities include:

● developing and recommending to the board of directors criteria for board and committee membership;

● establishing procedures for identifying and evaluating director candidates, including nominees recommended by stockholders; and

● reviewing the composition of the board of directors to maintain 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 nomination committee and board of directors will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (including, but not limited to race, gender or national origin). Our nomination 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.

**Controlled Company**

We expect to continue to be a controlled company within the meaning of the Nasdaq Listing Rules, and as a result, we expect to qualify for and intend to continue to rely on exemptions from certain corporate governance requirements.

Public Companies that qualify as a "Controlled Company" with securities listed on the Nasdaq must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under Nasdaq Listing Rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under Nasdaq rules, a controlled company is exempt from certain corporate governance requirements, including:

● An
 exemption from the rule that a majority of our Board must be independent directors;

● An
 exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent
 directors; and

● An
 exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon the completion of this offering, Invincible Legend Limited will beneficially own 17,280,000 of our total issued and outstanding Class A Ordinary Shares (assuming no exercise of the over-allotment option). In addition, Invincible Legend Limited, will also beneficially own 6,000,000 Class B Ordinary Shares, representing 100% of the total issued Class B Ordinary Shares, representing an aggregate 91.37% of the total voting power. As a result, we will be a "controlled company" as defined under Nasdaq Listing Rules, because our controlling shareholder will hold more than 50% of the voting power for the election of directors. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. The exemption we intend to rely on is that a majority of our Board need not be independent directors As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

**Foreign Private Issuer Status**

We are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

● Exemption
 from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual
 or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of
 their occurrence, and from the disclosure requirements of Regulation FD.

● Exemption
 from Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination
 to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of
 any such waiver, we may choose not to disclose the waiver in the manner set forth in Nasdaq rules, as permitted
 by the foreign private issuer exemption.

● Exemption
 from the requirement that our Board have a compensation committee that is composed entirely of independent directors with a written
 charter addressing the committee's purpose and responsibilities.

● Exemption
 from the requirements that director nominees are selected, or recommended for selection by our Board, either by (1) independent directors
 constituting a majority of our Board' independent directors in a vote in which only independent directors participate, or (2)
 a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing
 the nominations process is adopted.

If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Although we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of Nasdaq corporate governance rules, we intend to comply with Nasdaq corporate governance rules applicable to foreign private issuers.

**Code of Conduct and Code of Ethics**

Prior to the effectiveness of the Registration Statement of which this prospectus is a part, we intend to adopt a written code of business conduct and ethics that applies to our directors, officers and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions. Following the effectiveness of the Registration Statement of which this prospectus is a part, a current copy of this code will be posted on the Corporate Governance section of our website, which is located at www.chainontech.com. The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and Nasdaq corporate governance rules.

**Compensation of Directors, Executive Officers and Key Employees** 

For the six months ended October 31, 2025, we paid an aggregate of approximately US$139,940, in cash to our directors and officers as a group. For the years ended April 30, 2025 and 2024, we paid an aggregate of approximately US$25,876 and nil respectively, in cash to our directors and officers as a group.

**Independent Directors' Agreements**

Each of our Independent Director Nominees will enter into a director's agreement with the Company effective upon the effectiveness of the Registration Statement. The terms and conditions of the directors' agreements are similar in all material aspects. Each independent director's agreement is for an initial term of one year and will continue until the director's successor is duly elected and qualified. Each director will be up for re-election each year at the annual shareholders' meeting and, upon re-election, the terms and provisions of his or her director's agreement will remain in full force and effect. Any director's agreement may be terminated for any or no reason by the director or at a meeting called expressly for that purpose by a vote of the shareholders holding more than 50% of the Company's issued and outstanding Ordinary Shares entitled to vote.

Under the independent directors' agreements, the initial annual director fees that will be payable to our independent directors are $15,000. Such director fees are payable in cash on a monthly basis.

Other than as disclosed above, none of our directors has entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

**Employment Agreements**

We have entered into employment agreements with Mr. Lok Him Kelvin Yan and Mr. Leo Leong, which were effective from October 24, 2025.

**Indemnification Agreements**

We intend to enter into indemnification agreements with each of our directors and executive officers, to be effective upon the Registration Statement of which this prospectus forms a part becoming effective. Under these agreements, we 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 a director or officer of our Company.

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.

**PRINCIPAL SHAREHOLDERS** 

The following table sets forth information regarding beneficial ownership of our capital stock as of the date of this prospectus by:

● each person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares;

● each of our named executive officers;

● each of our directors and independent directors; and

● all of our current executive officers, directors and independent directors as a group.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all Class A Ordinary Shares and Class B Ordinary Shares shown as beneficially owned by them. Percentage of beneficial ownership of each listed person prior to this offering is based on 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares outstanding as of the date of this prospectus immediately prior to the effectiveness of the registration statement of which this prospectus is a part. Percentage of beneficial ownership of each listed person after this offering is based on 30,250,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares outstanding immediately after the completion of this offering, assuming no exercise of over-allotment option.

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security, warrant, option or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown.

Unless otherwise noted below, the address of each person and entity listed on the table is 21/F, G.D. Real Estate Tower, No. 143 Connaught Road Central, Hong Kong SAR, Hong Kong.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares beneficially owned<br> prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> prior to this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> after this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> after this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> after this offering<sup>(1)</sup>** | **Ordinary Shares beneficially owned<br> after this offering<sup>(1)</sup>** |
|  | **Class A Ordinary<br> Shares** | **Class B<br> Ordinary<br> Shares** | **Percentage of<br> beneficial<br> ownership (of<br> total Class A<br> and Class B<br> Ordinary Shares)** | **Percentage<br> of total<br> voting power<br> prior to this<br> offering** | **Class A<br> Ordinary<br> Shares** | **Class B<br> Ordinary<br> Shares** | **Percentage of<br> beneficial<br> ownership (of<br> total Class A<br> and Class B<br> Ordinary Shares)** | **Percentage<br> of total<br> voting power<br> after this<br> offering†** |
| **Directors and Executive Officers\*** |  |  |  |  |  |  |  |  |
| Mr. Lok Him Kelvin Yan | 0 | 0 | 0% | 0% | 0 | 0 | 0% | 0% |
| Mr. Leo Leong | 0 | 0 | 0% | 0% | 0 | 0 | 0% | 0% |
| **Independent Directors** |  |  |  |  |  |  |  |  |
| Ms. Ke Yi Audrey Terng | 0 | 0 | 0% | 0% | 0 | 0 | 0% | 0% |
| Ms. Loretta York-Tao Ho | 0 | 0 | 0% | 0% | 0 | 0 | 0% | 0% |
| Mr. John Robert Fiore | 0 | 0 | 0% | 0% | 0 | 0 | 0% | 0% |
| Mr. Hong Cheuk Foster Yim | 0 | 0 | 0% | 0% | 0 | 0 | 0% | 0% |
| **All Directors, Executive Officers and independent directors as a Group** | 0 | 0 | 0% | 0% | 0 | 0 | 0% | 0% |
| **Principal Shareholders:** |  |  |  |  |  |  |  |  |
| Invincible Legend Limited<sup>(2)</sup> | 17280000 | 6000000 | 77.60% | 95.33% | 17280000 | 6000000 | 64.22% | 91.37% |

---

(1) The
 number of our Class A Ordinary Shares to be outstanding after this Offering is based on 24,000,000 Class A Ordinary Shares
 outstanding as of the date of this prospectus and assumes no exercise of the over-allotment option.

(2) Represents
 6,000,000 Class B Ordinary Shares and 17,280,000 Class A Ordinary Shares held by Invincible Legend Limited, a BVI company,
 which is 100% owned by Mr. Wai Lun Lau. with the business address of Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola
 VG1110, British Virgin Islands.

**RELATED PARTY TRANSACTIONS**

Before the completion of this offering, we intend to adopt an audit committee charter, which will require the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the audit committee.

Set forth below are the related party transactions of the Company that occurred during the past two fiscal years and up to the date of this prospectus.

*a. Nature of relationships with related parties*

---

| | |
|:---|:---|
| **Name** | **Relationship with the Company** |
| Mr. Wai Lun Lau | Ultimate shareholder and director of the Company since Mr. Wai Lun Lau is sole shareholder of Invincible Legend Limited, which is a controlling party of the Company. |
| Ms. Ho Yin Chan | Member of the immediate family of Mr. Wai Lun Lau, who is the ultimate shareholder and director of the Company. |
| Winstontech Limited | Under the significant influence of Ms. Ho Yin Chan, a member of the immediate family of Mr. Wai Lun Lau, the ultimate shareholder and director of the Company. Ms. Chan was the sole shareholder of Winstontech Limited.<br>Ms. Chan ceased to be the sole shareholder of Winstontech Limited with effect from March 25, 2025. Consequently, Winstontech Limited is no longer considered a related party of the Company as of that date.<br>|

---

*b. Transactions with related parties*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | **For the Six Months Ended** | **For the Six Months Ended** | |
| |  | | **October 31,** | **October 31,** | |
| <br>**Name** |  | <br>**Nature** | **2025**<br> **(Unaudited)** | **2024**<br> **(Unaudited)** | **From November 1, 2025 to the** <br>**date of this**<br>**Prospectus**<br> **(Unaudited)** |
| Winstontech Limited | (1) | Project development service income | $- | $34808 | $- |
|  | (2) | Interest income from loan receivables | $- | $1341 | $- |

---

(1) For
 the six months ended October 31, 2024, the amounts represented project development service income earned from Winstontech Limited.

(2) For
 the six months ended October 31, 2024, the amounts represented interest income earned from loan receivable with Winstontech Limited.

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **For the Years Ended** | **For the Years Ended** |
| |  | | **April 30,** | **April 30,** |
| <br>**Name** |  | <br>**Nature** | **2025**<br> **(Audited)** | **2024**<br> **(Audited)** |
| Winstontech Limited | (1) | Project development service income | $34858 | $245095 |
|  | (2) | Advisory and support service income | 77051 |  |
|  | (3) | Sundry income |  | 17619 |
|  | (4) | Interest income from loan receivables | $6629 | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 the years ended April 30, 2025 and 2024, the amounts represented project development service
 income earned from Winstontech Limited.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 the year ended April 30, 2025, the amounts represented advisory and support service income
 earned from Winstontech Limited.

&nbsp;&nbsp;&nbsp;&nbsp;(3) For
 the year ended April 30, 2024, the amounts represented training fee income earned from Winstontech
 Limited. Training fee income was not part of the principal activities of the Company and,
 therefore, was recognized as sundry income for that year.

&nbsp;&nbsp;&nbsp;&nbsp;(4) For
 the year ended April 30, 2024, the amounts represented interest income earned from loan receivable
 with Winstontech Limited.

*c. Balance with related parties*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | | **As of April 30,** | **As of April 30,** | **As of October 31,** | |
| <br>**Name** |  | <br>**Nature** | **2025**<br> **(Audited)** | **2024**<br> **(Audited)** | **2025**<br> **(Unaudited)** | **As of the date<br> of this**<br>**prospectus**<br> **(Unaudited)** |
| Winstontech Limited | (1) | Accounts receivable | $- | $25380 | $- | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As
 of April 30, 2024, the balance represented project development service income receivables
 from Winstontech Limited. The balance has been fully settled subsequently.

**DESCRIPTION OF SHARE CAPITAL**

We are an exempted company with limited liability incorporated under the laws of the Cayman Islands and our affairs are governed by our Memorandum and Articles, as amended from time to time, the Companies Act and the common law of the Cayman Islands.

The share capital of our Company consists of Ordinary Shares. As of the date hereof, our authorized share capital is US$50,000 divided into (i) 100,000,000 Class A Ordinary Shares of par value of US$0.0004 each, and (ii) 25,000,000 Class B Ordinary Shares of par value US$0.0004 each. As of the date of this prospectus, 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares were issued and outstanding. We will issue 6,250,000 Class A Ordinary Shares in this Offering (assuming no exercise by the underwriters of their over-allotment option).

The following are summaries of material provisions of our Memorandum and Articles and the Companies Act insofar as they relate to the material terms of our Ordinary Shares.

**Our Memorandum and Articles**

*Objects of our Company.* Under our Memorandum and Articles, the objects of our Company are unrestricted and we have the full power and authority to carry out any object not prohibited by the laws of the Cayman Islands.

*Ordinary Shares.* Upon the completion of this Offering, our authorized share capital is US$50,000 divided into (i) 100,000,000 Class A Ordinary Shares of par value of US$0.0004 each, and (ii) 25,000,000 Class B Ordinary Shares of par value US$0.0004 each. All of our outstanding Ordinary Shares are fully paid and non-assessable. Certificates representing the Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to the bearer.

*Conversion.* Each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time at the option of the holder thereof; however Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

*Dividends.* The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors out of our funds which are lawfully available for that purpose. In addition, our Shareholders may declare dividends by ordinary resolution, but no dividend shall exceed the amount recommended by our directors. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or the credit standing in our Company's share premium account, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid.

*Voting Rights.* Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members at any general meeting of our Company.

Holders of our Ordinary Shares may vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Subject to any rights or restrictions as to voting attached to any shares, on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly authorized representative or proxy) shall have one (1) vote for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share of which he or the person represented by proxy is the holder.

Voting at any meeting of shareholders is by a poll. A poll shall be taken in such manner as the chairman of the meeting directs. He may appoint scrutineers (who need not be shareholders) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a virtual meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

Any ordinary resolution is a resolution passed by a simple majority of the votes by the shareholders as, being entitled to do so, vote in person or by proxy at a general meeting of our Company and includes a written resolution signed by the required majority of shareholders according to the Memorandum and Articles. Any special resolution is a resolution of a general meeting or a resolution of a meeting of the holders of any class of Ordinary Shares in a class meeting duly constituted in accordance with the Memorandum and Articles in each case passed by a majority of not less than two-thirds of the votes by the shareholders as being entitled to do so vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the shareholders entitled to vote at such meeting.

A special resolution will be required for important matters such as amending our memorandum and articles of association or changing the name of our Company.

There are no limitations on non-residents or foreign shareholders to hold or exercise voting rights on the Ordinary Shares imposed by foreign law or by the Memorandum and Articles or other constituent document of our company. However, no person will be entitled to vote at any general meeting or at any separate meeting of the holders of the Ordinary Shares unless the person is registered as of the record date for such meeting and unless all calls or other sums presently payable by the person in respect of Ordinary Shares in our Company have been paid.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Memorandum and Articles provide that we may (but are not obliged to, unless required by Nasdaq Listing Rules), in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the board of directors, in accordance with the Memorandum and Articles. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting.

Advance notice of at least five clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our Shareholders. A quorum required for a meeting of shareholders consists of at least one holder of Ordinary Shares holding not less than an aggregate of one-third of the outstanding Ordinary Shares carrying the right to vote at such general meeting.

A majority of our directors may call general meetings and they shall on a shareholders' requisition forthwith proceed to convene an extraordinary general meeting of our Company. A shareholders' requisition is a request of one or more shareholders holding as at the date of deposit of the request in aggregate not less than ten percent of the rights to vote at such general meeting. The requisition must state the objects of the meeting and must be signed by or on behalf of each requisitioner and delivered in accordance with the notice provisions of our Memorandum and Articles. If our directors do not within 21 clear days from the receipt of the requisition duly proceed to convene a general meeting, the requisitioners, or any of them may themselves convene a general meeting, but any meeting so convened must be called no later than three months after the expiration of the said 21 clear day period.

*Winding Up; Liquidation.* If we are wound up the shareholders may, subject to the Memorandum and Articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 divide in specie among the shareholders the whole or any part of the assets of our Company and, for that purpose, to value any assets
 and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding
 up.

*Calls on Ordinary Shares and Forfeiture of Ordinary Shares.* Subject to the terms of the allotment, our directors may from time to time make calls upon our shareholders in respect of any moneys unpaid on their shares in a notice served to such shareholders at least 14 clear days in advance specifying the time and place for payment. Any Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* Subject to the terms of the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, we may by our directors: (i) issue shares that are to be redeemed or liable to be redeemed, at the option of us or the shareholders holding those redeemable shares, on the terms and in the manner our directors determine before the issue of those shares; (ii) with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at the option of us on the terms and in the manner which the directors determine at the time of such variation; and (iii) purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which the directors determine at the time of such purchase. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares issued and outstanding or (c) if our Company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

*Transfer of Ordinary Shares.*

Provided that such transfer complies with applicable Nasdaq Listing Rules, our shareholders may freely transfer shares to another person by completing an instrument of transfer in a common form or in a form prescribed by Nasdaq Listing Rules or in any other form approved by our directors, executed where the shares are fully paid, by or on behalf of that shareholder; and where the shares are partly paid, by or on behalf of that shareholder and the transferee.

Where the shares of any class in question are not listed on any stock exchange or subject to the rules of any stock exchange, our directors may in their absolute discretion decline to register any transfer of such shares which are not fully paid up or on which our Company has a lien.

Our board of directors may also decline to register any transfer of any share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of shares;

● the instrument of transfer is properly stamped, if required;

● the shares transferred are fully paid up and free of any lien in favor of our Company;

● in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four; and

● a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within one month after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required of Nasdaq Listing Rules and on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 clear days in any year.

*Variations of Rights of Shares.* If at any time our share capital is divided into different classes of shares, unless the terms on which a class of shares was issued state otherwise, the rights attached to any such class may only be varied with: (a) the consent in writing of the holders of two-thirds of the issued shares of that class or (b) with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking *pari passu* with them.

*Inspection of Books and Records.* Holders of our Ordinary Shares have no general right under our Memorandum and Articles to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See *"Where You Can Find More Information."*

*Issuance of Additional Shares.* Our Memorandum and Articles authorize our Board of Directors to issue additional Ordinary Shares from time to time as our Board of Directors shall determine, to the extent of available authorized but unissued shares.

Issuance of additional Ordinary Shares may dilute the voting power of holders of Ordinary Shares.

*Anti-Takeover Provisions.* Some provisions of our Memorandum and Articles may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable. Our authorized, but unissued Ordinary Shares are available for future issuance without shareholders' approval and could be utilized for a variety of corporate purposes, including future offerings to raise addition capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Ordinary Shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may not issue negotiable or bearer shares, but may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as a limited duration company; and

● may register as a segregated portfolio company.

"**Limited liability**" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

*Nomination and Removal of Directors and Filling Vacancies on Board.* At any time or from time to time, the Board shall have the power to appoint any person as a Director either to fill a casual vacancy on the Board or as an additional Director to the existing Board subject to any maximum number of Directors, if any, as may be determined by the members in general meeting.

Each Director shall hold office for the term, if any, fixed by the terms of his appointment or until his office is vacated pursuant to the Memorandum and Articles.

A Director is not required to hold any shares in our Company by way of qualification nor is there any specified upper or lower age limit for Directors either for accession to or retirement from the Board.

A Director may be removed by an ordinary resolution of our company before the expiration of his term of office (if any).

The office of a Director shall be vacated if he:

&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 prohibited by the law of the Cayman Islands from acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) resigns
 his office by notice to our Company; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) only
 held office as a director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;(v) in
 the opinion of a registered medical practitioner by whom he is being treated he becomes physically or mentally incapable of acting
 as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;(vi) is
 given notice by the majority of the other directors (not being less than two in number) to vacate office (without prejudice to any
 claim for damages for breach of any agreement relating to the provision of the services of such director); or

&nbsp;&nbsp;&nbsp;&nbsp;(vii) is
 made subject to any law relating to mental health or incompetence, whether by court order or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;(viii) without
 the consent of the other directors, he is absent from meetings of directors for a continuous period of six months.

From time to time the Board may appoint one or more of its body to be managing director, joint managing director or deputy managing director or to hold any other employment or executive office with the company for such period and upon such terms as the Board may determine, and the Board may revoke or terminate any of such appointments. The Board may also delegate any of its powers to committees consisting of such Director(s) or other person(s) as the Board thinks fit, so long as the majority of those persons are Directors, and from time to time it may also revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes, but every committee so formed shall, in the exercise of the powers so delegated, conform to any regulations that may from time to time be imposed upon it by the Board.

**Anti-Money Laundering — Cayman Islands**

If any person resident in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to the Financial Reporting Authority or a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

By subscribing for shares, the subscriber consents to the disclosure of any information about them to regulators and others upon request in connection with money laundering and similar matters both in the Cayman Islands and in other jurisdictions.

In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the "**Regulations**") or any other applicable law. Depending on the circumstances of each application, a detailed verification of identity might not be required where:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution;
 or

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized
 jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated
 in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on
 the underlying investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any payment to a shareholder if our Directors or officers suspect or are advised that the payment to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority ("**FRA**") of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the FRA, pursuant to the Terrorism Act (Revised) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**Data Protection in the Cayman Islands — Privacy Notice**

This privacy notice explains the manner in which the Company collects, processes and maintains personal data about investors of the company pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice or orders promulgated pursuant thereto ("**DPA**").

The Company is committed to processing personal data in accordance with the DPA. In its use of personal data, the Company will be characterized under the DPA as a "data controller", while certain of the Company's service providers, affiliates and delegates may act as "data processors" under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to the Company.

This privacy notice puts our shareholders on notice that, by virtue of making an investment in the company, the Company and certain of the Company's service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for the Company to perform a contract to which you are a party or for taking pre-contractual steps at your request (b) where the processing is necessary for compliance with any legal, tax or regulatory obligation to which the Company is subject or (c) where the processing is for the purposes of legitimate interests pursued by the Company or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with the Company's service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion and financial crime or compliance with a court order).

Your personal data shall not be held by the Company for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

The Company will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into the Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfills the Company's obligation in this respect); (b) the right to obtain a copy of your personal data; (c) the right to require us to stop direct marketing; (d) the right to have inaccurate or incomplete personal data corrected; (e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data; (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial); (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer or wish to transfer your personal data, general measures we take to ensure the security of personal data and any information available to us as to the source of your personal data; (h) the right to complain to the Office of the Ombudsman of the Cayman Islands; and (i) the right to require us to delete your personal data in some limited circumstances.

If you consider that your personal data has not been handled correctly, or you are not satisfied with the Company's responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman. The Ombudsman can be contacted by accessing their website here: ombudsman.ky.

**Differences in Corporate Law**

The Companies Act is modeled, to a large extent, after the older Companies Acts of England but does not follow recent English statutory enactments and, accordingly, there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of some of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

***Mergers and Similar Arrangements.*** The Companies Act permits merger and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, a "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company.

In order to effect a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by a special resolution of the shareholders of each constituent company, and such other authorization, if any, as may be specified in such constituent company's articles of association. A merger between a Cayman Islands parent company and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman Islands subsidiary if a copy of the plan of merger is given to every member of that Cayman Islands subsidiary to be merged unless that member agrees otherwise. For this purpose, a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger and consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares if they follow the required procedures under the Companies Act subject to certain exceptions. The fair value of the shares will be determined by the Cayman Islands court if it cannot be agreed among the parties. Court approval is not required for a merger or consolidation effected in compliance with these statutory procedures. The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman Islands constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his or her shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● 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;

● the arrangement is such that may be reasonably approved by an intelligent and honest person of that class acting in respect of his or her interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition that may facilitate the "squeeze out" of dissentient minority shareholders upon a takeover offer. When a takeover offer is made and accepted by holders of not less than 90.0% of the shares within four months after the making of the offer, the offeror may, within a two-month period commencing on the expiration of such four month period, give notice to require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands by a dissenting shareholder within one month from the date on which the notice was given, but this is unlikely to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

***Shareholders' Suits.*** In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires and is therefore incapable of ratification by the shareholders;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

In the case of a company (not being a bank) having its share capital divided into shares, the Grand Court may, on the application of members holding not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to report thereon in such manner as the Grand Court shall direct.

***Indemnification of Directors and Executive Officers and Limitation of Liability.*** Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty.

Our Memorandum and Articles provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and other officer of us (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director
 (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge
 of the existing or former director's (including alternate director's), secretary's or officer's duties, powers,
 authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate
 director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative
 proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman
 Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' Fiduciary Duties.*** Under Delaware General Corporation Law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law and our Memorandum and Articles provide that our Shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

Under Cayman Islands law, the fiduciary duties owed by a director and officer include (a) a duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole, (b) a duty to exercise their powers for the purposes for which they were conferred and not for a collateral purpose, (c) a duty to avoid improperly fettering the exercise of future discretion, (d) a duty to avoid any conflict of interest between the director's duty to the company and the director's personal interests, and (e) a duty to exercise independent judgment. In addition to the above, directors also owe a duty of care which is not fiduciary in nature. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person carrying out the same functions as are carried out by that director in relation to the company. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

***Shareholder Action by Written Consent.*** Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. The Companies Act and our Memorandum and Articles provide that shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

***Shareholder Proposals.*** Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. An extraordinary general 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 extraordinary general meetings.

The Companies Act does not provide shareholders with any rights to requisition a general meeting, or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Memorandum and Articles allow our Shareholders holding in aggregate not less than ten percent of all votes attaching to the issued and outstanding shares of our Company entitled to vote at general meetings to requisition an extraordinary general meeting of our Shareholders, in which case our Board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our Memorandum and Articles do not provide our Shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we may but are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting.*** Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the Companies Act but our Memorandum and Articles do not provide for cumulative voting. As a result, our Shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Memorandum and Articles, directors may be removed with or without cause, by an ordinary resolution of our Shareholders. In addition, a director's office shall be vacated if the director (i) is prohibited by the law of the Cayman Islands from acting as a director, (ii) becomes bankrupt or makes any arrangement or composition with his creditors; (iii) is found to be physically or mentally incapable of acting as a director; (iv) resigns his or her office by notice in writing to the company; (iv) without special leave of absence from our board, is absent from meetings of our board for a continuous period of six months; (v) only held office for a fixed term and such term expires; or (vi) is removed from office pursuant to any other provisions of our Memorandum and Articles.

***Transactions with Interested Shareholders.*** The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

The Cayman Islands has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into *bona fide* in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding up.*** Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under the Companies Act, a company may be wound up by either an order of the courts of the Cayman Islands, by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our Memorandum and Articles, our Company may be dissolved, liquidated or wound up by a special resolution of our shareholders.

***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under the Companies Act and our Memorandum and Articles, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the written consent of not less than two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking *pari passu* with them.

***Amendment of Governing Documents.*** Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by the Companies Act, our Memorandum and Articles may only be amended by a special resolution of our shareholders.

***Rights of Non-resident or Foreign Shareholders.*** There are no limitations imposed by our Memorandum and Articles on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles governing the ownership threshold above which shareholder ownership must be disclosed.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this Offering, we will have 30,250,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares issued and outstanding (assuming the underwriters do not exercise their over-allotment option).

All of the Class A Ordinary Shares sold in this Offering by the Company will be freely transferable in the United States by persons other than our "affiliates" without restriction or further registration under the Securities Act. Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. All of our ordinary shares outstanding immediately prior to the completion of this Offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public Offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our ordinary shares acquired in this Offering by our affiliates.

Sales of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect prevailing market prices of our Class A Ordinary Shares. Prior to this Offering, there has been no public market for our Class A Ordinary Shares, and while we intend to apply for the listing of our Class A Ordinary Shares on the Nasdaq, we cannot assure you that a regular trading market will develop in the Class A Ordinary Shares.

***Lock-Up Agreements***

We have agreed with the underwriter, for a period of 180 days following the date of the underwriting agreement, subject to certain exceptions not to (1) offer, sell, issue, pledge, contract to sell, contract to purchase, grant any option, right or warrant to purchase, lend, make any short sale or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any other securities so owned convertible into or exercisable or exchangeable for Class A Ordinary Shares, (2) enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership of the Class A Ordinary Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, or (3) file any registration statement with the SEC relating to the Offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or publicly disclose the intention to take any such action.

All officers, directors and shareholders owning 5% or more of our outstanding Class A Ordinary Shares have agreed, for a period of 180 days from the effective date of the registration statement of which this prospectus forms a part (the "Lock-Up Period") and subject to certain exceptions, not to (i) 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 or otherwise transfer or dispose of, directly or indirectly, or file with the SEC a registration statement under the Securities Act relating to, any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Class A Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, without the express written consent of Representative, which consent may be given or withheld in the Representative's sole discretion.

We cannot predict what effect, if any, future sales of our Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of our Class A Ordinary Shares from time to time. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A Ordinary Shares.

***Rule 144***

In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, persons who are not our affiliates and have beneficially owned our Ordinary Shares for more than six months but not more than one year may sell such Ordinary Shares without registration under the Securities Act subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our Ordinary Shares for more than one year may freely sell our Ordinary Shares without registration under the Securities Act. Persons who are our affiliates (including persons beneficially owning 10% or more of our outstanding shares), and have beneficially owned our Ordinary Shares for at least six months, may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

● 1.0% of the then outstanding ordinary shares, which will equal approximately 3,025,000 Class A Ordinary Shares immediately following this offering, or 3,118,750 Class A Ordinary Shares if the underwriters exercise their option in full to purchase additional Class A Ordinary Shares; or

● the average weekly trading volume of our Class A Ordinary Shares during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC by such person.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us. In addition, in each case, these shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**MATERIAL TAX CONSIDERATIONS**

The following summary of certain Cayman Islands, the BVI, Hong Kong and U.S. federal income tax consequences of an investment in our Class A 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 the Class A Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, Hong Kong and the United States. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of our Class A Ordinary Shares. To the extent that this discussion relates to matters of Cayman Islands tax law, it is the opinion of Ogier, our counsel as to Cayman Islands law. To the extent that this discussion relates to matters of Hong Kong tax law, it is the opinion of Stevenson, Wong & Co., our counsel as to Hong Kong law.

**Cayman Islands Tax Considerations**

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. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Class A 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 Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

No stamp duty is payable in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer (so long as the instrument of transfer is not executed in or brought to jurisdiction of the Cayman Islands, or produced before a court of the Cayman Islands) in respect of the Class A Ordinary Shares of our Company (which does not hold interests in land in the Cayman Islands).

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (as revised) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. A Cayman Islands company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

**Hong Kong Taxation**

The following summary of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein. This summary does not purport to address all possible tax consequences relating to purchasing, holding or selling our Class A Ordinary Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding or selling our Class A Ordinary Shares. According to the opinions of our counsel with respect to Hong Kong law, Stevenson, Wong & Co., under the current laws of Hong Kong:

● No
 profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Class
 A Ordinary Shares.

● Revenues
 gains from the sale of our Class A 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 subject to Hong Kong profits tax, which is currently
 imposed at the rate of 16.5% and 15% on corporations and unincorporated businesses, respectively,
 and at a maximum rate of 15% on individuals. A two-tiered profits tax rates regime applies:
 8.25% for corporation and 7.5% for unincorporated businesses and individuals on the first
 HK$2 million of assessable profit, and 16.5% for corporation and 15% for unincorporated businesses
 and individuals on the remainder of assessable profits.

● Gains
 arising from the sale of Class A Ordinary Shares, where the purchases and sales of the Class
 A 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 Class A 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 Class A Ordinary Shares.

**BVI Tax Considerations**

The Company and all dividends, interest, rents, royalties, compensation and other amounts paid by the Company to persons who are not tax resident in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of the Company by persons who are not tax resident in the BVI are exempt from all provisions of the Income Tax Act in the BVI.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not resident in the BVI with respect to any shares, debt obligation or other securities of the Company.

All instruments relating to transfers of property to or by the Company and all instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of stamp duty in the BVI. This assumes that the Company does not hold an interest in real estate in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its members.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Class A Ordinary Shares by U.S. Holders (as defined below) that acquire our Class A Ordinary Shares in this Offering and hold our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders 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 discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Class A Ordinary Shares.

***General***

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States 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 United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Class A Ordinary Shares.

***Dividends***

The entire amount of any cash distribution paid with respect to our Class A Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Class A Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Class A Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

***Sale or Other Disposition of Ordinary Shares***

A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of ordinary shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such ordinary shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the ordinary shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives Hong Kong dollars or another currency other than U.S. dollars on the disposition of our Class A Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Class A Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

***Passive Foreign Investment Company Considerations***

For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this Offering) and the expected market price of our Class A Ordinary Shares following this Offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Class A Ordinary Shares (which may be volatile). 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. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Class A Ordinary Shares. Under the PFIC rules:

● such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

● such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

● such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

● an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares and we own any equity in a non- United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we intend to apply for the listing of our Class A Ordinary Shares on Nasdaq Listing Rules, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Class A Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Class A Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Class A Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Class A Ordinary Shares held at the end of the taxable year over the fair market value of such Class A Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Class A Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Class A Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE INVESTOR IN THE OUR CLASS A ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR CLASS A ORDINARY SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

**ENFORCEABILITY OF CIVIL LIABILITIES**

Our Company is an exempted company incorporated with limited liability under the laws of the Cayman Islands. We are incorporated in the Cayman Islands because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands may have a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, investor may not have standing to sue Cayman Islands companies before the U.S. federal courts.

All of our current operations are conducted outside of the United States and all of our current assets are located outside of the United States, with the majority of our operations and current assets being located in Hong Kong. A majority of the directors and executive officers of our Company and the auditors of our Company reside outside the United States and substantially all of their assets are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us or any such persons, or to enforce in the United States any judgment obtained in the U.S. courts against us or any of such persons, including judgments based upon the civil liability provisions of the U.S. securities laws or any U.S. state or territory.

We have appointed Cogency Global Inc, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**Cayman Islands**

There may be uncertainty as to whether the courts of the Cayman Islands would: (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

Although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment: (a) is given by a foreign court of competent jurisdiction; (b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (c) is final; (d) is not in respect of taxes, a fine or a penalty; (e) was not obtained by fraud; and (f) is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

**Hong Kong**

According to the opinions of our counsel, Stevenson, Wong & Co., with respect to Hong Kong law, judgments of United States courts will not be directly enforced in Hong Kong. There are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment. A foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.

**UNDERWRITING**

We have entered into an underwriting agreement with Univest Securities, LLC (the "Representative") to act as the representative of the underwriters named below, with respect to the Class A Ordinary Shares offered hereby. The Representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this Offering. Subject to the terms and conditions of the underwriting agreement, the underwriters named below have agreed to purchase, on a firm commitment basis, and we have agreed to sell to them on a firm commitment basis, the number of Class A Ordinary Shares as indicated below at the Offering Price less the underwriting discounts, as set forth on the cover page of this prospectus.

---

| | |
|:---|:---|
| **Name** | **Number of<br> Class A<br> Ordinary<br> Shares** |
| Univest Securities, LLC | 6250000 |
| **Total** | 6250000 |

---

The underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the Class A Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions contained in the underwriting agreement, such as absence of any material adverse change in our business or in the financial markets, the receipt by the underwriters of officer's certificates and legal opinions and comfort letters from us, our legal counsels and our independent auditors. The underwriters are obligated to take and pay for all of the Class A Ordinary Shares offered by this prospectus if any such Class A Ordinary Shares are taken. However, the Representative is not required to take or pay for the Class A Ordinary Shares covered by the underwriters' over-allotment option described below.

The underwriters will offer the Class A Ordinary Shares to the public at the Offering Price and to selected dealers at the Offering Price less a selling concession. After this offering, the Offering Price, concession, and reallowance to dealers may be reduced by the underwriters. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The Class A Ordinary Shares are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

**Over-Allotment Option**

We have agreed to grant to the underwriters an over-allotment option, exercisable within forty-five (45) days from the closing of this offering, to purchase up to an additional 937,500 Class A Ordinary Shares (fifteen percent (15%) of the aggregate number of Class A Ordinary Shares sold in the Offering, excluding Class A Ordinary Shares subject to this option) at the Offering Price listed on the cover page of this prospectus, less the 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 this Offering.

**Discounts and Expenses**

The underwriting discounts are equal to five and half percent (5.5%) of the Offering Price set forth on the cover of this prospectus.

The following table shows the per share and total Offering Price, underwriting discounts, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an additional 937,500 Class A Ordinary Shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Class A Ordinary Share** | **No Exercise of<br> Over-allotment<br> Option** | **Full Exercise of<br> Over-allotment<br> Option** |
| Offering Price | $5.00 | $31250000 | $35937500 |
| Underwriting discounts<sup>(1)</sup> | $0.28 | $1718750 | $1976563 |
| Proceeds to us before expenses<sup>(2)</sup> | $4.72 | $29531250 | $33960937 |

---

(1) We
 have agreed to pay the Representative the underwriting discount of five and a half percent (5.5%) of the gross proceeds in this Offering.

(2) The
 total estimated expenses related to this Offering are set forth in the section entitled "Expenses of The Offering" on page

We agreed to pay the Representative a non-accountable expense allowance in the amount equal to one percent (1%) of the gross proceeds of this Offering (including proceeds from the sale of over-allotment shares, if any). We have also agreed to reimburse the Representative up to a maximum of $280,000 for out-of-pocket accountable expenses (including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check on the Company's principals). For the avoidance of doubt, in the event that the offering is terminated, we will reimburse the Representative for accountable out-of-pocket expenses related to this offering, up to $280,000.

We have agreed to pay the Representative an advanced expense of $50,000 upon the signing of the letter of engagement entered into by and between us and the Representative (the "Engagement Letter") and additional $50,000 upon first confidential filing of the Registration Statement with the SEC. Any advances 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).

The total expenses of the Offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately $1,547,588.

**Tail Financing**

We have agreed that, for a period of 12 months following the closing date of the Offering, if there is a completion of a sale of equity, debt, and/or equity derivative instruments (each a "Tail Financing") to an investor whom the Representative had introduced to us from October 16, 2025 through the closing date of the Offering (the "Engagement Period"), and such Tail Financing is consummated at any time within the twelve (12) month period from the closing date of the Offering, the Representative will be entitled to compensation for such Tail Financing with the investors they introduced to us respectively commensurate with the compensation paid by us for this Offering, as set forth in the underwriting agreement. This right shall be subject to FINRA Rule 5110(g)(5) and may be terminated by us for "Cause" which includes the material failure by Representative to provide the underwriting services contemplated by the underwriting agreement, as provided in FINRA Rule 5110(g)(5)(B).

**Right of First Refusal**

We have granted the Representative for a period of 12 months from the closing date of the Offering, the right of first refusal to provide investment banking services to us on an exclusive basis, which right is exercisable in the Representative's sole discretion. "Investment banking services" shall include, without limitation, (a) acting as lead or joint-lead manager for any underwritten public offering; (b) acting as lead or joint book-runner and/or lead or joint placement agent, initial purchaser in connection with any private offering of securities of the Company; and (c) acting as financial advisor in connection with any sale or other transfer by the Company, directly or indirectly, of a majority or controlling portion of its capital stock or assets to another entity, any purchase or other transfer by another entity, directly or indirectly, of a majority or controlling portion of the capital stock or assets of the Company, and any merger or consolidation of the Company with another entity. The Representative shall notify us of their intention to exercise such right of first refusal within 15 business days following written notice from us. Any decision by the Representative to act in any such capacity shall be set forth in separate agreements, which shall include, 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 such right of first refusal, we shall have the right to retain any other person or persons to provide such services on terms and conditions that are not more favorable than the terms presented to and declined by the Representative. This right of first refusal shall be subject to FINRA Rule 5110(g)(5) and may be terminated by us for Cause.

**Company Standstill; Lock-up Agreements**

We have agreed with the underwriter, for a period of 180 days following the date of the underwriting agreement, subject to certain exceptions not to (1) offer, sell, issue, pledge, contract to sell, contract to purchase, grant any option, right or warrant to purchase, lend, make any short sale or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any other securities so owned convertible into or exercisable or exchangeable for Class A Ordinary Shares, (2) enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership of the Class A Ordinary Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, or (3) file any registration statement with the SEC relating to the offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or publicly disclose the intention to take any such action.

All officers, directors and shareholders owning 5% or more of our outstanding Class A Ordinary Shares have agreed, for a period of 180 days from the effective date of the registration statement of which this prospectus forms a part (the "Lock-Up Period") and subject to certain exceptions, not to (i) 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 or otherwise transfer or dispose of, directly or indirectly, or file with the SEC a registration statement under the Securities Act relating to, any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Class A Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, without the express written consent of Representative, which consent may be given or withheld in the Representative's sole discretion.

**Stabilization, Short Positions and Penalty Bids**

In connection with this Offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. Specifically, the underwriters may sell more Class A Ordinary Shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under option to purchase additional shares. The underwriters can close out a covered short sale by exercising the option to purchase additional shares or purchasing shares in the open market. In determining the source of Class A Ordinary Shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of Class A Ordinary Shares compared to the price available under the option to purchase additional Class A Ordinary Shares. The underwriters may also sell shares in excess of the option to purchase additional Class A Ordinary Shares, creating a naked short position. The underwriters must close out any naked short position by purchasing Class A Ordinary 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 Class A 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 underwriters or dealer repays selling concessions allowed to it for distributing our Class A Ordinary Shares in this Offering because such underwriters repurchases those Class A Ordinary Shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our Class A 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 Class A 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 affected on the Nasdaq, in the over-the-counter market, or otherwise.

**Pricing of the Offering**

Prior to this Offering, there was no public market for the Class A Ordinary Shares. The Offering Price was determined by negotiations between us and the Representative. In determining the Offering Price, we and the Representative considered a number of factors, including:

● the information set forth in this prospectus and otherwise available to the Representative;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● our prospects for future earnings;

● the general condition of the securities markets at the time of this Offering;

● the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

● other factors deemed relevant by the Representative and us.

Neither we nor the Representative can assure investors that an active trading market will develop for the Class A Ordinary Shares, or that the Class A Ordinary Shares will trade in the public market at or above the Offering Price.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that underwriters may be required to make for these liabilities.

**Listing**

Prior to this Offering, there has been no public market for our Class A Ordinary Shares. We intend to list our Class A ordinary shares on the Nasdaq under the symbol "CHON".

**Electronic Distribution**

A prospectus in electronic format may be made available on the websites maintained by the underwriters or selling group members, if any, participating in this Offering and the underwriters may distribute prospectuses electronically. The underwriters may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriters, and should not be relied upon by investors.

**Passive Market Making**

Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**Other Relationships**

The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions and expenses.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Class A Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Class A Ordinary Shares, where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and the non-accountable expense allowance payable the underwriters, which are expected to be incurred by us in connection with the offer and sale of the Class A Ordinary Shares by us. With the exception of the SEC registration fee, the Financial Industry Regulatory Authority ("**FINRA**") filing fee and Nasdaq Listing Rules entry and listing fee, all amounts are estimates.

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| | | |
|:---|:---|:---|
| SEC Registration Fee | US$ | 3970 |
| FINRA Filing Fee | US$ | 6125 |
| Nasdaq Listing Rules Entry and Listing Fee | US$ | 50000 |
| Printing expenses | US$ | 20000 |
| Legal fees and expenses | US$ | 753000 |
| Financial advisory fees and expenses | US$ | 300000 |
| Accounting fees and expenses | US$ | 280000 |
| Miscellaneous | US$ | 134493 |
| **Total** | US$ | 1547588 |

---

These expenses will be borne by us.

**LEGAL MATTERS**

We are being represented by Sichenzia Ross Ference Carmel LLP with respect to certain legal matters of U.S. federal securities. The validity of the Class A Ordinary Shares offered in this Offering and certain legal matters as to Cayman Islands law will be passed upon for us by Ogier. Legal matters as to Hong Kong law will be passed upon for us by Stevenson, Wong & Co. Certain legal matters of United States federal securities in connection with this Offering will be passed upon for the underwriter by Hunter Taubman Fischer & Li LLC. Legal matters as to Hong Kong law will be passed upon for the underwriters by ONC Lawyers.

**EXPERTS**

The financial statements as of April 30, 2025 and 2024 included in this prospectus have been audited by J&S Associate PLT, an independent registered public accounting firm, as stated in their report appearing herein (which report expresses an unqualified opinion on the financial statements). Such financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing. The office of J&S Associate PLT is located at B-11-14, Megan Avenue II, 12 Jalan Yap Kwan Seng, 50450 Federal Territory of Kuala Lumpur, Malaysia.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed a registration statement, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to the underlying Class A Ordinary Shares to be sold in this Offering. For the purposes of this section, the term "Registration Statement" means the original registration statement and any and all amendments thereto including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which constitutes a part of the Registration Statement on Form F-1, does not contain all of the information contained in the Registration Statement. You should read our Registration Statements and their exhibits and schedules for further information with respect to us and our Class A Ordinary Shares.

Immediately upon the effectiveness of the Registration Statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC, including the Registration Statement, can be obtained over the Internet at the SEC's website at <u>www.sec.gov</u> or inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of documents, upon payment of a duplicating fee, by writing to 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. As we are a foreign private issuer, we will be required to file our annual report on Form 20-F within 120 days of the end of each year. However, we intend to furnish the depositary with our annual reports, which will include a review of operations and annual audited combined financial statements prepared in conformity with U.S. GAAP, and all notices of shareholders' meetings and other reports and communications that are made generally available to our shareholders.

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

**CHAINON GROUP LIMITED**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **Consolidated Financial Statements for the Years Ended April 30, 2025 and 2024** |  |
| [Report of Independent Registered Public Accounting Firm](#F_001) (PCAOB ID: 6743) | F-2 |
| [Consolidated Balance Sheets as of April 30, 2025 and 2024](#F_002) | F-3 |
| [Consolidated Statements of Operations and Comprehensive Income for the Years Ended April 30, 2025 and 2024](#F_003) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended April 30, 2025 and 2024](#F_004)<br>| F-5 |
| [Consolidated Statements of Cash Flows for the Years Ended April 30, 2025 and 2024](#F_005) | F-6 |
| [Notes to Consolidated Financial Statements for the Years Ended April 30, 2025 and 2024](#F_006) | F-7 |
| **Condensed Consolidated Financial Statements for Six Months Ended October 31, 2025 and 2024 (unaudited)** |  |
| [Unaudited Condensed Consolidated Balance Sheets as of October 31, 2025 and April 30, 2025](#FN_001) | F-26 |
| [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the Six Months Ended October 31, 2025 and 2024](#FN_002) | F-27 |
| [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended October 31, 2025 and 2024](#FN_003) | F-28 |
| [Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended October 31, 2025 and 2024](#FN_004)<br>| F-29 |
| [Notes to Unaudited Condensed Consolidated Financial Statements for the Six Months Ended October 31, 2025 and 2024](#FN_005) | F-30 |

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| | | |
|:---|:---|:---|
| ![](auditor_001.jpg) | **J&S ASSOCIATE PLT**<br> 202206000037 (LLP0033395-LCA) & AF002380<br> (Registered with PCAOB and MIA)<br> B-11-14, Megan Avenue II<br> 12, Jalan Yap Kwan Seng, 50450, Kuala Lumpur, Malaysia | Tel: +603-4813 9469<br> Email : <u>info@jns-associate.com</u><br> Website : jns-associate.com |

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**Report of Independent Registered Public Accounting Firm**

The Board of Directors and Shareholders of

**ChainOn Group Limited**

**Opinion on the Financial Statement**

We have audited the accompanying balance sheet of ChainOn Group Limited and its subsidiary (the 'Company') as of April 30, 2025 and 2024, and the related consolidated statements of income and comprehensive income, consolidated statements of changes in shareholders' equity, and consolidated statements of cash flows for the years ended April 30, 2025 and 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2025 and 2024, and the results of its operations and its cash flows for the years ended April 30, 2025 and 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The 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 audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

---

| |
|:---|
| */s/J&S Associate PLT* |
| Certified Public Accountants |
| PCAOB No: 6743 |

---

We have served as the Company's auditor since 2025.

Kuala Lumpur, Malaysia

February 10, 2026, except for Note 17, Subsequent Events, as to which the date is June 25, 2026

**CHAINON GROUP LIMITED**

**Consolidated** **Balance Sheets**

**(Expressed in U.S. Dollars, except for the number of shares)**

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $188639 | $21167 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 329999 | 3836 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – a related party |  | 25380 |
| &nbsp;&nbsp;&nbsp;Loan receivable | 60430 | 60222 |
| &nbsp;&nbsp;&nbsp;Prepayments | - | 15983 |
| **Total current assets** | 579068 | 126588 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 112538 | 78523 |
| &nbsp;&nbsp;&nbsp;Investments in life insurance policies | 200905 | 191858 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 1815 | 11760 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 75074 | 242726 |
| &nbsp;&nbsp;&nbsp;Deferred initial public offering ("IPO") costs | 140300 | - |
| **Total non-current assets** | 530632 | 524867 |
| **Total assets** | $1109700 | $651455 |
| **Liabilities and shareholders' equity** |  |  |
| **Liabilities** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $- | $84183 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 13124 | 165790 |
| &nbsp;&nbsp;&nbsp;Bank overdrafts |  | 152105 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current |  | 20757 |
| &nbsp;&nbsp;&nbsp;Other payables | 26963 | 28671 |
| **Total current liabilities** | 40087 | 451506 |
| **Total liabilities** | 40087 | 451506 |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Ordinary Shares, US$0.0004 par value; 100,000,000 Class A Ordinary Shares authorized; 24,000,000 Class A Ordinary Shares issued and outstanding as of April 30, 2025 and 2024, respectively\* | 9600 | 9600 |
| &nbsp;&nbsp;&nbsp;Class B Ordinary Shares, US$0.0004 par value per share; 25,000,000 Class B Ordinary Shares authorized; 6,000,000 Class B Ordinary Shares issued and outstanding as of April 30, 2025 and 2024, respectively\* | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (12000) | (12000) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2000808 | 2000808 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (936711) | (1801068) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 5516 | 209 |
| **Total shareholders' equity** | 1069613 | 199949 |
| **Total liabilities and shareholders' equity** | $1109700 | $651455 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the effect of the Reorganization (Note 1) and share recapitalization (Note 12).

The accompanying notes are an integral part of these consolidated financial statements.

**CHAINON GROUP LIMITED**

**Consolidated** **Statements of Operations and Comprehensive Income**

**(Expressed in U.S. dollar, except for the number of shares)**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| Project development service income | $1589464 | $657627 |
| Project development service income - a related party | 34858 | 245095 |
| Advisory and support service income | 507706 | 409888 |
| Advisory and support service income - a related party | 77051 | - |
| **Total revenues** | 2209079 | 1312610 |
| Cost of revenues | (993727) | (821311) |
| **Total cost of revenues** | (993727) | (821311) |
| **Gross profit** | 1215352 | 491299 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (135275) | (253008) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (69417) | (48941) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | (204692) | (301949) |
| **Income from operations** | 1010660 | 189350 |
| **Other income, net** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange transaction losses | (3900) | (1195) |
| &nbsp;&nbsp;&nbsp;Interest expense | (10290) | (12140) |
| &nbsp;&nbsp;&nbsp;Interest income | 29 |  |
| &nbsp;&nbsp;&nbsp;Interest income – a related party | 6629 |  |
| &nbsp;&nbsp;&nbsp;Government grants | 21189 | 19478 |
| &nbsp;&nbsp;&nbsp;Sundry income | 9060 | 12606 |
| &nbsp;&nbsp;&nbsp;Sundry income – a related party | - | 17619 |
| &nbsp;&nbsp;&nbsp;Total other income, net | 22717 | 36368 |
| **Income before income tax expenses** | 1033377 | 225718 |
| Income tax expenses | (169020) | (36026) |
| **Net income** | 864357 | 189692 |
| **Other comprehensive income** |  |  |
| Foreign currency translation adjustments | 5307 | 81 |
| **Total comprehensive income** | $869664 | $189773 |
| Earnings per share\*: |  |  |
| Ordinary shares - Basic and diluted | $0.03 | $0.01 |
| Weighted average number of ordinary shares outstanding\*: |  |  |
| Ordinary shares - Basic and diluted | 30000000 | 30000000 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the effect of the Reorganization (Note 1) and share recapitalization (Note 12).

The accompanying notes are an integral part of these consolidated financial statements.

**CHAINON GROUP LIMITED**

**Consolidated** **Statements of Changes in Shareholders' Equity**

**(Expressed in U.S. dollar, except for the number of shares)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary shares** | **Class A Ordinary shares** | **Class B Ordinary shares** | **Class B Ordinary shares** | | | | | |
|  | **Number issued** | **Amount** | **Number issued** | **Amount** |<br>**Subscription**<br> **receivable** | **Additional**<br>**paid-in capital** |<br>**Accumulated losses** | **Accumulated other**<br> **comprehensive income** |<br>**Total** |
| **Balance as of April 30, 2023** | 24000000 | $9600 | 6000000 | $2400 | $(12000) | $2000808 | $(1990760) | $128 | $10176 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | 189692 |  | 189692 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | - | - | - | - | - | - | - | 81 | 81 |
| **Balance as of April 30, 2024** | 24000000 | 9600 | 6000000 | 2400 | (12000) | 2000808 | (1801068) | 209 | 199949 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | 864357 |  | 864357 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | - | - | - | - | - | - | - | 5307 | 5307 |
| **Balance as of April 30, 2025** | 24000000 | $9600 | 6000000 | $2400 | $(12000) | $2000808 | $(936711) | $5516 | $1069613 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the effect of the Reorganization (Note 1) and share recapitalization (Note 12).

The accompanying notes are an integral part of these consolidated financial statements.

**CHAINON GROUP LIMITED**

**Consolidated** **Statements of Cash Flows**

**(Expressed in U.S. dollar)**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $864357 | $189692 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 27406 | 15223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in cash surrender value of investments in life insurance policies | (7379) | (6700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 10004 | 7672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | 169020 | 36026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income – a related party | (6629) |  |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (324778) | (1406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable – a related party | 25491 | (2748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | 16052 | (15978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (84549) | (6763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (153441) | (39686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (20848) | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | (1944) | (23714) |
| Net cash provided by operating activities | 512762 | 152942 |
| **Cash flows for investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (60613) | (69744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawdown of loan receivable | (460957) | (60208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment on loan receivable | 467892 | - |
| Net cash used in investing activities | (53678) | (129952) |
| **Cash flows for financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of bank overdrafts | (152767) | (1889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of offering costs related to Initial Public Offering ("IPO") | (139718) | - |
| Net cash used in financing activities | (292485) | (1889) |
| Net increase in cash | 166599 | 21101 |
| Effect of exchange rate changes on cash | 873 |  |
| Cash, beginning of year | 21167 | 66 |
| Cash, end of year | $188639 | $21167 |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $9450 | $10817 |
| **Supplemental non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $- | $19434 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**1. Organization and Description of Business**

ChainOn Group Limited (the "Company") is a company incorporated in the Cayman Islands with limited liability on October 9, 2025. The Company is a parent holding company with no operations.

ChainOn Technology Limited ("ChainOn BVI"), a wholly-owned subsidiary of the Company, is a company incorporated in the British Virgin Islands ("BVI") as a business company on October 10, 2025. ChainOn BVI has 10,000 ordinary shares outstanding with US$1 par value per share. ChainOn BVI is a pure holding company with no operations.

ChainOn Technology (HK) Limited ("ChainOn HK"), a wholly-owned subsidiary of ChainOn BVI, is a company incorporated in Hong Kong with limited liability on December 29, 2017, with a share capital of HK$10,000 (approximately $1,280). ChainOn HK was originally incorporated under the name Success Illusion Limited and subsequently changed its name to ChainOn Technology (HK) Limited with effect from July 19, 2019. ChainOn HK does not have any subsidiaries or associates.

ChainOn HK is primarily engaged in providing integrated technology-related services, including software system development and implementation, advisory and support. ChainOn HK primarily generates service income from engaging customers with these comprehensive software development solutions and technology-related services.

The Company together with its subsidiaries (collectively, "the Group") primarily operate in Hong Kong, focusing on the provision of integrated technology-related services, including software system development and implementation, advisory and support.

The accompanying consolidated financial statements reflect the activities of the Company, and each of the following entities as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Company** | **Place of <br> Incorporation** | **Attributable <br> equity interest %** | **Issued share <br> capital** | **Issued share <br> capital** |
| ChainOn BVI | British Virgin Islands | 100% | US$ | 10000 |
| ChainOn HK | Hong Kong | 100% | HK$ | 10000 |

---

***Reorganization***

 ****

The Reorganization was completed on November 12, 2025 through a series of planned transactions. As a result of the Reorganization, the Company has become the holding company for all previously mentioned entities.

Immediately prior to the Reorganization, ChainOn HK was wholly owned and controlled by Mr. Wai Lun Lau. The Company was incorporated in the Cayman Islands on October 9, 2025, by a registered agent for the sole purpose of serving as the holding company of the Group. On the date of incorporation, one Class B ordinary share was issued, with a par value of $1 per share. On October 13, 2025, 100% ownership of the Company was transferred from the registered agent to Invincible Legend Limited, a BVI company wholly owned by Mr. Wai Lun Lau. Subsequently, on the same day, an additional 8,000 Class A ordinary shares and 1,999 Class B ordinary shares, each with a par value of $1 per share, were allotted and issued to Invincible Legend Limited.

ChainOn BVI was incorporated on October 10, 2025. It has been wholly owned and controlled by the Company since its incorporation. Prior to the Reorganization, ChainOn BVI did not engage in any business activities and serves solely as an intermediate holding company. On November 12, 2025, ChainOn BVI acquired 10,000 shares of ChainOn HK from Mr. Wai Lun Lau, representing the entire issued share capital of ChainOn HK at that time, for a consideration of HK$10,000 (approximately $1,280), thereby completing the Reorganization.

Immediately before and after the Reorganization, the Company, ChainOn BVI and ChainOn HK remained under the common ownership and control of Mr. Wai Lun Lau. Accordingly, the Reorganization is accounted for as a transaction among entities under common control in accordance with ASC 805-50.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**1. Organization and Description of Business (Continued)**

On January 27, 2026, the Company effected a 1-for-2,500 share subdivision, converting each issued ordinary share with a par value of $1.00 into 2,500 ordinary shares with a par value of $0.0004 per share. Following the stock split, the Company's authorized share capital of $50,000 was divided into 125,000,000 ordinary shares, comprising 100,000,000 Class A ordinary shares and 25,000,000 Class B ordinary shares, each with a par value of $0.0004 per share. As a result, 20,000,000 Class A ordinary shares and 5,000,000 Class B ordinary shares were issued and outstanding.

On the same day, the Company further allotted 5,000,000 ordinary shares, par value $0.0004 per share, to its shareholders on a pro rata basis at a ratio of one new share for every five existing shares held, resulting in the issuance of 4,000,000 Class A ordinary shares and 1,000,000 Class B ordinary shares to the Company's existing shareholders.

In connection with the 1-for-2,500 share subdivision effected on January 27, 2026 and the allotment of 5,000,000 ordinary shares to the Company's existing shareholders on January 27, 2026, the Company determined that these transactions did not involve any proceeds received by the Company and did not result in any change in the shareholders' proportionate ownership interests. Accordingly, the Company accounted for these transactions as a share split and a recapitalization prior to the completion of its initial public offering. The effects of the share subdivision and share issuance have been reflected retrospectively for all periods presented for purposes of earnings per share, in accordance with ASC 260, Earnings Per Share.

Following the above transactions, the consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in these consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-group transactions.

The movement in the Company's authorized share capital and the number of Class A and Class B ordinary shares outstanding and issued in the Company are also detailed in the Note 12.

**2. Liquidity**

In assessing the Group's liquidity, the Group monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Group's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Bank overdrafts and cash generated from operations have been utilized to finance the working capital requirements of the Group.

As of April 30, 2024, the Group reported a working capital deficit of $324,918. However, the Group maintained active bank accounts and obtained banking facilities to ensure it had sufficient funds to finance its working capital requirements. The Group continued to meet its payment obligations through these accounts. In addition, during the year ended April 30, 2024, the Group generated positive net cash flows from operating activities of $152,942 and continued to generate positive cash flows from operations for the year ended April 30, 2025, supported by its ongoing business activities and operating performance. Subsequently, as of April 30, 2025, the Group had positive working capital of $538,981, which included $188,639 in cash.

Considering all facts and information on hand, management expects the Group's cash on hand is sufficient to finance its working capital requirements within the normal operating cycle of a twelve-months period from the date these consolidated financial statements are issued.

If the Group is unable to have sufficient fund to finance its working capital requirements within the normal operating cycle of a twelve-months period from the date these consolidated financial statements are issued, the Group may consider supplementing its available sources of funds through the following sources:

● additional equity financing from shareholders and third-party investors; and/or

● financial support from financial institutions, the Group's shareholders and related parties.

Based on the above considerations, management is of the opinion that the Group has sufficient funds to meet its working capital requirements and current liabilities as they become due within twelve months from the date these consolidated financial statements are issued. However, there is no assurance that the Group will be successful in implementing its plans. There are a number of factors that could potentially arise and could undermine the Group's plans, such as changes in the demand for the Group's services, general market conditions, and competitive environment of the capital market industry in Hong Kong and changes in regulatory requirements, etc.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies**

***Basis of presentation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC"). The Company maintains its general ledger and journals using the accrual method of accounting.

***Principle of consolidation***

For the purpose of preparing these consolidated financial statements, the consolidated balance sheets of the Company as at April 30, 2025 and 2024, the consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows of the Company for the financial years ended April 30, 2025 and 2024 have been prepared on a consolidated basis as if the current group structure had been in existence throughout the financial years or from the date the entities are under common control, if later, in accordance with ASC 805-50. Accordingly, the assets, liabilities, and results of operations of the entities under common control have been retrospectively adjusted to reflect the reorganization.

These 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; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

***Use of estimates and assumptions***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Group and on various other assumptions that the Group believes to be reasonable under the circumstances. Significant estimates required to be made by management include, but not limited to, provision for expected credit losses against accounts receivable and loan receivable, determination of the useful lives of long-lived assets, impairment of long-lived assets, valuation allowance for deferred tax assets, accounting of operating lease right-of-use assets, and operating lease liabilities. Actual results could differ from the estimates, and as such, differences could be material to the consolidated financial statements.

***Cash***

Cash includes balances maintained with banks in Hong Kong that can be added or withdrawn without limitation.

***Accounts receivable***

Accounts receivable represent income earned from the provision of project development services and advisory and support services for which the Group has not yet received payment. Accounts receivable is recorded at the invoiced amount and adjusted to amounts management expects to collect from balances outstanding at year end. In accordance with ASC 326 Financial Instruments-Credit Losses (ASC 326), the Group estimates the allowance for expected credit losses based on expected future uncollectible accounts receivable using forecasts of future economic conditions in addition to information about past events and current conditions. Management provides an allowance for expected credit losses based on the Group's historical losses, specific customer circumstances, and general economic conditions. Periodically, management reviews accounts receivable and adjusts the allowance based on current circumstances and charges off uncollectible receivables when all attempts to collect have been exhausted and the prospects for recovery are remote. As of April 30, 2025 and 2024, no allowance for expected credit losses against accounts receivable was recognized. In addition, the balance as of April 30, 2025 and 2024, has been fully settled subsequent to the respective year end.

***Loan receivable***

Loan receivable represents loan to employees, customers and related parties. Loan receivable is initially recognized at their fair value and is subsequently measured at amortized cost using the effective interest method, less any allowance for expected credit losses ("ECL"). The Group assesses credit risk and evaluates collectability of loan receivable on an ongoing basis in accordance with ASC 326, Financial Instruments – Credit Losses. The Group reviews loan receivable on a regular basis and makes allowance for expected credit losses if there is evidence indicating that loan receivable may be unrecoverable based on the Group's historical losses, specific customer circumstances, and general economic conditions. As of April 30, 2025 and 2024, the Company had no allowance for expected credit losses related to loan receivable. In addition, the loan receivable balances outstanding as of April 30, 2025 and 2024, have been fully settled subsequent to the respective year end.

***Investments in life insurance policies***

The Group invests in corporate-owned life insurance policies in order to insure against the loss of respective key person of the Group and the Group is the beneficiary of these life insurance policies. The Group accounts for the life insurance policies in accordance with ASC 325-30, Investments in Insurance Contracts.

Investments in life insurance policies are reported as assets and are subsequently measured at the amounts that could be realized under the policies, i.e., the cash surrender values, as of the year end dates, less an allowance for expected credit losses. The change in cash surrender values during the period is recognized as an expense or income and reported in the consolidated statements of income and comprehensive income. The Group does not recognize income from death benefits on an actuarially expected basis.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

The Group intends to retain the life insurance policies for the long-term purpose. Consequently, the Group has classified the investments in life insurance policies as non-current assets.

The Group adopted ASC 326 on the investments in life insurance policies. The new credit losses guidance replaces the old model for measuring the allowance for credit losses with a model that is based on the expected losses. Under this accounting guidance, the Group measures expected credit losses on its investments in life insurance policies using the current expected credit loss model under ASC 326. As of April 30, 2025 and 2024, no allowance for expected credit loss against investments in life insurance policies was recognized.

***Leases***

The Group adopted ASU No. 2016-02, Leases ("ASC 842"), which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.

The Group is a lessee of non-cancellable operating leases for corporate office premises. The Group determines if an arrangement is a lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. All leases of the Group are currently classified as operating leases. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liabilities on the Group's consolidated balance sheets.

ROU assets represent the Group's right to use an underlying asset for the lease term and operating lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term.

When determining the lease term, at lease commencement date, the Group considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The interest rate used to determine the present value of future lease payments is the Group's incremental borrowing rate based on the information available at the lease commencement date.

The lease standard (ASC 842) provides practical expedients for an entity's ongoing accounting. The Group elects to apply short-term lease exception for leases with a lease term of 12 months or less at commencement. Accordingly, ROU assets and operating lease liabilities do not include leases with a lease term of 12 months or less.

The Group evaluates the impairment of its ROU assets consistently with the approach applied for its other long-lived assets. The Group reviews the recoverability of its long-lived assets when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the assets from the expected undiscounted future pre-tax cash flows of the related operations. As of April 30, 2025 and 2024, the Group did not recognize any impairment loss against its ROU assets.

***Property and equipment, net***

Property and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided using the straight-line method based on the estimated useful life. The estimated useful lives of property and equipment are as follows:

Computer and office equipment 5 years

Expenditures for repairs and maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive income under other income or expenses.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

***Impairment of long-lived assets***

The Group reviews long-lived assets, including property and equipment and ROU assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future pre-tax cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As of April 30, 2025 and 2024, no impairment of long-lived assets was recognized.

***Deferred initial public offering ("IPO") costs***

Deferred IPO costs consist of costs incurred in connection with the Group's planned IPO in the United States. These costs, together with the underwriting discounts and commissions, will be charged against the gross proceeds of the offering as a reduction of additional paid-in capital upon completion of the planned IPO or charged to the consolidated statements of operations and comprehensive income if the planned IPO is not completed. As of April 30, 2025 and 2024, the Group had deferred IPO costs of $140,300 and nil, respectively.

***Accounts payable***

Accounts payable are liabilities for goods and services provided to the Group prior to the end of the financial period which are unpaid. They are recognized initially at their fair value and subsequently measured at amortized cost. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. All accounts payable was recognized as current liabilities as of April 30, 2025 and 2024.

***Contract assets and Contract liabilities***

Contract assets are recorded on the consolidated balance sheets when revenues recognized to date exceeds cumulative billings to customers. Provisions for estimated losses on contract assets are accounted for in the period such losses are identified. As of April 30, 2025, and 2024, no contract assets were recognized.

Contract liabilities represent the amounts of cash collected from customers, or billings to customers for work yet to be performed that exceed the revenues recognized to date in relation to uncompleted contracts. As of April 30, 2025 and 2024, contract liabilities amounted to $13,124 and $165,790, respectively. Additionally, these amounts are expected to be recognized as revenues within a twelve-month period from the reporting date of these consolidated financial statements, therefore being classified as current liabilities on the consolidated balance sheets.

***Bank overdrafts***

Bank overdrafts represent the amount by which funds disbursed by bank exceed funds held on deposit for a given bank account. Bank overdrafts are classified as current liabilities in the consolidated balance sheets and recorded at the amount due to the bank as of the reporting date.

***Revenue recognition***

The Group follows the rules and guidance set out under ASC 606, Revenue from Contracts with Customers ("ASC 606"), when recognizing revenues from contracts with customers. The core principle of ASC 606 requires an entity to recognize revenues to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In accordance with ASC 606, revenues are recognized when the Group satisfies the performance obligations by delivering the promised services to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract;

Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and

Step 5: Recognize revenues when the company satisfies a performance obligation.

The Group enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that the Group will collect considerations from its customers for service component.

The Group derives its revenues from two main sources: (1) project development services; and (2) advisory and support services.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

***Project development services***

The Group engages in distinct contracts with its customers to deliver project development services. Billing occurs based on predefined milestones in the contracts. A credit term of 180 days from the date the invoice is given to customers. Upon the completion of each milestone, the completion of the services would be confirmed upon receipt of a signed confirmation letter from the customers. The duration of projects typically ranges from one to six months, depending on their complexity and the requirements specified in the contracts.

A 10-day warranty provision is included in these contracts. The warranty services are not separately priced in the contract, and there is no option to purchase them independently for a stated amount distinct from the project price. These warranties only cover reported defects or non-conformance necessary to ensure compliance with the specifications outlined in the contracts. Therefore, they qualify as assurance-type warranties, representing no separate performance obligation under ASC 606, and no allocation of the transaction price is required.

The various components of the project development services are interdependent and interrelated, functioning together to deliver a combined outcome. They function together to deliver a single, customized, and integrated solution. The services are not distinct within the context of the contract because the customer cannot benefit from them on a standalone basis; their value is realized only when they are combined into the functional, integrated solution. Accordingly, the project solution services are treated as a single performance obligation.

The contracts explicitly outline transaction prices as fixed amounts with no variable considerations. Customers simultaneously receive and consume the benefits provided by the Group's performance as the Group performs if another service provider would not need to substantially re-perform the work completed to date. Furthermore, the solutions are tailored and customized for specific customers, have no alternative use, and the Group has an enforceable right to payment for performance completed to date. The Group recognizes revenues from project development services to satisfy a performance obligation over time in accordance with ASC 606-10-25-27.

The Group measures progress toward complete satisfaction of its performance obligations using an input method based on costs incurred relative to total expected costs. Management believes this method provides a reasonable measure of progress because the costs incurred are directly correlated with the transfer of value to the customer. Accordingly, the portion of revenues recognized reflects the extent of services provided to date. Costs typically include subcontractor costs and other costs directly related to contract performance. At contract inception, the Group establishes the total estimated cost to complete the project based on subcontractors' quotations and historical data from similar projects. Changes in estimated costs to complete these obligations result in adjustments to revenues on a cumulative catch-up basis, which causes the effect of revised estimates to be recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, unanticipated changes in scope, unanticipated costs, delays or favorable or unfavorable progress than original expectations. When the outcome of the contract cannot be reasonably measured, revenue is recognized only to the extent of contract costs incurred that are expected to be recovered. In situations where the estimated costs to perform exceeds the consideration to be received, the Group accrues the entire estimated loss during the period the loss becomes known.

As of April 30, 2025, and 2024, there were neither contract assets nor contract liabilities for project development services.

***Advisory and support services***

The Group enters into distinct contracts with its customers to provide ongoing IT-related advisory and support services. In general, the service period would be on a monthly, or quarterly basis, depending on the terms agreed upon in the contracts. The service will be automatically renewed until a mutual agreement is reached or other conditions outlined in the contracts are met. Billing occurs on a monthly, or quarterly basis as outlined in the contracts. A credit term of 180 days from the date the invoice is given to customers.

Under advisory and support service contracts, the Group commits to delivering a variety of advisory and support services during the contract period. Although the contracts may specify discrete activities, such as on-going maintenance, system upgrades, troubleshooting and support services, these services are highly interrelated and collectively contribute to a single, integrated service offering. The services are provided concurrently and are not capable of being distinct in the context of the contract. Accordingly, they are accounted for as a single performance obligation.

Transaction prices for advisory and support services are explicitly written in contracts as a fixed amount without variable consideration. The Group does not incur significant upfront costs in fulfilling these contracts. Under the contract terms, the customer has unlimited access to the Group's services during the contract period. The amount of services actually used by the customer does not affect the remaining service entitlement, and the customer is obligated to pay regardless of the frequency of usage. The Group is continuously available to provide services throughout the term and maintains the ability to fulfill service requests as needed. In accordance with ASC 606-10-25-27, these services represent stand-ready obligations, for which the customer simultaneously receives and consumes the benefits as the Group performs. The Group applies a time-based measure of progress to recognize revenues, as the services are provided evenly over the contract period. Therefore, revenues are recognized on a straight-line basis over the term of the contract, which accurately reflects the transfer of benefits to the customer over time.

As of April 30, 2025 and 2024, contract liabilities for advisory and support services amounted to $13,124 and $165,790, respectively, are expected to be recognized as revenues within a twelve-month period from the year end date using a straight-line basis. No contract assets for advisory and support services were recognized as of April 30, 2025 and 2024.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

<u>Sources of revenues</u>

Disaggregated information of revenues by major sources are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| **Revenues from contracts with customers recognized over time** |  |  |
| **Third parties** |  |  |
| &nbsp;&nbsp;&nbsp;Project development services | $1589464 | $657627 |
| &nbsp;&nbsp;&nbsp;Advisory and support services | 507706 | 409888 |
| Total | $2097170 | $1067515 |
| **Related party** |  |  |
| &nbsp;&nbsp;&nbsp;Project development services | $34858 | $245095 |
| &nbsp;&nbsp;&nbsp;Advisory and support services | 77051 | - |
| Total | $111909 | $245095 |

---

***Government grants***

Government grants primarily relate to (i) funding granted under Cyberport Creative Micro Fund by Hong Kong Cyberport Management Company Limited to support innovation, high potential digital tech projects and early-stage start-ups with business elements; (ii) funding granted under Reindustrialisation and Technology Training Programme by Vocational Training Council in Hong Kong to support training programme; (iii) funding granted under Technology Voucher Programme by Innovation and Technology Fund in Hong Kong to support companies to use technological services and solutions to improve productivity, or upgrades or transform business processes. The Group recognizes government grants as other income upon meeting all attached conditions, or when it is reasonably assured that these conditions will be met and receipt of the grants is probable.

Government grants received and recognized as other income in the consolidated statements of operations and comprehensive income amounted to $21,189 and $19,478 for the years ended April 30, 2025 and 2024, respectively. To qualify for these grants, the Group complied with specific requirements and conditions. As of April 30, 2025, there were no unfulfilled conditions related to government grants.

***Cost of revenues***

Cost of revenues primarily consists of subcontracting and labor costs directly attributable to the provision of our technology-related services, including project development, advisory, and support services. These costs are expensed as incurred.

***Employee benefit plan***

Employees of the Group located in Hong Kong participate in compulsory retirement benefit schemes, as mandated by local laws. In Hong Kong, contributions to the scheme are made by both the Group and its employees at a rate of 5% of the employees' relevant salary income, subject to a cap on monthly relevant income of HK$30,000 (equivalent to $3,852). For the years ended April 30, 2025, and 2024, the total amounts charged to the consolidated statements of operations and comprehensive income for the Group's contributions to these retirement benefit schemes were $14,773 and $18,935, respectively

***Borrowing costs***

All borrowing costs are recognized as interest expense in the consolidated statements of operations and comprehensive income in the period in which they are incurred.

***Income taxes***

The Group accounts for income taxes under ASC 740, Income Taxes. Provision for income taxes consists of current taxes and deferred taxes.

Current tax is recognized based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognized in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the consolidated statements of operations and comprehensive income (loss), except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Group did not have any significant uncertain tax positions nor interest and penalty associated with tax positions as of April 30, 2025 and 2024.

***Segment reporting***

In November 2023, the FASB issued Accounting Standards Update, or ASU 2023-07 – Improvements to Reportable Segment Disclosures, which enhances the disclosures required for reportable segments in annual and interim financial statements, including additional, more detailed information about a reportable segment's expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Group adopted ASU 2023-07 for the year ended April 30, 2024, retrospectively to all periods presented in the consolidated financial statement. The adoption of this ASU had no material impact on reportable segments identified and had no effect on the Group's consolidated financial position, results of operations, or cash flows.

Based on the criteria established by ASC 280, Segment Reporting, the Group uses the management approach in determining its operating segments. The Group's chief operating decision maker ("CODM"), specifically the Group's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), reviews the results when making decisions, allocating resources and assessing performance of the Group. The Group carries out all its business activities and operations in Hong Kong. All transactions are concluded and completed in Hong Kong with similar terms and conditions. Internally, the Group reports costs and expenses by nature as a whole for management decision-making and assessment. Therefore, the Group has only one operating segment and one reportable segment.

The Group's CODM assesses performance for the segment and decides how to allocate resources by regularly reviewing the segment net income (loss) that also is reported as net income (loss) on the consolidated statements of operations and comprehensive income (loss), after taking into account the Group's strategic priorities, its cash balance, and its expected use of cash. Further, the CODM reviews and utilizes functional expenses (i.e., selling and marketing and general and administrative) as a whole to manage the Group's operations. Other segment items included interest expense, other income, and income tax (expense) benefit, which are reflected in the net income (loss). The measure of segment assets is reported on the consolidated balance sheets as total assets.

***Comprehensive Income***

Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income consists of foreign currency translation adjustments resulting from the Group translating its consolidated financial statements from functional currencies into reporting currency.

***Earnings per share***

The Group computes earnings per share ("EPS") according with ASC 260, Earnings per Share ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic earnings per share is computed by dividing net income attributable to each class of ordinary shareholders by the weighted average number of shares of that particular class outstanding during the year, where each class have differing economic rights to earnings and dividends.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

Diluted earnings per share is calculated by dividing net income attributable to each class of ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares of that class, if any, by the weighted average number of that particular class of ordinary and dilutive ordinary equivalent shares outstanding during the year, where each class have differing economic rights to earnings and dividends. Ordinary share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. Basic and diluted earnings per ordinary share are presented in the Group's consolidated statements of operations and comprehensive income.

As stipulated in the Company's Memorandum and Articles of Association, each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holders of Class B Ordinary Shares, at any time and without the payment of any additional sum; Conversely, holders of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances. In addition, holders of both Class A and Class B ordinary shares were entitled to receive dividends paid by the Company at the same rate and had equal rights to the surplus assets of the Company upon its liquidation, as stipulated in the Company's Memorandum and Articles of Association. These shares ranked pari passu in all other respects. Basic and diluted earnings per share are calculated by referring to the rights and characteristics of these two classes of ordinary shares respectively. For the years ended April 30, 2025 and 2024, the Group had no dilutive stocks.

***Translation of foreign currencies***

The Group's principal place of operations is Hong Kong. The financial position and results of its operations are predominately determined using HK$, the local currency of the Group, as the functional currency. The Group's consolidated financial statements are presented in U.S. Dollars ("US$" or "$"). The results of operations and the consolidated statements of cash flows, denominated in the functional currency, are translated to US$ at the average rate of exchange during the reporting period. Assets and liabilities denominated in functional currencies at the balance sheet date are translated to US$ at the applicable rate of exchange in effect at that date. The equity, denominated in the functional currency, is translated to US$ at the historical rate of exchange at the time of the transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income in the consolidated statements of changes in shareholders' equity. Gains and losses from foreign currency transactions are included in the Group's consolidated statements of operations and comprehensive income under foreign exchange transaction losses.

The following table outlines the exchange rates that are used in preparing these consolidated financial statements.

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| Year end spot rates |  |  |
| &nbsp;&nbsp;&nbsp;HK$ | US$1 = HK$7.75 | US$1 = HK$7.82 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| Average rates |  |  |
| &nbsp;&nbsp;&nbsp;HK$ | US$1 = HK$7.78 | US$1 = HK$7.82 |

---

***Fair value of financial instruments***

The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 – Quoted prices in active markets for identical assets and liabilities.

Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

As of April 30, 2025 and 2024, financial instruments of the Group comprised primarily cash, accounts receivable, loan receivable, investments in insurance policies, bank overdrafts, accounts payable and other payables. The Group concludes that the carrying amounts of these financial instruments approximate their fair values, due to the short-term nature of these instruments and the terms closely approximating market conditions.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

***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 of the same party, such as a family member or relative, shareholder, or a related corporation.

***Commitments and contingencies***

In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Group's consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

***Recent accounting pronouncements***

The Group considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"), the Group meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. Therefore, the Group's consolidated financial statements may not be comparable to those of companies that comply with public company effective dates.

*Recently issued accounting pronouncements adopted*

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief, which amends Topic 326 to allow the fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 until December 15, 2022. This standard replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivable and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. The Group adopted this accounting guidance on May 1, 2022. The adoption of the standard did not have a material impact on the Group's consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)" ("ASU 2023-07"). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision useful financial analyses. Topic 280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Group adopted this accounting guidance for the year ended April 30, 2024, and applied it retrospectively to all prior periods presented in the consolidated financial statements. The adoption had no material impact on reportable segments identified and had no effect on the Group's consolidated financial position, results of operations, or cash flows.

*Recent accounting pronouncements not yet adopted*

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 Group is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements and related disclosures.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Group is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

The Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, consolidated statements of operations and comprehensive income and consolidated statements of cash flows.

**4. Risks and Uncertainty**

***Currency risk***

The Group's operating activities are mainly transacted in HK$ which is also its functional currency. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Group considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.

The Group considers that the overall foreign exchange risk is not significant, and the Group has not used any instruments or derivatives to manage or hedge the risk.

***Credit risks***

Financial instruments that potentially subject the Group to the credit risks consist of cash, accounts receivable, loan receivable, investments in life insurance policies. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates.

The Group deposits its cash with reputable banks located in Hong Kong. As of April 30, 2025 and 2024, $188,639 and $21,167 were deposited with these banks, respectively. Balances maintained with banks in Hong Kong are insured under the Deposit Protection Scheme introduced by the Hong Kong Government for a maximum amount of HK$500,000 (equivalent to $64,476) and further increased to HK$800,000 (equivalent to $103,162), effective October 1, 2024, for each depositor at one bank, whilst the balances maintained by the Group may at times exceed the insured limits. Cash balances maintained with banks in Hong Kong are not otherwise insured by the Federal Deposit Insurance Corporation or other programs. The Group has not experienced any losses in these bank accounts and management believes that the Group is not exposed to any significant credit risk on cash.

Assets that potentially subject the Group to significant credit risks primarily consist of accounts receivable, loan receivable, and investments in life insurance policies. The Group performs regular and ongoing credit assessments of the counterparts' financial conditions and credit histories. The Group also assesses historical collection trends, aging of receivables and general economic conditions. The Group considers that it has adequate controls over these receivables in order to minimize the related credit risk. As of April 30, 2025 and 2024, there was no allowance for expected credit losses recognized.

***Concentration risks***

For the years ended April 30, 2025 and 2024, all of the Group's assets were located in Hong Kong. At the same time, the Group considers that it is exposed to the following concentrations of risk:

(a) Major
 customers

For the year ended April 30, 2025, four customers accounted for 10% or more of the Group's total revenues. Revenues from these four customers accounted for 25%, 21%, 12% and 10% of the Group's total revenues, respectively. For the year ended April 30, 2024, three customers accounted for 10% or more of the Group's total revenues. Revenues from these three customers accounted for 35%, 19% and 14% of the Group's total revenues, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended April 30, 2025** | **For the year ended April 30, 2025** | **For the year ended April 30, 2024** | **For the year ended April 30, 2024** |
| <br>**Customers** | **Revenues** | **% of revenues** | **Revenues** | **% of revenues** |
| Customer A | $552043 | 25% | $- |  |
| Customer B | 462303 | 21% |  |  |
| Customer C | 256835 | 12% |  |  |
| Customer D | 218310 | 10% | 461547 | 35% |
| Customer E | 124750 | 6% | 245095 | 19% |
| Customer F | - | - | 184075 | 14% |
| Total | $1614241 | 74% | $890717 | 68% |

---

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**4. Risks and Uncertainty (Continued)**

(b) Major
 suppliers

For the year ended April 30, 2025, three suppliers accounted for 10% or more of the Group's cost of revenues. Cost of revenues from these three suppliers accounted for 34%, 29% and 23% of the Group's total cost of revenues, respectively. For the year ended April 30, 2024, two suppliers accounted for 10% or more of the Group's cost of revenues. Cost of revenues from these two suppliers accounted for 48% and 26% of the Group's total cost of revenues, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the year ended April 30, 2025** | **For the year ended April 30, 2025** | **For the year ended April 30, 2024** | **For the year ended April 30, 2024** |
| <br>**Suppliers** | **Cost of revenues** | **% of cost of revenues** | **Cost of revenues** | **% of cost of revenues** |
| Supplier A | $335499 | 34% | $34259 | 4% |
| Supplier B | 288939 | 29% | 388971 | 48% |
| Supplier C | 231525 | 23% | 215117 | 26% |
| Total: | $855963 | 86% | $638347 | 78% |

---

(c) Receivables

The following table sets forth information as to each customer that accounted for 10% or more of the Group's total accounts receivable as of April 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2024** | **As of April 30, 2024** |
| <br>**Customers** | **Accounts receivable** | **% of accounts receivable** | **Accounts receivable** | **% of accounts receivable** |
| Customer A | $120055 | 36% | $- |  |
| Customer G | 38686 | 12% |  |  |
| Customer H | 36979 | 11% |  |  |
| Customer I | 32238 | 10% |  |  |
| Customer E |  |  | 25380 | 87% |
| Customer J | - | - | 3836 | 13% |
| Total: | $227958 | 69% | $29216 | 100% |

---

(d) Payables

As of April 30, 2025, the Group had no outstanding accounts payable. As of April 30, 2024, only one supplier that accounted for 10% or more of the Group's total accounts payable.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of April 30, 2025** | **As of April 30, 2025** | **As of April 30, 2024** | **As of April 30, 2024** |
| <br>**Suppliers** | **Accounts payable** | **% of accounts payable** | **Accounts payable** | **% of accounts payable** |
| Supplier C | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $84183 | 100% |
| Total: | $- |  | $84183 | 100% |

---

***Interest rate risk***

Fluctuations in market interest rates may negatively affect the Group's financial condition and results of operations. The Group is exposed to floating interest rate risk on bank deposits and bank overdrafts, particularly during periods when the interest rate is expected to significant changes. Nevertheless, given the amounts of bank deposits and bank overdrafts in question, the Group considers its interest rate risk to be manageable and not likely to cause significant disruption to the business. The Group has not used any instruments or derivatives to manage or hedge its interest rate risk exposure.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**5. Accounts Receivable**

As of April 30, 2025 and 2024, accounts receivable consisted of the following balances:

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| **Third parties** |  |  |
| Accounts receivable | $329999 | $3836 |
| Less: allowance for expected credit losses | - | - |
| Total accounts receivable – third parties | $329999 | $3836 |
| **Related party** |  |  |
| Accounts receivable | $- | $25380 |
| Less: allowance for expected credit losses | - | - |
| Total accounts receivable – a related party | $- | $25380 |

---

There was no allowance for expected credit losses recognized for the years ended April 30, 2025 and 2024. In addition, the accounts receivable balance as of April 30, 2025 and 2024, has been fully settled subsequent to the respective year end.

**6. Loan Receivable**

As of April 30, 2025 and 2024, loan receivable consisted of the following balances:

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| Loan receivable | $60430 | $60222 |
| Less: allowance for expected credit losses | - | - |
| Total loan receivable | $60430 | $60222 |

---

As of April 30, 2025, the loan receivable represented a loan to Winstontech Limited, which was a related party of the Group from October 2020 until it ceased to be a related party on March 25, 2025. The balance was unsecured and bore interest at a flat amount of HK$83,000 (equivalent to $10,658). The loan had a term of 12 months commencing on September 16, 2024 and maturing on September 16, 2025. This balance was fully settled in July 2025.

As of April 30, 2024, the loan receivable represented a loan to an employee of the Group. The balance was unsecured and non-interest bearing. The loan had a term of 24 months commencing on October 31, 2023 and maturing on October 31, 2025. The Group retained the right to demand repayment of the outstanding balance at any time and, accordingly, this loan was classified as a current asset. The balance was fully settled in April 2025.

There was no allowance for expected credit losses recognized for the years ended April 30, 2025 and 2024.

**7. Operating lease right-of-use (ROU) assets, Net and Operating Lease Liabilities**

The Group has operating lease for office. The lease agreement does not specify an explicit interest rate. The Group's management believes that using an incremental borrowing rate of 3% p.a. over 1-month Hong Kong Interbank Offered Rate ("HIBOR") was the most indicative rate of the Group's borrowing cost for the calculation of the present value of the lease payments at the lease inception; the rate used by the Group was 7.93%.

As of April 30, 2025 and 2024, the Group subsisted of the following non-cancellable lease contract.

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| Office at Flat 411, Wing On Plaza, Tsim Sha Tsui, Hong Kong | 2 years from July 1, 2023 to June 30, 2025 |

---

Subsequently, on May 26, 2025, the Group entered into another non-cancellable lease contract for office premises on the 21st floor of G.D. Real Estate Tower, Central, Hong Kong, from June 1, 2025, to May 31, 2027, with a third party at a monthly rent of HK$75,000 (equivalent to $9,631).

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**7. Operating lease right-of-use (ROU) assets, Net and Operating Lease Liabilities (Continued)**

a) Amounts
 recognized in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| Right-of-use assets | $1815 | $11760 |
| Operating lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Current | $- | $20757 |
| &nbsp;&nbsp;&nbsp;Non-current | - | - |
|  | $- | $20757 |
| Weighted average remaining lease terms (in years) | 0.17 | 1.17 |

---

b) Information
 related to operating lease activities during the years ended April 30, 2025 and 2024 are
 as follows.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Amortization of ROU assets | $10004 | $7672 |
| &nbsp;&nbsp;&nbsp;Accretion of interest on operating lease liabilities | 840 | 1324 |
| Total operating lease expenses | $10844 | $8996 |

---

c) Lease
 liabilities under operating lease have been fully settled during the year ended April 30,
 2025.

The weighted-average discount rate used to determine the operating lease liabilities as of April 30, 2025 was 7.93%.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**8. Property and Equipment, Net**

As of April 30, 2025 and 2024, property and equipment, net, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| Computer and office equipment | $157889 | $96203 |
| Less: accumulated depreciation | (45351) | (17680) |
| Total property and equipment, net | $112538 | $78523 |

---

Depreciation expense was $27,406 and $15,223 for the years ended April 30, 2025 and 2024, respectively.

**9. Investments in Life Insurance Policies**

As of April 30, 2025 and 2024, the investments in life insurance policies consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| Manulife insurance policy | $200905 | $191858 |
| Total investments in life insurance policies | $200905 | $191858 |

---

On December 28, 2021, the Group entered into a life insurance policy with Manulife International Limited ("Manulife") to insure the life of Mr. Wai Lun Lau, who is the ultimate shareholder and director of the Group, with an insurance premium totaling $211,337. The Group is the policy owner and beneficiary of the insurance policy. The insurance premium of $211,337 was fully settled in February 2022. Death compensation under the policy is $700,000. The Group can surrender the life insurance policy at any time with no restrictions and will receive the cash surrender value at the date of termination. This value is determined by the premium paid plus accumulated interest earned, minus the accumulated insurance policy charges and surrender charges, as defined under the policy and provided by the insurer. The policy has been pledged as collateral for banking facilities with an aggregate limit of HK$1.2 million (approximately $154,742) granted by DBS Bank (Hong Kong) Limited ("DBS").

As of April 30, 2025 and 2024, the investments in the Manulife insurance policy were recognized at their cash surrender values of $200,905 and $191,858, respectively, as defined under the policy.

**10. Contract liabilities**

The movement in contract liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| Balance at May 1, 2024 and 2023 | $165790 | $204731 |
| Decrease in contract liabilities as a result of recognizing related portion as revenues during the year | (178349) | (162082) |
| Increase in contract liabilities as a result of billings in advance of performance obligation under related contracts | 25683 | 123141 |
| Balance at April 30, 2025 and 2024 | $13124 | $165790 |

---

**11. Bank Overdrafts**

As of April 30, 2025 and 2024, bank overdrafts consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **As of April 30,** | **As of April 30,** |
| **Date of banking**<br>**Facility** | <br>**Provider** | **Nature of banking**<br>**facility** | **Amount of**<br>**banking facility** | **2025** | **2024** |
| December 6, 2022 | DBS | Bank overdraft | HK$1,200,000 | $- | $152105 |
| Less: non-current portion |  |  |  | - | - |
| Amounts classified as current liabilities |  |  |  | $- | $152105 |

---

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**11. Bank Overdrafts (Continued)**

The bank overdrafts were primarily obtained for general working capital.

The Group obtained a banking facility on bank overdraft from DBS, totaling HK$1.2 million (approximately $154,742) on December 6, 2022. The securities provided under this banking facility include (i) a pledge of the Group's Manulife insurance policy insuring the life of Mr. Wai Lun Lau, the ultimate shareholder and director of the Group, with a death compensation of $700,000; and (ii) a personal guarantee in full from Mr. Wai Lun Lau. No other significant covenants are identified in the banking facility. The facility is a revolving credit arrangement, which does not prescribe a fixed repayment date. The interest rate applied to the bank overdraft is 3% per annum over 1-month HIBOR.

As at April 30, 2025 and 2024, the bank overdraft balances under this facility were nil and $152,105, respectively. For the years ended April 30, 2025 and 2024, interest expenses incurred on the bank overdraft were $9,450 and $10,817, respectively.

**12. Shareholders' Equity**

***Ordinary shares***

The Company was established under the laws of Cayman Islands on October 9, 2025, with an authorized capital of 40,000 Class A ordinary shares and 10,000 Class B ordinary shares, each with a par value of $1 per share.

As stipulated in the Company's Memorandum and Articles of Association, each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holders of Class B Ordinary Shares, at any time and without the payment of any additional sum; Conversely, holders of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances.

In addition, holders of both Class A and Class B ordinary shares were entitled to receive dividends paid by the Company at the same rate and had equal rights to the surplus assets of the Company upon its liquidation, as stipulated in the Company's Memorandum and Articles of Association. Holders of Class A ordinary shares shall be entitled to one vote on all matters subject to the vote at general meetings of the Company, while holders of Class B ordinary shares shall be entitled to twenty votes on all matters subject to the vote at general meetings of the Company. These shares ranked pari passu in all other respects.

On the date of incorporation, one Class B ordinary share was issued with a par value of $1 per share to the Company's registered agent. On October 13, 2025, 100% ownership of the Company was transferred from the registered agent to Invincible Legend Limited, which is a BVI company wholly owned by Mr. Wai Lun Lau. On the same date, an additional 8,000 Class A ordinary shares and 1,999 Class B ordinary shares were issued and allotted to Invincible Legend Limited at the time, each with a par value of $1 per share.

On January 27, 2026, the Company effected a 1-for-2,500 share subdivision converting each issued share of $1.00 par value into 2,500 shares of $0.0004 par value. The shareholders of the Company resolved to subdivide its authorized share capital of $50,000 divided into 125,000,000 shares, comprising 100,000,000 Class A and 25,000,000 Class B Ordinary Shares, each with a par value of $0.0004 per share. As a result, 20,000,000 Class A ordinary shares and 5,000,000 Class B ordinary shares were issued and outstanding.

Following the subdivision, on January 27, 2026, the Company further allotted 5,000,000 ordinary shares, par value $0.0004 per share, to its shareholders on a pro rata basis at a ratio of one new share for every five existing shares held, resulting in the issuance of 4,000,000 Class A ordinary shares and 1,000,000 Class B ordinary shares to the Company's existing shareholders.

In connection with the 1-for-2,500 share subdivision effected on January 27, 2026 and the allotment of 5,000,000 ordinary shares to the Company's existing shareholders on January 27, 2026, the Company determined that these transactions did not involve any proceeds received by the Company and did not result in any change in the shareholders' proportionate ownership interests. Accordingly, the Company accounted for these transactions as a share split and a recapitalization prior to the completion of its initial public offering. The effects of the share subdivision and share issuance have been reflected retrospectively for all periods presented for purposes of earnings per share, in accordance with ASC 260, Earnings Per Share.

As of the result of the above transactions, a total of 24,000,000 Class A ordinary shares and 6,000,000 Class B ordinary shares, each with a par value of $0.0004 per share, were issued and outstanding as of April 30, 2025 and 2024. As of the date of these consolidated financial statements are issued, the consideration of these 30,000,000 ordinary shares had not been settled by the Company's shareholder and was recognized as subscription receivables in these consolidated financial statements.

***Forgiveness of loan by the ultimate shareholder***

Pursuant to the instruction letter from Mr. Wai Lun Lau dated January 2, 2022, and the related board resolution, Mr. Wai Lun Lau, who is the controlling shareholder of ChainOn HK, at the time agreed to waive the loan due to him by the Group with an amount totaling HK$15,689,296 (approximately $1,999,528), in form of capital contributions to strengthen the capital base of the Group. Accordingly, the balance was recognized as additional paid-in capital under shareholders' equity.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**13. Income Taxes**

 

*Cayman Islands and British Virgin Islands*

Under the current and applicable laws of Cayman Islands and British Virgin Islands, the Group is not subject to tax on income or capital gains under this jurisdiction.

 

*Hong Kong*

The operating subsidiary of the Group, ChainOn HK, is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. For the years ended April 30, 2025 and 2024, Hong Kong Profits Tax is calculated in accordance with the two-tiered profits tax rates regime. The applicable income tax rate for the first HK$2 million (equivalent to $256,835) of assessable profits is 8.25% whereas assessable profits above HK$2 million (equivalent to $256,835) will be subject to an income tax rate of 16.5%.

The current and deferred portions of the income tax expenses included in the consolidated statements of operations and comprehensive income as determined in accordance with ASC 740 are as follows.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| Current income tax | $- | $- |
| Deferred taxes | 169020 | 36026 |
| Income tax expenses | $169020 | $36026 |

---

A reconciliation of the difference between the expected income tax expense computed at Hong Kong income tax rate of 16.5% and the Group's reported income tax expense is shown in the following table.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| Profit before income taxes | $1033377 | $225718 |
| Hong Kong Profits Tax rate | 16.50% | 16.50% |
| Income taxes computed at Hong Kong Profits Tax rate | 170507 | 37243 |
| Income not taxable | (1487) | (1217) |
| Income tax expense | $169020 | $36026 |

---

The following table reconciles the statutory tax rate to the Group's effective tax rate for the years ended April 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| Hong Kong Profits Tax rate | 16.50% | 16.50% |
| Income not taxable | (0.14%) | (0.54%) |
| Effective tax rate | 16.36% | 15.96% |

---

***Deferred tax***

The Group measures deferred tax assets and liabilities based on the difference between the consolidated financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Group's deferred tax assets and liabilities are as follows.

---

| | | |
|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |
|  | **2025** | **2024** |
| **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Net operating losses carry forwards | $49580 | $203275 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 25494 | 39451 |
| Total deferred tax assets | 75074 | 242726 |
| **Deferred tax assets, net** | $75074 | $242726 |

---

Movement of the Group's deferred tax assets, net, during the years is as follows.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| Balance at May 1, 2024 and 2023 | $242726 | $277738 |
| Charged to the profit or loss | (169020) | (36026) |
| Effect of exchange rate changes | 1368 | 1014 |
| Balance at April 30, 2025 and 2024 | $75074 | $242726 |

---

Under relevant Hong Kong tax laws, tax case is normally subject to investigation by the tax authority for up to 6 years of assessment prior to the current year of assessment, unless in a case of fraud or willful evasion, then the investigation can be extended to cover 10 years of assessment.

As of April 30, 2025 and 2024, the Group had no open tax investigation from the tax authority.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**14. Related Party Transaction and Balance**

*a. Nature of relationships with related parties*

---

| | |
|:---|:---|
| **Name** | **Relationship with the Group** |
| Mr. Wai Lun Lau | Ultimate shareholder and director of the Group since Mr. Wai Lun Lau is sole shareholder of Invincible Legend Limited, which is a controlling party of the Group. |
| Ms. Ho Yin Chan | Member of the immediate family of Mr. Wai Lun Lau, who is the ultimate shareholder and director of the Group. |
| Winstontech Limited | Under the significant influence of Ms. Ho Yin Chan, a member of the immediate family of Mr. Wai Lun Lau, the ultimate shareholder and director of the Group. Ms. Chan was the sole shareholder of Winstontech Limited.<br>Ms. Chan ceased to be the sole shareholder of Winstontech Limited with effect from March 25, 2025. Consequently, Winstontech Limited is no longer considered a related party of the Group as of that date. |

---

*b. Transactions with related parties*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **For the Years Ended** | **For the Years Ended** |
|  |  |  | **April 30,** | **April 30,** |
| **Name** |  | **Nature** | **2025** | **2024** |
| Winstontech Limited | (1) | Project development service income | $34858 | $245095 |
|  | (2) | Advisory and support service income | 77051 |  |
|  | (3) | Sundry income |  | 17619 |
|  | (4) | Interest income from loan receivable | $6629 | - |

---

(1) For
 the years ended April 30, 2025 and 2024, the amounts represented project development service
 income earned from Winstontech Limited.

(2) For
 the year ended April 30, 2025, the amounts represented advisory and support service income
 earned from Winstontech Limited.

(3) For
 the year ended April 30, 2024, the amounts represented training fee income earned from Winstontech
 Limited. Training fee income was not part of the principal activities of the Group
 and, therefore, was recognized as sundry income for that year.

(4) For
 the year ended April 30, 2025, the amounts represented interest income earned from loan receivable
 with Winstontech Limited.

*c. Balance with related parties*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **As of April 30,** | **As of April 30,** |
| **Name** |  | **Nature** | **2025** | **2024** |
| Winstontech Limited | (1) | Accounts receivable | $- | $25380 |
|  |  |  | $- | $25380 |

---

(1) As
 of April 30, 2024, the balance represented project development service income receivables
 from Winstontech Limited. The balance has been fully settled subsequently.

**CHAINON GROUP LIMITED**

**Notes to Consolidated Financial Statements**

**For the Years Ended April 30, 2025 and 2024**

**15. Commitments and Contingencies**

<u>Commitments</u>

As of April 30, 2025 and 2024, the Group had neither significant financial nor capital commitment.

<u>Contingencies</u>

As of April 30, 2025 and 2024, the Group was not a party to any material legal or administrative proceedings. The Group further concludes that there were no legal or regulatory proceedings, either individually or in the aggregate, that could have resulted in an unfavorable outcome with a material adverse effect on the Group's results of operations, financial condition, or cash flows.

**16. Segment information**

The Group uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Group's CODM, specifically the Group's CEO and CFO, for making decisions, allocating resources and assessing performance.

The CODM considers the Group carries out all its business activities and operations in Hong Kong. All transactions are concluded and completed in Hong Kong with similar terms and conditions. Internally, the Group reports costs and expenses by nature as a whole for management decision-making and assessment. Based on management's assessment, the Group determines that it has only one operating segment and therefore one reportable segment as defined by ASC 280. Furthermore, since all the Group's revenues are derived in Hong Kong with all operations being carried out in Hong Kong, no geographical segment is presented. The Group concludes that it has only one reportable segment.

The CODM of the Group primarily utilizes the net income to monitor budget-to-actual performance and to assess the adequacy of capital resources for marketing and development. The following table presents the significant revenue and expense categories in the Group's single operating segment.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **April 30,** | **April 30,** |
|  | **2025** | **2024** |
| Revenues | $2209079 | $1312610 |
| Cost of revenues | (993727) | (821311) |
| Selling and marketing expenses | (135275) | (253008) |
| General and administrative expenses | (69417) | (48941) |
| Other segment (expenses) income | (146303) | 342 |
| Net income of single operating segment | $864357 | $189692 |

---

**17. Subsequent Events**

On May 26, 2025, as highlighted in Note 7, the Group entered into another non-cancellable lease contract for office premises on the 21st floor of G.D. Real Estate Tower, Central, Hong Kong, from June 1, 2025, to May 31, 2027, with a third party at a monthly rent of HK$75,000 (equivalent to $9,631).

As highlighted in Note 1, subsequent to April 30, 2025, management effected (i) the Reorganization dated November 12, 2025; (ii) the 1-for-2,500 share subdivision on January 27, 2026; and (iii) the allotment of 5,000,000 ordinary shares to the Company's existing shareholders on January 27, 2026. All shares and amounts presented in these consolidated financial statements have been retroactively adjusted to reflect these transactions. As a result, a total of 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares, each with a par value of $0.0004 per share, were issued and outstanding as of April 30, 2025.

On April 27, 2026, ChainOn US Inc was incorporated as a corporation under the laws of the State of Delaware. ChainOn US Inc is a direct, wholly-owned subsidiary of the Company. ChainOn US Inc is authorized to issue a total of 1,000 shares of common stock, with a par value of US$1.00 per share.

On the same date, the Company, through its wholly-owned subsidiary, ChainOn US Inc, entered into a Software Development Services Agreement with an independent third-party vendor, for the development of a software system with a total contract sum of HK$5,000,000 (equivalent to US$638,292). As of the date of issuing these consolidated financial statements, an upfront payment of HK$2,500,000 (equivalent to US$319,146) had been made to the vendor. The remaining balance shall be payable upon the successful completion and formal acceptance of specified development milestones.

The Group evaluates all events and transactions that occur after April 30, 2025 up through the date the Group issues the consolidated financial statements. Other than the event disclosed above and elsewhere in these consolidated financial statements, there is no other subsequent event occurred that would require recognition or disclosure in the Group's consolidated financial statements.

**CHAINON GROUP LIMITED**

**Unaudited Condensed Consolidated Balance Sheets**

**(Expressed in U.S. Dollars, except for the number of shares)**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $248584 | $188639 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 759354 | 329999 |
| &nbsp;&nbsp;&nbsp;Loan receivable |  | 60430 |
| &nbsp;&nbsp;&nbsp;Prepayments and other assets | 158267 | - |
| **Total current assets** | 1166205 | 579068 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 130386 | 112538 |
| &nbsp;&nbsp;&nbsp;Investments in life insurance policies | 205610 | 200905 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 166663 | 1815 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 26729 | 75074 |
| &nbsp;&nbsp;&nbsp;Deferred initial public offering ("IPO") costs | 304752 | 140300 |
| **Total non-current assets** | 834140 | 530632 |
| **Total assets** | $2000345 | $1109700 |
| **Liabilities and shareholders' equity** |  |  |
| **Liabilities** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Contract liabilities | $- | $13124 |
| &nbsp;&nbsp;&nbsp;Income tax payables | 54578 |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 111222 |  |
| &nbsp;&nbsp;&nbsp;Other payables | 46521 | 26963 |
| **Total current liabilities** | 212321 | 40087 |
| **Non-current liability** |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 66902 | - |
| **Total non-current liability** | 66902 | - |
| **Total liabilities** | $279223 | $40087 |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Ordinary Shares, US$0.0004 par value; 100,000,000 Class A Ordinary Shares authorized; 24,000,000 Class A Ordinary Shares issued and outstanding as of October 31, 2025 and April 30, 2025, respectively\* | 9600 | 9600 |
| &nbsp;&nbsp;&nbsp;Class B Ordinary Shares, US$0.0004 par value per share; 25,000,000 Class B Ordinary Shares authorized; 6,000,000 Class B Ordinary Shares issued and outstanding as of October 31, 2025 and April 30, 2025, respectively\* | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (12000) | (12000) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2000808 | 2000808 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (286431) | (936711) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 6745 | 5516 |
| **Total shareholders' equity** | 1721122 | 1069613 |
| **Total liabilities and shareholders' equity** | $2000345 | $1109700 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the effect of the Reorganization (Note 1) and share recapitalization (Note 14).

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CHAINON GROUP LIMITED**

**Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income**

**(Expressed in U.S. dollar, except for the number of shares)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| Project development service income | $1876335 | $445569 |
| Project development service income - a related party |  | 34808 |
| Advisory and support service income | 722821 | 306607 |
| **Total revenues** | 2599156 | 786984 |
| Cost of revenues | (1447282) | (372728) |
| **Total cost of revenues** | (1447282) | (372728) |
| **Gross profit** | 1151874 | 414256 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | (67921) | (86933) |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (339222) | (19491) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | (407143) | (106424) |
| **Income from operations** | 744731 | 307832 |
| **Other income, net** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange transaction gains (losses) | 1154 | (1180) |
| &nbsp;&nbsp;&nbsp;Interest expense | (2164) | (4637) |
| &nbsp;&nbsp;&nbsp;Interest income | 4016 |  |
| &nbsp;&nbsp;&nbsp;Interest income – a related party |  | 1341 |
| &nbsp;&nbsp;&nbsp;Government grants |  | 21159 |
| &nbsp;&nbsp;&nbsp;Sundry income | 4745 | 8720 |
| &nbsp;&nbsp;&nbsp;Total other income, net | 7751 | 25403 |
| **Income before income tax expenses** | 752482 | 333235 |
| Income tax expenses | (102202) | (53741) |
| **Net income** | 650280 | 279494 |
| **Other comprehensive income** |  |  |
| Foreign currency translation adjustments | 1229 | 2079 |
| **Total comprehensive income** | $651509 | $281573 |
| Earnings per share\*: |  |  |
| Ordinary Shares - Basic and diluted | $0.02 | $0.01 |
| Weighted average number of ordinary shares outstanding\*: |  |  |
| Ordinary shares - Basic and diluted | 30000000 | 30000000 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the effect of the Reorganization (Note 1) and share recapitalization (Note 14).

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CHAINON GROUP LIMITED**

**Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity**

**(Expressed in U.S. dollar, except for the number of shares)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** |
|  | **Class A Ordinary shares** | **Class A Ordinary shares** | **Class B Ordinary shares** | **Class B Ordinary shares** | | | | | |
|  | **Number issued** | **Amount** | **Number issued** | **Amount** | **Subscription**<br> **receivable** | **Additional paid-in capital** | **Accumulated losses** | **Accumulated other comprehensive income** | **Total** |
| **Balance as of April 30, 2024 (Audited)** | 24000000 | $9600 | 6000000 | $2400 | $(12000) | $2000808 | $(1801068) | $209 | $199949 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | 279494 |  | 279494 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | - | - | - | - | - | - | - | 2079 | 2079 |
| **Balance as of October 31, 2024 (Unaudited)** | 24000000 | $9600 | 6000000 | $2400 | $(12000) | $2000808 | $(1521574) | $2288 | $481522 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** |
|  | **Class A Ordinary shares** | **Class A Ordinary shares** | **Class B Ordinary shares** | **Class B Ordinary shares** | | | | | |
|  | **Number issued** | **Amount** | **Number issued** | **Amount** | **Subscription**<br> **receivable** | **Additional paid-in capital** | **Accumulated losses** | **Accumulated other comprehensive income** | **Total** |
| **Balance as of April 30, 2025 (Audited)** | 24000000 | $9600 | 6000000 | $2400 | $(12000) | $2000808 | $(936711) | $5516 | $1069613 |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | 650280 |  | 650280 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | - | - | - | - | - | - | - | 1229 | 1229 |
| **Balance as of October 31, 2025 (Unaudited)** | 24000000 | $9600 | 6000000 | $2400 | $(12000) | $2000808 | $(286431) | $6745 | $1721122 |

---

\* The shares and per share data are presented on a retroactive basis to reflect the effect of the Reorganization (Note 1) and share recapitalization (Note 14).

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CHAINON GROUP LIMITED**

**Unaudited Condensed Consolidated Statements of Cash Flows**

**(Expressed in U.S. dollar)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $650280 | $279494 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for expected credit losses | 20678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 20630 | 11791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in cash surrender value of investments in life insurance policies | (5113) | (7530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 43655 | 4575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | 47920 | 53741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income – a related party |  | (1341) |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (448412) | 10621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other assets | (157406) | 16029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  | (72132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (13023) | 18504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (30456) | (20818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payables | 54281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | 19509 | - |
| Net cash provided by operating activities | 202543 | 292934 |
| **Cash flows from/ (for) investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (38626) | (60526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawdown of loan receivable |  | (450616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment on loan receivable | 59970 | 194916 |
| Net cash provided by (used in) investing activities | 21344 | (316226) |
| **Cash flows (for)/ from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from bank overdrafts |  | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of offering costs related to Initial Public Offering ("IPO") | (163861) | - |
| Net cash (used in) provided by financing activities | (163861) | 2063 |
| Net increase (decrease) in cash | 60026 | (21229) |
| Effect of exchange rate changes on cash | (81) | 62 |
| Cash, beginning of period | 188639 | 21167 |
| Cash, end of period | $248584 | $- |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $2164 | $4637 |
| **Supplemental non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $208746 | $- |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**1. Organization and Description of Business**

ChainOn Group Limited (the "Company") is a company incorporated in the Cayman Islands with limited liability on October 9, 2025. The Company is a parent holding company with no operations.

ChainOn Technology Limited ("ChainOn BVI"), a wholly-owned subsidiary of the Company, is a company incorporated in the British Virgin Islands ("BVI") as a business company on October 10, 2025. ChainOn BVI has 10,000 ordinary shares outstanding with US$1 par value per share. ChainOn BVI is a pure holding company with no operations.

ChainOn Technology (HK) Limited ("ChainOn HK"), a wholly-owned subsidiary of ChainOn BVI, is a company incorporated in Hong Kong with limited liability on December 29, 2017, with a share capital of HK$10,000 (approximately $1,280). ChainOn HK was originally incorporated under the name Success Illusion Limited and subsequently changed its name to ChainOn Technology (HK) Limited with effect from July 19, 2019. ChainOn HK does not have any subsidiaries or associates. ChainOn HK is primarily engaged in providing integrated technology-related services, including software system development and implementation, advisory and support. ChainOn HK primarily generates service income from engaging customers with these comprehensive software development solutions and technology-related services.

The Company together with its subsidiaries (collectively, "the Group") primarily operate in Hong Kong, focusing on the provision of integrated technology-related services, including software system development and implementation, advisory and support.

The accompanying unaudited condensed consolidated financial statements reflect the activities of the Company, and each of the following entities as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Company** | **Place of <br> Incorporation** | **Attributable<br> equity interest %** | **Issued share <br> capital** | **Issued share <br> capital** |
| ChainOn BVI | British Virgin Islands | 100% | US$ | 10000 |
| ChainOn HK | Hong Kong | 100% | HK$ | 10000 |

---

***Reorganization***

 ****

The Reorganization was completed on November 12, 2025 through a series of planned transactions. As a result of the Reorganization, the Company has become the holding company for all previously mentioned entities.

Immediately prior to the Reorganization, ChainOn HK was wholly owned and controlled by Mr. Wai Lun Lau. The Company was incorporated in the Cayman Islands on October 9, 2025, by a registered agent for the sole purpose of serving as the holding company of the Group. On the date of incorporation, one Class B ordinary share was issued, with a par value of $1 per share. On October 13, 2025, 100% ownership of the Company was transferred from the registered agent to Invincible Legend Limited, a BVI company wholly owned by Mr. Wai Lun Lau. Subsequently, on the same day, an additional 8,000 Class A ordinary shares and 1,999 Class B ordinary shares, each with a par value of $1 per share, were allotted and issued to Invincible Legend Limited.

ChainOn BVI was incorporated on October 10, 2025. It has been wholly owned and controlled by the Company since its incorporation. Prior to the Reorganization, ChainOn BVI did not engage in any business activities and serves solely as an intermediate holding company. On November 12, 2025, ChainOn BVI acquired 10,000 shares of ChainOn HK from Mr. Wai Lun Lau, representing the entire issued share capital of ChainOn HK at that time, for a consideration of HK$10,000 (approximately $1,280), thereby completing the Reorganization.

Immediately before and after the Reorganization, the Company, ChainOn BVI and ChainOn HK remained under the common ownership and control of Mr. Wai Lun Lau. Accordingly, the Reorganization is accounted for as a transaction among entities under common control in accordance with ASC 805-50.

On January 27, 2026, the Company effected a 1-for-2,500 share subdivision, converting each issued ordinary share with a par value of $1.00 into 2,500 ordinary shares with a par value of $0.0004 per share. Following the stock split, the Company's authorized share capital of $50,000 was divided into 125,000,000 ordinary shares, comprising 100,000,000 Class A ordinary shares and 25,000,000 Class B ordinary shares, each with a par value of $0.0004 per share. As a result, 20,000,000 Class A ordinary shares and 5,000,000 Class B ordinary shares were issued and outstanding.

On the same day, the Company further allotted 5,000,000 ordinary shares, par value $0.0004 per share, to its shareholders on a pro rata basis at a ratio of one new share for every five existing shares held, resulting in the issuance of 4,000,000 Class A ordinary shares and 1,000,000 Class B ordinary shares to the Company's existing shareholders.

In connection with the 1-for-2,500 share subdivision effected on January 27, 2026 and the allotment of 5,000,000 ordinary shares to the Company's existing shareholders on January 27, 2026, the Company determined that these transactions did not involve any proceeds received by the Company and did not result in any change in the shareholders' proportionate ownership interests. Accordingly, the Company accounted for these transactions as a share split and a recapitalization prior to the completion of its initial public offering. The effects of the share subdivision and share issuance have been reflected retrospectively for all periods presented for purposes of earnings per share, in accordance with ASC 260, Earnings Per Share.

Following the above transactions, the consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in these consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-group transactions.

The movement in the Company's authorized share capital and the number of Class A and Class B ordinary shares outstanding and issued in the Company are also detailed in the Note 14.

**2. Liquidity**

In assessing the Group's liquidity, the Group monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Group's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Bank overdrafts and cash generated from operations have been utilized to finance the working capital requirements of the Group.

As of October 31, 2025, the Group had positive working capital of $953,884, which included $248,584 in cash. Additionally, as of April 30, 2025, the Group had positive working capital of $538,981, which included $188,639 in cash.

Considering all facts and information on hand, management expects the Group's cash on hand is sufficient to finance its working capital requirements within the normal operating cycle of a twelve-months period from the date these unaudited condensed consolidated financial statements are issued.

If the Group is unable to have sufficient fund to finance its working capital requirements within the normal operating cycle of a twelve-months period from the date these unaudited condensed consolidated financial statements are issued, the Group may consider supplementing its available sources of funds through the following sources:

● additional equity financing
 from shareholders and third-party investors; and/or

● financial support from
 financial institutions, the Group's shareholders and related parties.

Based on the above considerations, management is of the opinion that the Group has sufficient funds to meet its working capital requirements and current liabilities as they become due within twelve months from the date these unaudited condensed consolidated financial statements are issued. However, there is no assurance that the Group will be successful in implementing its plans. There are a number of factors that could potentially arise and could undermine the Group's plans, such as changes in the demand for the Group's services, general market conditions, and competitive environment of the capital market industry in Hong Kong and changes in regulatory requirements, etc.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies**

***Basis of presentation and principle of consolidation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC"). The Company maintains its general ledger and journals using the accrual method of accounting.

The unaudited condensed consolidated financial statements for the six months ended October 31, 2025 and 2024 include all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial position, results of operations and cash flows for such interim periods. The results of operations for the six months ended October 31, 2025 and 2024 are not necessarily indicative of results to be expected for the full years ending or ended April 30, 2026 and 2025. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the years ended April 30, 2025 and 2024.

These unaudited condensed 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; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

***Use of estimates and assumptions***

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Group and on various other assumptions that the Group believes to be reasonable under the circumstances. Significant estimates required to be made by management include, but not limited to, allowance for expected credit losses against accounts receivable and loan receivable, determination of the useful lives of long-lived assets, impairment of long-lived assets, valuation allowance for deferred tax assets, accounting of operating lease right-of-use assets, and operating lease liabilities. Actual results could differ from the estimates, and as such, differences could be material to the unaudited condensed consolidated financial statements.

***Cash***

Cash includes balances maintained with banks in Hong Kong that can be added or withdrawn without limitation.

***Accounts receivable, net***

Accounts receivable represent income earned from the provision of project development services and advisory and support services for which the Group has not yet received payment. Accounts receivable is recorded at the invoiced amount and adjusted to amounts management expects to collect from balances outstanding at year end. In accordance with ASC 326 Financial Instruments-Credit Losses (ASC 326), the Group estimates the allowance for expected credit losses based on expected future uncollectible accounts receivable using forecasts of future economic conditions in addition to information about past events and current conditions. Management provides an allowance for expected credit losses based on the Group's historical losses, specific customer circumstances, and general economic conditions. Periodically, management reviews accounts receivable and adjusts the allowance based on current circumstances and charges off uncollectible receivables when all attempts to collect have been exhausted and the prospects for recovery are remote. As of October 31, 2025 and April 30, 2025, the Group recorded an allowance for expected credit losses against accounts receivable of $20,791 and $nil, respectively.

***Loan receivable***

Loan receivable represents loan to employees, customers and related parties. Loan receivable is initially recognized at their fair value and is subsequently measured at amortized cost using the effective interest method, less any allowance for expected credit losses ("ECL"). The Group assesses credit risk and evaluates collectability of loan receivable on an ongoing basis in accordance with ASC 326, Financial Instruments – Credit Losses. The Group reviews loan receivable on a regular basis and makes allowance for expected credit losses if there is evidence indicating that loan receivable may be unrecoverable based on the Group's historical losses, specific customer circumstances, and general economic conditions. As of October 31, 2025, the Company had no loan receivables outstanding. As of April 30, 2025, the Company had no allowance for expected credit losses related to loan receivables. The loan receivable balance outstanding as of April 30, 2025 was fully settled in July 2025.

 ****

***Prepayments and other assets***

Prepayments and other assets are comprised of other receivables and prepaid expenses, including prepayment made to suppliers and rental deposits. Among prepayments and other assets, the Group reviews other assets on a regular basis and also makes allowance for expected credit losses if there is evidence indicating that other assets may be unrecoverable based on the Group's historical losses, specific customer circumstances, and general economic conditions. As of October 31, 2025 and April 30, 2025, no allowance for expected credit loss against other assets was recognized.

***Investments in life insurance policies***

The Group invests in corporate-owned life insurance policies in order to insure against the loss of respective key person of the Group and the Group is the beneficiary of these life insurance policies. The Group accounts for the life insurance policies in accordance with ASC 325-30, Investments in Insurance Contracts.

Investments in life insurance policies are reported as assets and are subsequently measured at the amounts that could be realized under the policies, i.e., the cash surrender values, as of the period end dates, less an allowance for expected credit losses. The change in cash surrender values during the period is recognized as an expense or income and reported in the unaudited condensed consolidated statements of income and comprehensive income. The Group does not recognize income from death benefits on an actuarially expected basis.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

The Group intends to retain the life insurance policies for the long-term purpose. Consequently, the Group has classified the investments in life insurance policies as non-current assets.

The Group adopted ASC 326 on the investments in life insurance policies. The new credit losses guidance replaces the old model for measuring the allowance for credit losses with a model that is based on the expected losses. Under this accounting guidance, the Group measures expected credit losses on its investments in life insurance policies using the current expected credit loss model under ASC 326. As of October 31, 2025 and April 30, 2025, no allowance for expected credit loss against investments in life insurance policies was recognized.

***Leases***

The Group adopted ASU No. 2016-02, Leases ("ASC 842"), which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements.

The Group is a lessee of non-cancellable operating leases for corporate office premises. The Group determines if an arrangement is a lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. All leases of the Group are currently classified as operating leases. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liabilities on the Group's unaudited condensed consolidated balance sheets.

ROU assets represent the Group's right to use an underlying asset for the lease term and operating lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term.

When determining the lease term, at lease commencement date, the Group considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The interest rate used to determine the present value of future lease payments is the Group's incremental borrowing rate based on the information available at the lease commencement date.

The lease standard (ASC 842) provides practical expedients for an entity's ongoing accounting. The Group elects to apply short-term lease exception for leases with a lease term of 12 months or less at commencement. Accordingly, ROU assets and operating lease liabilities do not include leases with a lease term of 12 months or less.

The Group evaluates the impairment of its ROU assets consistently with the approach applied for its other long-lived assets. The Group reviews the recoverability of its long-lived assets when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the assets from the expected undiscounted future pre-tax cash flows of the related operations. As of October 31, 2025 and April 30, 2025, the Group did not recognize any impairment loss against its ROU assets.

***Property and equipment, net***

Property and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided using the straight-line method based on the estimated useful life. The estimated useful lives of property and equipment are as follows:

Computer and office equipment 5 years <br> Leasehold improvements Shorter of lease term or 5 years

Expenditures for repairs and maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the unaudited condensed consolidated statements of operations and comprehensive income under other income or expenses.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

***Impairment of long-lived assets***

The Group reviews long-lived assets, including property and equipment and ROU assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future pre-tax cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair value is generally determined by discounting the cash flows expected to be generated by the asset (asset group), when the market prices are not readily available. The adjusted carrying amount of the asset is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As of October 31, 2025 and April 30, 2025, no impairment of long-lived assets was recognized.

***Deferred initial public offering ("IPO") costs***

Deferred IPO costs consist of costs incurred in connection with the Group's planned IPO in the United States. These costs, together with the underwriting discounts and commissions, will be charged against the gross proceeds of the offering as a reduction of additional paid-in capital upon completion of the planned IPO or charged to the unaudited condensed consolidated statements of operations and comprehensive income if the planned IPO is not completed. As of October 31, 2025 and April 30, 2025, the Group had deferred IPO costs of $304,752 and $140,300, respectively.

***Contract assets and Contract liabilities***

Contract assets are recorded on the unaudited condensed consolidated balance sheets when revenues recognized to date exceeds cumulative billings to customers. Provisions for estimated losses on contract assets are accounted for in the period such losses are identified. As of October 31, 2025 and April 30, 2025, no contract assets were recognized.

Contract liabilities represent the amounts of cash collected from customers, or billings to customers for work yet to be performed that exceed the revenues recognized to date in relation to uncompleted contracts. As of October 31, 2025 and April 30, 2025, contract liabilities amounted to $nil and $13,124, respectively. Additionally, these amounts are expected to be recognized as revenues within a twelve-month period from the reporting date of these unaudited condensed consolidated financial statements, therefore being classified as current liabilities on the unaudited condensed consolidated balance sheets.

***Bank overdrafts***

Bank overdrafts represent the amount by which funds disbursed by bank exceed funds held on deposit for a given bank account. Bank overdrafts are classified as current liabilities in the unaudited condensed consolidated balance sheets and recorded at the amount due to the bank as of the reporting date.

***Revenue recognition***

The Group follows the rules and guidance set out under ASC 606, Revenue from Contracts with Customers ("ASC 606"), when recognizing revenues from contracts with customers. The core principle of ASC 606 requires an entity to recognize revenues to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. In accordance with ASC 606, revenues are recognized when the Group satisfies the performance obligations by delivering the promised services to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer;

Step 2: Identify the performance obligations in the contract;

Step 3: Determine the transaction price;

Step 4: Allocate the transaction price to the performance obligations in the contract; and

Step 5: Recognize revenues when the company satisfies a performance obligation.

The Group enters into service agreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the scope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial substance, and it is probable that the Group will collect considerations from its customers for service component.

The Group derives its revenues from two main sources: (1) project development services; and (2) advisory and support services.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

***Project development services***

The Group engages in distinct contracts with its customers to deliver project development services. Billing occurs based on predefined milestones in the contracts. A credit term of 180 days from the date the invoice is given to customers. Upon the completion of each milestone, the completion of the services would be confirmed upon receipt of a signed confirmation letter from the customers. The duration of projects typically ranges from one to six months, depending on their complexity and the requirements specified in the contracts.

A 10-day warranty provision is included in these contracts. The warranty services are not separately priced in the contract, and there is no option to purchase them independently for a stated amount distinct from the project price. These warranties only cover reported defects or non-conformance necessary to ensure compliance with the specifications outlined in the contracts. Therefore, they qualify as assurance-type warranties, representing no separate performance obligation under ASC 606, and no allocation of the transaction price is required.

The various components of the project development services are interdependent and interrelated, functioning together to deliver a combined outcome. They function together to deliver a single, customized, and integrated solution. The services are not distinct within the context of the contract because the customer cannot benefit from them on a standalone basis; their value is realized only when they are combined into the functional, integrated solution. Accordingly, the project solution services are treated as a single performance obligation.

The contracts explicitly outline transaction prices as fixed amounts with no variable considerations. Customers simultaneously receive and consume the benefits provided by the Group's performance as the Group performs if another service provider would not need to substantially re-perform the work completed to date. Furthermore, the solutions are tailored and customized for specific customers, have no alternative use, and the Group has an enforceable right to payment for performance completed to date. The Group recognizes revenues from project development services to satisfy a performance obligation over time in accordance with ASC 606-10-25-27.

The Group measures progress toward complete satisfaction of its performance obligations using an input method based on costs incurred relative to total expected costs. Management believes this method provides a reasonable measure of progress because the costs incurred are directly correlated with the transfer of value to the customer. Accordingly, the portion of revenues recognized reflects the extent of services provided to date. Costs typically include subcontractor costs and other costs directly related to contract performance. At contract inception, the Group establishes the total estimated cost to complete the project based on subcontractors' quotations and historical data from similar projects. Changes in estimated costs to complete these obligations result in adjustments to revenues on a cumulative catch-up basis, which causes the effect of revised estimates to be recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, unanticipated changes in scope, unanticipated costs, delays or favorable or unfavorable progress than original expectations. When the outcome of the contract cannot be reasonably measured, revenue is recognized only to the extent of contract costs incurred that are expected to be recovered. In situations where the estimated costs to perform exceeds the consideration to be received, the Group accrues the entire estimated loss during the period the loss becomes known.

As of October 31, 2025, and April 30, 2025, there were neither contract assets nor contract liabilities for project development services.

***Advisory and support services***

The Group enters into distinct contracts with its customers to provide ongoing IT-related advisory and support services. In general, the service period would be on a monthly, or quarterly basis, depending on the terms agreed upon in the contracts. The service will be automatically renewed until a mutual agreement is reached or other conditions outlined in the contracts are met. Billing occurs on a monthly, or quarterly basis as outlined in the contracts. A credit term of 180 days from the date the invoice is given to customers.

Under advisory and support service contracts, the Group commits to delivering a variety of advisory and support services during the contract period. Although the contracts may specify discrete activities, such as on-going maintenance, system upgrades, troubleshooting and support services, these services are highly interrelated and collectively contribute to a single, integrated service offering. The services are provided concurrently and are not capable of being distinct in the context of the contract. Accordingly, they are accounted for as a single performance obligation.

Transaction prices for advisory and support services are explicitly written in contracts as a fixed amount without variable consideration. The Group does not incur significant upfront costs in fulfilling these contracts. Under the contract terms, the customer has unlimited access to the Group's services during the contract period. The amount of services actually used by the customer does not affect the remaining service entitlement, and the customer is obligated to pay regardless of the frequency of usage. The Group is continuously available to provide services throughout the term and maintains the ability to fulfill service requests as needed. In accordance with ASC 606-10-25-27, these services represent stand-ready obligations, for which the customer simultaneously receives and consumes the benefits as the Group performs. The Group applies a time-based measure of progress to recognize revenues, as the services are provided evenly over the contract period. Therefore, revenues are recognized on a straight-line basis over the term of the contract, which accurately reflects the transfer of benefits to the customer over time.

As of October 31, 2025 and April 30, 2025, contract liabilities for advisory and support services amounted to $nil and $13,124, respectively, are expected to be recognized as revenues within a twelve-month period from the year end date using a straight-line basis. No contract assets for advisory and support services were recognized as of October 31, 2025 and April 30, 2025.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

<u>Sources of revenues</u>

Disaggregated information of revenues by major sources are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| **Revenues from contracts with customers recognized over time** |  |  |
| **Third parties** |  |  |
| &nbsp;&nbsp;&nbsp;Project development services | $1876335 | $445569 |
| &nbsp;&nbsp;&nbsp;Advisory and support services | 722821 | 306607 |
| Total | $2599156 | $752176 |
| **Related party** |  |  |
| &nbsp;&nbsp;&nbsp;Project development services | $- | $34808 |
| Total | $- | $34808 |

---

***Government grants***

Government grants relate to funding granted under Cyberport Creative Micro Fund by Hong Kong Cyberport Management Company Limited to support innovation, high potential digital tech projects and early-stage start-ups with business elements. The Group recognizes government grants as other income upon meeting all attached conditions, or when it is reasonably assured that these conditions will be met and receipt of the grants is probable.

Government grants received and recognized as other income in the unaudited condensed consolidated statements of operations and comprehensive income amounted to $nil and $21,159 for the six months ended October 31, 2025 and 2024, respectively. To qualify for these grants, the Group complied with specific requirements and conditions.

***Cost of revenues***

Cost of revenues primarily consists of subcontracting and labor costs directly attributable to the provision of our technology-related services, including project development, advisory, and support services. These costs are expensed as incurred.

***Employee benefit plan***

Employees of the Group located in Hong Kong participate in compulsory retirement benefit schemes, as mandated by local laws. In Hong Kong, contributions to the scheme are made by both the Group and its employees at a rate of 5% of the employees' relevant salary income, subject to a cap on monthly relevant income of HK$30,000 (equivalent to $3,852). For the six months ended October 31, 2025 and 2024, the total amounts charged to the unaudited condensed consolidated statements of operations and comprehensive income for the Group's contributions to these retirement benefit schemes were $18,886 and $6,972, respectively.

***Borrowing costs***

All borrowing costs are recognized as interest expense in the unaudited condensed consolidated statements of operations and comprehensive income in the period in which they are incurred.

***Income taxes***

The Group accounts for income taxes under ASC 740, Income Taxes. Provision for income taxes consists of current taxes and deferred taxes.

Current tax is recognized based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognized in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the unaudited condensed consolidated financial statements and the corresponding tax basis. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the unaudited condensed consolidated statements of operations and comprehensive income (loss), except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Group did not have any significant uncertain tax positions nor interest and penalty associated with tax positions as of October 31, 2025 and April 30, 2025.

***Segment reporting***

In November 2023, the FASB issued Accounting Standards Update, or ASU 2023-07 – Improvements to Reportable Segment Disclosures, which enhances the disclosures required for reportable segments in annual and interim financial statements, including additional, more detailed information about a reportable segment's expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Group adopted ASU 2023-07 since the fiscal year ended April 30, 2024, retrospectively to all periods presented in the unaudited condensed consolidated financial statement. The adoption of this ASU had no material impact on reportable segments identified and had no effect on the Group's financial position, results of operations, or cash flows.

Based on the criteria established by ASC 280, Segment Reporting, the Group uses the management approach in determining its operating segments. The Group's chief operating decision maker ("CODM"), specifically the Group's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), reviews the results when making decisions, allocating resources and assessing performance of the Group. The Group carries out all its business activities and operations in Hong Kong. All transactions are concluded and completed in Hong Kong with similar terms and conditions. Internally, the Group reports costs and expenses by nature as a whole for management decision-making and assessment. Therefore, the Group has only one operating segment and one reportable segment.

The Group's CODM assesses performance for the segment and decides how to allocate resources by regularly reviewing the segment net income (loss) that also is reported as net income (loss) on the unaudited condensed consolidated statements of operations and comprehensive income (loss), after taking into account the Group's strategic priorities, its cash balance, and its expected use of cash. Further, the CODM reviews and utilizes functional expenses (i.e., selling and marketing and general and administrative) as a whole to manage the Group's operations. Other segment items included interest expense, other income, and income tax (expense) benefit, which are reflected in the net income (loss). The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total assets.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

***Comprehensive Income***

Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income consists of foreign currency translation adjustments resulting from the Group translating its unaudited condensed consolidated financial statements from functional currencies into reporting currency.

***Earnings per share***

The Group computes earnings per share ("EPS") according with ASC 260, Earnings per Share ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic earnings per share is computed by dividing net income attributable to each class of ordinary shareholders by the weighted average number of shares of that particular class outstanding during the year, where each class have differing economic rights to earnings and dividends.

Diluted earnings per share is calculated by dividing net income attributable to each class of ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares of that class, if any, by the weighted average number of that particular class of ordinary and dilutive ordinary equivalent shares outstanding during the year, where each class have differing economic rights to earnings and dividends. Ordinary share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. Basic and diluted earnings per ordinary share are presented in the Group's consolidated statements of operations and comprehensive income.

As stipulated in the Company's Memorandum and Articles of Association, each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holders of Class B Ordinary Shares, at any time and without the payment of any additional sum; Conversely, holders of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances. In addition, holders of both Class A and Class B ordinary shares were entitled to receive dividends paid by the Company at the same rate and had equal rights to the surplus assets of the Company upon its liquidation, as stipulated in the Company's Memorandum and Articles of Association. These shares ranked pari passu in all other respects. Basic and diluted earnings per share are calculated by referring to the rights and characteristics of these two classes of ordinary shares respectively. For the six months ended October 31, 2025 and 2024, the Group had no dilutive stocks.

***Translation of foreign currencies***

The Group's principal place of operations is Hong Kong. The financial position and results of its operations are predominately determined using HK$, the local currency of the Group, as the functional currency. The Group's unaudited condensed consolidated financial statements are presented in U.S. Dollars ("US$" or "$"). The results of operations and the unaudited condensed consolidated statements of cash flows, denominated in the functional currency, are translated to US$ at the average rate of exchange during the reporting period. Assets and liabilities denominated in functional currencies at the balance sheet date are translated to US$ at the applicable rate of exchange in effect at that date. The equity, denominated in the functional currency, is translated to US$ at the historical rate of exchange at the time of the transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the unaudited condensed consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the unaudited condensed consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income in the unaudited condensed consolidated statements of changes in shareholders' equity. Gains and losses from foreign currency transactions are included in the Group's unaudited condensed consolidated statements of operations and comprehensive income under foreign exchange transaction losses.

The following table outlines the exchange rates that are used in preparing these unaudited condensed consolidated financial statements.

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31,**<br> **2025** | **April 30,**<br> **2025** |
| Year end spot rates |  |  |
| &nbsp;&nbsp;&nbsp;HK$ | US$1 = HK$7.77 | US$1 = HK$7.75 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025** | **2024** |
| Average rates |  |  |
| &nbsp;&nbsp;&nbsp;HK$ | US$1 = HK$7.81 | US$1 = HK$7.80 |

---

***Fair value of financial instruments***

The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

Level 1 – Quoted prices in active markets for identical assets and liabilities.

Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

As of October 31, 2025 and April 30, 2025, financial instruments of the Group comprised primarily cash, accounts receivable, loan receivable, other assets, investments in insurance policies, and other payables. The Group concludes that the carrying amounts of these financial instruments approximate their fair values, due to the short-term nature of these instruments and the terms closely approximating market conditions.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

***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 of the same party, such as a family member or relative, shareholder, or a related corporation.

***Commitments and contingencies***

In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Group's unaudited condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

***Recent accounting pronouncements***

The Group considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"), the Group meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. Therefore, the Group's unaudited condensed consolidated financial statements may not be comparable to those of companies that comply with public company effective dates.

*Recently issued accounting pronouncements adopted*

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief, which amends Topic 326 to allow the fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 until December 15, 2022. This standard replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivable and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. The Group adopted this accounting guidance on May 1, 2022. The adoption of the standard did not have a material impact on the Group's unaudited condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)" ("ASU 2023-07"). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision useful financial analyses. Topic 280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Group adopted this accounting guidance for the year ended April 30, 2024, and applied it retrospectively to all prior periods presented in the unaudited condensed consolidated financial statements. The adoption had no material impact on reportable segments identified and had no effect on the Group's unaudited condensed consolidated financial position, results of operations, or cash flows.

*Recent accounting pronouncements not yet adopted*

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 Group is in the process of evaluation the impact of adopting this new guidance on its unaudited condensed consolidated financial statement.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**3. Summary of Significant Accounting Policies (Continued)**

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Group is currently evaluating the impact of this accounting standard update on its unaudited condensed consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, which amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The Board developed the new guidance in conjunction with the Private Company Council to address concerns from stakeholders that estimating expected credit losses can be costly and complex for such transactions. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. Entities should apply the new guidance prospectively. The Group is currently evaluating the impact of this accounting standard update on its unaudited condensed consolidated financial statements and related disclosures.

The Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed consolidated financial position, statements of operations and comprehensive income and statements of cash flows.

**4. Risks and Uncertainty**

***Currency risk***

The Group's operating activities are mainly transacted in HK$ which is also its functional currency. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Group considers the foreign exchange risk in relation to transactions denominated in HK$ with respect to US$ is not significant as HK$ is pegged to US$.

The Group considers that the overall foreign exchange risk is not significant, and the Group has not used any instruments or derivatives to manage or hedge the risk.

***Credit risks***

Financial instruments that potentially subject the Group to the credit risks consist of cash, accounts receivable, loan receivable, investments in life insurance policies. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates.

The Group deposits its cash with reputable banks located in Hong Kong. As of October 31, 2025 and April 30, 2025, $248,584 and $188,639 were deposited with these banks, respectively. Balances maintained with banks in Hong Kong are insured under the Deposit Protection Scheme introduced by the Hong Kong Government for a maximum amount of HK$500,000 (equivalent to $64,476) and further increased to HK$800,000 (equivalent to $103,162), effective October 1, 2024, for each depositor at one bank, whilst the balances maintained by the Group may at times exceed the insured limits. Cash balances maintained with banks in Hong Kong are not otherwise insured by the Federal Deposit Insurance Corporation or other programs. The Group has not experienced any losses in these bank accounts and management believes that the Group is not exposed to any significant credit risk on cash.

Assets that potentially subject the Group to significant credit risks primarily consist of accounts receivable, loan receivable, and investments in life insurance policies. The Group performs regular and ongoing credit assessments of the counterparts' financial conditions and credit histories. The Group also assesses historical collection trends, aging of receivables and general economic conditions. The Group considers that it has adequate controls over these receivables in order to minimize the related credit risk. As of October 31, 2025, and April 30, 2025, the Group recorded an allowance for expected credit losses of $20,791 and $nil, respectively.

***Concentration risks***

For the six months ended October 31, 2025 and 2024, all of the Group's assets were located in Hong Kong. At the same time, the Group considers that it is exposed to the following concentrations of risk:

(a) Major
 customers

For the six months ended October 31, 2025, two customers accounted for 10% or more of the Group's total revenues. Revenues from these two customers accounted for 36% and 34% of the Group's total revenues, respectively. For the six months ended October 31, 2024, three customers accounted for 10% or more of the Group's total revenues. Revenues from these three customers accounted for 42%, 24% and 20% of the Group's total revenues, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** |
| <br>**Customers** | **Revenues**<br>**(Unaudited)** | **% of**<br>**revenues** | **Revenues**<br>**(Unaudited)** | **% of**<br>**revenues** |
| Customer A | $929313 | 36% | $189305 | 24% |
| Customer K | 877538 | 34% |  |  |
| Customer B |  | -% | 330310 | 42% |
| Customer D | 3647 | -% | 155123 | 20% |
| Total | $1810498 | 70% | $674738 | 86% |

---

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**4. Risks and Uncertainty (Continued)**

(b) Major
 suppliers

For the six months ended October 31, 2025, two suppliers accounted for 10% or more of the Group's cost of revenues. Cost of revenues from these two suppliers accounted for 50% and 34% of the Group's total cost of revenues, respectively. For the six months ended October 31, 2024, two suppliers accounted for 10% or more of the Group's cost of revenues. Cost of revenues from these two suppliers accounted for 41% and 36% of the Group's total cost of revenues, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2025** | **For the Six Months Ended October 31, 2024** | **For the Six Months Ended October 31, 2024** |
| <br>**Suppliers** | **Cost of <br> revenues**<br>**(Unaudited)** | **% of cost of**<br>**revenues** | **Cost of <br> revenues**<br>**(Unaudited)** | **% of cost of**<br>**revenues** |
| Supplier C | $722275 | 50% | $135019 | 36% |
| Supplier A | 491047 | 34% | 153882 | 41% |
| Total: | $1213322 | 84% | $288901 | 77% |

---

(c) Receivables

The following table sets forth information as to each customer that accounted for 10% or more of the Group's total accounts receivable, before allowance for expected credit losses, as of October 31, 2025 and April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of October 31, 2025** | **As of October 31, 2025** | **As of April 30, 2025** | **As of April 30, 2025** |
| <br>**Customers** | **Accounts receivable**<br>**(Unaudited)** | **% of accounts receivable,**<br>**gross** | **Accounts receivable**<br>**(Audited)** | **% of accounts receivable,**<br>**gross** |
| Customer K | $374726 | 48% | $- | -% |
| Customer A | 181921 | 23% | 120055 | 36% |
| Customer G |  | -% | 38686 | 12% |
| Customer H |  | -% | 36979 | 11% |
| Customer I | - | -% | 32238 | 10% |
| Total: | $556647 | 71% | $227958 | 69% |

---

(d) Payables

As of October 31, 2025 and April 30, 2025, the Group had no outstanding accounts payable.

 ****

***Interest rate risk***

Fluctuations in market interest rates may negatively affect the Group's financial condition and results of operations. The Group is exposed to floating interest rate risk on bank deposits and bank overdrafts, particularly during periods when the interest rate is expected to significant changes. Nevertheless, given the amounts of bank deposits and bank overdrafts in question, the Group considers its interest rate risk to be manageable and not likely to cause significant disruption to the business. The Group has not used any instruments or derivatives to manage or hedge its interest rate risk exposure.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**5. Accounts Receivable, Net**

As of October 31, 2025 and April 30, 2025, accounts receivable, net consisted of the following balances:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Accounts receivable | $780145 | $329999 |
| Less: allowance for expected credit losses | (20791) | - |
| Total accounts receivable, net | $759354 | $329999 |

---

The movement of allowance for expected credit losses against accounts receivable is as follow:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Balance at the beginning of the period/year | $- | $- |
| Provision of expected credit losses | 20678 |  |
| Effect of exchange rate changes | 113 | - |
| Balance at the end of the period/year | $20791 | $- |

---

Subsequent to October 31, 2025 and up to the date on which the Company issues these unaudited condensed consolidated financial statements, $603,317, or 77% of the accounts receivable outstanding as of October 31, 2025 had been received.

**6. Loan Receivable**

As of October 31, 2025 and April 30, 2025, loan receivable consisted of the following balances:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31,** <br>**2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Loan receivable | $- | $60430 |
| Less: allowance for expected credit losses | - | - |
| Total loan receivable | $- | $60430 |

---

As of October 31, 2025, no loan receivable was recognized.

As of April 30, 2025, the loan receivable represented a loan to Winstontech Limited, which was a related party of the Group from October 2020 until it ceased to be a related party on March 25, 2025. The balance was unsecured and bore interest at a flat amount of HK$83,000 (equivalent to $10,658). The loan had a term of 12 months commencing on September 16, 2024 and maturing on September 16, 2025. This balance was fully settled in July 2025.

**7. Prepayments and Other Assets**

As of October 31, 2025 and April 30, 2025, prepayments and other assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31,** <br>**2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Prepaid expenses | $138966 | $- |
| Rental deposits | 19301 | - |
| Total prepayments and other assets | $158267 | $- |

---

As of October 31, 2025 and April 30, 2024, no allowance for expected credit loss against other assets was recognized.

**8. Operating lease right-of-use (ROU) assets, Net and Operating Lease Liabilities**

The Group has operating leases for office. The lease agreements do not specify an explicit interest rate. The Group's management believes that using an incremental borrowing rate of 3% p.a. over 1-month Hong Kong Interbank Offered Rate ("HIBOR") was the most indicative rate of the Group's borrowing cost for the calculation of the present value of the lease payments at the lease inception.

As of October 31, 2025 and April 30, 2025, the Group subsisted of the following non-cancellable lease contracts.

---

| | |
|:---|:---|
| **Description of lease** | **Lease term** |
| Office at the 21st floor of G.D. Real Estate Tower, Central, Hong Kong | 2 years from June 1, 2025, to May 31, 2027 |
| Office at Flat 411, Wing On Plaza, Tsim Sha Tsui, Hong Kong | 2 years from July 1, 2023 to June 30, 2025 |

---

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**8. Operating lease right-of-use (ROU) assets, Net and Operating Lease Liabilities (Continued)**

a) Amounts
 recognized in the unaudited condensed consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Right-of-use assets | $166663 | $1815 |
| Operating lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Current | $111222 | $- |
| &nbsp;&nbsp;&nbsp;Non-current | 66902 | - |
|  | $178124 | $- |
| Weighted average remaining lease terms (in years) | 1.58 | 0.17 |

---

b) Information
 related to operating lease activities during the six months ended October 31, 2025 and 2024 are as follows.

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| &nbsp;&nbsp;&nbsp;Amortization of ROU assets | $43655 | $4575 |
| &nbsp;&nbsp;&nbsp;Accretion of interest on operating lease liabilities | 3136 | 840 |
| Total operating lease expenses | $46791 | $5415 |

---

c) The
 following table summarizes the remaining contractual maturities of lease liabilities, categorized by the year in which such lease
 liabilities are required to be settled, under operating leases as of October 31, 2025:

---

| | |
|:---|:---|
| During the years ending: |  |
| &nbsp;&nbsp;&nbsp;April 30, 2026 | $115805 |
| &nbsp;&nbsp;&nbsp;April 30, 2027 | 67553 |
| Total future lease payments | 183358 |
| Less: imputed interest | (5234) |
| Present value of lease obligations | $178124 |

---

The weighted-average discount rate used to determine the operating lease liabilities as of October 31, 2025 and April 30, 2025 were 3.89% and 7.93%, respectively.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**9. Property and Equipment, Net**

As of October 31, 2025 and April 30, 2025, property and equipment, net, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31,**<br>**2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Computer and office equipment | $175508 | $157889 |
| Leasehold improvement | 20874 |  |
| Less: accumulated depreciation | (65996) | (45351) |
| Total property and equipment, net | $130386 | $112538 |

---

Depreciation expense was $20,630 and $11,791 for the six months ended October 31, 2025 and 2024, respectively.

**10. Investments in Life Insurance Policies**

As of October 31, 2025 and April 30, 2025, the investments in life insurance policies consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Manulife insurance policy | $205610 | $200905 |
| Total investments in life insurance policies | $205610 | $200905 |

---

On December 28, 2021, the Group entered into a life insurance policy with Manulife International Limited ("Manulife") to insure the life of Mr. Wai Lun Lau, who is the ultimate shareholder and director of the Group, with an insurance premium totaling $211,337. The Group is the policy owner and beneficiary of the insurance policy. The insurance premium of $211,337 was fully settled in February 2022. Death compensation under the policy is $700,000. The Group can surrender the life insurance policy at any time with no restrictions and will receive the cash surrender value at the date of termination. This value is determined by the premium paid plus accumulated interest earned, minus the accumulated insurance policy charges and surrender charges, as defined under the policy and provided by the insurer. The policy has been pledged as collateral for banking facilities with an aggregate limit of HK$1.2 million (approximately $154,742) granted by DBS Bank (Hong Kong) Limited ("DBS").

As of October 31, 2025 and April 30, 2025, the investments in the Manulife insurance policy were recognized at their cash surrender values of $205,610 and $200,905, respectively, as defined under the policy.

**11. Deferred Initial Public Offering ("IPO") Costs**

As of October 31, 2025 and April 30, 2025, deferred IPO costs, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Financial advisory fees | $180141 | $140300 |
| Legal service fees | 104549 |  |
| Miscellaneous expenses | 20062 | - |
| Total deferred IPO costs | $304752 | $140300 |

---

**12. Contract liabilities**

The movement in contract liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Balance at beginning of the period/year | $13124 | $165790 |
| Decrease in contract liabilities as a result of recognizing related portion as revenues during the period/year | (13124) | (178349) |
| Increase in contract liabilities as a result of billings in advance of performance obligation under related contracts | - | 25683 |
| Balance at end of the period/year | $- | $13124 |

---

**13. Bank Overdrafts**

The banking facilities as of October 31, 2025, and April 30, 2025, are illustrated as follows.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Amount of** | **Amount of** | **As of** | **As of** |
| <br>**Date of banking facility** | <br>**Provider** | **Nature of**<br>**banking <br> facility** | **banking<br> facility** | **banking<br> facility** | **October 31, 2025** | **April 30,** <br> **2025** |
| December 6, 2022 | DBS | Bank overdraft | HK$ | 1200000 | $- | $- |

---

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**13. Bank Overdrafts (Continued)**

As of October 31, 2025 and April 30, 2025, no bank overdrafts were recognized.

The Group obtained a banking facility on bank overdraft from DBS, totaling HK$1.2 million (approximately $154,742) on December 6, 2022. The securities provided under this banking facility include (i) a pledge of the Group's Manulife insurance policy insuring the life of Mr. Wai Lun Lau, the ultimate shareholder and director of the Group, with a death compensation of $700,000; and (ii) a personal guarantee in full from Mr. Wai Lun Lau. No other significant covenants are identified in the banking facility. The facility is a revolving credit arrangement, which does not prescribe a fixed repayment date. The interest rate applied to the bank overdraft is 3% per annum over 1-month HIBOR.

For the six months ended October 31, 2025 and 2024, interest expenses incurred on the bank overdraft were $2,164 and $4,637, respectively.

**14. Shareholders' Equity**

***Ordinary shares***

The Company was established under the laws of Cayman Islands on October 9, 2025, with an authorized capital of 40,000 Class A ordinary shares and 10,000 Class B ordinary shares, each with a par value of $1 per share.

As stipulated in the Company's Memorandum and Articles of Association, each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holders of Class B Ordinary Shares, at any time and without the payment of any additional sum; Conversely, holders of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares into Class B Ordinary Shares under any circumstances.

In addition, holders of both Class A and Class B ordinary shares were entitled to receive dividends paid by the Company at the same rate and had equal rights to the surplus assets of the Company upon its liquidation, as stipulated in the Company's Memorandum and Articles of Association. Holders of Class A ordinary shares shall be entitled to one vote on all matters subject to the vote at general meetings of the Company, while holders of Class B ordinary shares shall be entitled to twenty votes on all matters subject to the vote at general meetings of the Company. These shares ranked pari passu in all other respects.

On the date of incorporation, one Class B ordinary share was issued with a par value of $1 per share to the Company's registered agent. On October 13, 2025, 100% ownership of the Company was transferred from the registered agent to Invincible Legend Limited, which is a BVI company wholly owned by Mr. Wai Lun Lau. On the same date, an additional 8,000 Class A ordinary shares and 1,999 Class B ordinary shares were issued and allotted to Invincible Legend Limited at the time, each with a par value of $1 per share.

On January 27, 2026, the Company effected a 1-for-2,500 share subdivision converting each issued ordinary share of $1.00 par value into 2,500 ordinary shares of $0.0004 par value. The shareholders of the Company resolved to subdivide its authorized share capital of $50,000 divided into 125,000,000 shares, comprising 100,000,000 Class A ordinary shares and 25,000,000 Class B ordinary shares, each with a par value of $0.0004 per share. As a result, 20,000,000 Class A ordinary shares and 5,000,000 Class B ordinary shares were issued and outstanding.

Following the subdivision, on January 27, 2026, the Company further allotted 5,000,000 ordinary shares, par value $0.0004 per share, to its shareholders on a pro rata basis at a ratio of one new share for every five existing shares held, resulting in the issuance of 4,000,000 Class A ordinary shares and 1,000,000 Class B ordinary shares to the Company's existing shareholders.

In connection with the 1-for-2,500 share subdivision effected on January 27, 2026 and the allotment of 5,000,000 ordinary shares to the Company's existing shareholders on January 27, 2026, the Company determined that these transactions did not involve any proceeds received by the Company and did not result in any change in the shareholders' proportionate ownership interests. Accordingly, the Company accounted for these transactions as a share split and a recapitalization prior to the completion of its initial public offering. The effects of the share subdivision and share issuance have been reflected retrospectively for all periods presented for purposes of earnings per share, in accordance with ASC 260, Earnings Per Share.

As of the result of the above transactions, a total of 24,000,000 Class A ordinary shares and 6,000,000 Class B ordinary shares, each with a par value of $0.0004 per share, were issued and outstanding as of October 31, 2025 and April 30, 2025. As of the date of these unaudited condensed consolidated financial statements are issued, the consideration of these 30,000,000 ordinary shares had not been settled by the Company's shareholder and was recognized as subscription receivables in these unaudited condensed consolidated financial statements.

***Forgiveness of loan by the ultimate shareholder***

Pursuant to the instruction letter from Mr. Wai Lun Lau dated January 2, 2022, and the related board resolution, Mr. Wai Lun Lau, who is the controlling shareholder of ChainOn HK, at the time agreed to waive the loan due to him by the Group with an amount totaling HK$15,689,296 (approximately $1,999,528), in form of capital contributions to strengthen the capital base of the Group. Accordingly, the balance was recognized as additional paid-in capital under shareholders' equity.

**15. Income Taxes**

*Cayman Islands and British Virgin Islands*

Under the current and applicable laws of Cayman Islands and British Virgin Islands, the Group is not subject to tax on income or capital gains under this jurisdiction.

 

*Hong Kong*

The operating subsidiary of the Group, ChainOn HK, is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. For the six months ended October 31, 2025 and 2024, Hong Kong Profits Tax is calculated in accordance with the two-tiered profits tax rates regime. The applicable income tax rate for the first HK$2 million (equivalent to $256,835) of assessable profits is 8.25% whereas assessable profits above HK$2 million (equivalent to $256,835) will be subject to an income tax rate of 16.5%.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**15. Income Taxes (Continued)**

The current and deferred portions of the income tax expenses included in the unaudited condensed consolidated statements of operations and comprehensive income as determined in accordance with ASC 740 are as follows.

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| Current income tax | $54282 | $- |
| Deferred taxes | 47920 | 53741 |
| Income tax expenses | $102202 | $53741 |

---

A reconciliation of the difference between the expected income tax expense computed at Hong Kong income tax rate of 16.5% and the Group's reported income tax expense is shown in the following table.

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| Profit before income taxes | $752482 | $333235 |
| Hong Kong Profits Tax rate | 16.50% | 16.50% |
| Income taxes computed at Hong Kong Profits Tax rate | 124160 | 54984 |
| Income not taxable | (843) | (1243) |
| Tax effect of lower tax rate under Hong Kong's two-tiered profits tax rate | (21115) | - |
| Income tax expense | $102202 | $53741 |

---

The following table reconciles the statutory tax rate to the Group's effective tax rate for the six months ended October 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025**<br>**(Unaudited)** | **2024**<br>**(Unaudited)** |
| Hong Kong Profits Tax rate | 16.50% | 16.50% |
| Income not taxable | (0.11%) | (0.37%) |
| Tax effect of lower tax rate under Hong Kong's two-tiered profits tax rate | (2.81%) | -% |
| Effective tax rate | 13.58% | 16.13% |

---

***Deferred tax***

The Group measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Group's deferred tax assets and liabilities are as follows.

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Net operating losses carry forwards | $- | $49580 |
| &nbsp;&nbsp;&nbsp;Allowance for expected credit losses | 3430 |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 23299 | 25494 |
| Total deferred tax assets | 26729 | 75074 |
| **Deferred tax assets, net** | $26729 | $75074 |

---

Movement of the Group's deferred tax assets, net, during the period/year is as follows.

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **October 31, <br> 2025**<br>**(Unaudited)** | **April 30,**<br>**2025**<br>**(Audited)** |
| Balance at beginning of the period/year | $75074 | $242726 |
| Charged to the profit or loss | (47920) | (169020) |
| Effect of exchange rate changes | (425) | 1368 |
| Balance at end of the period/year | $26729 | $75074 |

---

Under relevant Hong Kong tax laws, tax case is normally subject to investigation by the tax authority for up to 6 years of assessment prior to the current year of assessment, unless in a case of fraud or willful evasion, then the investigation can be extended to cover 10 years of assessment.

As of October 31, 2025 and April 30, 2025, the Group had no open tax investigation from the tax authority.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**16. Related Party Transaction and Balance**

*a. Nature of relationships with related parties*

---

| | |
|:---|:---|
| **Name** | **Relationship with the Group** |
| Mr. Wai Lun Lau | Ultimate shareholder and director of the Group since Mr. Wai Lun Lau is sole shareholder of Invincible Legend Limited, which is a controlling party of the Group. |
| Ms. Ho Yin Chan | Member of the immediate family of Mr. Wai Lun Lau, who is the ultimate shareholder and director of the Group. |
| Winstontech Limited | Under the significant influence of Ms. Ho Yin Chan, a member of the immediate family of Mr. Wai Lun Lau, the ultimate shareholder and director of the Group. Ms. Chan was the sole shareholder of Winstontech Limited.<br> Ms. Chan ceased to be the sole shareholder of Winstontech Limited with effect from March 25, 2025. Consequently, Winstontech Limited is no longer considered a related party of the Group as of that date. |

---

*b. Transactions with related parties*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **For the Six Months Ended** | **For the Six Months Ended** |
|  |  |  | **October 31,** | **October 31,** |
| **Name** |  | **Nature** | **2025** | **2024** |
|  |  |  | **(Unaudited)** | **(Unaudited)** |
| Winstontech Limited | (1) | Project development service income | $- | $34808 |
|  | (2) | Interest income from loan receivable | $- | $1341 |

---

(1) For
 the six months ended October 31, 2024, the amounts represented project development service income earned from Winstontech Limited.

(2) For
 the six months ended October 31, 2024, the amounts represented interest income earned from loan receivable with Winstontech Limited.

**CHAINON GROUP LIMITED**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**For the Six Months Ended October 31, 2025 and 2024**

**17. Commitments and Contingencies**

<u>Commitments</u>

As of October 31, 2025 and April 30, 2025, the Group had neither significant financial nor capital commitment.

<u>Contingencies</u>

As of October 31, 2025 and April 30, 2025, the Group was not a party to any material legal or administrative proceedings. The Group further concludes that there were no legal or regulatory proceedings, either individually or in the aggregate, that could have resulted in an unfavorable outcome with a material adverse effect on the Group's results of operations, financial condition, or cash flows.

**18. Segment information**

The Group uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Group's CODM, specifically the Group's CEO and CFO, for making decisions, allocating resources and assessing performance.

The CODM considers the Group carries out all its business activities and operations in Hong Kong. All transactions are concluded and completed in Hong Kong with similar terms and conditions. Internally, the Group reports costs and expenses by nature as a whole for management decision-making and assessment. Based on management's assessment, the Group determines that it has only one operating segment and therefore one reportable segment as defined by ASC 280. Furthermore, since all the Group's revenues are derived in Hong Kong with all operations being carried out in Hong Kong, no geographical segment is presented. The Group concludes that it has only one reportable segment.

The CODM of the Group primarily utilizes the net income to monitor budget-to-actual performance and to assess the adequacy of capital resources for marketing and development. The following table presents the significant revenue and expense categories in the Group's single operating segment.

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Revenues | $2599156 | $786984 |
| Cost of revenues | (1447282) | (372728) |
| Selling and marketing expenses | (67921) | (86933) |
| General and administrative expenses | (339222) | (19491) |
| Other segment expenses | (94451) | (28338) |
| Net income of single operating segment | $650280 | $279494 |

---

**19. Subsequent Events**

As highlighted in Note 1, subsequent to October 31, 2025, management effected (i) the Reorganization dated November 12, 2025; (ii) the 1-for-2,500 share subdivision on January 27, 2026; and (iii) the allotment of 5,000,000 ordinary shares to the Company's existing shareholders on January 27, 2026. All shares and amounts presented in these unaudited condensed consolidated financial statements have been retroactively adjusted to reflect these transactions. As a result, a total of 24,000,000 Class A Ordinary Shares and 6,000,000 Class B Ordinary Shares, each with a par value of $0.0004 per share, were issued and outstanding as of October 31, 2025.

On April 27, 2026, ChainOn US Inc was incorporated as a corporation under the laws of the State of Delaware. ChainOn US Inc is a direct, wholly-owned subsidiary of the Company. ChainOn US Inc is authorized to issue a total of 1,000 shares of common stock, with a par value of US$1.00 per share.

On the same date, the Company, through its wholly-owned subsidiary, ChainOn US Inc, entered into a Software Development Services Agreement with an independent third-party vendor, for the development of a software system with a total contract sum of HK$5,000,000 (equivalent to US$638,292). As of the date of issuing these consolidated financial statements, an upfront payment of HK$2,500,000 (equivalent to US$319,146) had been made to the vendor. The remaining balance shall be payable upon the successful completion and formal acceptance of specified development milestones.

The Group evaluated all events and transactions that occurred after October 31, 2025 up through the date the Group issued the unaudited condensed consolidated financial statements. Other than the events disclosed above and elsewhere in these unaudited condensed consolidated financial statements, there is no other subsequent event occurred that would require recognition or disclosure in the Group's unaudited condensed consolidated financial statements.

Until [●], 2026 (the 25<sup>th</sup> 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**.**

**6,250,000 Class A Ordinary Shares**

![](image_003.jpg)

**ChainOn Group Limited**

Prospectus dated [●], 2026

![](image_004.jpg)

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS**

Cayman Islands' laws do not prohibit or restrict a company from indemnifying its directors and officers against personal liability for any loss they may incur arising out of the Company's business, except to the extent 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. The indemnity extends only to liability for their own negligence and breach of duty other than breaches of fiduciary duty and not where there is evidence of dishonesty, willful default or fraud.

Our Articles of Association provides that every director, secretary or officer (other than the auditors) for the time being of the Company acting in relation to the affairs of the Company shall, in the absence of actual fraud or willful default or as otherwise required by law, be indemnified by our Company against all costs, losses, damages and expenses, including travelling expenses, which any such director, secretary, or officer 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 or officer 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.

We intend to enter into indemnification agreements with each of our directors and Executive Officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Cayman Islands law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified, subject to our Company reserving its rights to recover the full amount of such advances in the event that he or she is subsequently found to have been negligent or otherwise have breached his or her trust or fiduciary duties to our Company or to be in default thereof, or where the Cayman Islands courts have declined to grant relief.

The form of indemnification agreement to be entered into prior to effectiveness of this registration statement will also provide for indemnification of us and our Executive Officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, Executive 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 pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public Offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

**Class A Ordinary Shares and Class B Ordinary Shares**

On October 13, 2025, 8,000 Class A Ordinary Shares and 2,000 Class B Ordinary Shares of the Company credited as fully paid at par value ($10,000 in total), were allotted and issued to Invincible Legend Limited, a company wholly-owned by Mr. Wai Lun Lau.

On January 21, 2026, our founding shareholder, Invincible Legend Limited, a company wholly owned by Mr. Wai Lun Lau, sold 2,240 Class A Ordinary Shares to Six Pre-IPO Investors, representing 28% of Mr. Wai Lun Lau's outstanding Class A Ordinary Shares, for US$2,688,000 in total. None of the Six Pre-IPO Investors beneficially owns more than 5% of our Class A Ordinary Shares. After the Share Subdivision and the Pro Rata Allotment were completed on January 27, 2026, Six Pre-IPO Investors held 6,720,000 Class A Ordinary Shares.

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

See "*Exhibit Index*" beginning on page II-4 of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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**

(a) The undersigned Registrant hereby undertakes:

1. To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement, unless the information required to be included in a post-effective amendment by paragraphs (i), (ii) and (iii) below is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of a prospectus filed pursuant to Rule 424(b) that is part of the registration statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum Offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

2. That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the Offering of such securities at that time shall be deemed to be the initial bona fide Offering thereof.

3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the Offering.

4. To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed Offering or throughout a continuous Offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act of 1933, as amended, need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

5. That, for the purpose of determining liability under the Securities Act of 1933, as amended, to any purchaser;

(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an Offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the Offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the Offering of such securities at that time shall be deemed to be the initial bona fide Offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

6. That, for the purpose of determining liability of a registrant under the Securities Act of 1933, as amended, to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary Offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any preliminary prospectus or prospectus of an undersigned registrant relating to the Offering required to be filed pursuant to Rule 424;

(ii) Any free writing prospectus relating to the Offering prepared by or on behalf of an undersigned registrant or used or referred to by an undersigned registrant;

(iii) The portion of any other free writing prospectus relating to the Offering containing material information about an undersigned registrant or its securities provided by or on behalf of an undersigned registrant; and

(iv) Any other communication that is an offer in the Offering made by an undersigned registrant to the purchaser.

7. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 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 of 1933 and will be governed by the final adjudication of such issue.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of document** |
| 1.1\*\* | [Form of Underwriting Agreement](ex1-1.htm) |
| 3.1\*\* | [Amended and Restated Memorandum and Articles of Association of the Registrant](ex3-1.htm) |
| 4.1\*\* | [Specimen Certificate for Class A Ordinary Shares](ex4-1.htm) |
| 5.1\*\* | [Opinion of Ogier regarding the validity of securities being registered](ex5-1.htm) |
| 8.1\*\* | [Opinion of Ogier regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ex5-1.htm) |
| 8.2\*\* | [Opinion of Stevenson, Wong & Co. regarding certain Hong Kong tax matters (included in Exhibit 99.6)](ex99-6.htm) |
| 10.1\*\* | [Form of Indemnification Agreement between the Registrant and its directors and executive officers](ex10-1.htm) |
| 10.2\*\* | [Form of Employment Agreement between the Registrant and its executive officers](ex10-2.htm) |
| 10.3\*\* | [Form of Director Offer Letter between the Registrant and its directors](ex10-3.htm) |
| 10.4\*\* | [Standard Project Development Agreement by and between ChainOn Technology (HK) Limited and Clients](ex10-4.htm) |
| 10.5\*\* | [Software Development Service Agreement by and between ChainOn Technology (HK) Limited and Supplier A dated October 19, 2024](ex10-5.htm) |
| 10.6\*\* | [Technology Development Agreement by and between ChainOn Technology (HK) Limited and Supplier B dated January 3, 2025](ex10-6.htm) |
| 10.7\*\* | [Custom Software Development Service Agreement by and between ChainOn Technology (HK) Limited and Supplier C dated May 14, 2024](ex10-7.htm) |
| 21.1\*\* | [List of Subsidiaries of the Registrant](ex21-1.htm) |
| 23.1\*\* | [Consent of J&S Associate PLT](ex23-1.htm) |
| 23.2\*\* | [Consent of Ogier (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3\*\* | [Consent of Stevenson, Wong & Co. (included in Exhibit 99.6)](ex99-6.htm) |
| 23.4\*\* | [Consent of China Commercial Law Firm (included in Exhibit 99.7)](ex99-7.htm) |
| 23.5\*\* | [Consent of Ms. Ke Yi Audrey Terng to be named as a director nominee](ex23-5.htm) |
| 23.6\*\* | [Consent of Ms. Loretta York-Tao Ho to be named as a director nominee](ex23-6.htm) |
| 23.7\*\* | [Consent of Mr. Hong Cheuk Foster Yim to be named as a director nominee](ex23-7.htm) |
| 23.8\*\* | [Consent of Mr. John Robert Fiore to be named as a director nominee](ex23-8.htm) |
| 23.9\*\* | [Consent of Frost & Sullivan](ex23-9.htm) |
| 24.1\*\* | [Power of Attorney (included on signature page to this filing of the Registration Statement on Form F-1)](#G_014) |
| 99.1\*\* | [Form of Audit Committee Charter](ex99-1.htm) |
| 99.2\*\* | [Form of Compensation Committee Charter](ex99-2.htm) |
| 99.3\*\* | [Form of Nominating and Corporate Governance Committee Charter](ex99-3.htm) |
| 99.4\*\* | [Code of Business Conduct and Ethics of the Registrant](ex99-4.htm) |
| 99.5\*\* | [Request for Waiver and Representation under Item 8.A.4 of Form 20-F](ex99-5.htm) |
| 99.6\*\* | [Opinion of Stevenson, Wong & Co. regarding Hong Kong legal matters](ex99-6.htm) |
| 99.7\*\* | [Opinion of China Commercial Law Firm regarding PRC legal matters](ex99-7.htm) |
| 107\*\* | [Filing Fee Table](ex107.htm) |

---

\*\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, on June 25, 2026.

---

| | |
|:---|:---|
| **ChainOn Group Limited** | **ChainOn Group Limited** |
| By: | */s/ Lok Him Kelvin Yan*  |
| Name: | Lok Him Kelvin Yan |
| Title: | Chief Executive Officer and Chairman of the Board of Directors |
|  | (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| **ChainOn Group Limited** | **ChainOn Group Limited** |
| By: | */s/ Leo Leong* |
| Name: | Leo Leong |
| Title: | Chief Financial Officer and Director |
|  | (Principal Accounting and Financial Officer) |

---

**POWER OF ATTORNEY**

We, the undersigned directors of ChainOn Group Limited and executive officers of ChainOn Group Limited and its subsidiaries hereby severally constitute and appoint, Lok Him Kelvin Yan, singly (with full power to act alone), our true and lawful attorneys-in-fact and agent, with full power of substitution and resubstitution in him for him and in his name, place and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement (or any other registration statement for the same Offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and him, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Lok Him Kelvin Yan* |  |  |
| Lok Him Kelvin Yan | Chief Executive Officer and Chairman of the Board of Directors | June 25, 2026 |
|  | (Principal Executive Officer) |  |
| */s/ Leo Leong* |  |  |
| Leo Leong | Chief Financial Officer and Director | June 25, 2026 |
|  | (Principal Accounting and Financial Officer) |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on June 25, 2026.

---

| | |
|:---|:---|
| 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**

**CHAINON GROUP LIMITED**

**UNDERWRITING AGREEMENT**

[●], 2026

**Univest Securities, LLC**

75 Rockefeller Plaza, Suite 1838

New York, NY 10019

 

*As Representative of the several Underwriters*

*named on <u>Schedule 1</u> hereto*

Ladies and Gentlemen:

The undersigned, ChainOn Group Limited, a Cayman Islands exempted company (the "<u>Company</u>"), hereby confirms its agreement (this "<u>Agreement</u>") with Univest Securities, LLC (the "<u>Representative</u>") and with the other underwriters, named on <u>Schedule 1</u> hereto for which the Representative is acting as representative (the Representative and such other underwriters being collectively called the "<u>Underwriters</u>" or, individually, an "<u>Underwriter</u>") as follows:

1. <u>Purchase and Sale of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Firm Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Nature and Purchase of Firm Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 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 [●] Class A ordinary shares (the "<u>Firm Shares</u>"), par value $0.0004 per share (the "<u>Ordinary Shares</u>") of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm Shares set forth opposite their respective names on <u>Schedule 1</u> attached hereto and made a part hereof at a purchase price of $[●] (the "<u>Purchase Price</u>") per Firm Share (94.5% of the public offering price per Firm Share). The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as defined in Section 2(a)(B) hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payment and Delivery of Firm Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Delivery and payment for the Firm Shares shall be made no later than 2:00 p.m., Eastern Time, on the second (2<sup>nd</sup>) Business Day following the effective date (the "<u>Effective Date</u>") of the Registration Statement (as defined in Section 2(a)(i)(A) below) or at such other time as shall be agreed upon by the Representative and the Company, at the offices of Hunter Taubman Fischer& Li LLC, 950 Third Avenue, 19th Floor, New York, NY 10022 ("<u>Representative's Counsel</u>"), or at such other place (or by electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of delivery and payment for the Firm Shares is called the "<u>Closing Date</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Payment for the Firm Shares shall be made on the Closing Date by wire transfer in federal (same day) funds, payable to the order of the Company upon delivery of the certificates (in form and substance satisfactory to the Underwriters) (or through the facilities of the Depository Trust Company ("<u>DTC</u>")), for the account of the Underwriters. The Firm Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing prior to the Closing Date. The term "<u>Business Day</u>" means any day other than a Saturday, a Sunday, or a legal holiday in the United States, or a day on which banking institutions are authorized or obligated by law to close in New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Over-Allotment Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Option Shares</u>. For the purposes of covering any over-allotments in connection with the distribution and sale of the Ordinary Shares, the Underwriters are hereby granted an option (the "<u>Over-Allotment Option</u>") to purchase, in the aggregate, up to [●] Ordinary Shares (15% of the Firm Shares) at the Purchase Price (the "<u>Option Shares</u>" and together with the Firm Shares, the "<u>Shares</u>"). The Firm Shares and the Option Shares are collectively referred to as the "<u>Public Securities</u>." The Public Securities shall be issued directly by the Company and shall have the rights and privileges described in the Registration Statement, the Pricing Disclosure Package and the Prospectus referred to below. The offering and sale of the Public Securities is hereinafter referred to as the "<u>Offering</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;(ii) <u>Exercise of Over-Allotment Option</u>. The Over-Allotment Option granted pursuant to Section 1(b)(i) hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Shares within 45 days from the Closing Date. An Underwriter shall not be under any obligation to purchase any Option Shares prior to the exercise of the Over-Allotment Option by the Representative. The Over-Allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which must be confirmed in writing by overnight mail or by email or other electronic transmission setting forth the number of Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares, as the case may be (each, an "<u>Option Closing Date</u>"), which shall not be earlier than one (1) Business Day nor later than five (5) full Business Days after the date of the written notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of the Representative's Counsel, or at such other place (including remotely by electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur on the Closing Date, each Option Closing Date will be as set forth in the notice. Upon exercise of the Over-Allotment Option, the Company will become obligated to convey to the Representative, and, subject to the terms and conditions set forth herein, the Representative will become obligated to purchase, the number of Option Shares specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Payment and Delivery</u>. Payment for the Option Shares shall be made on the Option Closing Date by wire transfer in federal (same day) funds, payable to the order of the Company upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Option Shares (or through the facilities of the DTC or Deposit/Withdrawal at Custodian transfer) for the account of the Representative. The Option Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by the Representative for the applicable Option Shares.

2. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below) and as of the Closing Date, or any Option Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Securities 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;&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 "<u>Commission</u>") a registration statement, and amendments thereto, on Form F-1 (File No. 333-[●]), including any related prospectus or prospectuses (the "<u>Prospectus</u>"), for the registration of the Public Securities, the Representative's Securities and the Underlying Ordinary Shares (as defined below) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), which registration statement and amendment or amendments have been prepared by the Company in conformity in all material respects with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the "<u>Securities Act Regulations</u>") and will contain all material statements that are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission at the time the registration statement became effective (including the Preliminary Prospectus (as defined below) included in the registration statement, financial statements, schedules, exhibits and all other documents filed as a part thereof and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Securities Act Regulations (the "<u>Rule 430A Information</u>")), is referred to herein as the "<u>Registration Statement</u>." If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then after such filing, the term "<u>Registration Statement</u>" shall include such registration statement filed pursuant to Rule 462(b). The Registration Statement has been declared effective by the Commission on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a "<u>Preliminary Prospectus</u>." The Preliminary Prospectus, subject to completion, dated [●], 2026, that was included in the Registration Statement immediately prior to the Applicable Time is hereinafter called the "<u>Pricing Prospectus</u>." The final prospectus in the form first furnished to the Underwriters for use in the Offering is hereinafter called the "<u>Prospectus</u>." Any reference to the "most recent Preliminary Prospectus" shall be deemed to refer to the latest Preliminary Prospectus included in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The term "<u>Pricing Disclosure Package</u>" means (i) the Preliminary Prospectus, as most recently amended or supplemented immediately prior to the Applicable Time (as defined herein), and (ii) the information included on Schedule 2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "<u>Applicable Time</u>" means 5:00 p.m., Eastern Time, on the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Pursuant to the Exchange Act</u>. The Company has filed with the Commission a Form 8-A providing for the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), of the Ordinary Shares. The registration of the Ordinary Shares under the Exchange Act will be effective on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stock Exchange Listing</u>. The Ordinary Shares have been approved for listing on The Nasdaq Capital Market (the "<u>Exchange</u>"), and the Company has taken no action designed to, or likely to have the effect of, delisting the Ordinary Shares from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to the Company's knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if any) from the Commission for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Organization; Subsidiaries; Good Standing</u>. Each of the Company and each of the Company's subsidiaries have been duly incorporated and are validly existing as entities in good standing under the laws of jurisdictions of their respective organization, with power and authority to own, lease and operate their respective properties and conduct their respective businesses as described in the Preliminary Prospectus, and have been duly qualified as foreign corporations for the transaction of business and are in good standing under the laws of each other jurisdiction in which they own or lease properties or conduct any business so as to require such qualification, except where the failure so to qualify or be in good standing would not have a Material Adverse Change (as defined in Section 2(f)(i)); all of the issued and outstanding capital stock (or other ownership interests) of such subsidiaries has been validly issued and duly paid in accordance with their respective charters and is owned, directly or indirectly, by the Company free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity. Unless otherwise set forth, all references in this Section 2 to the "Company" shall include references to all such subsidiaries. Neither the Company nor any subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Compliance with Securities Act and 10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus, at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Neither the Registration Statement nor any amendment thereto, at its respective effective time, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters' Information (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Pricing Disclosure Package, as of the Applicable Time, at the Closing Date or at any Option Closing Date, did not and does not, and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the Preliminary Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any Underwriter consists solely of the following disclosure contained in the following paragraphs in the "Underwriting" section of the Prospectus: (i) the names of the several underwriters, and (ii) the information under the subsections "Discounts and Expenses"; "Electronic Distribution," and "Stabilization, Short Positions and Penalty Bids" (the "<u>Underwriters' Information</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), or at the Closing Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Disclosure of Agreements</u>. The agreements and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and (ii) is material to the Company's business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (w) for such agreements or instruments for enforceability of which would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (as defined below in Section 2(f)(i)), (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, none of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the Company's knowledge, any other party is in material default thereunder and, to the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a material default thereunder, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or which would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company's best knowledge, performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses (each, a "<u>Governmental Entity</u>"), including, without limitation, those relating to environmental laws and regulations, except such violations which would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Prior Securities Transactions</u>. Since the beginning of the last two full fiscal years, no securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Regulations</u>. The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of federal, state, local and foreign laws, rules and regulations relating to the Company's business as currently contemplated are correct in all material respects and no other such regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus which are not so disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change</u>. Since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change in the financial position or results of operations of the Company, nor, to the Company's knowledge, any change or development that, singularly or in the aggregate, would involve a material adverse change in or affecting the condition (financial or otherwise), results of operations, business, prospects or assets of the Company and its subsidiaries, taken as a whole (a "<u>Material Adverse Change</u>"); (ii) there have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement; and (iii) no officer or director of the Company has resigned from any position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Subsequent to the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Independent Accountants</u>. To the knowledge of the Company, J&S Associate PLT, during such time as it was engaged by the Company (the "<u>Auditors</u>"), has been and is an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board. During such time period in which the Auditors served as the Company's independent registered public accounting firm, the Auditors did not or have not, during the periods covered by the financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, fairly present in all material respects 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 ("<u>GAAP</u>"), consistently applied throughout the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules included in the Registration Statement present fairly in all material respects the information required to be stated therein. Except as included therein, no historical or pro forma financial statements are required to be included in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations. The pro forma and pro forma as adjusted financial information and the related notes, if any, included in the Registration Statement, the Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in all material respects in accordance with the applicable requirements of the Securities Act and the Securities Act Regulations and present fairly in all material respects the information shown therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission), if any, comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. Each of the Registration Statement, the Pricing Disclosure Package and the Prospectus 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. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (a) the Company has not incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock, (c) there has not been any change in the capital stock of the Company (other than (i) grants under any stock compensation plan and (ii) Ordinary Shares issued upon exercise or conversion of option, warrants or convertible securities described in the Registration Statement, the Pricing Disclosure Package and the Prospectus), and (d) 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;(i) <u>Authorized Capital; Options, etc</u>. The Company had, at the date or dates indicated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based on the assumptions stated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing Date the adjusted stock capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing Disclosure Package and the Prospectus, on the Effective Date, as of the Applicable Time, and on the Closing Date, there will be no stock options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued Ordinary Shares or any security convertible or exercisable into Ordinary Shares, or any contracts or commitments to issue or sell Ordinary Shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. The offers and sales of the outstanding Ordinary Shares were at all relevant times either registered under the Securities Act and the applicable state securities or "blue sky" laws or, based in part on the representations and warranties of the purchasers of such shares, exempt from such registration requirements. The authorized Ordinary Shares and other outstanding securities conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Public Securities have been duly authorized for issuance and sale and, when issued and paid for in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Public Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Public Securities has been duly and validly taken. The Public Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities of the Company or any 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 Securities 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;(l) <u>Validity and Binding Effect of Agreements</u>. This Agreement has been duly and validly authorized by the Company and, when executed and delivered, will constitute, the valid and binding agreements of the Company, enforceable against the Company in accordance with their respective terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer, moratorium or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Conflicts, etc</u>. The execution, delivery and performance by the Company of this Agreement, and all ancillary documents, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in 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 material 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 (iii) violate any existing law, rule, regulation, judgment, order or decree of any Governmental Entity applicable to the Company as of the date hereof, except in the case of clauses (i) and (iii) above for any such breaches, conflicts or violations which would not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Regulatory</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change: (i) the Company has not received any written notice of adverse finding, warning letter or other correspondence or written notice from any Governmental Entity alleging or asserting noncompliance with any Applicable Laws (as defined in clause (ii) below) or Authorizations (as defined in clause (iii) below); (ii) to its knowledge, the Company is and has been in material compliance with statutes, laws, ordinances, rules and regulations applicable to the Company, including, without limitation, all statutes, laws, ordinances, rules and regulations for the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product manufactured or distributed by the Company (collectively, "<u>Applicable Laws</u>"); (iii) to its knowledge, the Company possesses all licenses, certificates, approvals, clearances, consents, authorizations, qualifications, registrations, permits, and supplements or amendments thereto required by any such Applicable Laws and/or to carry on its businesses as now conducted ("<u>Authorizations</u>") and such Authorizations are valid and in full force and effect and the Company is not in violation of any term of any such Authorizations; (iv) the Company has not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any product, operation or activity is in violation of any Applicable Laws or Authorizations or has any knowledge that any such Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding, nor, to the Company's knowledge, has there been any material noncompliance with or violation of any Applicable Laws by the Company that could reasonably be expected to require the issuance of any such communication or result in an investigation, corrective action, or enforcement action by any Governmental Entity; (v) the Company has not received written notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations or has any knowledge that any such Governmental Entity has threatened or is considering such action; (vi) to its knowledge, the Company has filed, obtained, maintained or submitted all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were, in all material respects, complete, correct and not misleading on the date filed (or were corrected or supplemented by a subsequent submission); and (vii) the Company has not, either voluntarily or involuntarily, initiated, conducted or issued, or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert, post-sale warning, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to the Company's knowledge, no third party has initiated, conducted or intends to initiate or conduct such notice or action. Neither the Company nor, to the Company's knowledge, any of its directors, officers, employees or agents (in their capacities as such) has been convicted of any crime under any Applicable Laws or has been the subject of a debarment proceeding. To the Company's knowledge, neither the Company, nor any of its directors, officers, employees or agents (in their capacities as such), has made, or caused the making of, any false statements on, or material omissions from, any other records or documentation prepared or maintained to comply with the requirements of any Governmental Entity. Neither the Company nor, to the Company's knowledge, any of its directors, officers, employees or agents (in their capacities as such), have with respect to each of the following statutes, or regulations promulgated thereto, as applicable, knowingly engaged in any activities under the Federal False Claims Act, 31 U.S.C. § 3729.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>No Defaults; Violations</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. The Company is not (i) in violation of any term or provision of its Amended and Restated Memorandum and Articles of Association, or (ii) except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change, in violation of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any Governmental Entity applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company and its subsidiaries have all requisite corporate power and authority, and have all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that they need as of the date hereof to conduct their business purpose as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except where such failure to have such necessary authorizations, approvals, orders, licenses, certificates and permits would not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof, and all consents, authorizations, approvals and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Public Securities and the consummation of the transactions and agreements contemplated by this Agreement and as contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, except with respect to applicable federal and state securities laws, the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") and the rules and regulations of the Exchange, and except with respect to such consent, authorization, order or filing that would not reasonably be expected to have a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Litigation; Governmental Proceedings</u>. There is no material action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company or any of its subsidiaries, to the Company's knowledge, any executive officer or director which has not been disclosed in the Registration Statement, the Pricing Disclosure Package, the Prospectus or in connection with the Company's listing application for the additional listing of the Shares on the Exchange and which is required to be disclosed, in each case individually or in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Good Standing</u>. Each of the Company and its subsidiaries has been duly organized and is validly existing as a corporation and is in good standing under the laws of its jurisdiction of formation as of the date hereof, and is duly qualified to do business and is in good standing in each other jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify, singularly or in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Insurance.</u> The Company and its subsidiaries carry or are entitled to the benefits of insurance with reputable insurers, and in such amounts and covering such risks which the Company believes are reasonably adequate, and all such insurance is in full force and effect. The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Finder's Fees</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any executive officer or director of the Company (each, an, "<u>Insider</u>") with respect to the sale of the Public Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the Company's knowledge, any of its shareholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments Within 180 Days</u>. The Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any U.S. person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the 180 days prior to the date of the initial filing of the Registration Statement, other than the payment to the Underwriters as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Use of Proceeds</u>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>FINRA Affiliation</u>. There is no (i) officer or director of the Company, (ii) to the Company's knowledge, beneficial owner of 10% or more of any class of the Company's securities or (iii) to the Company's knowledge, beneficial owner of the Company's unregistered equity securities which were acquired during the 180-day period immediately preceding the filing of the Registration Statement that, in each such case, is an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Information</u>. To the Company's knowledge, all information provided by the Company's officers and directors in their FINRA Questionnaires to Representative's Counsel specifically for use by Representative's Counsel in connection with its Public Offering System filings (and related disclosure) with FINRA is true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Foreign Corrupt Practices Act</u>. Neither the Company, any of its subsidiaries nor, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries (acting in such capacity) or any other person acting on behalf of the Company (acting in such capacity), has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that (i) might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (ii) if not given in the past, might reasonably been expected to have had a Material Adverse Change or (iii) if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Compliance with OFAC</u>. Neither the Company nor any of its subsidiaries, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries (acting in such capacity) or any other person acting on behalf of the Company (acting in such capacity), is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("<u>OFAC</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Money Laundering Laws</u>. The operations of the Company are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the "<u>Money Laundering Laws</u>"); and no action, suit or proceeding by or before any Governmental Entity involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company in connection with the Offering and delivered to the Representative or to Representative's 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;(y) <u>Related Party Transactions</u>. There are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Sarbanes-Oxley Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Disclosure Controls</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has developed and currently maintains disclosure controls and procedures that will comply with Rule 13a-15 or 15d-15 under the Exchange Act Regulations applicable to it, and, except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, such controls and procedures are as of the date hereof effective to ensure that all material information concerning the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company's Exchange Act filings and other public disclosure documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Compliance</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is in compliance with the provisions of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement such programs and has taken or will take reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the provisions of the Sarbanes-Oxley Act, except where the failure to be in compliance would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Accounting Controls</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company maintains systems of "internal control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that comply in all material respects with the requirements of the Exchange Act and have been designed by, or under the supervision of, its principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has no knowledge of any material weaknesses in its internal controls. The Auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses, if any, in the design or operation of internal controls over financial reporting which are known to the Company's management and that have adversely affected or are reasonably likely to adversely affect the Company' ability to record, process, summarize and report financial information; and (ii) any fraud, if any, known to the Company's management, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and the application of the proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an "investment company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>No Labor Disputes</u>. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge of the Company, is imminent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Intellectual Property Rights</u>. The Company has, or can acquire on reasonable terms, ownership of and/or license to, or otherwise has the right to use, all inventions, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), patents and patent rights trademarks, service marks and trade names and copyrights (collectively "<u>Intellectual Property</u>") material to carrying on its businesses as described in the Pricing Prospectus. The Company has not received any written notice relating to any Intellectual Property, including written notice of: (A) infringement or misappropriation of, or conflict with, any Intellectual Property of a third party; (B) asserted rights of others with respect to any Intellectual Property of the Company; or (C) assertions that any Intellectual Property of the Company is invalid or otherwise inadequate to protect the interest of the Company, that in each case (if the subject of any unfavorable decision, ruling or finding), individually or in the aggregate, would have or would reasonably be expected to have a Material Adverse Change. To the Company's knowledge, there are no third parties who have been able to establish any material rights to any Intellectual Property, except for the retained rights of the owners or licensors of any Intellectual Property that is licensed to the Company. There is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others: (A) challenging the validity, enforceability or scope of any Intellectual Property of the Company in any material respect or (B) challenging the Company's rights in or to any Intellectual Property in any material respect or (C) that the Company materially infringes, misappropriates or otherwise violates or conflicts with any Intellectual Property or other proprietary rights of others. The Company has complied in all material respects with the terms of each agreement described in the Registration Statement, Pricing Disclosure Package or Prospectus pursuant to which any Intellectual Property is licensed to the Company, except for such noncompliance as did not have a Material Adverse Change, and all such agreements related to products currently made or sold by the Company, or to product candidates currently under development, are in full force and effect. All trademarks and copyrights issued in the name of, or assigned to, or licensed to the Company, and all patent applications made by or on behalf of the Company (collectively, the "<u>Company IP</u>") have been duly and properly filed, except for such failures to file as would reasonably be expected to result in a Material Adverse Change. The Company is the sole owner of the Company IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Taxes</u>. The Company 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. The Company has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company, except (i) such taxes the Company is challenging in good faith and (ii) for such exceptions as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Change. 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 material accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. Except as would not reasonably be expected to result in a Material Adverse Change, (i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company, and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company. The term "<u>taxes</u>" mean all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto. The term "<u>returns</u>" means all returns, declarations, reports, statements and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Employee Benefit Laws</u>. The operations of the Company and its subsidiaries are and have, in the last three (3) years, been conducted at all times in material compliance with the Employment Ordinance, the Mandatory Provident Fund Schemes Ordinance, the Employees' Compensation Ordinance, the Minimum Wage Ordinance, and the Occupational Safety and Health Ordinance of Hong Kong, and any related or similar rules, regulations or guidelines, issued, administered, or enforced by any governmental agency (collectively, the "<u>Employee Benefit Laws</u>") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or its subsidiaries with respect to the Employee Benefit Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Compliance with Laws</u>. The Company in the last three (3) years: (A) to its knowledge is and at all times has been in compliance with all Applicable Laws, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (B) except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change, has not received any written correspondence from any Governmental Entity alleging or asserting noncompliance with any Applicable Laws or any Authorizations; (C) possesses all material Authorizations and such Authorizations are valid and in full force and effect and the Company is not in material violation of any term of any such Authorizations, in each case except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (D) except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change, has not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change, has not received written notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations; and (F) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Ineligible Issuer</u>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the time of effectiveness of the Registration Statement and any amendment thereto, at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Public Securities and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Industry Data</u>. The statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Website</u>. To the knowledge of the Company, none of the information on (or hyperlinked from) the Company's website at *www.chainontech.com* includes or constitutes a "free writing prospectus" as defined in Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Emerging Growth Company</u>. From the time of the initial submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly in or through any Person authorized to act on its behalf in any Testing-the Waters Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "<u>Emerging Growth Company</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Testing-the-Waters Communications</u>. The Company has not (i) alone engaged in any Testing-the-Waters Communications, and (ii) authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company confirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications. "<u>Testing-the-Waters Communication</u>" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. "<u>Written Testing-the-Waters Communication</u>" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Margin Securities</u>. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "<u>Federal Reserve Board</u>"), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Ordinary Shares to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Integration</u>. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities issued in such prior offerings under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Confidentiality and Non-Competition</u>. To the Company's knowledge, no director, officer, key employee or consultant of the Company is subject to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer (other than the Company) or prior employer that could reasonably be expected to materially affect his ability to be and act in his respective capacity of the Company or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <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;(rr) <u>CSRC.</u> Neither the Company nor any of its subsidiaries is required to obtain any approval from, register with, or complete any filing with the China Securities Regulatory Commission ("<u>CSRC</u>") or any relevant PRC government agencies in connection with the issuance and sale of the Public Securities, the listing and trading of the Public Securities on Nasdaq, or the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Dividends and Distributions</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus , no subsidiary of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's share capital, 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>Covenants of the Company</u>. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendments to Registration Statement</u>. The Company shall deliver to the Representative, prior to filing, any amendment or supplement to the Registration Statement or Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement to which the Representative shall reasonably object in writing; provided however, that this Section 3(a) shall not be applicable with respect to any supplements to the Registration Statement filed solely for the purpose of supplementing the Registration Statement or Prospectus with a report filed with the Commission by the Company pursuant to the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Federal Securities Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Compliance</u>. The Company shall comply with the requirements of Rule 430A of the Securities Act Regulations, and will notify the Representative promptly, and confirm the notice in writing, (i) when any amendment or supplement to the Prospectus shall have been filed; (ii) of the receipt of any comments from the Commission related to the Prospectus or Offering; (iii) of any request by the Commission for any amendment or supplement to the Prospectus or for additional information; (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Public Securities and Representative's Securities for offering or sale in any jurisdiction, or of the initiation or, to the Company's knowledge, threatening, of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement; and (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Public Securities and Representative's Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and shall take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Company shall use its best efforts to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Continued Compliance</u>. The Company shall comply with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations so as to permit the completion of the distribution of the Public Securities as contemplated in this Agreement and in the Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations ("<u>Rule 172</u>"), would be) required by the Securities Act to be delivered in connection with sales of the Public Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i) amend or supplement the Pricing Disclosure Package or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (ii) amend the Registration Statement or amend or supplement the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A) give the Representative notice of such event; (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative or counsel for the Representative shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company has given the Representative notice of any filings made pursuant to the Exchange Act or the Exchange Act Regulations within 48 hours prior to the Applicable Time. The Company shall give the Representative notice of its intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full or expiration of the Over-allotment Option specified in Section 1(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Exchange Act Registration</u>. The Company shall use its best efforts to maintain the registration of the Ordinary Shares under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delivery to the Underwriters of Registration Statements</u>. The Company has delivered or made available or shall deliver or make available to the Representative and counsel for the Representative, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and certificates of experts, and will also deliver to the Underwriters, without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delivery to the Underwriters of Prospectuses</u>. The Company has delivered or made available or will deliver or make available to each Underwriter, without charge, as many copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Events Requiring Notice to the Representative</u>. During the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required by the Securities Act to be delivered in connection with sales of the Public Securities, the Company shall notify the Representative immediately and confirm the notice in writing: (i) of the issuance by the Commission of any stop order or of the initiation, or to the Company's knowledge, the threatening, of any proceeding for that purpose; (ii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or to the Company's knowledge, the threatening, of any proceeding for that purpose; (iii) of the delivery to the Commission for filing of any amendment or supplement to the Prospectus; (iv) of the receipt of any comments or request for any additional information from the Commission related to the Prospectus; and (v) of the happening of any event during the period described in this Section 3(e) that, in the judgment of the Company, makes any statement of a material fact made in the Pricing Disclosure Package or the Prospectus untrue or that requires the making of any changes in in the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification at any time, the Company shall use its best efforts to obtain promptly the lifting of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Listing</u>. The Company shall use its best efforts to maintain the listing of the shares of Ordinary Shares on the Exchange for a period of three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Transfer Agent</u>. The Company shall maintain a transfer agent and registrar for the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Payment of Expenses</u>. Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company agrees to pay all reasonable, actual and accountable costs, fees and expenses incurred in connection with the transactions contemplated hereby, including without limitation (i) all filing fees and expenses relating to the registration of the Ordinary Shares with the Commission; (ii) all fees and expenses relating to the listing of the Ordinary Shares on a national exchange, if applicable; (iii) all fees, expenses and disbursements relating to the registration or qualification of the Securities under the "blue sky" securities laws of such states and other jurisdictions as Representative may reasonably designate (including, without limitation, all filing and registration fees, and the reasonable fees and disbursements of the Company's "blue sky" counsel, which will be Representative's counsel) unless such filings are not required in connection with the Company's proposed listing on a national exchange, if applicable; (iv) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Ordinary Shares under the securities laws of such foreign jurisdictions as Representative may reasonably designate; (v) the costs of all mailing and printing of the Offering documents; (vi) transfer and/or stamp taxes, if any, payable upon the transfer of Ordinary Shares from the Company to Representative; (vii) the fees and expenses of the Company's accountants; (viii) all filing fees and communication expenses associated with the review of the Offering by FINRA; (ix) any reasonable cost and expenses in conducting background checks of the Company's officers and directors by a background search firm acceptable to the Representative; (x) Representative's actual accountable diligence and road show expenses for the Offering; and (xi) reasonable legal fees and disbursements for the Underwriters' counsels. The Company has agreed to pay the reasonable and documented out-of-pocket accountable expenses of the Representative stated in item (ix), (x) and (xi) in this Section up to $280,000 in the aggregate, irrespective of whether the Offering is consummated or not. The Company has advanced $100,000 to the Representative to cover its out-of-pocket expenses (the "<u>Advance</u>"). The Advance will be returned to the Company to the extent such out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

In addition, the Company agrees to pay to the Representative at the Closing or Option Closing, as applicable, a non-accountable expense allowance equal to one percent (1%) of the gross proceeds raised at the Closing and at the Option Closing, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Application of Net Proceeds</u>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption "Use of Proceeds" in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Rule 158</u>. The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its security holders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits contemplated by, Rule 158(a) under Section 11(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Stabilization</u>. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative) has taken or shall take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>FINRA</u>. For a period of 90 days from the later of the Closing Date or Option Closing Date, the Company shall advise the Representative (who shall make an appropriate filing with FINRA) if it has knowledge that (i) any officer or director of the Company, (ii) any beneficial owner of 10% or more of any class of the Company's securities or (iii) any beneficial owner of the Company's unregistered equity securities which were acquired during the 180 days immediately preceding the filing of the Registration Statement, is or becomes an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Fiduciary Duties</u>. The Company acknowledges and agrees that the Underwriters' responsibility to the Company is solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>OFAC</u>. The Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Company Lock-Up Agreement</u>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of one hundred and eighty (180) days after the date of this Agreement (the "<u>Lock-Up Period</u>"), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (ii) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, other than pursuant to existing registration rights in favor of shareholders of the Company or on Form S-8 or successor form thereto; or (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii) or (iii) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise. The restrictions contained in this Section 3(o) shall not apply to (i) the Ordinary Shares to be sold hereunder, (ii) the issuance by the Company of Ordinary Shares upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof and disclosed in the Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) the issuance by the Company of stock options or shares of capital stock of the Company under any equity compensation plan of the Company disclosed in the Registration Statement, the Pricing Disclosure Package or the Prospectus, or duly adopted by the Board of Directors of the Company in the future, (iv) any registration statement on Form S-8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company shall continue to comply with the rules, regulations, and guidelines of the CSRC and other PRC authorities applicable to this offering, including the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies, after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall continually comply with the PRC laws and regulations governing the Company's listing on an exchange not in the PRC, rectify or cure any non-compliance, and implement and maintain content control and other measures in continuing compliance with PRC laws and regulations.

4. <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Public Securities, as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each of the Closing Date, and any Option Closing Date; (ii) the accuracy of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Regulatory Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Effectiveness of Registration Statement</u>. The Registration Statement has become effective not later than 5:00 p.m., Eastern Time, on the date of this Agreement or such later date and time as shall be consented to in writing by the Representative, and, at each of the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto shall have been issued under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus shall have been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company's knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional information. The Prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) (without reliance on Rule 424(b)(8)) or a post-effective amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430A.

&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) <u>FINRA Clearance</u>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Exchange Stock Market Clearance</u>. On the Closing Date, the Firm Shares shall have been approved for listing on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Counsel Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Closing Date Opinion of Counsel.</u> On the Closing Date, the Representative shall have received: (A) the favorable opinion and negative assurance letter of Sichenzia Ross Ference Carmel LLP, U.S. securities counsel to the Company addressed to the Representative, which opinion shall cover the Company and its U.S. subsidiary, ChainOn US Inc., (B) the favorable opinion of Stevenson, Wong & Co., Hong Kong counsel to the Company, addressed to the Company with a copy to the Representative, and (C) the favorable opinion of Ogier, Cayman counsel to the Company, addressed to the Representative, each dated the Closing Date, substantially in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Option Closing Date Opinion of Counsel.</u> On each Option Closing Date, if any, the Representative shall have received: (A) the favorable opinion and negative assurance letter of Sichenzia Ross Ference Carmel LLP, U.S. securities counsel to the Company addressed to the Representative, (B) the favorable opinion of Stevenson, Wong & Co., Hong Kong counsel to the Company, addressed to the Company with a copy to the Representative, and (C) the favorable opinion of Ogier, Cayman counsel to the Company, addressed to the Representative, each dated the Option Closing Date, and in form and substance reasonably satisfactory to the Representative, confirming as of the Option Closing Date, the statements made by such counsel in its respective opinions delivered on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Reliance</u>. In rendering such opinions, such counsel may rely: (i) as to matters involving the application of laws other than the laws of the United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified in such opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to the Representative) of other counsel reasonably acceptable to the Representative, familiar with the applicable laws; and (ii) as to matters of fact, to the extent they deem proper, on certificates or other written statements of officers of the Company and officers of departments of various jurisdictions having custody of documents respecting the corporate existence or good standing of the Company; provided, that copies of any such statements or certificates shall be delivered to Representative's Counsel if requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Comfort Letters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Comfort Letter</u>. At the time this Agreement is executed, the Representative shall have received from the Auditor a cold comfort letter containing statements and information of the type customarily included in accountants' comfort letters with respect to the financial statements and certain financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, addressed to the Representative and in form and substance satisfactory in all respects to the Representative and to the Auditor, dated as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Bring-Down Comfort Letter</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received from the Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor reaffirms the statements made in the letter furnished pursuant to Section 4(c)(i), except that the specified date referred to shall be a date not more than two (2) Business Days prior to the Closing Date or the Option Closing Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officers' Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Officers' Certificate</u>. The Company shall have furnished to the Representative a certificate, dated the Closing Date and any Option Closing Date, as applicable, of its President and Chief Executive Officer and its Chief Financial Officer stating (on behalf of the Company and not in an individual capacity) that (i) such officers have carefully examined the Registration Statement, the Pricing Disclosure Package, and the Prospectus and, to their knowledge, the Registration Statement and each amendment thereto, as of the Applicable Time and as of the Closing Date or Option Closing Date, as applicable, 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 Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date or Option Closing Date, as applicable, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date or Option Closing Date, as applicable, 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, (ii) since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) to their knowledge after reasonable investigation, as of the Closing Date or Option Closing Date, as applicable, the representations and warranties of the Company in this 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 hereunder at or prior to the Closing Date or Option Closing Date, as applicable, and (iv) there has not been, subsequent to the date of the most recent audited financial statements included in the Pricing Disclosure Package, any Material Adverse Change, or any change or development that, singularly or in the aggregate, would reasonably be expected to involve a Material Adverse Change, except as set forth in 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;(ii) <u>Secretary's Certificate</u>. At each of the Closing Date or Option Closing Date, as applicable, the Representative shall have received a certificate of the Company signed by the Secretary of the Company, or if the Company does not have a Secretary, by the Chief Financial Officer, dated the Closing Date, or Option Closing Date, as applicable, certifying: (i) that the Amended and Restated Memorandum and Articles of Association of the Company is true and complete, has not been modified and is in full force and effect, and neither the Company nor any subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents; (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 and its subsidiaries; and (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>CFO Certificate</u>. On the Closing Date and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Financial Officer of the Company, dated as of such date, on behalf of the Company, with respect to certain financial data contained in the Registration Statement, Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Material Changes</u>. Prior to and on each of the Closing Date or Option Closing Date, as applicable: (i) there shall have been no Material Adverse Change that, singularly or in the aggregate, would reasonably be expected to involve a Material Adverse Change, from the latest dates as of which such condition is set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Insider before or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding would reasonably be expected to result in a Material Adverse Change, except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii) no stop order shall have been issued under the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv) the Registration Statement, the Pricing Disclosure Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing Disclosure Package nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Other Agreements to be Delivered</u>. The Company has caused each of its officers and directors and any holder(s) of five percent (5%) or greater of the outstanding ordinary shares (the "<u>Lock-up Parties</u>") as of the effective date of the Registration Statement (including all holders of securities exercisable for or convertible into ordinary shares) to deliver to the Representative an executed Lock-Up Agreement, in a form substantially similar to that attached hereto as Exhibit A (the "<u>Lock-Up Agreement</u>"), prior to the execution of this Agreement. The name of the Lock-up Parties shall be listed on <u>Schedule 3</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Additional Documents</u>. At the Closing Date or Option Closing Date, as applicable, Representative's Counsel shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling Representative's Counsel to deliver an opinion to the Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Public Securities and Representative's Securities as herein contemplated shall be satisfactory in form and substance to the Representative and Representative's Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Directors' & Officers' Insurance</u>. On the Closing date, the Company shall have purchased Directors' & Officers' ("<u>D&O</u>") insurance, with liability levels reasonably acceptable to Representative in a manner consistent with the Company's business and industry standards.

5. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification of the Underwriters</u>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates and each person controlling such Underwriter (within the meaning of Section 15 of the Securities Act), and the directors, officers, agents and employees of each Underwriter, its affiliates and each such controlling person (each Underwriter, and each such entity or person hereafter is referred to as an "<u>Indemnified Person</u>") from and against any losses (other than losses of profits), claims, fines (which may be imposed by any governmental authority, including the CSRC), damages, judgments, assessments, costs and other liabilities (collectively, the "<u>Liabilities</u>"), and shall reimburse each Indemnified Person for all fees and expenses (including the reasonable fees and expenses of counsel for the Indemnified Persons, except as otherwise expressly provided in this Agreement) (collectively, the "<u>Expenses</u>") and agrees to advance payment of such Expenses as they are incurred by an Indemnified Person in investigating, preparing, pursuing or defending any actions, whether or not any Indemnified Person is a party thereto, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement, the Pricing Disclosure Package, the Preliminary Prospectus, or the Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering, including any "road show" or investor presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document or written communication (in this Section 5, collectively called "application") executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the Public Securities and Representative's Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency, the Exchange or any other national securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with, the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Procedure</u>. Upon receipt by an Indemnified Person of notice of an action against such Indemnified Person with respect to which indemnity may reasonably be expected to be sought under this Agreement, such Indemnified Person shall promptly notify the Company in writing; provided that failure by any Indemnified Person so to notify the Company shall not relieve the Company from any obligation or liability which the Company may have on account of this Section 5 or otherwise to such Indemnified Person, except to the extent the Company is materially prejudiced as a proximate result of such failure. An Indemnified Person shall have the right to require that the Company assume the defense of any such action (including the employment of counsel designated by the Company and reasonably satisfactory to the Representative). Any Indemnified Person shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company has failed promptly to assume the defense and employ counsel reasonably satisfactory to the Representative for the benefit of the Underwriters and the other Indemnified Persons or (ii) such Indemnified Person shall have been advised that in the opinion of counsel that there is an actual or potential conflict of interest that prevents (or makes it imprudent for) the counsel engaged by the Company for the purpose of representing the Indemnified Person, to represent both such Indemnified Person and any other person represented or proposed to be represented by such counsel. The Company shall not be liable for the fees and expenses of more than one separate counsel (together with local counsel), representing all Indemnified Persons who are parties to such action), which counsel (together with any local counsel) for the Indemnified Persons shall be selected by the Representative, subject to the Company's approval (which shall not be unreasonably withheld). The Company shall not be liable for any settlement of any action effected without its written consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the prior written consent of the Underwriters, settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending or threatened action in respect of which advancement, reimbursement, indemnification or contribution may be sought hereunder (whether or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional release of that Indemnified Person from all Liabilities arising out of such action for which indemnification or contribution may be sought hereunder and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Person. The advancement, reimbursement, indemnification and contribution obligations of the Company required hereby shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as every Liability and Expense is incurred and is due and payable, and in such amounts as fully satisfy each and every Liability and Expense as it is incurred (and in no event later than 30 days following the date of any invoice therefore); provided, however, that the Indemnified Persons shall repay such amounts to the extent it ultimately is determined that such persons are not entitled to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification of the Company</u>. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company, its directors, its officers, employees and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all Liabilities, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and in strict conformity with, the Underwriters' Information. In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or in any application, and in respect of which indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have the rights and duties given to the several Underwriters by the provisions of Section 5(b). The Company agrees promptly to notify the Representative of the commencement of any litigation or proceedings against the Company or any of its officers, directors or any person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Public Securities or in connection with the Registration Statement, the Pricing Disclosure Package, or the Prospectus; provided that failure by the Company so to notify the Representative shall not relieve any Underwriter from any obligation or liability which such Underwriter may have on account of this Section 5 or otherwise to the Company, except to the extent such Underwriter is materially prejudiced as a proximate result of such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contribution</u>. If the indemnification provided for in this Section 5 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 5(a) or 5(c) in respect of any Liabilities and Expenses referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such Liabilities and Expenses, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and each of the Underwriters, on the other hand, from the Offering, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, on the other hand, in connection with the matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, with respect to such Offering shall be deemed to be in the same proportion as the total proceeds from the Offering purchased under this Agreement (after deducting all underwriting discounts, commissions and other fees but before deducting expenses) received by the Company bear to the total underwriting discount, fees and commissions actually received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Underwriters, on the other hand, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company through the Representative by or on behalf of any Underwriter for use in any Preliminary Prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters' Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this subsection (d) 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 into account the equitable considerations referred to above in this subsection (d). Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from a party who was not guilty of fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Survival</u>. The advancement, reimbursement, indemnity and contribution obligations set forth in this Section 5 shall remain in full force and effect regardless of any termination of, or the completion of any Indemnified Person's services under or in connection with, this Agreement. Each Indemnified Person is an intended third-party beneficiary of this Section 5 and has the right to enforce the provisions of Section 5 as if he/she/it was a party to this Agreement.

6. <u>Default by an Underwriter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Default Not Exceeding 10% of Public Securities</u>. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Shares, and if the number of the Firm Shares with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Shares that all Underwriters have agreed to purchase hereunder, then such Firm Shares to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Default Exceeding 10% of Public Securities</u>. In the event that the default addressed in Section 6(a) relates to more than 10% of the Firm Shares, the Representative may in its discretion arrange for itself or for another party or parties to purchase such Firm Shares to which such default relates on the terms contained herein. If, within thirty six (36) hours after such default relating to more than 10% of the Firm Shares, the Representative does not arrange for the purchase of such Firm Shares, then the Company shall be entitled to a further period of thirty six (36) hours within which to procure another party or parties satisfactory to the Representative to purchase said Firm Shares on such terms. In the event that neither the Representative nor the Company arrange for the purchase of the Firm Shares to which a default relates as provided in this Section 6, this Agreement will automatically be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3(f) and 5 hereof) or the non-defaulting Underwriters (except as provided in Section 5 hereof); provided that if any such default occurs with respect to any Option Shares, this Agreement will not terminate in respect of the Firm Shares; and provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Postponement of Closing Date</u>. In the event that the Firm Shares to which the default relates are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for a reasonable period, but not in any event exceeding seven (7) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus that in the opinion of counsel for the Underwriter may thereby be made necessary. The term "<u>Underwriter</u>" as used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such Securities.

7. <u>Additional Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Prohibition on Press Releases and Public Announcements</u>. The Company shall not issue press releases or engage in any other publicity, without the Representative's prior written consent (such consent not to be unreasonably withheld), for a period ending at 5:00 p.m., Eastern Time, on the first (1st) Business Day following the forty-fifth (45th) day after the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business or such press release or communication is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right of First Refusal</u>. For a period of twelve (12) months from the Closing Date, the Company grants the Representative the right to provide investment banking services to the Company on an exclusive basis in the matters below (such right, the "<u>Right of First Refusal</u>"), which right is exercisable in the Representative's sole discretion. For these purposes, investment banking services shall include, (a) acting as lead or joint-lead manager for any underwritten public offering, (b) acting as lead or joint book-runner and/or lead or joint placement agent, initial purchaser in connection with any private offering of securities of the Company and (c) acting as financial advisor in connection with any sale or other transfer by the Company, directly or indirectly, of a majority or controlling portion of its capital stock or assets to another entity, any purchase or other transfer by another entity, directly or indirectly, of a majority or controlling portion of the capital stock or assets of the Company, and any merger or consolidation of the Company with another entity. The Representative shall notify the Company of its intention to exercise the Right of First Refusal within 15 business days following notice in writing by the Company. 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, 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.. In accordance with FINRA Rule 5110(g)(5)(B)(i), the Right of First Refusal hereunder shall terminate to the extent the Company terminates the engagement letter between the Company and the Underwriters for "Cause." For the avoidance of doubt, "Cause" shall include termination due to any material failure by the Underwriters to provide the underwriting services contemplated in the engagement letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tail Financing</u>. For a period of twelve (12) months from the Closing Date, the Representative shall be entitled to (i) a cash fee equal to five and one-half percent (5.5%) of the gross proceeds, and (ii) the compensation set forth in Section 3(h) above, from the sale of any equity, debt and/or equity derivative instruments to any investor actually introduced by the Representative to the Company during the period between October 16, 2025 and the Closing Date (the "<u>Engagement Period</u>") in an offering in which the Company has direct knowledge of such party's participation (each, a "<u>Tail Financing</u>"), and such Tail Financing is consummated at any time within the twelve (12) month period from the Closing Date. In accordance with FINRA Rule 5110(g)(5)(B), the Company will not be required to pay any cash fee in connection with any Tail Financing to the extent this Agreement or the engagement letter with the Representative is terminated by the Company for Cause.

8. <u>Effective Date of this Agreement and Termination Thereof</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Agreement Effective Date</u>. This Agreement shall become effective when both the Company and the Representative have executed the same and delivered counterparts of such signatures to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in Representative's opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange or The Nasdaq Stock Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other Government Entity having jurisdiction; or (iii) if the United States shall have become involved in a new war or a material increase in major hostilities; or (iv) if a banking moratorium has been declared by a New York State or federal authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets; (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in Representative's opinion, make it inadvisable to proceed with the delivery of the Firm Shares; or (vii) if the Company is in material breach of its representations, warranties or covenants hereunder; or (viii) if the Representative shall have knowledge after the date hereof of such a Material Adverse Change in the conditions of the Company, or such adverse material change in general market conditions, in each case, as in the Representative's reasonable judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Public Securities or to enforce contracts made by the Underwriters for the sale of the Public Securities; or (iv) if regulatory approval (including but not limited to NASDAQ or NYSE approval) for the Offering is denied, conditioned or modified and as a result it makes it impracticable for the Representative to proceed with the offering, sale and/or delivery of the Public Securities or to enforce contracts for the sale of the Public Securities.. Section 5 of this Agreement shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Expenses</u>. Notwithstanding anything to the contrary in this Agreement, except in the case of a default by the Underwriters pursuant to Section 6(b) above, in the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Representative its actual and accountable out-of-pocket expenses related to the transactions contemplated herein then due and payable and upon demand the Company shall pay the full amount thereof to the Representative (less amounts previously advanced to the Underwriters); provided that any such reimbursement shall be subject to the limits set forth in Section 3(h); provided, further, however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement. Notwithstanding the foregoing, any advance received by the Representative will be reimbursed to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(g)(4)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification</u>. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full force and effect and shall not be in any way affected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Representations, Warranties, Agreements to Survive</u>. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company or (ii) delivery of and payment for the Public Securities.

9. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notices. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and addressed to the other party at its address set forth below (or to such other address that the receiving party may designate from time to time in accordance with this Section 9(a)), and shall be deemed to have been given (a) three (3) days after mailing if sent by certified mail return receipt requested, (b) one (1) day after mailing if sent by receipted overnight carrier (i.e. Federal Express), provided that proof of delivery or rejection is obtained, or (c) when delivered if by hand or sent by email to the physical address or email address set forth below.

If to the Representative:

Univest Securities, LLC

75 Rockefeller Plaza Suite 1838

New York, NY 10019

Attn: Edric Guo

Email:

With copies to (*which shall not constitute notice*):

Hunter Taubman Fischer & Li LLC

950 Third Avenue, 19<sup>th</sup> Floor

New York, NY 10022

Attn: Ying Li, Esq.; Guillaume de Sampigny, Esq.

Email:

If to the Company:

ChainOn Group Limited

21/F, G.D. Real Estate Tower

No. 143 Connaught Road

Central Hong Kong SAR

Attn: Lok Him Kelvin Yan

Email:

With copies to (*which shall not constitute notice*):

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 26th floor

New York, NY 10036

Attn: Shane Wu, Esq., Ross D. Carmel, Esq., Avital Perlman, Esq.

Email:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement</u>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. Notwithstanding anything to the contrary set forth herein, it is understood and agreed by the parties hereto that all other terms and conditions of that certain engagement letter between the Company and Representative, dated as of October 16, 2025 shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Binding Effect</u>. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the Underwriters, each Indemnified Person referred to in Section 5, the Company and the controlling persons, directors and officers referred to in Section 5 hereof, and their respective successors, legal representatives, heirs 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 provisions herein contained. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Governing Law; Consent to Jurisdiction; Trial by Jury</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9(a) hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. THE COMPANY (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS SHAREHOLDERS AND AFFILIATES) AND EACH OF THE UNDERWRITERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Execution in Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by email/pdf transmission shall constitute valid and sufficient delivery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <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 effect 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 is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

**[*Signature Page Follows*]**

[Signature Page]

**Underwriting Agreement**

If the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space below.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **ChainOn Group Limited** | **ChainOn Group Limited** |
| By: |  |
| Name: | Lok Him Kelvin Yan |
| Title: | Chief Executive Officer |

---

Confirmed as of the date first written above

mentioned, on behalf of itself and as

Representative of the several Underwriters

named on <u>Schedule 1</u> hereto:

---

| | |
|:---|:---|
| **Univest Securities, LLC** | **Univest Securities, LLC** |
| By: |  |
| Name: | Edric Guo |
| Title: | Chief Executive Officer |

---

**<u>SCHEDULE 1</u>**

---

| | |
|:---|:---|
| **Underwriter** | **Total Number of Firm Shares to be Purchased** |
| Univest Securities, LLC | [●] |
| [●] | [●] |
| **Total:** | [●] |

---

**<u>SCHEDULE 2</u>**

**Pricing Information**

Number of Firm Shares: [●]

Number of Option Shares: [●]

Public Offering Price per one Firm Share: $[●]

Price per Option Share: $[●]

Underwriting Discount per Option Share: $[●]

**<u>Schedule 3</u>**

**Lock-up Parties**

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| | |
|:---|:---|
| **Name** | **Title** |
| Lok Him Kelvin Yan | Chief Executive Officer and Chairman of the Board of Directors |
| Leo Leong | Chief Financial Officer and Director |
| Ke Yi Audrey Terng | Independent Director |
| Loretta York-Tao Ho | Independent Director |
| John Robert Fiore | Independent Director |
| Hong Cheuk Foster Yim | Independent Director |
| Invincible Legend Limited | 5% or Greater Shareholder |

---

**<u>EXHIBIT A</u>**

**Lock-Up Agreement**

[●], 2026

**UNIVEST SECURITIES, LLC**

75 Rockefeller Plaza Suite 1838

New York, NY 10019

Ladies and Gentlemen:

This Lock-Up Agreement (this "**Agreement**") is being delivered to Univest Securities, LLC (the "**Representative**") in connection with the proposed Underwriting Agreement (the "**Underwriting Agreement**") between ChainOn Group Limited, a Cayman Islands company (the "**Company**"), and the Representative, relating to the proposed public offering (the "**Offering**") of the Company's Class A ordinary shares, par value $0.0004 per share (the "**Ordinary Shares**"). Initial capitalized terms not otherwise defined herein shall have the meaning given to those terms in the Underwriting Agreement.

In order to induce the Underwriters (as defined in the Underwriting Agreement) to continue their efforts in connection with the Offering, and in light of the benefits that the Offering will confer upon the undersigned in its capacity as a shareholder and/or an officer or director of the Company, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with the Representative that, during the period beginning on and including the date of this Agreement through and including the date that is 180 days from the Effective Date (the "**Lock-Up Period**"), the undersigned will not, without the prior written consent of the Representative, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, or announce the intention to otherwise dispose of, any Ordinary Shares now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (including, without limitation, Ordinary Shares which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities Act of 1933, as amended, and as the same may be amended or supplemented on or after the date hereof from time to time (the "**Securities Act**")) (such shares, the "**Beneficially Owned Shares**") or securities convertible into or exercisable or exchangeable for Ordinary Shares, (ii) enter into any swap, hedge or similar agreement or arrangement that transfers in whole or in part, the economic risk of ownership of the Ordinary Shares, or securities convertible into or exercisable or exchangeable for Ordinary Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition, or (iii) engage in any short selling of the Ordinary Shares.

The restrictions set forth in the immediately preceding paragraph shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the undersigned is a natural person, any transfers made by the undersigned (a) as a bona fide gift to any member of the immediate family (as defined below) of the undersigned or to a trust the beneficiaries of which are exclusively the undersigned or members of the undersigned's immediate family, (b) by will or intestate succession upon the death of the undersigned, (c) as a bona fide gift to a charity or educational institution, (d) any transfer pursuant to a qualified domestic relations order or in connection with a divorce; or (e) if the undersigned is or was an officer or director of the Company, to the Company pursuant to the Company's right of repurchase upon termination of the undersigned's service with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the undersigned is a corporation, partnership, limited liability company or other business entity, any transfers to any shareholder, partner or member of, or owner of a similar equity interest in, the undersigned, as the case may be, if, in any such case, such transfer is not for value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if the undersigned is a corporation, partnership, limited liability company or other business entity, any transfer made by the undersigned (a) in connection with the sale or other bona fide transfer in a single transaction of all or substantially all of the undersigned's capital stock, partnership interests, membership interests or other similar equity interests, as the case may be, or all or substantially all of the undersigned's assets, in any such case not undertaken for the purpose of avoiding the restrictions imposed by this Agreement or (b) to another corporation, partnership, limited liability company or other business entity so long as the transferee is an affiliate (as defined below) of the undersigned and such transfer is not for value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (a) exercises of stock options or equity awards granted pursuant to an equity incentive or other plan or warrants to purchase Ordinary Shares or other securities (including by cashless exercise to the extent permitted by the instruments representing such stock options or warrants so long as such cashless exercise is effected solely by the surrender of outstanding stock options or warrants to the Company and the Company's cancellation of all or a portion thereof to pay the exercise price), provided that in any such case the securities issued upon exercise shall remain subject to the provisions of this Agreement (as defined below); (b) transfers of Ordinary Shares or other securities to the Company in connection with the issuance, vesting or exercise of any equity awards granted pursuant to an equity incentive or other plan and held by the undersigned to the extent, but only to the extent, as may be necessary to satisfy tax withholding obligations pursuant to the Company's equity incentive or other plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the exercise by the undersigned of any warrant(s) issued by the Company prior to the date of this Agreement, including any exercise effected by the delivery of shares of Ordinary Shares of the Company held by the undersigned; provided, that, the Ordinary Shares received upon such exercise shall remain subject to the restrictions provided for in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the occurrence after the date hereof of any of (a) an acquisition by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of 100% of the voting securities of the Company, (b) the transfer pursuant to a tender offer, merger, amalgamation, consolidation or other similar transaction made to all holders of Ordinary Shares involving a Change of Control of the Company (as defined below), including voting in favor of any such transaction or taking any other action in connection with such transaction, that, in each case, has been approved by the board of directors of the Company, (c) the Company sells or transfers all or substantially all of its assets to another person, or (d) provided, that, the Ordinary Shares received upon any of the events set forth in clauses (a) through (c) above shall remain subject to the restrictions provided for in this Agreement. For purposes of this paragraph, "Change of Control" shall mean the transfer, in one transaction or in a series of related transactions, to a person or group of affiliated persons (other than an Underwriters pursuant to the Public Offering), of the Company's voting securities if, after such transfer, such person or group of affiliated persons would hold more than 50% of the total voting power of the voting securities of the Company (or the surviving entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) transfers consented to, in writing by the Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) transactions relating to Ordinary Shares acquired in open market transactions after the completion of the Offering; provided that, no filing by any party under the Exchange Act or other public announcement shall be required or shall be voluntarily made in connection with such transactions;

 

*provided however,* that in the case of any transfer described in clauses (1), (2) or (3) above, it shall be a condition to the transfer that the transferee executes and delivers to the Representative, acting on behalf of the Underwriters, not later than one business day prior to such transfer, a written agreement, in substantially the form of this Agreement (it being understood that any references to "immediate family" in the agreement executed by such transferee shall expressly refer only to the immediate family of the undersigned and not to the immediate family of the transferee) and otherwise satisfactory in form and substance to the Representative. Furthermore, notwithstanding the foregoing, the undersigned may transfer the Beneficially Owned Securities in a transaction not involving a public offering or public resale; provided that (x) the transferee agrees in writing with the Representative to be bound by the terms of this Agreement, and (y) no filing by any party under Section 16(a) of the Exchange Act shall be required or shall be made voluntarily in connection with such transfer.

In addition, the restrictions set forth herein shall not prevent the undersigned from entering into a sales plan pursuant to Rule 10b5-1 under the Exchange Act after the date hereof, <u>provided</u> that (i) a copy of such plan is provided to the Representative promptly upon entering into the same and (ii) no sales or transfers may be made under such plan until the Lock-Up Period ends or this Agreement is terminated in accordance with its terms. For purposes of this paragraph, "immediate family" shall mean any relationship by blood, marriage or adoption, nor more remote than first cousin; and "affiliate" shall have the meaning set forth in Rule 405 under the Securities Act.

If (i) during the last 17 days of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results or becomes aware that material news or a material event will occur during the 16-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of such material news or material event, as applicable, unless the Representative waive, in writing, such extension.

If the undersigned is an officer or director of the Company, the Representative agrees that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Ordinary Shares, 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 business days after the publication date of such press release; provided, that such press release is not a condition to the release of the aforementioned lock-up provisions due to the expiration of the Lock-Up Period. The provisions of this paragraph will also not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this Agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

In furtherance of the foregoing, (1) the undersigned also agrees and consents to the entry of stop transfer instructions with any duly appointed transfer agent for the registration or transfer of the securities described herein against the transfer of any such securities except in compliance with the foregoing restrictions, and (2) the Company, and any duly appointed transfer agent for the registration or transfer of the securities described herein, are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Agreement.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and that this Agreement has been duly authorized (if the undersigned is not a natural person), executed and delivered by the undersigned and is a valid and binding agreement of the undersigned. This Agreement and all authority herein conferred are irrevocable and shall survive the death or incapacity of the undersigned (if a natural person) and shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned for the term of the Lock-Up Period.

This Agreement shall automatically terminate upon the earliest to occur, if any, of (1) either the Representative, on the one hand, or the Company, on the other hand, advising the other in writing, they have determined not to proceed with the Offering, (2) termination of the Underwriting Agreement before the sale of Ordinary Shares, or (3) the withdrawal of the Registration Statement.

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.

[*Signature Page Follows*]

---

| |
|:---|
| Very truly yours, |
| (Name - Please Print) |
| (Signature) |
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |

---

Address: 

# of Ordinary Shares Held by Signatory:

## Exhibit 3.1

**Exhibit 3.1**

**Companies Act (Revised)**

**Company Limited by Shares**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**CHAINON GROUP LIMITED**

(Adopted by special resolution passed on 27 January 2026)

![](ex3-1_001.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**ChainOn Group Limited**

(Adopted by special resolution passed on 27 January 2026)

---

| | |
|:---|:---|
| 1 | The name of the Company is ChainOn Group Limited. |
| 2 | The Company's registered office shall be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |
| 3 | The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. |
| 4 | The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit. |
| 5 | Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business of a bank or trust company without being licensed in that behalf under the Banks
 and Trust Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance
 business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
 or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 business of company management without being licensed in that behalf under the Companies
 Management Act (Revised).

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7.0 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |
| 8.0 | The share capital of the Company is USD50,000.00 divided into 100,000,000 Class A Ordinary Shares of par value USD0.0004 each and 25,000,000 Class B Ordinary Shares of par value USD0.0004 each. Subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 or without any preferential, deferred, qualified or special rights, privileges or conditions;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject
 to any limitations or restrictions and unless the condition of issue expressly declares otherwise,
 every issue of shares (whether declared to be ordinary, preference or otherwise) is subject
 to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 alter any of those rights, privileges, conditions, limitations or restrictions.

---

| | |
|:---|:---|
| 9 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |

---

**Companies Act (Revised)**

**Company Limited By Shares**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**CHAINON GROUP LIMITED**

(Adopted by special resolution passed on 27 January 2026)

![](ex3-1_001.jpg)

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 5 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 6 |
| **2** | **Shares** | **6** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 6 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 6 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 7 |
| Trusts not recognised | Trusts not recognised | 7 |
| Security interests | Security interests | 7 |
| Rights of Shares | Rights of Shares | 7 |
| Power to vary class rights | Power to vary class rights | 9 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 9 |
| No bearer Shares or warrants | No bearer Shares or warrants | 9 |
| Treasury Shares | Treasury Shares | 9 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 10 |
| Register of Members | Register of Members | 10 |
| Annual Return | Annual Return | 10 |
| **3** | **Share certificates** | **11** |
| Issue of share certificates | Issue of share certificates | 11 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 11 |
| **4** | **Lien on Shares** | **12** |
| Nature and scope of lien | Nature and scope of lien | 12 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 12 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 12 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 13 |
| Application of proceeds of sale | Application of proceeds of sale | 13 |
| **5** | **Calls on Shares and forfeiture** | **13** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 13 |
| Time when call made | Time when call made | 14 |
| Liability of joint holders | Liability of joint holders | 14 |
| Interest on unpaid calls | Interest on unpaid calls | 14 |
| Deemed calls | Deemed calls | 14 |
| Power to accept early payment | Power to accept early payment | 14 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 14 |
| Notice of default | Notice of default | 15 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 15 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 15 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 15 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 16 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 16 |
| **6** | **Transfer of Shares** | **16** |
| Form of Transfer | Form of Transfer | 16 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 17 |
| Suspension of transfers | Suspension of transfers | 17 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 17 |
| Notice of refusal to register | Notice of refusal to register | 17 |

---

---

| | | |
|:---|:---|:---|
| **7** | **Transmission of Shares** | **17** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 17 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 18 |
| Indemnity | Indemnity | 18 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 18 |
| **8** | **Alteration of capital** | **19** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 19 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 19 |
| Reducing share capital | Reducing share capital | 20 |
| **9** | **Redemption and purchase of own Shares** | **20** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 20 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 20 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 20 |
| **10** | **Meetings of Members** | **21** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 21 |
| Power to call meetings | Power to call meetings | 21 |
| Content of notice | Content of notice | 22 |
| Period of notice | Period of notice | 23 |
| Persons entitled to receive notice | Persons entitled to receive notice | 23 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 23 |
| **11** | **Proceedings at meetings of Members** | **23** |
| Quorum | Quorum | 23 |
| Lack of quorum | Lack of quorum | 24 |
| Chairman | Chairman | 24 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 24 |
| Accommodation of Members at Virtual Meeting | Accommodation of Members at Virtual Meeting | 24 |
| Security | Security | 25 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 25 |
| Method of voting | Method of voting | 25 |
| Taking of a poll | Taking of a poll | 25 |
| Chairman's casting vote | Chairman's casting vote | 26 |
| Written resolutions | Written resolutions | 26 |
| Sole-Member Company | Sole-Member Company | 27 |
| **12** | **Voting rights of Members** | **27** |
| Right to vote | Right to vote | 27 |
| Rights of joint holders | Rights of joint holders | 28 |
| Representation of corporate Members | Representation of corporate Members | 28 |
| Member with mental disorder | Member with mental disorder | 28 |
| Objections to admissibility of votes | Objections to admissibility of votes | 29 |
| Form of proxy | Form of proxy | 29 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 30 |
| Voting by proxy | Voting by proxy | 31 |
| **13** | **Number of Directors** | **31** |
| **14** | **Appointment, disqualification and removal of Directors** | **31** |
| First Directors | First Directors | 31 |
| No age limit | No age limit | 31 |
| Corporate Directors | Corporate Directors | 31 |
| No shareholding qualification | No shareholding qualification | 31 |
| Appointment of Directors | Appointment of Directors | 32 |
| Board's power to appoint Directors | Board's power to appoint Directors | 32 |
| Removal of Directors | Removal of Directors | 32 |
| Resignation of Directors | Resignation of Directors | 32 |
| Termination of the office of Director | Termination of the office of Director | 33 |

---

---

| | | |
|:---|:---|:---|
| **15** | **Alternate Directors** | **33** |
| Appointment and removal | Appointment and removal | 33 |
| Notices | Notices | 34 |
| Rights of alternate Director | Rights of alternate Director | 34 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 34 |
| Status of alternate Director | Status of alternate Director | 34 |
| Status of the Director making the appointment | Status of the Director making the appointment | 35 |
| **16** | **Powers of Directors** | **35** |
| Powers of Directors | Powers of Directors | 35 |
| Directors below the minimum number | Directors below the minimum number | 35 |
| Appointments to office | Appointments to office | 35 |
| Provisions for employees | Provisions for employees | 36 |
| Exercise of voting rights | Exercise of voting rights | 36 |
| Remuneration | Remuneration | 36 |
| Disclosure of information | Disclosure of information | 37 |
| **17** | **Delegation of powers** | **37** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 37 |
| Local boards | Local boards | 38 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 38 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 39 |
| Borrowing Powers | Borrowing Powers | 39 |
| Corporate Governance | Corporate Governance | 39 |
| **18** | **Meetings of Directors** | **40** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 40 |
| Calling meetings | Calling meetings | 40 |
| Notice of meetings | Notice of meetings | 40 |
| Use of technology | Use of technology | 40 |
| Quorum | Quorum | 40 |
| Chairman or deputy to preside | Chairman or deputy to preside | 40 |
| Voting | Voting | 40 |
| Recording of dissent | Recording of dissent | 41 |
| Written resolutions | Written resolutions | 41 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 41 |
| **19** | **Permissible Directors' interests and disclosure** | **42** |
| **20** | **Minutes** | **42** |
| **21** | **Accounts and audit** | **42** |
| Auditors | Auditors | 42 |
| **22** | **Record dates** | **43** |
| **23** | **Dividends** | **43** |
| Source of dividends | Source of dividends | 43 |
| Declaration of dividends by Members | Declaration of dividends by Members | 43 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 44 |
| Apportionment of dividends | Apportionment of dividends | 44 |
| Right of set off | Right of set off | 45 |
| Power to pay other than in cash | Power to pay other than in cash | 45 |
| How payments may be made | How payments may be made | 45 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 46 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 46 |

---

---

| | | |
|:---|:---|:---|
| **24** | **Capitalisation of profits** | **46** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 46 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 47 |
| **25** | **Share Premium Account** | **47** |
| Directors to maintain share premium account | Directors to maintain share premium account | 47 |
| Debits to share premium account | Debits to share premium account | 47 |
| **26** | **Seal** | 47 |
| Company seal | Company seal | 47 |
| Duplicate seal | Duplicate seal | 47 |
| When and how seal is to be used | When and how seal is to be used | 48 |
| If no seal is adopted or used | If no seal is adopted or used | 48 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 48 |
| Validity of execution | Validity of execution | 48 |
| **27** | **Indemnity** | **48** |
| Release | Release | 49 |
| Insurance | Insurance | 49 |
| **28** | **Notices** | **50** |
| Form of notices | Form of notices | 50 |
| Electronic communications | Electronic communications | 50 |
| Persons entitled to notices | Persons entitled to notices | 51 |
| Persons authorised to give notices | Persons authorised to give notices | 51 |
| Delivery of written notices | Delivery of written notices | 51 |
| Joint holders | Joint holders | 51 |
| Signatures | Signatures | 51 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 52 |
| Date of giving notices | Date of giving notices | 52 |
| Saving provision | Saving provision | 53 |
| **29** | **Authentication of Electronic Records** | **53** |
| Application of Articles | Application of Articles | 53 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 53 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 53 |
| Manner of signing | Manner of signing | 54 |
| Saving provision | Saving provision | 54 |
| **30** | **Transfer by way of continuation** | **54** |
| **31** | **Winding up** | **55** |
| Distribution of assets in specie | Distribution of assets in specie | 55 |
| No obligation to accept liability | No obligation to accept liability | 55 |
| **32** | **Amendment of Memorandum and Articles** | **55** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 55 |
| Power to amend these Articles | Power to amend these Articles | 55 |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Articles of Association**

**of**

**ChainOn Group Limited**

(Adopted by special resolution passed on 27 January 2026)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In
 these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these
 articles of association as amended from time to time: or

(b) two
 or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Class A Ordinary Share** means the class A ordinary shares of US$0.0004 par value each of the Company, which have the rights set forth in these Articles;

**Class B Ordinary Share** means the class B ordinary shares of US$0.0004 par value each of the Company, which have the rights set forth in these Articles;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Conversion Date** means in respect of a Conversion Notice means the day on which that Conversion Notice is delivered;

**Conversion Notice** means a written notice delivered to the Company at its office (and as otherwise stated therein) stating that a holder of Class B Ordinary Shares elects to convert the number of Class B Ordinary Shares specified therein pursuant to Article 2.9(a);

**Conversion Number** in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate;

**Conversion Rate** in relation to the conversion of Class B Ordinary Shares to Class A Ordinary Shares means, at any time, on a one-to-one basis. The foregoing Conversion Rate shall also be adjusted to account for any subdivision (by share split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class A Ordinary Shares in issue into a greater or lesser number of shares occurring after the original filing of the Articles without a proportionate and corresponding subdivision, combination or similar reclassification or recapitalisation of the Class B Ordinary Shares in issue;

**Conversion Right** in respect of a holder of Class B Ordinary Shares, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class B Ordinary Shares, into the Conversion Number of Class A Ordinary Shares in its discretion;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the NYSE American LLC or the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Share with par value, means that the par value for that Share and any premium
 payable in respect of the issue of that Share, has been fully paid or credited as paid in
 money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a Share without par value, means that the agreed issue price for that Share has
 been fully paid or credited as paid in money or money's worth;

**general meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the Register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a general meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Share with par value, that the par value for that Share and any premium payable
 in respect of the issue of that Share, has not been fully paid or credited as paid in money
 or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a Share without par value, means that the agreed issue price for that Share has
 not been fully paid or credited as paid in money or money's worth;

**Register of Members** means the register of Members maintained in accordance with the Act and includes (except where otherwise stated) any branch or duplicate register of the Members;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes
 stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a general meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.15;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In
 the interpretation of these Articles, the following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 reference in these Articles to a statute is a reference to a statute of the Cayman Islands
 as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings
 are inserted for convenience only and do not affect the interpretation of these Articles,
 unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 a day on which any act, matter or thing is to be done under these Articles is not a Business
 Day, the act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 word which denotes the singular also denotes the plural, a word which denotes the plural
 also denotes the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 reference to a **person** includes, as appropriate, a company, trust, partnership, joint
 venture, association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where
 a word or phrase is given a defined meaning another part of speech or grammatical form in
 respect to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All
 references to time are to be calculated by reference to time in the place where the Company's
 registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 words **written** and **in writing** include all modes of representing or reproducing
 words in a visible form, but do not include an Electronic Record where the distinction between
 a document in writing and an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 words **including**, **include** and **in particular** or any similar expression
 are to be construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 term "**present**" means, in respect of any person attending a meeting, such
 person's presence at a general meeting of Members (or any meeting of the holders of
 any class of Shares), which may be satisfied by means of such person or, if a corporation
 or other non-natural person, its duly authorized representative (or, in the case of any Member,
 a proxy which has been validly appointed by such Member in accordance with these Articles),
 being: (a) physically present at the meeting; or (b) in the case of any meeting at which
 Electronic Communication Facilities are permitted in accordance with these Articles, including
 any Virtual Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The
 headings in these Articles are intended for convenience only and shall not affect the interpretation of these Articles.

**Exclusion of Table A Articles**

1.4 The
 regulations contained in Table A in the First Schedule of the Act and any other regulations
 contained in any statute or subordinate legislation are expressly excluded and do not apply
 to the Company.

---

| | |
|:---|:---|
| **2** | **Shares** |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject
 to the provisions of the Act and these Articles about the redemption and purchase of the
 Shares, the Directors have general and unconditional authority to allot (with or without
 confirming rights of renunciation), grant options over or otherwise deal with any unissued
 Shares to such persons, at such times and on such terms and conditions as they may decide.
 No Share may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without
 limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 or without preferred, deferred or other special rights or restrictions, whether in regard
 to dividend, voting, return of capital or otherwise.

2.3 Without
 limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company may issue rights, options, warrants or convertible securities or securities of similar
 nature conferring the right upon the holders thereof to subscribe for, purchase or receive
 any class of Shares or other securities in the Company at such times and on such terms and
 conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

2.4 Subject
 to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share
 shall be subject to and carry the corresponding fraction of liabilities (whether with respect
 to calls or otherwise), limitations, preferences, privileges, qualifications, restrictions,
 rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.5 The
 Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing
 or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring
 or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.6 The
 Company may employ a broker in the issue of its capital and pay him any proper commission
 or brokerage.

**Trusts not recognised**

2.7 Except
 as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 person shall be recognised by the Company as holding any Share on any trust; and

(b) no
 person other than the Member shall be recognised by the Company as having any right in a
 Share.

**Security interests**

2.8 Notwithstanding
 the preceding Article, the Company may (but shall not be obliged to) recognise a security
 interest of which it has actual notice over shares. The Company shall not be treated as having
 recognised any such security interest unless it has so agreed in writing with the secured
 party.

**Rights of Shares**

2.9 Subject
 to Article 2.1, the Memorandum and any Special Resolution to the contrary and without prejudice
 to any special rights conferred thereby on the holders of any other Shares or class of Shares,
 Class A Ordinary Shares and Class B Ordinary Shares shall carry equal rights and rank pari
 passu with one another in all respects other than as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Conversion Rights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject
 to the provisions hereof and to compliance with all fiscal and other laws and regulations
 applicable thereto, including the Act, a holder of Class B Ordinary Shares shall have the
 Conversion Right in respect of each Class B Ordinary Share in its holding. For the avoidance
 of doubt, a holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary
 Shares into Class B Ordinary Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 Class B Ordinary Share shall be converted at the option of the holder, at any time after
 issue and without the payment of any additional sum, into such Conversion Number of fully
 paid Class A Ordinary Shares calculated at the Conversion Rate. Such conversion shall take
 effect on the Conversion Date. A Conversion Notice shall not be effective if it is not accompanied
 by the share certificates in respect of the relevant Class B Ordinary Shares and/or such
 other evidence (if any) as the Directors may reasonably require to prove the title of the
 person exercising such right (or, if such certificates have been lost or destroyed, such
 evidence of title and such indemnity as the Directors may reasonably require). Any and all
 taxes and stamp, issue and registration duties (if any) arising on conversion shall be borne
 by the holder of Class B Ordinary Shares requesting conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On
 the Conversion Date, every Class B Ordinary Share converted shall automatically be re-designated
 and re-classified (or in such other manner as the Directors may direct that is not in contravention
 of applicable laws) as the applicable Conversion Number of Class A Ordinary Shares with such
 rights and restrictions attached thereto and shall rank pari passu in all respects with the
 Class A Ordinary Shares then in issue and the Company shall enter or procure the entry of
 the name of the relevant holder of converted Class B Ordinary Shares as the holder of the
 corresponding number of Class A Ordinary Shares resulting from the conversion of the Class
 B Ordinary Shares in, and make any other necessary and consequential changes to, the register
 of members and shall procure that, if required, certificates in respect of the relevant Class
 A Ordinary Shares, together with a new certificate for any unconverted Class B Ordinary Shares
 comprised in the certificate(s) surrendered by the holder of the Class B Ordinary Shares,
 are issued to the holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until
 such time as the Class B Ordinary Shares have been converted into Class A Ordinary Shares,
 the Company shall: (A) at all times keep available for issue and free of all liens, charges,
 options, mortgages, pledges, claims, equities, encumbrances and other third-party rights
 of any nature, and not subject to any pre-emptive rights out of its authorised but unissued
 share capital, such number of authorised but unissued Class A Ordinary Shares as would enable
 all Class B Ordinary Shares to be converted into Class A Ordinary Shares and any other rights
 of conversion into, subscription for or exchange into Class A Ordinary Shares to be satisfied
 in full; and (B) not make any issue, grant or distribution or take any other action if the
 effect would be that on the conversion of the Class B Ordinary Shares to Class A Ordinary
 Shares it would be required to issue Class A Ordinary Shares at a price lower than the par
 value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Voting Rights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders
 of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of,
 attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares
 and Class B Ordinary Shares shall, at all times, vote together as a single class on all matters
 submitted to a vote for Members' consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote
 at general meetings of the Company; whereas, each Class B Ordinary Share shall be entitled
 to twenty (20) votes on all matters subject to the vote at general meetings of the Company.

**Power to vary class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 If
 the share capital is divided into different classes of Shares then, unless the terms on which
 a class of Shares was issued state otherwise, the rights attaching to a class of Shares may
 only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members holding not less than two-thirds of the issued Shares of that class consent in writing
 to the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 variation is made with the sanction of a Special Resolution passed at a separate general
 meeting of the Members holding the issued Shares of that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 For
 the purpose of Article 2.10(b), all the provisions of these Articles relating to general
 meetings apply, mutatis mutandis, to every such separate meeting except that the necessary
 quorum shall be one or more persons holding, or representing by proxy, not less than one
 third of the issued Shares of the class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 For
 the purposes of a separate class meeting, the Directors may treat two or more or all the
 classes of Shares as forming one class of Shares if the Directors consider that such classes
 of Shares would be affected in the same way by the proposals under consideration, but in
 any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Unless
 the terms on which a class of Shares was issued state otherwise, the rights conferred on
 the Member holding Shares of any class shall not be deemed to be varied by the creation or
 issue of further Shares ranking *pari passu* with the existing Shares of that class.

**No bearer Shares or warrants**

2.14 The
 Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to Members on a winding
 up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares.
 However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given time,
 whether for the purposes of these Articles or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Nothing
 in Article 2.17 prevents an allotment of Shares as Fully Paid Up bonus shares in respect
 of a Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Treasury
 Shares may be disposed of by the Company in accordance with the Act and otherwise on such
 terms and conditions as the Directors determine.

**Register of Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 The
 Directors shall keep or cause to be kept a Register of Members as required by the Act and
 may cause the Company to maintain one or more branch registers as contemplated by the Act,
 provided that where the Company is maintaining one or more branch registers, the Directors
 shall ensure that a duplicate of each branch register is kept with the Company's principal
 Register of Members and updated within such number of days of any amendment having been made
 to such branch register as may be required by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 The
 title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in
 accordance with the laws applicable to the rules and regulations of the Designated Stock
 Exchange and, for these purposes, the Register of Members may be maintained in accordance
 with section 40B of the Act.

**Annual Return**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 The
 Directors in each calendar year shall prepare or cause to be prepared an annual return and
 declaration setting forth the particulars required by the Act and shall deliver a copy thereof
 to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A
 Member shall only be entitled to a share certificate if the Directors resolve that share
 certificates shall be issued. Share certificates representing Shares, if any, shall be in
 such form as the Directors may determine. If the Directors resolve that share certificates
 shall be issued, upon being entered in the Register of Members as the holder of a Share,
 the Directors may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without
 payment, one certificate for all the Shares of each class held by that Member (and, upon
 transferring a part of the Member's holding of Shares of any class, to a certificate
 for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 payment of such reasonable sum as the Directors may determine for every certificate after
 the first, several certificates each for one or more of that Member's Shares.

3.2 Every
 certificate shall specify the number, class and distinguishing numbers (if any) of the Shares
 to which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may
 be executed under seal or executed in such other manner as the Directors determine.

3.3 Every
 certificate shall bear legends required under the applicable laws, including the U.S. Securities
 Act (to the extent applicable).

3.4 The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 several persons and delivery of a certificate for a Share to one joint holder shall be a
 sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If
 a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms
 (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment
 of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment
 of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

4.1 The
 Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered
 in the name of a Member (whether solely or jointly with others). The lien is for all monies
 payable to the Company by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 or not those monies are presently payable.

4.2 At
 any time the Board may declare any Share to be wholly or partly exempt from the provisions
 of this Article.

**Company may sell Shares to satisfy lien**

4.3 The
 Company may sell any Shares over which it has a lien if all of the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company gives notice to the Member holding the Share (or to the person entitled to it in
 consequence of the death or bankruptcy of that Member) demanding payment and stating that
 if the notice is not complied with the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 sum is not paid within fourteen (14) Clear Days after that notice is deemed to be given under
 these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The
 Lien Default Shares may be sold in such manner as the Board determines.

4.5 To
 the maximum extent permitted by law, the Directors shall incur no personal liability to the
 Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To
 give effect to a sale, the Directors may authorise any person to execute an instrument of
 transfer of the Lien Default Shares sold to, or in accordance with the directions of, the
 purchaser.

4.7 The
 title of the transferee of the Lien Default Shares shall not be affected by any irregularity
 or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On
 a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the Register of Members as the holder
 of those Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall deliver to the Company for cancellation the certificate (if any) for those Lien
 Default Shares.

4.9 Notwithstanding
 the provisions of Article 4.8, such person shall remain liable to the Company for all monies
 which, at the date of sale, were presently payable by him to the Company in respect of those
 Lien Default Shares. That person shall also be liable to pay interest on those monies from
 the date of sale until payment at the rate at which interest was payable before that sale
 or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce
 payment without any allowance for the value of the Lien Default Shares at the time of sale
 or for any consideration received on their disposal.

**Application of proceeds of sale**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 The
 net proceeds of the sale, after payment of the costs, shall be applied in payment of so much
 of the sum for which the lien exists as is presently payable. Any residue shall be paid to
 the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a certificate for the Lien Default Shares was issued, upon surrender to the Company of that
 certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject
 to the terms of allotment, the Board may make calls on the Members in respect of any monies
 unpaid on their Shares including any premium. The call may provide for payment to be by instalments.
 Subject to receiving at least 14 Clear Days' notice specifying when and where payment is
 to be made, each Member shall pay to the Company the amount called on his Shares as required
 by the notice.

5.2 Before
 receipt by the Company of any sum due under a call, that call may be revoked in whole or
 in part and payment of a call may be postponed in whole or in part. Where a call is to be
 paid in instalments, the Company may revoke the call in respect of all or any remaining instalments
 in whole or in part and may postpone payment of all or any of the remaining instalments in
 whole or in part.

5.3 A
 Member on whom a call is made shall remain liable for that call notwithstanding the subsequent
 transfer of the Shares in respect of which the call was made. He shall not be liable for
 calls made after he is no longer registered as Member in respect of those Shares.

**Time when call made**

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

**Liability of joint holders**

5.5 Members
 registered as the joint holders of a Share shall be jointly and severally liable to pay all
 calls in respect of the Share.

**Interest on unpaid calls**

5.6 If
 a call remains unpaid after it has become due and payable the person from whom it is due
 and payable shall pay interest on the amount unpaid from the day it became due and payable
 until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any
 amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise,
 shall be deemed to be payable as a call. If the amount is not paid when due the provisions
 of these Articles shall apply as if the amount had become due and payable by virtue of a
 call.

**Power to accept early payment**

5.8 The
 Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares
 held by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject
 to the terms of allotment, the Directors may make arrangements on the issue of Shares to
 distinguish between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 If
 a call remains unpaid after it has become due and payable the Directors may give to the person
 from whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 expenses which have been incurred by the Company due to that person's default.

5.11 The
 notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 warning that if the notice is not complied with the Shares in respect of which the call is
 made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 If
 the notice given pursuant to Article 5.10 is not complied with, the Directors may, before
 the payment required by the notice has been received, resolve that any Share the subject
 of that notice be forfeited. The forfeiture shall include all dividends or other monies payable
 in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing,
 the Board may determine that any Share the subject of that notice be accepted by the Company
 as surrendered by the Member holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 A
 forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such
 terms and in such manner as the Board determine either to the former Member who held that
 Share or to any other person. The forfeiture or surrender may be cancelled on such terms
 as the Directors think fit at any time before a sale, re-allotment or other disposition.
 Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred
 to any person, the Directors may authorise some person to execute an instrument of transfer
 of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 On
 forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the Register of Members as the holder
 of those Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
 or surrendered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 Despite
 the forfeiture or surrender of his Shares, that person shall remain liable to the Company
 for all monies which at the date of forfeiture or surrender were presently payable by him
 to the Company in respect of those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 expenses; and

(b) interest
 from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 A
 declaration, whether statutory or under oath, made by a Director or the Secretary shall be
 conclusive evidence of the following matters stated in it as against all persons claiming
 to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 Any
 person to whom the forfeited or surrendered Shares are disposed of shall not be bound to
 see to the application of the consideration, if any, of those Shares nor shall his title
 to the Shares be affected by any irregularity in, or invalidity of the proceedings in respect
 of, the forfeiture, surrender or disposal of those Shares.

6 Transfer of Shares

**Form of Transfer**

6.1 Subject
 to the following Articles about the transfer of Shares, and provided that such transfer complies
 with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares
 to another person by completing an instrument of transfer in a common form or in a form prescribed
 by the Designated Stock Exchange (if such Shares are listed on the Designated Stock Exchange)
 or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The
 transferor shall be deemed to remain the holder of a Share until the name of the transferee
 is entered into the Register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where
 the Shares of any class in question are not listed on or subject to the rules of any Designated
 Stock Exchange, the Directors may in their absolute discretion decline to register any transfer
 of such Shares which are not Fully Paid Up or on which the Company has a lien. The Directors
 may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 instrument of transfer is lodged with the Company, accompanied by the certificate (if any)
 for the Shares to which it relates and such other evidence as the Board may reasonably require
 to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 the case of a transfer to joint holders, the number of joint holders to whom the Share is
 to be transferred does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be
 payable, or such lesser sum as the Board may from time to time require, related to the transfer
 is paid to the Company.

**Company may retain instrument of transfer**

6.4 All
 instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.5 If
 the Directors refuse to register a transfer of any Shares of any class not listed on a Designated
 Stock Exchange, they shall within one month after the date on which the instrument of transfer
 was lodged with the Company send to each of the transferor and the transferee notice of the
 refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If
 a Member dies, the only persons recognised by the Company as having any title to the deceased
 Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing
 in these Articles shall release the deceased Member's estate from any liability in
 respect of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A
 person becoming entitled to a Share in consequence of the death or bankruptcy of a Member
 may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 transfer the Share to another person.

7.4 That
 person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If
 the person elects to become the holder of the Share, he must give notice to the Company to
 that effect. For the purposes of these Articles, that notice shall be treated as though it
 were an executed instrument of transfer.

7.6 If
 the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument
 of transfer.

7.7 All
 the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate,
 the instrument of transfer.

**Indemnity**

7.8 A
 person registered as a Member by reason of the death or bankruptcy of another Member shall
 indemnify the Company and the Directors against any loss or damage suffered by the Company
 or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A
 person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall
 have the rights to which he would be entitled if he were registered as the holder of the
 Share. But, until he is registered as Member in respect of the Share, he shall not be entitled
 to attend or vote at any meeting of the Company or at any separate meeting of the holders
 of that class of Shares.

---

| | |
|:---|:---|
| **8** | **Alteration of capital** |

---

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To
 the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of
 the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by new Shares of the amount fixed by that Ordinary Resolution and with
 the attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert
 all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares
 of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide
 its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
 so, however, that in the sub-division, the proportion between the amount paid and the amount,
 if any, unpaid on each reduced Share shall be the same as it was in case of the Share from
 which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 Shares which, at the date of the passing of that Ordinary Resolution, have not been taken
 or agreed to be taken by any person, and diminish the amount of its share capital by the
 amount of the Shares so cancelled or, in the case of Shares without nominal par value, diminish
 the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever,
 as a result of a consolidation of Shares, any Members would become entitled to fractions
 of a Share the Directors may on behalf of those Members deal with the fractions as it thinks
 fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 round up or down the fraction to the nearest whole number, such rounding to be determined
 by the Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell
 the Shares representing the fractions for the best price reasonably obtainable to any person
 (including, subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute
 the net proceeds in due proportion among those Members.

8.3 For
 the purposes of Article 8.2, the Directors may authorise some person to execute an instrument
 of transfer of the Shares to, in accordance with the directions of, the purchaser. The transferee
 shall not be bound to see to the application of the purchase money nor shall the transferee's
 title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
 in respect of the sale.

**Reducing share capital**

8.4 Subject
 to the Act and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may, by Special Resolution, reduce its share capital in any
 way.

---

| | |
|:---|:---|
| **9** | **Redemption and purchase of own Shares** |

---

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject
 to the Act and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or liable to be redeemed, at the option of the Company or
 the Member holding those redeemable Shares, on the terms and in the manner its Directors
 determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the consent by Special Resolution of the Members holding Shares of a particular class, vary
 the rights attaching to that class of Shares so as to provide that those Shares are to be
 redeemed or are liable to be redeemed at the option of the Company on the terms and in the
 manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase
 all or any of its own Shares of any class including any redeemable Shares on the terms and
 in the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When
 making a payment in respect of the redemption or purchase of Shares, the Directors may make
 the payment in cash or *in specie* (or partly in one and partly in the other) if so
 authorised by the terms of the allotment of those Shares or by the terms applying to those
 Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding
 those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon
 the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member holding that Share shall cease to be entitled to any rights in respect of the Share
 other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Member's name shall be removed from the Register of Members with respect to the Share;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For
 the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's
 name is removed from the Register of Members with respect to the Shares the subject of the
 redemption or purchase.

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| | |
|:---|:---|
| **10** | **Meetings of Members** |

---

**Annual and extraordinary general meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The
 Company may, but shall not (unless required by the applicable Designated Stock Exchange Rules)
 be obligated to, in each year hold a general meeting as an annual general meeting, which,
 if held, shall be convened by the Board, in accordance with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

**Power to call meetings**

10.3 The
 Directors may call a general meeting at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 If
 there are insufficient Directors to constitute a quorum and the remaining Directors are unable
 to agree on the appointment of additional Directors, the Directors must call a general meeting
 for the purpose of appointing additional Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The
 Directors must also call a general meeting if requisitioned in the manner set out in the
 next two Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 The
 requisition must be in writing and given by one or more Members who together hold at least
 ten per cent of the rights to vote at such general meeting.

10.7 The
 requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify
 the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 signed by or on behalf of each requisitioner (and for this purpose each joint holder shall
 be obliged to sign). The requisition may consist of several documents in like form signed
 by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be
 delivered in accordance with the notice provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Should
 the Directors fail to call a general meeting within 21 Clear Days' from the date of
 receipt of a requisition, the requisitioners or any of them may call a general meeting within
 three months after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Without
 limitation to the foregoing, if there are insufficient Directors to constitute a quorum and
 the remaining Directors are unable to agree on the appointment of additional Directors, any
 one or more Members who together hold at least five per cent of the rights to vote at a general
 meeting may call a general meeting for the purpose of considering the business specified
 in the notice of meeting which shall include as an item of business the appointment of additional
 Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 If
 the Members call a meeting under the above provisions, the Company shall reimburse their
 reasonable expenses.

**Content of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 Notice
 of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the meeting is to be held in two or more places, or in any part virtually, the Electronic
 Communication Facilities that will be used to facilitate the meeting, including the procedures
 to be followed by any Member or other participant of the meeting who wishes to utilise such
 Electronic Communication Facilities for the purposes of attending and participating in such
 meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject
 to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock
 Exchange Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 a resolution is proposed as a Special Resolution, the text of that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 In
 each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 a Member who is entitled to attend and vote is entitled to appoint one or more proxies to
 attend and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a proxyholder need not be a Member.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 At
 least five (5) Clear Days' notice must be given to Members for any general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 Subject
 to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent
 of the Member or Members who, individually or collectively, hold at least ninety per cent
 of the voting rights of all those who have a right to vote at that meeting.

**Persons entitled to receive notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 Subject
 to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
 shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons
 entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Auditors (if appointed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 The
 Board may determine that the Members entitled to receive notice of, attend and vote at a
 meeting are those persons entered on the Register of Members at the close of business on
 a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 Proceedings
 at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt
 of notice of the meeting by any person entitled to notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 In
 addition, where a notice of meeting is published on a website proceedings at the meeting
 shall not be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 part only of the period from the date of the notification until the conclusion of the meeting
 to which the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save
 as provided in the following Article, no business shall be transacted at any meeting unless
 a quorum is present in person or by proxy at the meeting. A quorum is as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has more than one Member: one or more Members holding Shares that represent not
 less than one-third of the outstanding Shares carrying the right to vote at such general
 meeting.

**Lack of quorum**

11.2 If
 a quorum is not present at the meeting within fifteen minutes of the time appointed for the
 meeting, or if at any time during the meeting it becomes inquorate, then the following provisions
 apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 any other case, the meeting shall stand adjourned to the same time and place seven days hence,
 or to such other time or place as is determined by the Directors. If a quorum is not present
 at the meeting within fifteen minutes of the time appointed for the adjourned meeting, then
 the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

11.3 The
 chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the
 Board or such other Director as the Directors may determine. Absent any such person being
 present at the meeting within fifteen minutes of the time appointed for the meeting, the
 Directors present shall elect one of their number to chair the meeting. The chairman of the
 meeting shall be entitled to attend and participate at any such general meeting by means
 of Electronic Communication Facilities, and to act as the chairman of such general meeting,
 in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If
 no Director is present within fifteen minutes of the time appointed for the meeting, or if
 no Director is willing to act as chairman, the Members present in person or by proxy and
 entitled to vote shall choose one of their number to chair the meeting.

**Right of a Director to attend and speak**

11.5 Even
 if a Director is not a Member, he shall be entitled to attend and speak at any general meeting
 and at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A
 Member entitled to receive notice and attend a meeting will be deemed to be in attendance
 at such meeting despite their attendance being virtual if adequate facilities are available
 to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 hear all that happens at the meeting. Without limiting the generality of the foregoing, the
 Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In
 addition to any measures which the Board may be required to take due to the location or venue
 of the meeting, the Board may make any arrangement and impose any restriction it considers
 appropriate and reasonable in the circumstances to ensure the security of a meeting including,
 without limitation, the searching of any person attending the meeting and the imposing of
 restrictions on the items of personal property that may be taken into the meeting place.
 The Board may refuse entry to, or eject from, a meeting a person who refuses to comply with
 any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 A
 meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed
 or cancelled prior to the meeting at the discretion of the Directors by written notice provided
 to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members
 or otherwise called by Members pursuant to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned,
 with or without an appointed date for resumption, at any time during the meeting at the discretion
 of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should
 a meeting be adjourned for more than 7 Clear Days, whether because of a lack of quorum or
 otherwise, Members shall be given at least 7 Clear Days' notice of the date, time and
 place of the adjourned meeting and the general nature of the business to be transacted. Otherwise
 it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A
 resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 A
 poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who
 need not be Members) and fix a place and time for declaring the result of the poll. If, through
 the aid of technology, the meeting is held as a Virtual Meeting or in more than one place,
 the chairman may appoint scrutineers virtually and in more than one place; but if he considers
 that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn
 the holding of the poll to a date, place and time when that can occur.

**Chairman's casting vote**

11.12 In
 the case of an equality of votes, the Chairman of the meeting shall be entitled to a second
 or casting vote.

**Written resolutions**

11.13 Without
 limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing
 without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members entitled to vote on the resolution are given notice of the resolution as if the same
 were being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign
 several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 signed document or documents is or are delivered to the Company, including, if the Company
 so nominates, by delivery of an Electronic Record by Electronic means to the address specified
 for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members
 may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
 are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given
 notice of the resolution as if the same were being proposed at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified
 in the same or an accompanying notice of the date by which the resolution must be passed
 if it is not to lapse, being a period of 7 days beginning with the date that the notice is
 first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign
 several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 signed document or documents is or are delivered to the Company, including, if the Company
 so nominates, by delivery of an Electronic Record by Electronic means to the address specified
 for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of 5 days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 7 days beginning with the date that notice of it is first given.

11.15 If
 all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution
 may be passed as soon as the required majority have signified their agreement to the resolution,
 without any minimum period of time having first elapsed. Save that the consent of the majority
 may be incorporated in the written resolution, each consent shall be in writing or given
 by Electronic Record and shall otherwise be given to the Company in accordance with Article
 28 (*Notices*) prior to the written resolution taking effect.

11.16 The
 Directors may determine the manner in which written resolutions shall be put to Members.
 In particular, they may provide, in the form of any written resolution, for each Member to
 indicate, out of the number of votes the Member would have been entitled to cast at a meeting
 to consider the resolution, how many votes he wishes to cast in favour of the resolution
 and how many against the resolution or to be treated as abstentions. The result of any such
 written resolution shall be determined on the same basis as on a poll.

11.17 If
 a written resolution is described as a Special Resolution or as an Ordinary Resolution, it
 has effect accordingly.

**Sole-Member Company**

11.18 If
 the Company has only one Member, and the Member records in writing his decision on a question,
 that record shall constitute both the passing of a resolution and the minute of it.

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| | |
|:---|:---|
| **12** | **Voting rights of Members** |

---

**Right to vote**

12.1 Subject
 to the following, unless their Shares carry no right to vote, or unless a call or other amount
 presently payable has not been paid, all Members are entitled to vote at a general meeting,
 and all Members holding Shares of a particular class of Shares are entitled to vote at a
 meeting of the holders of that class of Shares. Unless otherwise required under the Act or
 by these Articles, holders of Class A Ordinary Shares and Class B Ordinary Shares shall at
 all times vote together as one class on all resolutions submitted to vote by the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Members
 may vote in person or by proxy.

12.3 On
 a poll, each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject
 to vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled
 to twenty (20) votes on all matters subject to vote at general meetings of the Company. A
 fraction of a Class A Ordinary Share shall entitle its holder to an equivalent fraction of
 one (1) vote, and a fraction of a Class B Ordinary Share shall entitle its holder to an equivalent
 fraction of twenty (20) votes.

12.4 No
 Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his
 Shares in the same way.

**Rights of joint holders**

12.5 If
 Shares are held jointly, only one of the joint holders may vote. If more than one of the
 joint holders tenders a vote, the vote of the holder whose name in respect of those Shares
 appears first in the Register of Members shall be accepted to the exclusion of the votes
 of the other joint holder.

**Representation of corporate Members**

12.6 Save
 where otherwise provided, a corporate Member must act by a duly authorised representative.

12.7 A
 corporate Member wishing to act by a duly authorised representative must identify that person
 to the Company by notice in writing.

12.8 The
 authorisation may be for any period of time, and must be delivered to the Company before
 the commencement of the meeting at which it is first used.

12.9 The
 Directors of the Company may require the production of any evidence which they consider necessary
 to determine the validity of the notice.

12.10 Where
 a duly authorised representative is present at a meeting that Member is deemed to be present
 in person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A
 corporate Member may revoke the appointment of a duly authorised representative at any time
 by notice to the Company; but such revocation will not affect the validity of any acts carried
 out by the duly authorised representative before the Directors of the Company had actual
 notice of the revocation.

**Member with mental disorder**

12.12 A
 Member in respect of whom an order has been made by any court having jurisdiction (whether
 in the Cayman Islands or elsewhere) in matters concerning mental disorder may vote, by that
 Member's receiver, *curator bonis* or other person authorised in that behalf appointed
 by that court.

12.13 For
 the purpose of the preceding Article, evidence to the satisfaction of the Directors of the
 authority of the person claiming to exercise the right to vote must be received not less
 than 24 hours before holding the relevant meeting or the adjourned meeting in any manner
 specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic
 means. In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An
 objection to the validity of a person's vote may only be raised at the meeting or at
 the adjourned meeting at which the vote is sought to be tendered. Any objection duly made
 shall be referred to the chairman whose decision shall be final and conclusive.

**Form of proxy**

12.15 An
 instrument appointing a proxy shall be in any common form or in any other form approved by
 the Directors.

12.16 The
 instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Member is a corporation or other body corporate, under seal or signed by an authorised
 officer, secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The
 Directors may require the production of any evidence which they consider necessary to determine
 the validity of any appointment of a proxy.

12.18 A
 Member may revoke the appointment of a proxy at any time by notice to the Company duly signed
 in accordance with Article 12.16.

12.19 No
 revocation by a Member of the appointment of a proxy made in accordance with Article 12.18
will affect the validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject
 to the following Articles, the Directors may, in the notice convening any meeting or adjourned
 meeting, or in an instrument of proxy sent out by the Company, specify the manner by which
 the instrument appointing a proxy shall be deposited and the place and the time (being not
 later than the time appointed for the commencement of the meeting or adjourned meeting to
 which the proxy relates) at which the instrument appointing a proxy shall be deposited. In
 the absence of any such direction from the Directors in the notice convening any meeting
 or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment
 of a proxy and any authority under which it is signed (or a copy of the authority certified
 notarially or in any other way approved by the Directors) must be delivered so that it is
 received by the Company before the time for holding the meeting or adjourned meeting at which
 the person named in the form of appointment of proxy proposes to vote. They must be delivered
 in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 such other place within the Cayman Islands specified in the notice convening the meeting
 or in any form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 pursuant to the notice provisions, a notice may be given to the Company in an Electronic
 Record, an Electronic Record of an appointment of a proxy must be sent to the address specified
 pursuant to those provisions unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at his
 discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If
 the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When
 two or more valid but differing appointments of proxy are delivered or received in respect
 of the same Share for use at the same meeting and in respect of the same matter, the one
 which is last validly delivered or received (regardless of its date or of the date of its
 execution) shall be treated as replacing and revoking the other or others as regards that
 Share. lf the Company is unable to determine which appointment was last validly delivered
 or received, none of them shall be treated as valid in respect of that Share.

12.23 The
 Board may at the expense of the Company send forms of appointment of proxy to the Members
 by post (that is to say, pre-paying and posting a letter), or by Electronic communication
 or otherwise (with or without provision for their return by pre-paid post) for use at any
 general meeting or at any separate meeting of the holders of any class of Shares, either
 blank or nominating as proxy in the alternative any one or more of the Directors or any other
 person. lf for the purpose of any meeting invitations to appoint as proxy a person or one
 of a number of persons specified in the invitations are issued at the Company's expense,
 they shall be issued to all (and not to some only) of the Members entitled to be sent notice
 of the meeting and to vote at it. The accidental omission to send such a form of appointment
 or to give such an invitation to, or the non-receipt of such form of appointment by, any
 Member entitled to attend and vote at a meeting shall not invalidate the proceedings at that
 meeting

**Voting by proxy**

12.24 A
 proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would
 have had except to the extent that the instrument appointing him limits those rights. Notwithstanding
 the appointment of a proxy, a Member may attend and vote at a meeting or adjourned meeting.
 If a Member votes on any resolution a vote by his proxy on the same resolution, unless in
 respect of different Shares, shall be invalid.

12.25 The
 instrument appointing a proxy to vote at a meeting shall not confer any further right to
 speak at the meeting, except with the permission of the chairman of the meeting.

---

| | |
|:---|:---|
| **13** | **Number of Directors** |

---

13.1 There
 shall be a Board consisting of not less than one person provided however that the Company
 may by Ordinary Resolution increase or reduce the limits in the number of Directors. Unless
 fixed by Ordinary Resolution, the maximum number of Directors shall be unlimited.

---

| | |
|:---|:---|
| **14** | **Appointment, disqualification and removal of Directors** |

---

**First Directors**

14.1 The
 first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
 or a majority of them.

**No age limit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 There
 is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless
 prohibited by law, a body corporate may be a Director. If a body corporate is a Director,
 the Articles about representation of corporate Members at general meetings apply, mutatis
 mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless
 a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall
 be required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A
 Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may
 be to fill a vacancy or as an additional Director.

14.6 The
 remaining Director(s) may appoint a Director even though there is not a quorum of Directors.

14.7 No
 appointment can cause the number of Directors to exceed the maximum (if one is set); and
 any such appointment shall be invalid.

14.8 For
 so long as Shares are listed on a Designated Stock Exchange, the Directors shall include
 at least such number of Independent Directors as applicable law, rules or regulations or
 the Designated Stock Exchange Rules require as determined by the Board.

**Board's power to appoint Directors**

14.9 Without
 prejudice to the Company's power to appoint a person to be a Director pursuant to these
 Articles, the Board shall have power at any time to appoint any person who is willing to
 act as a Director, either to fill a vacancy or as an addition to the existing Board, subject
 to the total number of Directors not exceeding any maximum number fixed by or in accordance
 with these Articles.

14.10 Subject
 to the Designated Stock Exchange Rules, an appointment of a Director may be on terms that
 the Director shall automatically retire from office (unless he has sooner vacated office)
 at the next or a subsequent annual general meeting or upon any specified event or after any
 specified period in a written agreement between the Company and the Director, if any; but
 no such term shall be implied in the absence of express provision. Each Director whose term
 of office expires shall be eligible for re-election at a meeting of the Members or re-appointment
 by the Board.

**Removal of Directors**

14.11 A
 Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A
 Director may at any time resign office by giving to the Company notice in writing or, if
 permitted pursuant to the notice provisions, in an Electronic Record delivered in either
 case in accordance with those provisions.

14.13 Unless
 the notice specifies a different date, the Director shall be deemed to have resigned on the
 date that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A
 Director may retire from office as a Director by giving notice in writing to that effect
 to the Company at the registered office, which notice shall be effective upon such date as
 may be specified in the notice, failing which upon delivery to the registered office.

14.15 Without
 prejudice to the provisions in these Articles for retirement (by rotation or otherwise),
 a Director's office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in
 the opinion of a registered medical practitioner by whom he is being treated he becomes physically
 or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he
 is given notice by the majority of the other Directors (not being less than two in number)
 to vacate office (without prejudice to any claim for damages for breach of any agreement
 relating to the provision of the services of such Director); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he
 is made subject to any law relating to mental health or incompetence, whether by court order
 or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without
 the consent of the other Directors, he is absent from meetings of Directors for a continuous
 period of six months.

---

| | |
|:---|:---|
| **15** | **Alternate Directors** |

---

**Appointment and removal**

15.1 Any
 Director may appoint any other person, including another Director, to act in his place as
 an alternate Director. No appointment shall take effect until the Director has given notice
 of the appointment to the Board.

15.2 A
 Director may revoke his appointment of an alternate at any time. No revocation shall take
 effect until the Director has given notice of the revocation to the Board.

15.3 A
 notice of appointment or removal of an alternate Director shall be effective only if given
 to the Company by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has a facsimile address for the time being, by sending by facsimile transmission
 to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission
 to the facsimile address of the Company's registered office a facsimile copy (in either
 case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which
 event notice shall be taken to be given on the date of an error-free transmission report
 from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Company has an email address for the time being, by emailing to that email address a
 scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address
 provided by the Company's registered office a scanned copy of the notice as a PDF attachment
 (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies),
 in which event notice shall be taken to be given on the date of receipt by the Company or
 the Company's registered office (as appropriate) in readable form; or

(d) if
 permitted pursuant to the notice provisions, in some other form of approved Electronic Record
 delivered in accordance with those provisions in writing.

**Notices**

15.4 All
 notices of meetings of Directors shall continue to be given to the appointing Director and
 not to the alternate.

**Rights of alternate Director**

15.5 An
 alternate Director shall be entitled to attend and vote at any Board meeting or meeting of
 a committee of the Directors at which the appointing Director is not personally present,
 and generally to perform all the functions of the appointing Director in his absence. An
 alternate Director, however, is not entitled to receive any remuneration from the Company
 for services rendered as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 An
 alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Director who appointed him revokes his appointment by notice delivered to the Board or to
 the registered office of the Company or in any other manner approved by the Board; or

(c) in
 any event happens in relation to him which, if he were a Director of the Company, would cause
 his office as Director to be vacated.

**Status of alternate Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 An
 alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save
 where otherwise expressed, an alternate Director shall be treated as a Director under these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 An
 alternate Director is not the agent of the Director appointing him.

15.10 An
 alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A
 Director who has appointed an alternate is not thereby relieved from the duties which he
 owes the Company.

---

| | |
|:---|:---|
| **16** | **Powers of Directors** |

---

**Powers of Directors**

16.1 Subject
 to the provisions of the Act, the Memorandum and these Articles the business of the Company
 shall be managed by the Directors who may for that purpose exercise all the powers of the
 Company.

16.2 No
 prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum
 or these Articles. However, to the extent allowed by the Act, Members may, by Special Resolution,
 validate any prior or future act of the Directors which would otherwise be in breach of their
 duties.

**Directors below the minimum number**

16.3 lf
 the number of Directors is less than the minimum prescribed in accordance with these Articles,
 the remaining Director or Directors shall act only for the purposes of appointing an additional
 Director or Directors to make up such minimum or of convening a general meeting of the Company
 for the purpose of making such appointment. lf there are no Director or Directors able or
 willing to act, any two Members may summon a general meeting for the purpose of appointing
 Directors. Any additional Director so appointed shall hold office (subject to these Articles)
 only until the dissolution of the annual general meeting next following such appointment
 unless he is re-elected during such meeting.

**Appointments to office**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Subject
 to the Designated Stock Exchange Rules, the Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 The
 appointee must consent in writing to holding that office.

16.6 Where
 a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If
 there is no chairman, or if the chairman is unable to preside at a meeting, that meeting
 may select its own chairman; or the Directors may nominate one of their number to act in
 place of the chairman should he ever not be available.

16.8 Subject
 to the provisions of the Act, the Directors may also appoint and remove any person, who need
 not be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 The
 Secretary or Officer must consent in writing to holding that office.

16.10 A
 Director, Secretary or other Officer of the Company may not the hold the office, or perform
 the services, of auditor.

**Provisions for employees**

16.11 The
 Board may make provision for the benefit of any persons employed or formerly employed by
 the Company or any of its subsidiary undertakings (or any member of his family or any person
 who is dependent on him) in connection with the cessation or the transfer to any person of
 the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The
 Board may exercise the voting power conferred by the Shares in any body corporate held or
 owned by the Company in such manner in all respects as it thinks fit (including, without
 limitation, the exercise of that power in favour of any resolution appointing any Director
 as a Director of such body corporate, or voting or providing for the payment of remuneration
 to the Directors of such body corporate).

**Remuneration**

16.13 Every
 Director may be remunerated by the Company for the services he provides for the benefit of
 the Company, whether as Director, employee or otherwise, and shall be entitled to be paid
 for the expenses incurred in the Company's business including attendance at Directors'
 meetings.

16.14 Until
 otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
 Directors) shall be entitled to such remuneration by way of fees for their services in the
 office of Director as the Directors may determine.

16.15 Remuneration
 may take any form and may include arrangements to pay pensions, health insurance, death or
 sickness benefits, whether to the Director or to any other person connected to or related
 to him.

16.16 Unless his fellow Directors
 determine otherwise, a Director is not accountable to the Company for remuneration or other benefits received from any other company
 which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject
 to compliance with applicable laws, including the applicable federal securities laws of the
 United States, the Directors may release or disclose to a third party any information regarding
 the affairs of the Company, including any information contained in the Register of Members
 relating to a Member, (and they may authorise any Director, Officer or other authorised agent
 of the Company to release or disclose to a third party any such information in his possession)
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person,
 as the case may be, is lawfully required to do so under the laws of any jurisdiction to which the Company is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 disclosure is in compliance with the Designated Stock Exchange Rules (to the extent applicable);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
 disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Directors are of the opinion such disclosure would assist or facilitate the Company's
 operations.

---

| | |
|:---|:---|
| **17** | **Delegation of powers** |

---

**Power to delegate any of the Directors' powers to a committee**

17.1 The
 Directors may delegate any of their powers to any committee consisting of one or more persons
 who need not be Members. Persons on the committee may include non-Directors so long as the
 majority of those persons are Directors. For so long as Shares are listed on a Designated
 Stock Exchange, any such committee shall be made up of such number of Independent Directors
 as required from time to time by the Designated Stock Exchange Rules or otherwise required
 by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 The
 delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The
 delegation may be on such terms as the Directors think fit, including provision for the committee
 itself to delegate to a sub-committee; save that any delegation must be capable of being
 revoked or altered by the Directors at will.

17.4 Unless
 otherwise permitted by the Directors, a committee must follow the procedures prescribed for
 the taking of decisions by Directors.

17.5 For
 so long as the Shares are listed on a Designated Stock Exchange, the Board shall, if required
 by the Designated Stock Exchange Rules, establish an audit committee, a compensation committee
 and a nominating and corporate governance committee. Each of these committees shall be empowered
 to do all things necessary to exercise the rights of such committee set forth in these Articles.
 Each of the audit committee, compensation committee and nominating and corporate governance
 committee shall consist of at least three Directors (or such larger minimum number as may
 be required from time to time by the Designated Stock Exchange Rules). The committees shall
 be made up of such number of Independent Directors as required from time to time by the Designated
 Stock Exchange Rules or otherwise required by applicable law, subject to any exemptions permitted
 under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The
 Board may establish any local or divisional board or agency for managing any of the affairs
 of the Company whether in the Cayman Islands or elsewhere and may appoint any persons to
 be members of a local or divisional Board, or to be managers or agents, and may fix their
 remuneration.

17.7 The
 Board may delegate to any local or divisional board, manager or agent any of its powers and
 authorities (with power to sub-delegate) and may authorise the members of any local or divisional
 board or any of them to fill any vacancies and to act notwithstanding vacancies.

17.8 Any
 appointment or delegation under this Article 17.8 may be made on such terms and subject to
 such conditions as the Board thinks fit and the Board may remove any person so appointed,
 and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The
 Directors may appoint any person, either generally or in respect of any specific matter,
 to be the agent of the Company with or without authority for that person to delegate all
 or any of that person's powers. The Directors may make that appointment:

(a) by
 causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The
 Directors may appoint any person, whether nominated directly or indirectly by the Directors,
 to be the attorney or the authorised signatory of the Company. The appointment may be:

(a) for
 any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject
 to such conditions as
they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under
these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any
 power of attorney or other appointment may contain such provision for the protection and
 convenience for persons dealing with the attorney or authorised signatory as the Directors
 think fit. Any power of attorney or other appointment may also authorise the attorney or
 authorised signatory to delegate all or any of the powers, authorities and discretions vested
 in that person.

17.12 The
 Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The
 Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
 its undertaking, property and assets both present and future and uncalled capital, or any
 part thereof, and to issue debentures and other securities, whether outright or as collateral
 security for any debt, liability or obligation of the Company or its parent undertaking (if
 any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The
 Board may, from time to time, and except as required by applicable law or the Designated
 Stock Exchange Rules (to the extent applicable), adopt, institute, amend, modify or revoke
 the corporate governance policies or initiatives of the Company, which shall be intended
 to set forth the guiding principles and policies of the Company and the Board on various
 corporate governance related matters as the Board shall determine by resolution from time
 to time.

---

| | |
|:---|:---|
| **18** | **Meetings of Directors** |

---

**Regulation of Directors' meetings**

18.1 Subject
 to the provisions of these Articles, the Directors may regulate their proceedings as they
 think fit.

**Calling meetings**

18.2 Any
 Director may call a meeting of Directors at any time. The Secretary must call a meeting of
 the Directors if requested to do so by a Director.

**Notice of meetings**

18.3 Notice
 of a Board meeting may be given to a Director personally or by word of mouth or given in
 writing or by Electronic communications at such address as he may from time to time specify
 for this purpose (or, if he does not specify an address, at his last known address). A Director
 may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A
 Director may participate in a meeting of Directors through the medium of conference telephone,
 video or any other form of communications equipment providing all persons participating in
 the meeting are able to hear and speak to each other throughout the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 A
 Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The
 quorum for the transaction of business at a meeting of Directors shall be two unless the
 Directors fix some other number.

**Chairman or deputy to preside**

18.7 The
 Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time
 revoke any such appointment.

18.8 The
 chairman, or failing him any deputy chairman (the longest in office taking precedence if
 more than one is present), shall preside at all Board meetings. If no chairman or deputy
 chairman has been appointed, or if he is not present within five minutes after the time fixed
 for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors
 present shall choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A
 question which arises at a Board meeting shall be decided by a majority of votes. If votes
 are equal the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A
 Director present at a meeting of Directors shall be presumed to have assented to any action
 taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his
 dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 has forwarded to the Company as soon as practical following the conclusion of that meeting
 signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The
 Directors may pass a resolution in writing without holding a meeting if all Directors sign
 a document or sign several documents in the like form each signed by one or more of those
 Directors.

18.12 A
 written resolution signed by a validly appointed alternate Director need not also be signed
 by the appointing Director.

18.13 A
 written resolution signed personally by the appointing Director need not also be signed by
 his alternate.

18.14 A
 resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13
 shall be as effective as if it had been passed at a meeting of the Directors duly convened
 and held; and it shall be treated as having been passed on the day and at the time that the
 last Director signs (and for the avoidance of doubt, such day may or may not be a Business
 Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All
 acts done by a meeting of the Board, or of a committee of the Board, or by any person acting
 as a Director or an alternate Director, shall, notwithstanding that it is afterwards discovered
 that there was some defect in the appointment of any Director or alternate Director or member
 of the committee, or that any of them were disqualified or had vacated office or were not
 entitled to vote, be as valid as if every such person had been duly appointed and qualified
 and had continued to be a Director or alternate Director and had been entitled to vote.

---

| | |
|:---|:---|
| **19** | **Permissible Directors' interests and disclosure** |

---

19.1 A
 Director who is in any way, whether directly or indirectly, interested in a contract or transaction
 or proposed contract or transaction with the Company shall declare the nature of his interest
 at a meeting of the Directors. A general notice given to the Directors by any Director to
 the effect that he is a member of any specified company or firm and is to be regarded as
 interested in any contract or transaction which may thereafter be made with that company
 or firm shall be deemed a sufficient declaration of interest in regard to any contract so
 made or transaction so consummated. Subject to the Designated Stock Exchange Rules (to the
 extent applicable) and disqualification by the chairman of the relevant Board meeting, a
 Director may vote in respect of any contract or transaction or proposed contract or transaction
 notwithstanding that he may be interested therein provided the Director discloses to his
 fellow directors the nature and extent of any material interests in respect of any contract
 or transaction or proposed contract or transaction and if he does so his vote shall be counted
 and he may be counted in the quorum at any meeting of the Directors at which any such contract
 or transaction or proposed contract or transaction shall come before the meeting for consideration.

---

| | |
|:---|:---|
| **20** | **Minutes** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 The
 Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of Officers and committees made by the Board and of any such Officer's
 remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 names of Directors present at every meeting of the Directors, a committee of the Board, the
 Company or the holders of any class of shares or debentures, and all orders, resolutions
 and proceedings of such meetings.

20.2 Any
 such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings
 were held or by the chairman of the next succeeding meeting or the Secretary, shall be prima
 facie evidence of the matters stated in them.

---

| | |
|:---|:---|
| **21** | **Accounts and audit** |

---

21.1 The
 Directors must ensure that proper accounting and other records are kept, and that accounts
 and associated reports are distributed in accordance with the requirements of the Act.

21.2 The
 books of account shall be kept at the registered office of the Company and shall always be
 open to inspection by the Directors. No Member (other than a Director) shall have any right
 of inspecting any account or book or document of the Company except as conferred by the Act
 or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on 30 April
 in each year and begin on 1 May in each year.

**Auditors**

21.4 The
 Directors may appoint an Auditor of the Company who shall hold office on such terms as the
 Directors determine.

21.5 At
 any general meeting convened and held at any time in accordance with these Articles, the
 Members may, by Ordinary Resolution, remove the Auditor before the expiration of his term
 of office. If they do so, the Members shall, by Ordinary Resolution, at that meeting appoint
 another Auditor in his stead for the remainder of his term.

21.6 The
 Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
 of their duties.

21.7 The
 Auditors shall, if so requested by the Directors, make a report on the accounts of the Company
 during their tenure of office at the next annual general meeting following their appointment,
 and at any time during their term of office, upon request of the Directors or any general
 meeting of the Company.

---

| | |
|:---|:---|
| **22** | **Record dates** |

---

22.1 Except
 to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
 on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's
 resolution, may specify that the dividend is payable or distributable to the persons registered
 as the holders of those Shares at the close of business on a particular date, notwithstanding
 that the date may be a date prior to that on which the resolution is passed.

22.2 If
 the resolution does so specify, the dividend shall be payable or distributable to the persons
 registered as the holders of those Shares at the close of business on the specified date
 in accordance with their respective holdings so registered, but without prejudice to the
 rights *inter se* in respect of the dividend of transferors and transferees of any of
 those Shares.

22.3 The
 provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues,
 distributions of realised capital profits or offers or grants made by the Company to the
 Members.

---

| | |
|:---|:---|
| **23** | **Dividends** |

---

**Source of dividends**

23.1 Dividends
 may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject
 to the requirements of the Act regarding the application of a company's Share premium
 account and with the sanction of an Ordinary Resolution, dividends may also be declared and
 paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject
 to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in
 accordance with the respective rights of the Members but no dividend shall exceed the amount
 recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The
 Directors may declare and pay interim dividends or recommend final dividends in accordance
 with the respective rights of the Members if it appears to them that they are justified by
 the financial position of the Company and that such dividends may lawfully be paid.

23.5 Subject
 to the provisions of the Act, in relation to the distinction between interim dividends and
 final dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 determination to pay a dividend or dividends described as interim by the Directors in the

 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 declaration of a dividend or dividends described as final by the Directors in the dividend
 resolution, a debt shall be created immediately following the declaration, the due date to
 be the date the dividend is stated to be payable in the resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In
 relation to Shares carrying differing rights to dividends or rights to dividends at a fixed
 rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the share capital is divided into different classes, the Directors may pay dividends on Shares
 which confer deferred or non-preferred rights with regard to dividends as well as on Shares
 which confer preferential rights with regard to dividends but no dividend shall be paid on
 Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
 dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate
 if it appears to them that there are sufficient funds of the Company lawfully available for
 distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Directors act in good faith, they shall not incur any liability to the Members holding
 Shares conferring preferred rights for any loss those Members may suffer by the lawful payment
 of the dividend on any Shares having deferred or non-preferred rights.

**Apportionment of dividends**

23.7 Except
 as otherwise provided by the rights attached to Shares all dividends shall be declared and
 paid according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends
 shall be apportioned and paid proportionately to the amount Paid Up on the Shares during
 the time or part of the time in respect of which the dividend is paid. But if a Share is
 issued on terms providing that it shall rank for dividend as from a particular date, that
 Share shall rank for dividend accordingly.

**Right of set off**

23.8 The
 Directors may deduct from a dividend or any other amount payable to a person in respect of
 a Share any amount due by that person to the Company on a call or otherwise in relation to
 a Share.

**Power to pay other than in cash**

23.9 If
 the Directors so determine, any resolution declaring a dividend may direct that it shall
 be satisfied wholly or partly by the distribution of assets. If a difficulty arises in relation
 to the distribution, the Directors may settle that difficulty in any way they consider appropriate.
 For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix
 the value of assets for distribution and make cash payments to some Members on the footing
 of the value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 some assets in trustees.

**How payments may be made**

23.10 A
 dividend or other monies payable on or in respect of a Share may be paid in any of the following
 ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Member holding that Share or other person entitled to that Share nominates a bank account
 for that purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 cheque or warrant sent by post to the registered address of the Member holding that Share
 or other person entitled to that Share.

23.11 For
 the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record
 and the bank account nominated may be the bank account of another person. For the purposes
 of Article 23.10(b), subject to any applicable law or regulation, the cheque or warrant shall
 be made to the order of the Member holding that Share or other person entitled to the Share
 or to his nominee, whether nominated in writing or in an Electronic Record, and payment of
 the cheque or warrant shall be a good discharge to the Company.

23.12 If
 two or more persons are registered as the holders of the Share or are jointly entitled to
 it by reason of the death or bankruptcy of the registered holder (**Joint Holders**),
 a dividend (or other amount) payable on or in respect of that Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the registered address of the Joint Holder of the Share who is named first on the Register
 of Members or to the registered address of the deceased or bankrupt holder, as the case may
 be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the address or bank account of another person nominated by the Joint Holders, whether that
 nomination is in writing or in an Electronic Record.

23.13 Any
 Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable
 in respect of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless
 provided for by the rights attached to a Share, no dividend or other monies payable by the
 Company in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If
 a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was
 declared or both, the Directors may pay it into a separate account in the Company's
 name. If a dividend is paid into a separate account, the Company shall not be constituted
 trustee in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A
 dividend that remains unclaimed for a period of six years after it became due for payment
 shall be forfeited to, and shall cease to remain owing by, the Company.

---

| | |
|:---|:---|
| **24** | **Capitalisation of profits** |

---

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 The
 Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 part of the Company's profits not required for paying any preferential dividend (whether
 or not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 sum standing to the credit of the Company's share premium account or capital redemption
 reserve, if any.

24.2 The
 amount resolved to be capitalised must be appropriated to the Members who would have been
 entitled to it had it been distributed by way of dividend and in the same proportions. The
 benefit to each Member so entitled must be given in either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member
 or as that Member directs. The Directors may resolve that any Shares issued to the Member
 in respect of Partly Paid Up Shares (**Original Shares**) rank for dividend only to the
 extent that the Original Shares rank for dividend while those Original Shares remain Partly
 Paid Up.

**Applying an amount for the benefit of Members**

24.3 The
 amount capitalised must be applied to the benefit of Members in the proportions to which
 the Members would have been entitled to dividends if the amount capitalised had been distributed
 as a dividend.

24.4 Subject
 to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
 the Directors may issue a fractional certificate to that Member or pay him the cash equivalent
 of the fraction.

---

| | |
|:---|:---|
| **25** | **Share Premium Account** |

---

**Directors to maintain share premium account**

25.1 The
 Directors shall establish a share premium account in accordance with the Act. They shall
 carry to the credit of that account from time to time an amount equal to the amount or value
 of the premium paid on the issue of any Share or capital contributed or such other amounts
 required by the Act.

**Debits to share premium account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 The
 following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the redemption or purchase of a Share, the difference between the nominal value of that Share
 and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding
 the preceding Article, on the redemption or purchase of a Share, the Directors may pay the
 difference between the nominal value of that Share and the redemption purchase price out
 of the profits of the Company or, as permitted by the Act, out of capital.

---

| | |
|:---|:---|
| **26** | **Seal** |

---

**Company seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 The
 Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject
 to the provisions of the Act, the Company may also have a duplicate seal or seals for use
 in any place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile
 of the original seal of the Company. However, if the Directors so determine, a duplicate
 seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A
 seal may only be used by the authority of the Directors. Unless the Directors otherwise determine,
 a document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If
 the Directors do not adopt a seal, or a seal is not used, a document may be executed in the
 following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The
 Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the seal or a duplicate seal need not be affixed manually but may be affixed by some other
 method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a signature required by these Articles need not be manual but may be a mechanical or Electronic
 Signature.

**Validity of execution**

26.6 If
 a document is duly executed and delivered by or on behalf of the Company, it shall not be
 regarded as invalid merely because, at the date of the delivery, the Secretary, or the Director,
 or other Officer or person who signed the document or affixed the seal for and on behalf
 of the Company ceased to be the Secretary or hold that office and authority on behalf of
 the Company.

---

| | |
|:---|:---|
| **27** | **Indemnity** |

---

27.1 To
 the extent permitted by law, the Company shall indemnify each existing or former Director
 (including alternate Director), Secretary and other Officer of the Company (including an
 investment adviser or an administrator or liquidator) and their personal representatives
 against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or
 sustained by the existing or former Director (including alternate Director), Secretary or
 Officer in or about the conduct of the Company's business or affairs or in the execution
 or discharge of the existing or former Director's (including alternate Director's),
 Secretary's or Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
 or former Director (including alternate Director), Secretary or Officer in defending (whether
 successfully or otherwise) any civil, criminal, administrative or investigative proceedings
 (whether threatened, pending or completed) concerning the Company or its affairs in any court
 or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To
 the extent permitted by Act, the Company may make a payment, or agree to make a payment,
 whether by way of advance, loan or otherwise, for any legal costs incurred by an existing
 or former Director (including alternate Director), Secretary or Officer of the Company in
 respect of any matter identified in Article 27.1 on condition that the Director (including
 alternate Director), Secretary or Officer must repay the amount paid by the Company to the
 extent that it is ultimately found not liable to indemnify the Director (including alternate
 Director), Secretary or that Officer for those legal costs.

**Release**

27.3 To
 the extent permitted by Act, the Company may by Special Resolution release any existing or
 former Director (including alternate Director), Secretary or other Officer of the Company
 from liability for any loss or damage or right to compensation which may arise out of or
 in connection with the execution or discharge of the duties, powers, authorities or discretions
 of his office; but there may be no release from liability arising out of or in connection
 with that person's own dishonesty.

**Insurance**

27.4 To
 the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of
 a contract insuring each of the following persons against risks determined by the Directors,
 other than liability arising out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director),
 Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 trustee of an employee or retirement benefits scheme or other trust in which any of the persons
 referred to in paragraph (a) is or was interested.

---

| | |
|:---|:---|
| **28** | **Notices** |

---

**&nbsp;&nbsp;&nbsp;&nbsp; Form of notices**

28.1 Save
 where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules
 (to the extent applicable), any notice to be given to or by any person pursuant to these
 Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 writing signed by or on behalf of the giver in the manner set out below for written notices;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
 Signature and authenticated in accordance with Articles about authentication of Electronic
 Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 A
 notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so resolve or otherwise accept the notice; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Director or Officer provides the giver of the notice an electronic address to which the notice
 may be sent and a notice is sent to that address within a reasonable period of time.

28.3 A
 notice may not be given by Electronic Record to a person other than the Company unless the
 recipient has provided the giver of the notice with an Electronic address to which notice
 may be sent.

28.4 Subject
 to the Act, the Designated Stock Exchange Rules (to the extent applicable) and to any other
 rules which the Company is bound to follow, the Company may also send any notice or other
 document pursuant to these Articles to a Member by publishing that notice or other document
 on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member
 have agreed to his having access to the notice or document on a website (instead of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Member is notified (in accordance with any requirements laid down by the Act and, in a manner
 for the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 place on that website where the notice or document may be accessed, and how it may be accessed;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 notice or document is published on that website throughout the publication period, provided
 that, if the notice or document is published on that website for a part, but not all of,
 the publication period, the notice or document shall be treated as being published throughout
 that period if the failure to publish that notice of document throughout that period is wholly
 attributable to circumstances which it would not be reasonable to have expected the Company
 to prevent or avoid. For the purposes of this Article 28.4 "publication period"
 means a period of not less than twenty-one days, beginning on the day on which the notification
 referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any
 notice or other document to be given to a Member may be given by reference to the Register
 of Members as it stands at any time within the period of twenty-one days before the day that
 the notice is given or (where and as applicable) within any other period permitted by, or
 in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange
 Rules and/or the Designated Stock Exchanges. No change in the Register of Members after that
 time shall invalidate the giving of such notice or document or require the Company to give
 such item to any other person.

**Persons authorised to give notices**

28.6 A
 notice by either the Company or a Member pursuant to these Articles may be given on behalf
 of the Company or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save
 where these Articles provide otherwise, a notice in writing may be given personally to the
 recipient, or left at (as appropriate) the Member's or Director's registered
 address or the Company's registered office, or posted to that registered address or
 registered office.

**Joint holders**

28.8 Where
 Members are joint holders of a Share, all notices shall be given to the Member whose name
 first appears in the Register of Members.

**Signatures**

28.9 A
 written notice shall be signed when it is autographed by or on behalf of the giver, or is
 marked in such a way as to indicate its execution or adoption by the giver.

28.10 An
 Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A
 notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
 the time, date and content of the transmission, and if no notification of failure to transmit
 is received by the giver.

28.12 A
 notice given in writing shall be deemed sent if the giver can provide proof that the envelope
 containing the notice was properly addressed, pre-paid and posted, or that the written notice
 was otherwise properly transmitted to the recipient.

28.13 A
 Member present, either in person or by proxy, at any meeting of the Company or of the holders
 of any class of Shares shall be deemed to have received due notice of the meeting and, where
 requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A
 notice may be given by the Company to the persons entitled to a Share in consequence of the
 death or bankruptcy of a Member by sending or delivering it, in any manner authorised by
 these Articles for the giving of notice to a Member, addressed to them by name, or by the
 title of representatives of the deceased, or trustee of the bankrupt or by any like description,
 at the address, if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until
 such an address has been supplied, a notice may be given in any manner in which it might
 have been given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A
 notice is given on the date identified in the following table

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
| (B) By leaving it at the Member's registered address | At the time and date it was left |
| (C) By posting it by prepaid post to the street or postal address of that recipient | 48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

28.17 None
 of the preceding notice provisions shall derogate from the Articles about the delivery of
 written resolutions of Directors and written resolutions of Members.

---

| | |
|:---|:---|
| **29** | **Authentication of Electronic Records** |

---

**Application of Articles**

29.1 Without
 limitation to any other provision of these Articles, any notice, written resolution or other
 document under these Articles that is sent by Electronic means by a Member, or by the Secretary,
 or by a Director or other Officer of the Company, shall be deemed to be authentic if either
 Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An
 Electronic Record of a notice, written resolution or other document sent by Electronic means
 by or on behalf of one or more Members shall be deemed to be authentic if the following conditions
 are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of
 those Members; and

(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, that Member to an address specified in accordance with these Articles for the purpose
 for which it was sent; and

(c) Article
 29.7 does not apply.

29.3 For
 example, where a sole Member signs a resolution and sends the Electronic Record of the original
 resolution, or causes it to be sent, by facsimile transmission to the address in these Articles
 specified for that purpose, the facsimile copy shall be deemed to be the written resolution
 of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An
 Electronic Record of a notice, written resolution or other document sent by or on behalf
 of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic
 if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Secretary or the Officer or each Officer, as the case may be, signed the original document,
 and for this purpose **Original Document** includes several documents in like form signed
 by the Secretary or one or more of those Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, the Secretary or that Officer to an address specified in accordance with these Articles
 for the purpose for which it was sent; and

(c) Article
 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For
 example, where a sole Director signs a resolution and scans the resolution, or causes it
 to be scanned, as a PDF version which is attached to an email sent to the address in these
 Articles specified for that purpose, the PDF version shall be deemed to be the written resolution
 of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For
 the purposes of these Articles about the authentication of Electronic Records, a document
 will be taken to be signed if it is signed manually or in any other manner permitted by these
 Articles.

**Saving provision**

29.7 A
 notice, written resolution or other document under these Articles will not be deemed to be
 authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes
 that the signature of the signatory has been altered after the signatory had signed the original
 document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes
 that the original document, or the Electronic Record of it, was altered, without the approval
 of the signatory, after the signatory signed the original document; or

(c) otherwise
 doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

---

| | |
|:---|:---|
| **30** | **Transfer by way of continuation** |

---

30.1 The
 Company may, by Special Resolution, resolve to be registered by way of continuation in a
 jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To
 give effect to any resolution made pursuant to the preceding Article, the Directors may cause
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 application be made to the Registrar of Companies of the Cayman Islands to deregister the
 Company in the Cayman Islands or in the other jurisdiction in which it is for the time being
 incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 such further steps as they consider appropriate to be taken to effect the transfer by way
 of continuation of the Company.

---

| | |
|:---|:---|
| **31** | **Winding up** |

---

**Distribution of assets in specie**

31.1 If
 the Company is wound up the Members may, subject to these Articles and any other sanction
 required by the Act, pass a Special Resolution allowing the liquidator to do either or both
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any
 part of the assets of the Company and, for that purpose, to value any assets and to determine how the division shall be carried out
 as between the Members or different classes of Members; and/or

(b) to vest the whole or any part of the assets in trustees
 for the benefit of the Members and those liable to contribute to the winding up.

**No obligation to accept liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 No
 Member shall be compelled to accept any assets if an obligation attaches to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3 The
 Directors are authorised to present a winding up petition

31.4 The
 Directors have the authority to present a petition for the winding up of the Company to the
 Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution
 passed at a general meeting.

---

| | |
|:---|:---|
| **32** | **Amendment of Memorandum and Articles** |

---

**Power to change name or amend Memorandum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 Subject
 to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change
 the provisions of its Memorandum with respect to its objects, powers or any other matter
 specified in the Memorandum.

**Power to amend these Articles**

32.2 Subject
 to the Act and as provided in these Articles, the Company may, by Special Resolution, amend
 these Articles in whole or in part.

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **ChainOn Group Limited** | **D +852 3656 6054** |
|  | **E nathan.powell@ogier.com** |
|  | **D +852 3656 6023** |
|  | **E janice.chu@ogier.com** |
|  | Reference: JTC/SWL/514929.00001 |

---

25 June 2026

Dear Sirs

**ChainOn Group Limited (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of 25,000,000 Class A Ordinary Shares (as defined below) of USD0.0004 par value each (the **Public Offering Shares**), together with an underwriter's over-allotment option for a period of 45 days after the closing of the Offering for the underwriters to purchase additional Class A Ordinary Shares, representing fifteen percent (15%) of the Public Offering Shares sold in the Offering (collectively, the **IPO Shares**).

We are furnishing this opinion as Exhibit 5.1, Exhibit 8.1 and Exhibit 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined below). The headings herein are for convenience only and do not affect the construction of this opinion.

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| **1** | **Documents examined** |

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For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 certificate of incorporation of the Company dated 9 October 2025 issued by the Registrar
 of Companies of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 memorandum and articles of association of the Company as adopted at incorporation dated 9
 October 2025;

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| **Ogier**<br> Providing advice on British Virgin Islands,<br> Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Joanne Collett<br> Dennis Li<br> Cecilia Li | Yuki Yan<br> David Lin<br> Alan Wong<br> Janice Chu<br> Zhao Rong Ooi<br> Rachel Huang\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup> | \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

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Page **2** of **5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 amended and restated memorandum and articles of association of the Company as adopted by
 special resolution passed 27 January 2026 (the **Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 certificate of good standing dated 10 June 2026 issued by the Registrar in respect of the
 Company (the **Good Standing Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 register of directors of the Company as provided to us on 10 June 2026 (the **Register of Directors**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 register of members of the Company as provided to us on 10 June 2026 (the **Register of Members**, together with the Register of Directors, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) copies
 of the written resolutions of the directors of the Company dated 27 April 2026 and 25 June
 2026 approving among others, the Company's filing of the Registration Statement and
 issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 certificate dated 25 June 2026 as to certain matters of fact signed by any director of the
 Company (the **Director's Certificate**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Registration Statement.

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| **2** | **Assumptions** |

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In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 copy documents examined by us (whether in facsimile, electronic or other form) conform to
 the originals and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 signatures, seals, dates, stamps and markings (whether on original or copy documents) are
 genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each
 of the Good Standing Certificate, the Director's Certificate and the Registers is accurate
 and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Memorandum and Articles provided to us are in full force and effect and have not been amended,
 varied, supplemented or revoked in any respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 copies of the Registration Statement are true and correct copies and the Registration Statement
 conform in every material respect to the latest drafts of the same produced to us and, where
 the Registration Statement has been provided to us in successive drafts marked-up to indicate
 changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Board Resolutions remain in full force and effect, have not been, and will not be rescinded
 or amended, and each director of the Company has acted in good faith with a view to the best
 interests of the Company and has exercised the standard of care, diligence and skill that
 is required of him in approving the Offering and the transactions set out in the Board Resolutions
 and no director has a financial interest in or other relationship to a party of the transactions
 contemplated by the Offering and the Board Resolutions which has not been properly disclosed
 in the Board Resolutions;

Page **3** of **5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 invitation has been or will be made by or on behalf of the Company to the public in the Cayman
 Islands to subscribe for any shares of the Company and none of the shares have been offered
 or issued to residents of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company is, and after the allotment and issuance of the IPO Shares will be, able to pay its
 liabilities as they fall due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) there
 is no provision of the law of any jurisdiction, other than the Cayman Islands, which would
 have any implication in relation to the opinions expressed herein.

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| **3** | **Opinions** |

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On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has been duly incorporated as an exempted company with limited liability and is validly
 existing and in good standing with the Registrar.

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 authorised share capital of the Company is USD50,000 divided into 100,000,000 class A ordinary
 shares of par value USD0.0004 each (the **Class A Ordinary Shares**) and 25,000,000 Class
 B ordinary shares of par value USD0.0004 each (the **Class B Ordinary Shares**).

**Corporate Authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has taken all requisite corporate action to authorise the issuance and sale of the
 IPO Shares under the Registration Statement.

**Valid Issuance of IPO Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 IPO Shares to be offered and issued by the Company as contemplated by the Registration Statement
 have been duly authorised for issue and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued
 by the Company against payment in full of the consideration therefor in accordance with the
 terms set out in the Registration Statement and the Memorandum and Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 issuance of IPO Shares have been duly registered in the Company's register of members
 as fully paid shares,

will be validly issued, fully paid and non-assessable.

**Registration Statement - Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 statements contained in the Registration Statement in the section headed "*Cayman Islands Tax Considerations* ", in so far as they purport to summarise the laws or
 regulations of the Cayman Islands, are accurate in all material respects and that such statements
 constitute our opinion.

Page **4** of **5**

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| **4** | **Limitations and Qualifications** |

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4.1 We
 offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to any laws other than the laws of the Cayman Islands, and we have not, for the purposes
 of this opinion, made any investigation of the laws of any other jurisdiction, and we express
 no opinion as to the meaning, validity, or effect of references in the Documents to statutes,
 rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman
 Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except
 to the extent that this opinion expressly provides otherwise, as to the commercial terms
 of, or the validity, enforceability or effect of the Registration Statement, the accuracy
 of representations, the fulfilment of warranties or conditions, the occurrence of events
 of default or terminating events or the existence of any conflicts or inconsistencies among
 the Registration Statement and any other agreements into which the Company may have entered
 or any other documents.

4.2 Under
 the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in
 respect of the Company must be filed with the Registrar of Companies in the Cayman Islands,
 together with payment of annual filing fees. A failure to file annual returns and pay annual
 filing fees may result in the Company being struck off the Register of Companies, following
 which its assets will be vest in the Financial Secretary of the Cayman Islands and will be
 subject to disposition or retention for the benefit of the public of the Cayman Islands.

4.3 In **good standing** means only that as of the date of this opinion the Company is up-to-date
 with the filing of its annual returns and payment of annual fees with the Registrar of Companies.
 We have made no enquiries into the Company's good standing with respect to any filings
 or payment of fees, or both, that it may be required to make under the laws of the Cayman
 Islands other than the Companies Act.

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|:---|:---|
| **5** | **Governing law of this opinion** |

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5.1 This
 opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed
 by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited
 to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined
 to, and given on the basis of, the laws and practice in the Cayman Islands at the date of
 this opinion.

5.2 Unless
 otherwise indicated, a reference to any specific Cayman Islands legislation is a reference
 to that legislation as amended to, and as in force at, the date of this opinion.

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| **6** | **Reliance** |

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6.1 We
 hereby consent to the filing of this opinion as an exhibit to the Registration Statement
 and to the reference to our firm under the headings "*Enforceability of Civil Liabilities* "
 and "*Legal Matters*" of the Registration Statement. In giving such consent,
 we do not believe that we are "experts" within the meaning of such term used
 in the Securities Act or the rules and regulations of the Commission issued thereunder with
 respect to any part of the Registration Statement, including this opinion as an exhibit or
 otherwise.

This opinion may be used only in connection with the offer and sale of the IPO Shares and while the Registration Statement is effective.

Page **5** of **5**

Yours faithfully

/s/ Ogier

**Ogier**

## Exhibit 10.1

**Exhibit 10.1**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is entered into as of [●] by and between ChainOn Group Limited, a Cayman Islands company (the "<u>Company</u>"), and the undersigned, a director and/or an officer of the Company ("<u>Indemnitee</u>"), as applicable.

**RECITALS**

The Board of Directors of the Company (the "<u>Board of Directors</u>") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

"<u>Expenses</u>" shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

"<u>Indemnifiable Event</u>" means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

"<u>Participant</u>" means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

"<u>Proceeding</u>" means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

B. AGREEMENT TO INDEMNIFY

1. <u>General Agreement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

2. <u>Indemnification of Expenses of Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.

3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

4. <u>Exclusions</u>. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification under this Agreement:

(a) to the extent that payment is actually made to Indemnitee under a valid, enforceable and collectible insurance policy;

(b) to the extent that Indemnitee is indemnified and actually paid other than pursuant to this Agreement;

(c) 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 a court of competent jurisdiction, in a decision from which there is no further right of appeal, to be liable for gross negligence or knowing or willful misconduct in the performance of his/her 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 indemnity for such Expenses as such court shall deem proper;

(d) in connection with any Proceeding initiated by Indemnitee against the Company, any director or officer of the Company or any other party, and not by way of defense, unless (i) the Company has joined in or the Board has consented to the initiation of such Proceeding; or (ii) the Proceeding is one to enforce indemnification rights under this Agreement or any applicable law;

(e) brought about by the dishonesty or fraud of the Indemnitee seeking payment hereunder; provided, however, that the Company shall indemnify Indemnitee under this Agreement as to any claims upon which suit may be brought against him/her by reason of any alleged dishonesty on his/her part, unless a judgment or other final adjudication thereof adverse to the Indemnitee establishes that he/she committed (i) acts of active and deliberate dishonesty, (ii) with actual dishonest purpose and intent, and (iii) which acts were material to the cause of action so adjudicated;

(f) for any judgment, fine or penalty which the Company is prohibited by applicable law from paying as indemnity;

(g) arising out of Indemnitee's breach of an employment agreement with the Company (if any) or any other agreement with the Company or any of its subsidiaries, or

(h) arising out of Indemnitee's personal income tax payable on any salaries, bonuses, director's fees, including fees for attending meetings, or gain on disposition of shares, options or restricted shares of the Company.

5. <u>No Employment Rights.</u> Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

6. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. 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 Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

1. <u>Notice and Cooperation by Indemnitee</u>. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable action to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

2. <u>Indemnification Payment</u>.

(a) <u>Advancement of Expenses</u>. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

(b) <u>Reimbursement of Expenses</u>. 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 immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.

(c) <u>Determination by the Reviewing Party</u>. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee, the Company shall, within 10 days after the Indemnitee's written request for an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after the Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; provided, however, that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

3. <u>Suit to Enforce Rights</u>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30 days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

4. <u>Assumption of Defense</u>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of 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 of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's expense.

5. <u>Defense to Indemnification, Burden of Proof and Presumptions</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

6. <u>No Settlement without Consent</u>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, 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.

7. <u>Company Participation</u>. Subject to Section B.6, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

8. <u>Reviewing Party</u>.

(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall 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 Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) 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) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "<u>Disinterested Director</u>" 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.

(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, 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 "<u>Independent Counsel</u>" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, 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. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall 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. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), 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/she 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/her conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

(d) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years 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 the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "<u>Independent Counsel</u>" 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. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

1. <u>Good Faith Determination</u>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement.

2. <u>Coverage of Indemnitee</u>. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers.

3. <u>No Obligation</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

1. <u>Non-Exclusivity</u>. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

2. <u>U.S. Federal Preemption</u>. 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 (the "<u>SEC</u>")'s prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee 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.

3. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein 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 as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she 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 continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

1. <u>Amendment of this Agreement</u>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

2. <u>Subrogation</u>. In the event of payment to Indemnitee by the Company 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 shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.

3. <u>Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

4. <u>Severability and Construction</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto.

5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

6. <u>Governing Law</u>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.

7. <u>Notices</u>. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

**ChainOn Group Limited**

**21/F, G.D. Real Estate Tower, No. 143 Connaught Road Central, Hong Kong SAR**

**+852 2297 2027**

Attention: Chief Executive Officer, Mr. Lok Him Kelvin, YAN

and to Indemnitee at his/her address last known to the Company.

8. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

 

*[Signature page follows]*

IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **ChainOn Group Limited** | **ChainOn Group Limited** |
| By: |  |
| Name: | [XX] |
| Title: | [XX] |
| **Indemnitee** | **Indemnitee** |
| Signature: |  |
| Name: | [XX] |

---

 

*[Signature Page to Indemnification Agreement- ChainOn Group Limited]*

## Exhibit 10.2

**Exhibit 10.2**

**<u>EMPLOYMENT AGREEMENT</u>**

**THIS EMPLOYMENT AGREEMENT** (the "<u>Agreement</u>") is entered into as of [\*] by and between ChainOn Group Limited, a company incorporated under the laws of Cayman Islands with limited liability (the "<u>Company</u>"), and [\*], an individual (the "<u>Executive</u>"). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its subsidiaries (collectively, the "<u>Group</u>").

**RECITALS**

(A) The
 Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined
 below).

(B) The
 Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

**THE PARTIES HERETO AGREE** as follows:

**1**. **POSITION** 

The Executive hereby accepts the position of Director and [Position] of the Company (the "<u>Employment</u>").

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be one year, commencing on [\*] (the "<u>Effective Date</u>"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the initial-year term, the Employment shall be automatically extended for successive one-year term unless either party gives the other party hereto a three-month prior written notice (or, in lieu thereof of, payment in accordance with the Employment Ordinance of Hong Kong, S.A.R. (hereinafter "Hong Kong")) to terminate the Employment prior to the expiration of such one-year term or unless terminated earlier under the terms of this Agreement.

**3.** **PROBATION** 

No probationary period.

**4.** **DUTIES AND RESPONSIBILITIES** 

(a) The
 Executive's duties at the Company will include all jobs assigned by the Company's Board of Directors (the " <u>Board</u> ")
 of the Company.

(b) The
 Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and
 shall faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of
 the Company, and the guidelines, policies and procedures of the Company approved from time to time by the Board.

(c) The
 Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the
 Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned
 or interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a " <u>Competitor</u> "),
 provided that nothing in this clause shall preclude the Executive from holding up to 50% of shares or other securities of any Competitor
 that is listed on any securities exchange or recognized securities market anywhere. <u>provided however,</u> that the Executive shall
 notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and
 with such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive
 to resign from any board or similar body which he/she may then serve if the Board reasonably determines in writing that the Executive's
 service on such board or body interferes with the effective discharge of the Executive's duties and responsibilities to the
 Company or that any business related to such service is then in competition with any business of the Company or any of its subsidiaries
 or affiliates.

**5.** **NO BREACH OF CONTRACT** 

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**6.** **LOCATION** 

The Executive will be based in Hong Kong, unless both parties hereto agree otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

**7.** **COMPENSATION AND BENEFITS** 

(a) <u>Compensation</u>.
 The Executive's cash compensation (inclusive of the statutory welfare reserves that the Company is required to deduct from
 the Executive's pay under applicable law) shall be provided by the Company pursuant to <u>Schedule A</u> hereto or as specified
 in a separate agreement between the executive and the company's designated subsidiary or affiliated entity, subject to annual
 review and adjustment by the Company or the compensation committee of the Board. The cash compensation may be paid by the Company,
 a subsidiary or affiliated entity or a combination thereof, as designated by the Company from time to time.

(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate
 in such plan pursuant to the terms thereof.

(c) <u>Benefits</u>.
 The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be
 adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan
 and travel/holiday plan.

**8.** **TERMINATION OF THE AGREEMENT** 

(a) <u>By the Company</u>. The Company may terminate the Employment for cause, at any time, without notice or remuneration, if the Executive
 (1) commits any serious or persistent breach or non-observance of the terms and conditions of the employment; (2) is convicted of
 a criminal offence other than one which in the opinion of the Board does not affect the executive's position as an employee
 of the Company, bearing in mind the nature of your duties and the capacity in which the executive is employed; (3) willfully disobeys
 a lawful and reasonable order; (4) misconducts himself/herself and such conduct being inconsistent with the due and faithful discharge
 of the Executive's material duties; (5) is guilty of fraud or dishonesty; (6) is habitually neglectful in Executive's
 duties; or (7) on any other ground on which the Company would be entitled to terminate the contract without notice at common law.
 The Company may terminate the Employment without cause at any time with a three-month prior written notice to the Executive or by
 payment of three months' salary in lieu of notice.

(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with a [three]-month prior written notice to the Company
 or by payment of three months' salary in lieu of notice. In addition, the Executive may resign prior to the expiration of the
 Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.

(c) <u>Notice of Termination</u>. Any termination of the Executive's employment under this Agreement shall be communicated by written notice
 of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s)
 of this Agreement relied upon in effecting the termination.

**9.** **CONFIDENTIALITY AND NONDISCLOSURE** 

(a) <u>Confidentiality and Non-disclosure</u>. The Executive hereby agrees at all times during the term of his/her employment and after termination, to
 hold in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation
 or other entity without written consent of the Company, any Confidential Information. The Executive understands that " <u>Confidential Information"</u> means any proprietary or confidential information of the Group, its affiliates, their clients, customers or
 partners, and the Group's licensors, including, without limitation, technical data, trade secrets, research and development
 information, product plans, services, customer lists and customers (including, but not limited to, customers of the Group on whom
 the Executive called or with whom the Executive became acquainted during the term of his/her employment), supplier lists and suppliers,
 software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information,
 personnel information, marketing, finances, information about the suppliers, joint ventures, licensors, licensees, distributors and
 other persons with whom the Group does business, information regarding the skills and compensation of other employees of the Group
 or other business information disclosed to the Executive by or obtained by the Executive from the Group, its affiliates, or their
 clients, customers or partners either directly or indirectly in writing, orally or by drawings or observation of parts or equipment,
 if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential
 Information shall not include information that is generally available and known to the public through no fault of the Executive.

(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created,
 received or transmitted in connection with his/her work or using the facilities of the Group are property of the Group and subject
 to inspection by the Group, at any time. Upon termination of the Executive's employment with the Company (or at any other time
 when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining
 to his/her work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances
 will the Executive have, following his/her termination, in his/her possession any property of the Group, or any documents or materials
 or copies thereof containing any Confidential Information.

(c) <u>Former Employer Information</u>. The Executive agrees that he has not and will not, during the term of his/her employment, (i) improperly
 use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive
 has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the
 Group any document or confidential or proprietary information belonging to such former employer, person or entity unless consented
 to in writing by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against
 all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in
 connection with any violation of the foregoing.

(d) <u>Third Party Information</u>. The Executive recognizes that the Group may have received, and in the future may receive, from third parties
 their confidential or proprietary information subject to a duty on the Group's part to maintain the confidentiality of such
 information and to use it only for certain limited purposes. The Executive agrees that the Executive owns the Group and such third
 parties, during the Executive's employment by the Company and thereafter, a duty to hold all such confidential or proprietary
 information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and
 for the limited purposes permitted by, the Group's agreement with such third party.

(e) This
 Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the
 Company shall have right to seek remedies permissible under applicable law.

**10.** **RETURN OF CONFIDENTIAL MATERIAL** 

(a) <u>Return of Confidential Material</u>. In the event of the Executive's termination of employment with the Company for any reason whatsoever,
 Executive agrees promptly to surrender and deliver to the Company all records, materials, equipment, drawings, documents and data
 of any nature pertaining to any confidential information or to his/her employment, and Executive will not retain or take with him/her
 any tangible materials or electronically-stored data, containing or pertaining to any confidential info1mation that Executive may
 produce, acquire or obtain access to during the course of his/her employment.

(b) <u>Survival</u>.
 This Section 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section
 10, the Company shall have right to seek remedies permissible under applicable law.

**11.** **CONFLICTING EMPLOYMENT** 

The Executive hereby agrees that, during the term of his/her employment with the Company, he/she will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Group is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.

**12.** **NON-COMPETITION AND NON-SOLICITATION** 

In consideration of the salary paid to the Executive by the Company, the Executive undertakes that for a period of one (1) year after he/she ceases to be employed by the Company, he/she will not, without the prior written consent of the Company:

(a) in
 the territory of the Cayman Islands, the British Virgin Islands, Hong Kong, Singapore, and People's Republic of China, either
 on his/her own account or through any of his/her affiliates, or in conjunction with or on behalf of any other person, carry on or
 be engaged, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent or otherwise
 carry on any business in direct competition with the business of the Group;

(b) either
 on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, solicit or entice
 away or attempt to solicit or entice away from the Group, any person, firm, company or organization who is or shall at any time within
 two (2) years prior to such cessation have been a customer, client, representative or agent of the Group or in the habit of dealing
 with the Group;

(c) either
 on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, employ, solicit
 or entice away or attempt to employ, solicit or entice away from the Group any person who is or shall have been at the date of or
 within twelve (12) months prior to such cessation of employment an officer, manager, consultant or employee of any such the Group
 whether or not such person would commit a breach of contract by reason of leaving such employment; or

(d) either
 on his/her own account or through any of his/her affiliates or in conjunction with or on behalf of any other person, in relation
 to any trade, business or company use a name including the words used by the Group in its name or in the name of any of its products,
 services or their derivative terms, or the Chinese or English equivalent or any similar word in such a way as to be capable of or
 likely to be confused with the name of the Group or the product or services or any other products or services of the Group, and shall
 use all reasonable endeavors to procure that no such name shall be used by any of his/her affiliates or otherwise by any person with
 which he/she is connected.

Each and every obligation under this Section 12 shall be treated as a separate obligation and shall be severally enforceable as such and in the event of any obligation or obligations being or becoming unenforceable in whole or in part, such part or parts which are unenforceable shall be deleted from such section and any such deletion shall not affect the enforceability of the remainder parts of such section.

The Executive agrees that in light of the circumstances, the restrictive covenants contained in this Section 12 are reasonable and necessary for the protection of the Group, and further agrees that the said covenants are not excessive or unduly onerous upon the Executive. However, it is recognized that restrictions of the nature in question may fail for technical reasons currently unforeseen and accordingly it is hereby agreed and declared that if any of such restrictions shall be adjudged to be void as going beyond what is reasonable, in light of the circumstances, for the protection of the Group, but would be valid if part of the wording thereof were deleted or the periods thereof reduced or the range of activities or area dealt with thereby reduced in scope, the said restriction shall apply with such modification as may be necessary to make it valid and effective.

This Section 12 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 12, the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable law.

**WITHHOLDING TAXES**

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**14.** **NOTIFICATION OF NEW EMPLOYER** 

In the event that the Executive leaves the employment of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

**15.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; <u>provided, however,</u> that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**16.** **SEVERABILITY** 

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**17.** **ENTIRE AGREEMENT** 

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

**18.** **REPRESENTATIONS** 

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 18. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

**19.** **AMENDMENT** 

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**20.** **WAIVER** 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**21.** **NOTICES** 

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**22.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**23.** **NO INTERPRETATION AGAINST DRAFTER** 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has ample opportunity to do so.

**24.** **GOVERNING LAW AND DISPUTE RESOLUTION** 

This Agreement shall be governed by, construed and enforced in accordance with the laws of Hong Kong without regard to the conflict of laws principles thereof. Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination hereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be three and the arbitration proceedings shall be conducted in Chinese (Cantonese).

*[Remainder of this page has been intentionally left blank.]*

**IN WITNESS WHEREOF,** this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **<u>Company</u>** | **<u>Company</u>** |
| **For and on behalf of**<br> **ChainOn Group Limited** | **For and on behalf of**<br> **ChainOn Group Limited** |
| Signature: | /s/ [\*] |
| Name: | [\*] |
| Title: | Director and [\*] |

---

---

| | |
|:---|:---|
| **<u>Executive</u>** | **<u>Executive</u>** |
| Signature: | /s/ [\*] |
| Name: | [\*] |

---

*[Signature Page to Employment Agreement]*

**<u>Schedule A</u>**

**Cash Compensation**

[\*]

## Exhibit 10.3

**Exhibit 10.3**

**ChainOn Group Limited**

**21/F, G.D. Real Estate Tower,** 

**No. 143 Connaught Road Central**

**Central, Hong Kong**

**[\*]**

**Re: Independent Director Offer Letter – [\*]**

Dear Mr. [\*]:

ChainOn Group Limited, a Cayman Islands company (the "Company" or "we"), is pleased to offer you a position as an Independent Director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nominating and Compensation Committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective on the effective date of the Company's registration statement on Form F-1 in connection with the Company's initial public offering (the "Effective Date"). Your term as an Independent Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "Board") and upon re-appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director, Chairman of the Nomination Committee, and member of the Audit Committee and Compensation Committee (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $[•] for each calendar year of service under this Agreement on a pro-rated basis, payable on a quarterly basis.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the Hong Kong Special Administrative Region ("Hong Kong") of the People's Republic of China. Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non- contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (the "HKIAC") under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be in Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in Chinese.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Not an Employment Agreement</u>**. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you to continue employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| <br> Sincerely, | <br> Sincerely, |
| **ChainOn Group Limited** | **ChainOn Group Limited** |
| By: |  |
|  | Lok Him Kelvin, YAN<br>Director, Chief Executive Officer and Chairman of the Board of Directors |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| [\*] |

---

## Exhibit 10.4

**Exhibit 10.4**

**Project Development Agreement**

This Project Development Agreement is prepared for Client Name.

This Project Development Agreement (referred to as the "Agreement") is made on Date and sets out the terms and conditions that govern the provision of maintenance services between:

&nbsp;&nbsp;&nbsp;&nbsp;i. ChainOn
 Technology (HK) Limited, having its principal place of business at Company address (the "Service
 Provider"); and

&nbsp;&nbsp;&nbsp;&nbsp;ii. Client
 Name, having its principal place of business at Client Address (the "Client"),

The Client has requested the design, development, and implementation of certain deliverables for its project (the "Project"), which are described in further detail in Exhibit A. The Service Provider has agreed to provide such development services, including but not limited to system design, coding, testing, integration, and delivery of the Project in accordance with the agreed specifications and milestones.

In consideration of the mutual covenants and promises made by both Parties under this Agreement, the Service Provider and the Client (individually, a "Party" and collectively, the "Parties") agree to the following terms:

**1. PURPOSE OF THE AGREEMENT**

1.1 This Agreement outlines the terms and conditions under which the Service Provider will provide project design, development, testing, and implementation services for the Project, with the objective of delivering the agreed deliverables in accordance with the Client's requirements.

1.2 The Client hereby engages the Service Provider, and the Service Provider agrees to be engaged by the Client, to provide the development services described in Exhibit A (the "Services") in accordance with the specifications, milestones, and deliverables set forth in Exhibit A (the "Specification").

1.3 Except as expressly provided in this Agreement, the Client shall not be obligated to provide technical assistance, personnel, or other resources to the Service Provider, other than information, access, or approvals reasonably necessary for the completion of the Services.

**2. WHEREAS:**

2.1 The Client has a project (the "Project") which requires design, development, testing, and implementation in accordance with the Client's business objectives.

2.2 The Client wishes to engage the Service Provider to provide development services, including but not limited to system design, coding, integration, and testing, as further described in this Agreement.

2.3 The Service Provider agrees to provide such development services to the Client under the terms and conditions set forth in this Agreement.

The Parties have reached the following agreement through friendly negotiation pursuant to the relevant provisions of the laws of Hong Kong:

Page 1/8

**3. SCOPE OF SERVICES**

In consideration for the services to be performed by the Service Provider, and subject to the terms and covenants set forth herein, the scope of services (the "Services") shall be as described in Exhibit A, and shall include requirements gathering and system design, software development and coding, integration with third-party systems where applicable, testing and quality assurance (including unit, integration, and user acceptance testing), delivery and deployment of the Project in accordance with agreed milestones, and the preparation of documentation reasonably necessary for the use and operation of the Project.

**4. FEES**

In consideration for the Services to be provided by the Service Provider, and subject to the terms and covenants set forth herein, the Client agrees to pay the Service Provider the fees and other consideration (the "Service Fees") as set forth in Exhibit B. The Service Fees shall be paid in accordance with the payment schedule specified in Exhibit B, unless otherwise agreed in writing by the Parties.

**5. EXCLUSIONS**

The following items are excluded from the scope of this Agreement, and any services related thereto shall be subject to a separate written agreement between the Parties:

● Ongoing maintenance, updates, or support of the Project after final delivery and acceptance, unless otherwise agreed.

● Hosting, domain name registration, server infrastructure, or third-party service fees (e.g., cloud services, payment gateways, APIs, software licenses).

● Modifications or enhancements requested by the Client that fall outside the specifications and deliverables defined in Exhibit A.

● Issues arising from modifications made to the Project by the Client or any third party not authorized by the Service Provider.

● Service interruptions or delays caused by force majeure events (e.g., war, earthquake, fire, strike, ISP/network failures).

**6. TERM**

6.1 This Agreement shall be effective from Date (the "Effective Date") and shall continue until the completion and final acceptance of the Services in accordance with the specifications and milestones set out in Exhibit A, unless terminated earlier in accordance with Clause 9 (Termination).

6.2 Any extension of the Services or engagement of additional development phases beyond the scope of this Agreement shall be subject to a separate written agreement or an amendment to this Agreement, duly executed by both Parties.

**7. RIGHTS AND OBLIGATIONS OF THE PARTIES**

7.1 Obligations of the Service Provider: The Service Provider shall perform the Services outlined in this Agreement in a timely, professional, and diligent manner, using qualified personnel and in accordance with industry standards. The Service Provider shall maintain the confidentiality of all information and data related to the Project provided by the Client, in accordance with Clause 8 (Confidentiality). The Service Provider shall also provide regular progress updates and cooperate with the Client for testing and acceptance of the deliverables.

7.2 Obligations of the Client: The Client shall pay the Service Fees punctually in accordance with Clause 4 and Exhibit B. The Client shall appoint a primary contact person to liaise with the Service Provider's project manager to ensure efficient communication, timely provision of information, feedback, and approvals necessary for the completion of the Services. The Client shall also provide access to systems, materials, or resources reasonably required for the Service Provider to perform the Services.

Page 2/8

**8. CONFIDENTIALITY**

8.1 The Service Provider shall not:

(i) disclose to any third party any technical or non-technical information, data, or materials in connection with or arising out of this Agreement, including but not limited to the terms and existence of this Agreement, the Client's business, details regarding the Services, system specifications, source code, designs, or any other information relating to the Project (collectively, the "Confidential Information");

(ii) make copies of any Confidential Information or any content derived from the Confidential Information for personal use or for distribution, unless expressly authorized in writing by the Client; or

(iii) use Confidential Information other than solely for the benefit of the Client in the performance of this Agreement.

8.2 The Service Provider shall protect the Confidential Information from unauthorized use, access, or disclosure with at least the same degree of care as it applies to its own confidential or proprietary information of a similar nature, and in any event with no less than commercially reasonable care.

8.3 The Service Provider may disclose Confidential Information only to the extent required by law, court order, regulatory requirement, or applicable securities exchange rules, provided that the Service Provider gives the Client prompt written notice of such requirement and reasonably cooperates, at the Client's expense, in any lawful action to contest or limit the scope of such disclosure.

8.4 The obligations in this Clause 8 shall survive the termination or expiration of this Agreement for a period of three (3) years.

**9. TERMINATION**

9.1 The term of this Agreement (the "Term") shall commence on Date and shall continue until the completion and acceptance of the Services, unless terminated earlier in accordance with this Clause 9.

9.2 This Agreement may be terminated in the following circumstances:

(i) Mutual Termination: By mutual written agreement duly executed by the Parties.

(ii) Breach Termination: By either Party if the other Party commits a material breach of this Agreement and fails to remedy such breach within fourteen (14) days of receiving written notice.

(iii) Convenience Termination: By either Party, without cause, upon thirty (30) days' prior written notice to the other Party.

(iv) Force Majeure Termination: By either Party if a Force Majeure Event (as defined in Clause 9.3) lasts for more than thirty (30) days and prevents the affected Party from performing a material part of its obligations.

(v) Legality Termination: By either Party if any governmental authority of competent jurisdiction issues an injunction, writ, order, or legal restraint that renders the provision of the Services under this Agreement unlawful.

Page 3/8

9.3 For the purposes of this Agreement, "Force Majeure Event" shall mean any act, omission, or occurrence beyond the reasonable control of a Party, including but not limited to strikes, labor disputes, acts of nature, fire, flood, severe weather, utility failure, system failure, earthquake, war, terrorism, cyberattacks, epidemic, pandemic, or government restrictions.

9.4 Upon termination of this Agreement:

● All obligations of the Parties shall cease, except for accrued payment obligations and the Surviving Provisions (as defined in Clause 9.5).

● The Service Provider shall retain all Service Fees already paid. Additionally, the Service Provider shall be entitled to immediate payment for the work performed up to the date of termination.

● No additional Service Fees shall be payable beyond the termination date, except where the Services have already been rendered or committed prior to termination.

● The Service Provider shall deliver to the Client all work completed to date, including any materials, documentation, and deliverables reasonably related to the Project.

9.5 Notwithstanding termination, the following provisions shall survive: Clause 5 (Exclusions), Clause 8 (Confidentiality), Clause 9 (Termination), Clause 11 (Applicable Law and Dispute Resolution), and any other provisions which by their nature are intended to survive termination.

**10. INTELLECTUAL PROPERTY, ACCEPTANCE, AND LIMITATION OF LIABILITY**

10.1 Ownership of Deliverables: All deliverables, work products, designs, code, documentation, and materials developed by the Service Provider under this Agreement (collectively, the "Deliverables") shall be the sole and exclusive property of the Client upon full payment of the Service Fees, except for any pre-existing intellectual property of the Service Provider, which shall remain the property of the Service Provider. The Service Provider hereby grants the Client a perpetual, irrevocable, worldwide, royalty-free license to use any pre-existing intellectual property incorporated into the Deliverables solely for the purpose of using the Deliverables.

10.2 Acceptance Procedure: Upon completion of each milestone or the full Project, the Service Provider shall submit the Deliverables for Client review. The Client shall have 10 business days to test, review, and either accept the Deliverables or provide written notice of defects or non-conformance. Deliverables shall be deemed accepted if the Client does not provide such notice within the review period. The Service Provider shall promptly remedy any reported defects or non-conformance at no additional cost, within a reasonable time frame agreed by the Parties.

10.3 Limitation of Liability: Except for liability arising from gross negligence, willful misconduct, or breach of confidentiality obligations, the Service Provider's total aggregate liability under this Agreement shall not exceed the total Service Fees paid by the Client under this Agreement.

**11. NO MODIFICATION UNLESS WRITING**

No modification, amendment, or waiver of any provision of this Agreement shall be valid or binding unless made in writing and duly executed by both Parties.

**12. APPLICABLE LAW AND DISPUTE RESOLUTION**

12.1 This Agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region ("Hong Kong").

Page 4/8

12.2 Any dispute, controversy, or claim arising out of or in connection with this Agreement, including but not limited to the development, delivery, or accep tance of the Services, shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre ("HKIAC") in accordance with the UNCITRAL Arbitration Rules in force at the time of submission of the notice of arbitration, as modified by this clause.

12.3 The law of this arbitration clause shall be the laws of Hong Kong. The seat of arbitration shall be Hong Kong. The arbitration shall be conducted in English before a sole arbitrator.

**13. NOTICES**

Any notice or other communication required or permitted under this Agreement shall be in writing and shall be deemed duly given when delivered by hand, sent by registered post, or transmitted by email (with delivery confirmation) to the addresses of the Parties set out above, or to such other address as may be notified in writing by either Party.

**14. ENTIRE AGREEMENT**

This Agreement (together with its Exhibits) constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements, whether oral or written.

**15. SEVERABILITY**

If any provision of this Agreement is held invalid, illegal, or unenforceable in any respect, the remaining provisions shall remain in full force and effect.

**16. COUNTERPARTS**

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Signatures delivered by electronic means (including PDF or scanned copies) shall be deemed originals for all purposes.

Page 5/8

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| For and On Behalf of ChainOn Technology (HK) Limited | For and On Behalf of Client Name |
| Name, Title | Name, Title |
| Date: Date | Date: Date |

---

Page 6/8

**Exhibit A – SCOPE OF SERVICES & DELIVERABLES**

**Project Name: [Insert Project Name]**

**Services:** The Service Provider shall provide the following development services for the Project:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **[Module/Phase 1 Description]** 

○ [Detail 1]

○ [Detail 2]

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **[Module/Phase 2 Description]** 

○ [Detail 1]

○ [Detail 2]

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **[Module/Phase 3 Description]** 

○ [Detail 1]

○ [Detail 2]

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **[Module/Phase 4 Description]** 

○ [Detail 1]

○ [Detail 2]

**Milestones (Internal Project Checkpoints):**

**Milestone 1:** [Description of Milestone]

● **Includes:** 

○ [Detail of Milestone]

○ [Detail of Milestone]

● **Target Completion Date:** [Date]

**Milestone 2:** [Description of Milestone]

● **Includes:** 

○ [Detail of Milestone]

○ [Detail of Milestone]

● **Target Completion Date:** [Date]

**Note: These milestones are internal delivery checkpoints for project management and Client review.**

**Acceptance Criteria:**

● **Functionality & Performance:** Meets functional requirements as defined in the scope.

● **Security & Integrity:** Encryption, access controls, and protections align with approved design; no unresolved critical/high-severity issues from internal review.

● **UAT & Defects:** All critical bugs found during Client UAT are resolved prior to final deployment.

Page 7/8

**Exhibit B – FEES & PAYMENT SCHEDULE**

**Project Service Fee**

The total fee for the comprehensive services under this Agreement is Hong Kong Dollars **[Amount in Words]** Only (HKD **[Amount in Numbers]**).

**Commencement Date**

The Services shall officially commence on Date, which is the first day of the Project.

**Invoice and Payment**

The Service Provider shall issue a single official invoice upfront. The Client shall pay the total Project Service Fee of Hong Kong Dollars **[Amount in Words]** Only (HKD **[Amount in Numbers]**) to the Service Provider's designated bank account upon receipt of the invoice.

**Late Payment**

If payment is not received by the due date specified in the invoice, the Service Provider reserves the right to suspend or delay completion of the Services, including integration, testing, and final deployment, until all outstanding amounts are paid in full.

Page 8/8

## Exhibit 10.5

**Exhibit 10.5**

**Software Development Services Agreement**

This Software Development Services Agreement ("Agreement") is made and entered into as of 19 October 2024 ("Effective Date"), by and between:

ChainOn Technology (HK) Limited, a company incorporated and existing under the laws of Hong Kong, with its operating address at Unit 411, 4/F., Wing On Plaza, 62 Mody Road, Tsim Sha Tsui, Kowloon, Hong Kong SAR ("Client"); and

China H.K. Pacific Limited, a company incorporated and existing under the laws of Hong Kong, with its operating address at ("Developer").

Together referred to as the "Parties".

Developer provides software development and related services ("Services"); and Client wants to engage the Developer to provide the software development and related services ("Services"). THEREFORE, Client and Developer agree as follows:

**1. Scope of Services**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Description of Services.** Client engages Developer, and Developer accepts this engagement, to develop
 Software and provide related services as described in the attached Exhibit A ("Specifications").
 Exhibit A shall form an integral part of this Agreement and detail specific deliverables,
 timelines, and any special conditions.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **The Software.** "Software" means the computer program(s), including programming
 tools, scripts, and routines Developer develops or provides under this Agreement and as described
 in Exhibit A. Developer will design, develop, test, deliver, install, configure, integrate,
 customize, and otherwise provide operational Software as described in Exhibit A under all
 terms, conditions, and specifications set forth in this Agreement. Developer shall ensure
 the Software follows any specification described in Exhibit A or otherwise agreed-to in writing
 by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Change in Services.** Client and Developer may mutually agree on other services and compensation.
 Client may change the Services prior to assigning services to Developer, provided, however,
 that Developer is given notice of such change and agrees to it, in writing, before accepting
 the modified assignments. Developer will determine the method, details, and means of performing
 the Services, subject to the specifications, parameters, timeline, and goals set forth by
 Client.

**2. Acceptance**

Client will test the Software to ensure it meets the Specifications. If the Software does not meet the Specifications, Client must notify Developer within ten (10) business days, providing enough information for Developer to reproduce the issues. Developer will fix the issues within ten (10) business days. If the Software is rejected five (5) or more times, Client can terminate this Agreement. The Client shall provide timely feedback, access, and approvals required for the successful completion of the Services.

*P. 1/8*

**3. Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Fees.** Client agrees to compensate the Developer for the Services rendered in the amounts outlined
 in Exhibit B ("Payment Schedule").

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Payment Schedule.** Payments shall be made by the Client in accordance with the milestones and
 amounts specified in Exhibit B. Each payment shall become due upon the Developer's
 submission of a valid invoice.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **No Additional Compensation.** Developer will otherwise perform the Services at their own expenses
 and use their own resources and equipment. Developer acknowledges that the agreed upon compensation
 represents Developer's entire compensation regarding this Agreement.

**4. Term and Termination**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Term.** This Agreement shall begin on the Effective Date and shall continue until the Services described
 in Exhibit A are complete, unless earlier terminated by either party.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Termination.** Either party may terminate this Agreement right away, with or without cause, upon fourteen
 (14) days advance written notice to the other party. Upon termination of this Agreement,
 Client will pay any outstanding compensation owed to Developer as of the termination date,
 including any compensation owed to Developer for any Services rendered as of the effective
 date of termination.

**5. Business Relationship**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Independent Contractor.** It is understood by the parties that Developer is an independent contractor
 regarding Client, and not an employee of Client. Client will not provide employee benefits,
 including health insurance benefits, paid vacation, or any other employee benefit, to benefit
 the Developer.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **No Exclusivity.** The relationship between Developer and Client shall be a non-exclusive
 one. Developer also perform services for other organizations and/or individuals. Client has
 no right to further ask about the Developer's other activities.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Professional Capacity.** Developer is a professional who uses their own professional and business methods
 to perform services. Developer has not and will not receive training from Client regarding
 how to perform the Services.

**D.** **No Set Work Hours.** Developer has no set hours of work. There is no requirement that Developer
 work full time or during specific hours.

**6. Intellectual Property Ownership**

The parties agree that the Client is the rightful owner of all Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **"Work Product".** Refers to any materials, inventions, creations, or improvements made
 by the Developer during or due to providing the Services, including deliverables and modifications
 to Client's own software. Developer grants Client full ownership of all Work Product
 created hereunder, except as stated in subsection (c) (Existing Technology). Developer may
 use any general know-how, knowledge, and skills gained before or during this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Deliverables.** Developer agrees that upon completion or termination of this Agreement, one copy of all Work
 Product, including all data, information, source code, object code and technical documentation,
 compiled by Developer as part of the Services and Software, shall be delivered to Client.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Existing Technology.** Developer owns, has developed, has acquired, or has obtained exclusive license
 rights to certain software, know-how, and trade secrets, and all intellectual property rights,
 before or independent of this Agreement (the "**Developer Background Technology** ")
 that Developer considers proprietary. Developer shall retain all rights and ownership in
 all the Developer Background Technology. If any Work Product under this Agreement includes
 any Developer Background Technology, Developer grants Client a perpetual, royalty-free, non-exclusive,
 non-sublicensable and irrevocable license to use such Developer Background Technology.

*P. 2/8*

**7. Confidentiality**

Both parties may have access to proprietary, private and/or confidential information of the other party. "**Confidential Information**" as used herein shall mean all non-public information which relates or refers to the operation of the business of the party, including without limitation, all financial, investment, operational, staff, sales, marketing, managerial and statistical information of the party, and any trade secrets, customer lists, or pricing information, which its nature and the manner of disclosure are such that a reasonable person would understand it to be confidential. Both parties will not at any time publicly divulge, reveal, or communicate any Confidential Information, except for the performance of the Services. Both parties will protect this information and treat the Confidential Information as strictly confidential. This provision shall continue to be effective after the termination of this Agreement. Upon termination of this Agreement, both parties will return or delete all Confidential Information of the other party, whether physical or electronic, and other items that were used, created, or controlled by the other party during the term of this Agreement.

The parties agree that any Confidential Information revealed before the execution of this Agreement was intended to be and shall be subject to the terms of this Agreement.

**8. Indemnification**

Each party agrees that it shall defend, indemnify and hold harmless the other party and its affiliates, and their respective officers, directors, employees, successors, and assigns, against any losses, payments, costs, damages, claims, demands, suits, liability, expenses, fines, penalties or judgments (including without limitation actual attorney's fees and expenses) (collectively, "Expenses") relating to its own performance under this Agreement, its breach of the representations or warranties herein.

**9. Warranty**

Developer warrants that: A. All Work Product, excluding any approved Third-Party Materials Open-Source Components, is or will be the original creation of the Developer. B. Developer shall not knowingly introduce through any means, any virus, worm, trap, trap door, back door, or any contaminant or disabling devices, including, but not limited to, timer, clock, counter, or other limiting codes, commands, or instructions intended to damage or disable ("**Harmful Code**") the Software. If Developer introduces such Harmful Code, Developer shall immediately, and at Developer's sole expense, replace and install all copies of the Software containing the Harmful Code.

EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH ABOVE, DEVELOPER HEREBY DISCLAIMS ALL WARRANTIES WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, WITH RESPECT TO THIS AGREEMENT.

**10. Force Majeure**

No party shall be liable or responsible to the other party, nor be considered to have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement (except for any obligations to pay the other party), when and to the extent this failure or delay is caused by or results from acts beyond the affected party's reasonable control, including, without limitation: (a) acts of God; (b) flood, fire, or explosion; (c) war, invasion, riot or other civil unrest; (d) actions, embargoes or blockades in effect on or after the date of this Agreement; and (e) disease, pandemic, or other national or regional emergency (each of the foregoing, a "**Force Majeure Event**"). A party whose performance is affected by a Force Majeure Event shall give notice to the other party, stating the time the occurrence is expected to continue and shall use careful efforts to end the failure or delay and reduce the effects of such Force Majeure Event. If a Force Majeure event lasts for over thirty (30) days, either party may terminate this Agreement.

*P. 3/8*

**11. Dispute Resolution**

If any dispute arises under this Agreement, Developer and Client shall negotiate in good faith to settle such dispute. If the parties cannot resolve such disputes themselves, then either party may submit the dispute to mediation by a mediator approved by both parties. If the parties cannot agree with any mediator or if either party does not wish to abide by any decision of the mediator, they shall submit the dispute to binding arbitration according to the rules of the Hong Kong International Arbitration Centre (HKIAC). The costs of the arbitration proceeding shall be borne according to the division of the arbitrator, who may apportion costs equally or under any finding of fault or lack of good faith of either party. The arbitrator's award will be final, and judgment may be entered upon it by any court having proper jurisdiction. The jurisdiction for any dispute shall be administered in Hong Kong SAR.

**12. General Terms**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Notice.** Notice may be made by a (i) written email with a required delivery receipt to sender;
 or by a (ii) written letter sent by regular mail, postage prepaid, registered, or certified
 return receipt requested. Notices by email are considered to have been received as of the
 time and date stamp on the delivery receipt to sender. Notices delivered by mail are considered
 to have been received three (3) days after the date of mailing on the return receipt. Each
 party giving notice shall address the notice to the parties at the addresses herein or at
 such other addresses as the parties may provide.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Executed Originals.** The parties agree that digitally signed, scanned, or faxed copies of this
 Agreement and any exhibit attached shall be considered to have the same legal force and effect
 as the original signed version.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Waiver of Breach.** The waiver by a party of a breach of any provision of this Agreement by the
 other party shall not operate or be construed as a waiver of any subsequent breach by the
 non-breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Severability.** If any provision of this Agreement shall be held to be invalid or unenforceable for any
 reason, the remaining provisions shall continue to be valid and enforceable. If a court finds
 that any provision of this Agreement is invalid or unenforceable, but that by limiting such
 provision it would become valid and enforceable, then such provision shall be considered
 written, construed, and enforced as so limited.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Amendment.** This Agreement may be changed or amended in writing by mutual agreement between the parties
 if the writing is signed by the party required under the amendment.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Governing Law.** This Agreement shall be governed by and construed under the laws of Hong Kong SAR.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Entire Agreement.** This Agreement, along with any attachments or addendums, represents the entire
 agreement between the parties. Therefore, this Agreement supersedes any prior agreements,
 promises, conditions, or understandings between the Client and Development. This Agreement
 can be changed or amended if the amendment is made in writing and is signed by both parties.

*P. 4/8*

For and On Behalf of ChainOn Technology (HK) Limited ("Client")

---

| |
|:---|
| /s/ Lau Wai Lun |
| Lau Wai Lun, Director |
| 19 October 2024 |

---

For and On Behalf of China H.K. Pacific Limited ("Developer")

---

| |
|:---|
| /s/ Chan Ho Yan |
| Chan Ho Yan, Director |
| 19 October 2024 |

---

*P. 5/8*

**Exhibit A: Specifications**

Decentralized Storage Network

The Developer shall design, develop, and deliver the following modules and functionalities (collectively, the "Software") and related services ("Services"):

---

| | |
|:---|:---|
| 1. Decentralized Storage Network Architecture Design | Design the architecture for a scalable and resilient decentralized storage network<br>|
|  | Define data replication, sharding, and redundancy mechanisms for secure storage |
|  | Specify network protocols, consensus mechanisms, and integration points with smart contracts |
| 2. Blockchain and Smart Contract Integration | Develop and integrate smart contracts to manage storage agreements, incentives, and access control<br>|
|  | Ensure interoperability with BUZZUP ecosystem components and Ethereum-compatible network (if applicable) |
|  | Automate storage allocation, retrieval, and payment mechanisms |
| 3. Project Management and Technical Review | Conduct technical reviews of architecture, design, and implementation to ensure compliance with project requirements, security standards, and best practices<br>|
|  | Monitor progress, identify risks, and provide recommendations for mitigation or improvement |
|  | Facilitate communication between stakeholders, development teams, and third-party service providers to maintain alignment and project efficiency |
| 4. Node Deployment and Configuration | Deploy storage nodes according to the network architecture design<br>|
|  | Configure network routing, peer discovery, and replication strategies |
|  | Validate network stability, connectivity, and data integrity across nodes |
| 5. Backend and API Development | Implement backend APIs to manage file upload, retrieval, and user accounts |
|  | Ensure secure and efficient integration with smart contracts and storage nodes |

---

*P. 6/8*

---

| | |
|:---|:---|
| 6. Security Implementation | Implement end-to-end encryption for data at rest and in transit |
|  | Set up access control mechanisms to protect sensitive data and maintain user privacy |
|  | Establish monitoring and alerting for potential security breaches or anomalies |
| 7. Functional and QA Testing | Conduct unit, integration, and system testing for all modules |
|  | Support Client User Acceptance Testing (UAT) and resolve all critical bugs prior to deployment |
| 8. Load Testing and Performance Tuning | Perform load testing to verify network performance and resilience under high demand |
| 9. Production Deployment and Handover | Deploy the completed Decentralized Storage Network to the designated production environment, ensuring all components are fully operational and integrated |
|  | <br> Conduct final system verification, including functional, performance, and security checks, to confirm the system meets agreed specifications |
|  | Offer support during the initial transition period to address any post-deployment issues or clarifications required |

---

*P. 7/8*

**Exhibit B: Payment Schedule**

The Parties agree that the Service Fees shall be payable in accordance with the following milestones and amounts:

**Milestone 1**

● Project Architecture Design: HKD 80,000.00

● Blockchain and Smart Contract Integration: HKD 100,000.00

● Project Management and Technical Review: HKD 60,000.00 Total for Milestone 1: HKD 240,000.00 Invoice: To be issued upon completion of Milestone 1. Target Completion Date: 22 November 2024.

**Milestone 2**

● Node Deployment and Configuration: HKD 100,000.00

● Backend and API Development: HKD 95,000.00

● Security Implementation: HKD 60,000.00 Total for Milestone 2: HKD 255,000.00 Invoice: To be issued upon completion of Milestone 2. Target Completion Date: 3 January 2025.

**Milestone 3**

● Functional and QA Testing: HKD 85,000.00

● Load Testing and Performance Tuning: HKD 70,000.00

● Production Deployment and Handover: HKD 62,562.00 Total for Milestone 3: HKD 217,562.00 Invoice: To be issued upon completion of Milestone 3 and overall Service Completion. Target Completion Date: 31 January 2025

**Grand Total**

The total Service Fees payable under this Agreement shall be HKD 712,562.00.

*P. 8/8*

## Exhibit 10.6

**Exhibit 10.6**

**Technology Development Agreement**

---

| | |
|:---|:---|
| **Project Name:** | Smart Ordering and Supply Chain System |
| **Client:** | ChainOn Technology (HK) Limited |
| **(Party A)** |  |
| **Service Provider:** | On-Chain Cloud Technology (Shenzhen) Co., Ltd |
| **(Party B)** |  |
| **Date: January 3, 2025** | **Date: January 3, 2025** |

---

In accordance with the "Contract Law of the People's Republic of China" and relevant legal provisions, the two parties to the contract have reached an agreement through consultation and signed this contract regarding the design, development, maintenance, and other matters (commissioned/cooperative development) of the Smart Ordering and Supply Chain System project (hereinafter referred to as the "Commissioned Project") (this commissioned project belongs to the commissioned development plan**※**).

All written forms mentioned in this contract include paper and email formats;

All UI mentioned in this contract refers to the User Interface, which is the design and aesthetic level of the interface we see;

All notices, confirmations, acceptances, etc., mentioned in this contract, unless explicitly agreed otherwise in the contract clauses, include but are not limited to oral, telephone, IM, screenshots, video, written, and email formats;

All achievements mentioned in this contract refer to the developmental products of each stage of the commissioned project submitted by Service Provider - Party B to Party A during the performance of this contract.

**Content, Form, and Requirements of the Target Technology:**

（1）Rights and Obligations of Party A

1、Party A shall actively communicate with Service Provider - Party B and provide detailed business processes, text, and image materials to facilitate Service Provider - Party B in completing planning, design, and development tasks. Party A assumes legal responsibility for the authenticity and legality of the provided materials. Party A shall provide Service Provider - Party B with the basic materials required to start the commissioned project (such as LOGO source files, business processes, design requirements, and other relevant electronic or paper materials) in written form within [5] working days after signing the contract;

2、When Party A's cooperation is required in this commissioned project (including but not limited to: interface debugging, business process confirmation, product prototype confirmation, style design confirmation, acceptance, feedback, etc.), Party A must cooperate within [24] hours after receiving Service Provider - Party B's notice requesting such cooperation;

3、In the event of the situations described in Articles 1 and 2 above, the development schedule of this commissioned project shall be renegotiated by both parties, and shall be subject to the breach of contract clauses in Article 12 of this contract;

4、If the commissioned project involves interface debugging and the interfaces are provided by Party A, Party A shall provide all properly debugged and usable interfaces (including but not limited to interface documentation, number of interfaces, relevant parameters, return values, etc.) to Service Provider - Party B within [10] working days after signing the contract. Service Provider - Party B must provide feedback on all interface testing results in writing to Party A within [10] working days. If the commissioned project is delayed due to Party A's interface issues, Service Provider - Party B shall not bear any responsibility. If the delay exceeds [5] working days, Service Provider - Party B has the right to decide the specific extension time for the commissioned project based on its own situation and notify Party A in writing. If Party A uses special interface standards, it must raise them with Service Provider - Party B in advance, and execution can only proceed after friendly consultation and consensus between both parties;

5、During the cooperation period between both parties, if Party A requires Service Provider - Party B to handle the UI of the commissioned project, upon Service Provider - Party B's submission of relevant UI materials for Party A's acceptance, if Party A is not satisfied, Service Provider - Party B may modify them according to Party A's requirements. Both parties agree: they will make their best efforts to complete this within the time limit agreed upon in Article 3 of this contract. If an agreement cannot be reached within this period, both parties may continue to negotiate within a reasonable period ("extension period") following the expiration of the deadline. If an agreement is reached during the extension period, this contract shall continue to be performed, and the expected completion period of the commissioned project shall be extended accordingly;

6、Party A shall pay Service Provider - Party B the fees for the commissioned project in the manner agreed upon in Article 5 of this contract. For the deliverables submitted by Service Provider - Party B for acceptance, Party A shall actively test and cooperate with the acceptance, provide feedback on issues, propose modifications, and fulfill its development assistance obligations;

7、If during the performance of the contract, Party A proposes to suspend the project for its own reasons, Party A shall notify Service Provider - Party B in writing [5] working days in advance. Service Provider - Party B shall suspend the project on the next working day after receiving Party A's written notice. If Party A needs to restart the project after suspension, Service Provider - Party B shall restart the project within [15] working days after receiving Party A's written notice. Any delays or losses caused by this are not the responsibility of Service Provider - Party B.

（2）Rights and Obligations of Service Provider - Party B

1、Service Provider - Party B shall carry out the commissioned work in accordance with Appendix I "Commissioned Project Requirement Specification" agreed upon by both parties:

2、During the development of the commissioned project, Service Provider - Party B shall make its best effort to assist in completing any reasonable modification requests made by Party A that fall within the scope of work agreed upon in this contract and its appendices. For any demands or commissions raised by Party A that exceed the scope of work agreed upon in this contract and its appendices, the working hours and fees must be negotiated separately. Upon reaching a consensus, both parties must sign a relevant supplementary agreement in writing to ensure mutual interests;

3、During the cooperation on the commissioned project, any parts that have been confirmed, agreed upon, accepted, or independently used by Party A shall not be modified or redone without Service Provider - Party B's written consent. If Party A confirms that modifications are needed, working hours and fees must be negotiated separately. Upon reaching an agreement, both parties must sign a relevant supplementary agreement in writing to ensure mutual interests;

4、From the date of signing this contract or [180] working days after receiving the invoice or receipt provided by Service Provider - Party B, if Party A fails to make payment, Service Provider - Party B has the right to unilaterally terminate the contract and reserves the right to hold Party A liable for breach of contract;

5、Service Provider - Party B is obligated to submit phased development results and final development results to Party A for acceptance based on the needs, requirements, and standards agreed upon in Article 3 of this contract. For those failing to meet the above requirements, Service Provider - Party B is obligated to make modifications in accordance with the relevant provisions of this contract;

6、Starting from the date Party A completes the acceptance, Service Provider - Party B shall provide a free [10]-day warranty period for the software. If errors and faults (BUGs) arise due to Service Provider - Party B's reasons, Service Provider - Party B shall provide free repairs. In the future, if Party A needs Service Provider - Party B to provide product upgrades or add features, matters such as relevant timelines and fees shall be negotiated separately by both parties and confirmed by signing a written agreement.

7、Technical indicators and parameters to be achieved: In the development of the commissioned project, if there are special requirements for technical implementation plans, such as the need to specify programming languages, development tools, operating environments, etc., Party A must propose them to Service Provider - Party B in advance. If not proposed in advance, Service Provider - Party B may choose on its own.

（3）**Cooperation, Confirmation, and Acceptance Agreement**：

1、During the performance of the contract, Party A shall complete its cooperation obligations within the agreed time limit. The period for fulfilling these obligations shall be deducted from the project duration, and Service Provider - Party B's development period shall be extended accordingly;

2、If, at Party A's request, Service Provider - Party B uploads the commissioned project to a third party for review and going online, the third-party review and online period shall not be included in the development period, and the development period shall be extended accordingly. If the commissioned project development is delayed due to reasons during the review and online period, Service Provider - Party B shall not bear liability for delay breach;

3、Both parties shall confirm or accept the receipt, content, and quality of materials, phased results, and final results submitted by the other party according to the explicitly agreed confirmation or acceptance deadlines in this contract (or within a reasonable time limit if no explicit deadline exists); failure to complete confirmation or acceptance, or failure to reply, or failure to reply in the agreed format within the aforementioned period shall be deemed that the submitted items have obtained confirmation or acceptance in all aspects meeting the contract requirements from the confirming or accepting party on the day the deadline expires;

4、If Party A does not propose modification opinions, requirements, or conduct acceptance for the relevant versions within the above-mentioned time, it is deemed that each version has passed Party A's testing upon the expiration of the agreed time limit, and the commissioned project enters the warranty period.

（5）**Research and Development Period of the Commissioned Project：**

1、Both parties agree that the research and development period of the commissioned project refers to: the period from the start date of the commissioned project to the expiration date of the acceptance period agreed upon in this contract;

2、To avoid ambiguity, both parties clarify: the start date of the development period agreed upon in this article is an estimated date. If it differs from the actual start date of the commissioned project, the actual commissioned project start date agreed upon by both parties shall prevail.

（6）**Research and Development Funds, Remuneration, and Payment or Settlement Methods：**

1、Research and development funds refer to the costs required to complete this research and development work;

2、Remuneration refers to the usage fee of the development results of this commissioned project and the scientific research subsidies for research and development personnel.

The research and development funds and remuneration for the commissioned project under this contract total: Hong Kong Dollars **[Three Hundred and Fifty Thousand Only (HKD 350,000.00)]** (hereinafter referred to as the "Total Development Fee").

Payment method for the Total Development Fee (invoiced in two installments):

1、**First Invoice:** Service Provider - Party B shall issue an invoice to Party A for the first phase development fee, amounting to Hong Kong Dollars **[Two Hundred and Twenty Thousand Only (HKD 220,000)]**, and Party A shall make payment upon receipt of the invoice. This amount is an advance payment used to start the first phase of work.

2、**Second Invoice:** After the completion and confirmation of the first phase, Service Provider - Party B shall issue a second invoice to Party A, amounting to Hong Kong Dollars **[One Hundred and Thirty Thousand Only (HKD 130,000)]**, used to start the second phase and cover all subsequent work until delivery. Party A shall make payment upon receipt of the invoice.

3、For specific details and delivery requirements of the first and second phases, please refer to Appendix I "Commissioned Project Requirement Specification".

（7）**Confidentiality of Technical Information and Data：**

Confidential content (including technical information and business information): refers to any information or data provided by the disclosing party (the party disclosing or providing confidential information) to the receiving party (the party receiving confidential information) and explicitly designated as confidential information during the signing and performance of this contract. This includes, but is not limited to: data, charts, texts, engineering drawings, property information, intellectual property rights, trade secrets, technical achievements, business plans and strategies, customer information, design techniques, proprietary technologies, business, product development plans and product prices, software development technologies, as well as details of this cooperation and agreed rights and obligations between the two parties. During the confidentiality period, the receiving party shall not disclose or leak any confidential information provided by the disclosing party to any third party, nor use it for purposes outside of this contract. The receiving party needs to take necessary confidentiality measures, such as signing confidentiality agreements with personnel handling classified information.

1、Scope of personnel handling classified information: Personnel participating in the development of the commissioned project and those who necessarily need to know the confidential content for the purpose of fulfilling this contract, including direct developers, supervisors, legal affairs, financial staff, technical consultants, etc.;

2、Confidentiality period: From the effective date of this contract until one year after the completion of the contract's performance;

3、Liability for leakage: If the responsibility lies with Service Provider - Party B, Service Provider - Party B shall make compensation based on the actual situation;

4、Service Provider - Party B hereby confirms and promises: Service Provider - Party B shall strictly keep Party A's trade secrets and shall not unauthorizedly disclose, leak, or use Party A's trade secrets.

5、The intellectual property rights mentioned herein belong to Party A, subject to Party A paying the full contract amount. Before Party A pays the full amount, the intellectual property rights of the commissioned project belong to Service Provider - Party B (excluding technologies independently developed by Service Provider - Party B);

6、Both Party A and Party B hereby confirm and promise: Confidentiality matters and measures are explicitly agreed upon to ensure the comprehensive implementation of the confidentiality provisions in this agreement;

7、For all documents and materials mutually provided and submitted by both parties under the provisions of this contract, any involving confidentiality shall be based on pre-stated relevant clauses. Furthermore, neither party may disclose the other party's confidential materials (such as technical data, user information) to a third party without the written consent of the other party;

8、During the cooperation between both parties, Service Provider - Party B shall not disclose any text, image, or other material provided by Party A to any third party in any way without Party A's written permission.

（8）**Assumption of Risk and Liability：**

1、Service Provider - Party B guarantees that it holds complete, undisputed, and legal ownership of the intellectual property rights related to the technologies and information utilized in the commissioned project. Any disputes arising from the infringement of a third party's legitimate rights and interests shall be handled solely by Service Provider - Party B, who shall bear all corresponding liabilities. Service Provider - Party B shall compensate Party A for any losses caused thereby;

（9）**Ownership and Sharing of Technical Achievements：**

1、Patent application rights, copyright:

Owned by Party A

2、Right to use and transfer technical secrets:

Owned by Party A

（10）**Method of Acceptance：**

1、If Party A does not raise any Bug issues within the scope of requirements or fails to accept the development results within [10] working days after Service Provider - Party B submits the acceptance deliverables, Service Provider - Party B's contractual obligations are fully fulfilled;

2、Prior to acceptance, if there are requirements for self-resolving the operating environment deployment needed for the software agreed upon in the contract, Party A must promptly and accurately provide the operating environment support required for the software according to Service Provider - Party B's needs. Service Provider - Party B shall not bear any responsibility for delays or other issues with the commissioned project caused by Party A independently resolving the operating environment.

（11）**Liability for Breach of Contract：**

In case of violation of the provisions of this contract, the breaching party shall bear the liability for breach of contract in accordance with the provisions of the "Contract Law of the People's Republic of China" and relevant legal clauses.

1、If Service Provider - Party B is unable to complete the development on time due to Party A's reasons, both parties shall negotiate and determine the maintenance extension arrangement, and Party A shall compensate for the extra reasonable costs incurred. If cumulative delays caused by Party A exceed seven working days, Service Provider - Party B has the right to unilaterally terminate this contract;

2、If Service Provider - Party B fails to complete the development according to the contract due to its own reasons, Service Provider - Party B shall bear the actual losses caused to Party A by the breach and reasonably cooperate in resolving the issues;

3、If contract payments are delayed due to Party A's reasons, Party A shall promptly pay the relevant amounts and reasonably bear the actual losses caused to Service Provider - Party B thereby;

4、During the execution of the contract, if disputes or losses arise due to breach of contract, the breaching party shall compensate the non-breaching party for reasonable expenses incurred, including but not limited to arbitration fees, litigation fees, attorney fees, and travel expenses. Each party shall bear its own loss of profit and other indirect losses, unless expressly informed of the possibility and agreed upon by both parties;

5、If either party fails to fulfill the contract and faces claims from the other party, the specific liability portion should be clarified, and the responsible party must bear all liabilities arising from the breach and compensate the non-breaching party. For loss of profit and other direct or indirect losses (including the possibility of such losses having been mutually disclosed in commercial transactions), each party shall bear its own, and they shall not be mutually liable.

（12）**Technical Support and Provision of Materials：**

1、After the warranty period ends, if Party A requires Service Provider - Party B to continue providing warranty services, the relevant fees shall be negotiated separately by both parties;

2、After Party A's acceptance, if product upgrades or feature additions to the commissioned project are required, the relevant fees shall be negotiated separately by both parties;

3、The commissioned project developed by Service Provider - Party B shall guarantee Party A's normal usage;

4、Service Provider - Party B shall not insert any programs unrelated to the functions of the commissioned project or leave any vulnerabilities that endanger software security in the deliverables provided to Party A.

（13）**Contract Notification and Requirement Changes：**

1、All notices and confirmations between Party A and Service Provider - Party B due to the execution of this contract or related to this contract must be made in writing using the contact information agreed upon in this contract. Unilateral failure to reply to or confirm notifications and confirmation matters occurring during the commissioned project will be deemed as passive performance of the contract. Failure to reply or confirm within [24] working hours will be regarded by the other party as confirmation of its requests;

2、During the execution of this contract, if either party requests changes to the contract content and the work content agreed upon in the appendices, all change requests must be submitted in writing, specifically as follows:

Any changes by Party A to the commissioned project may result in changes to the scheduled plan, deliverables, or fees. Any delays in the commissioned project and losses caused to Service Provider - Party B due to Party A's changes are not the responsibility of Service Provider - Party B, and Service Provider - Party B has the right to demand compensation from Party A;

Depending on the scope and complexity of the change requests, Service Provider - Party B shall correspondingly charge additional fees for the work required to implement the changes. The actual working hours and specific fees shall be determined by Service Provider - Party B based on industry quotes, and the estimated expenses shall be notified to Party A in writing, to be executed after Party A's confirmation;

After reaching a consensus on the change requests raised by Party A, both parties must sign a relevant supplementary agreement in writing to ensure mutual interests.

（14）**Dispute Resolution Method：**

Disputes arising during the performance of this contract may be resolved through settlement or mediation by both parties. If the parties are unwilling to settle or mediate, or if settlement or mediation fails, the matter shall be resolved by filing a lawsuit in the People's Court where the contract was signed.

（15）**Force Majeure**

Force Majeure" refers to events that are beyond the reasonable control of both parties to this contract, unforeseeable, or unavoidable even if foreseen, specifically as follows:

1、The event hinders, affects, or delays either party from fulfilling all or part of its obligations under this contract;

2、The event includes but is not limited to any other similar events caused by third-party factors such as government actions, natural disasters, wars, or telecommunication service interruptions;

3、The party suffering from a force majeure event may temporarily suspend the performance of its obligations under this contract until the impact of the force majeure event is eliminated, without bearing breach of contract liability for this, but shall make its best effort to overcome the event and mitigate its negative impact.

（16）**Invalid Contract**

If this contract is declared invalid by a People's Court or other competent authorities due to a violation of laws, administrative regulations, or other relevant provisions by Party A or Service Provider - Party B during performance, the party at fault shall bear the resulting compensation liability; if both parties are at fault, each shall bear its corresponding liability.

（17）**Cancellation and Termination of Contract**

1、If either party needs to terminate this contract early, it shall notify the other party in writing in advance, and termination can only occur after both parties negotiate and confirm. The termination of the contract should consider the settled fees for completed services, and both parties shall amicably negotiate the fee issue for uncompleted services;

2、If there are major changes in the objective circumstances under which the contract was concluded, making it impossible to continue performing the contract, both parties may negotiate to change the contract content or terminate its performance;

3、If the contract cannot be performed due to force majeure events, the contract may be terminated. The affected party does not need to bear liability for breach of contract, but should promptly notify the other party and take reasonable measures to mitigate losses.

（十八）**Miscellaneous**：

1、This contract is made in duplicate, with Party A and Service Provider - Party B each holding one copy, both having equal legal validity;

2、Supplementary agreements and written confirmation documents of this contract are inseparable parts of this contract and have equal legal validity as this contract.

---

| | | | |
|:---|:---|:---|:---|
| Client<br> (Party A) | Name | ChainOn Technology<br> (HK) Limited | Technical contract seal<br> or<br> Company seal |
|  | Legal Representative |  |  |
|  | Address | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|  |
| Service Provider<br> （Party B） | Name | On-Chain Cloud Technology (Shenzhen) Co., Ltd | Technical contract seal<br> or<br> Company seal |
|  | Legal Representative |  |  |
|  | Address | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|  |

---

**Appendix I 《Commissioned Project Requirement Specification》**

Project Name：Smart Ordering and Supply Chain System

1. First Phase Delivery Content

Estimated Delivery Time：January 20, 2025

---

| | |
|:---|:---|
| Project/Service Module | Description |
| Project Planning and Requirement Analysis | Collect requirements with client-related personnel. Define project workflows, technical specifications, and timelines. |
| POS System Development | Develop a Point of Sale (POS) system with sales and billing functions. Implement inventory synchronization with backend systems. |
| Mobile Ordering Application | Build a web ordering application accessible via desktop and mobile browsers. Support customers to place orders, pay, and track orders via the web application. |
| Inventory and Supply Chain Module | Implement inventory management, including inventory tracking and alert functions. Develop supply chain features, including supplier management and purchase order management. |

---

2. Second Phase Delivery Content

Estimated Delivery Time：February 15, 2025

---

| | |
|:---|:---|
| Project/Service Module | Description |
| Customer Loyalty System | Provide management tools for points, rewards, and promotional activities. |
| Management Analysis Dashboard | Develop an admin backend for campaign and marketing management. |
| Cloud Deployment and System Security | Deploy the system on secure cloud infrastructure. Implement encryption, access control, and backup solutions. |
| Training and System Delivery | Provide training for administrators and end-users. Deploy the system to the production environment. |

---

## Exhibit 10.7

**Exhibit 10.7**

**Custom Software Development Agreement**

**Decentralized Instant Messaging**

**Prepared for:**

ChainOn Technology (HK) Limited

**Prepared by:**

A Yau B Limited

**16 May 2024**

Page 1/6 COTHK

This Custom Software Development Agreement (the **"Agreement" or "Custom Software Development Agreement")** states the terms and conditions that govern the contractual agreement between A Yau Limited, a company incorporated under the laws of Hong Kong SAR, with its principal office located at Room A, 12/F., Sun Shine Centre, 61-63 Portland Street, Yau Ma Tei, Kowloon, Hong Kong, (the **"Developer"),** and ChainOn Technology (HK) Limited, a company incorporated under the law of Hong Kong SAR, with its principal office located at Unit 411, 4/F., Wing On Plaza, 62 Mody Road, Tsim Sha Tsui, Kowloon, Hong Kong (the **"Client'')** who agrees to be bound by this Agreement.

**WHEREAS,** the Client has conceptualized a software to be developed (the **"Software"),** which is described in further detail on Exhibit A (the **"Scope of Work"),** and the Developer is a contractor with whom the Client has come to an agreement to develop the Software.

**NOW, THEREFORE,** In consideration of the mutual covenants and promises made by the parties to this Agreement, the Developer and the Client (individually. each a **"Party"** and collectively, the **"Parties")** covenant and agree as follows:

**1. Developer's duties**

The Client hereby engages the Developer and the Developer hereby agrees to be engaged by the Client to develop the Software in accordance with the scope of work attached hereto as Exhibit A (the **"Scope of Work").**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Developer shall complete the development of the Software according to the milestones described
 on the form attached hereto as Exhibit B (the **"Milestones** & **Payment").** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Except
 as expressly provided in this Agreement, the Client shall not be obligated under this Agreement
 to provide any other support or assistance to the Developer.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Client may terminate this Software Development Agreement at any time upon material breach
 of the terms herein and failure to cure such a breach within 20 days of notification of such
 a breach.

**2. Delivery**

The Software shall function in accordance with the Scope of Work.

&nbsp;&nbsp;&nbsp;&nbsp;1. If
 the Software as delivered does not conform with the Scope of Work, the Client shall within
 10 days of the final delivery date notify the Developer in writing of the ways in which it
 does not conform with the Scope of Work. The Developer agrees that upon receiving such notice,
 it shall make reasonable efforts to correct any non-conformity.

Page 2/6 COTHK

**3. Compensation**

As consideration for the development services, the Client shall compensate the Developer based on the milestone payment schedule set forth in Exhibit B. The Developer shall provide the Client with invoice as defined in Exhibit B. All fees shall be due and payable upon the Client's receipt of the corresponding invoice.

**4. Intellectual property rights in the Software**

The Parties acknowledge and agree that the Client will hold all ownerships of the Software and all intellectual property rights in the Software including, but not limited to, copyright and trademark rights. The Developer agrees not to claim any such ownership in the Software's intellectual property at any time prior to or after the completion and delivery of the Software to the Client.

**5. Changes in Scope of Work**

The Client may request that reasonable changes be made to the Scope of Work and tasks associated with the implementation of the Scope of Work. If the Client requests such a change, the Developer will use its best efforts to implement the requested change at no additional expense to the Client and without delaying delivery of the Software.

In the event that the proposed change will, in the sole discretion of the Developer, require a delay in the delivery of the Software or would result in additional expense to the Client, then the Client and the Developer shall confer and the Client may either withdraw the proposed change or require the Developer to deliver the Software with the proposed change and subject to the delay and/or additional expense. The Client agrees and acknowledges that the judgment as to if there will be any delay or additional expense shall be made solely by the Developer.

**6. Confidentiality**

The Developer shall not disclose to any third party the business of the Client, details regarding the Software, including, without limitation any information regarding the Software's code, the Scope of Work, or the Client's business (the **"Confidential Information"),** make copies of any Confidential Information or any content based on the concepts contained within the Confidential Information for personal use or for distribution unless requested to do so by the Client, or use Confidential Information other than solely for the benefit of the Client.

**7. Developer warranties**

The Developer represents and warrants to the Client the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Development
 and delivery of the Software under this Agreement are not in violation of any other agreement
 that the Developer has with another party.

&nbsp;&nbsp;&nbsp;&nbsp;2. For
 a period of 10 days after the final delivery date, the Software shall operate according to
 the Scope of Work. If the Software malfunctions or in any way does not operate according
 to the Scope of Work within that time, then the Developer shall take any reasonably necessary
 steps to fix the issue and ensure the Software operates according to the Scope of Work.

Page 3/6 COTHK

**8. Indemnification**

The Developer agrees to indemnify, defend, and protect the Client from and against all lawsuits and costs of every kind pertaining to the software including reasonable legal fees due to the Developer's infringement of the intellectual rights of any third party.

**9. No modification unless in writing**

This Agreement may not be amended, modified, or supplemented except by a written instrument signed by both the Client and the Developer. No oral statements, course of dealing, or course of performance shall be deemed to amend or modify this Agreement.

**10. Applicable law**

This Agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region (HKSAR), without regard to its conflict oflaw principles. The parties submit to the exclusive jurisdiction of the courts of the HKSAR for the resolution of any disputes arising out of or in connection with this Agreement.

**IN WITNESS WHEREOF,** each of the Parties has executed this Agreement, both Parties by its duly authorized officer, as of the day and year set forth below.

---

| | |
|:---|:---|
| For and On Behalf of A Yau B Limited | For and On Behalf of ChainOn Technology (HK) Limited |
| /s/ Chan Cheuk Ki | /s/ Lau Wai Lun |
| Chan Cheuk Ki, Director | Lau Wai Lun, Director |
| Date: 16 May 2024 | Date: 16 May 2024 |

---

Page 4/6 COTHK

**Exhibit A: Scope of Work**

Software: Decentralized Instant Messaging

&nbsp;&nbsp;&nbsp;&nbsp;1. Decentralized
 Communication Protocol

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Develop
 a secure peer-to-peer messaging protocol to enable decentralized communication

■ Ensure
 message delivery reliability, fault tolerance, and network efficiency

&nbsp;&nbsp;&nbsp;&nbsp;2. End-to-end
 Encryption Features

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Implement
 end-to-end encryption for all messages and user data

■ Protect
 user identities, messages, and metadata against unauthorized access

■ Establish
 monitoring and alert mechanisms for potential security breaches

&nbsp;&nbsp;&nbsp;&nbsp;3. Real-Time
 Messaging & UI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Design
 mobile UI (iOS/Android) for messaging, contact lists, notifications, and chat workflows

■ Integrate
 real-time messaging notifications and interactive features

■ Ensure
 usability, accessibility, and responsive design across supported mobile devices

&nbsp;&nbsp;&nbsp;&nbsp;4. Decentralized
 Identity Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Design
 mobile UI (iOS/Android) for messaging, contact lists, notifications, and chat workflows

■ Integrate
 real-time messaging notifications and interactive features

■ Ensure
 usability, accessibility, and responsive design across supported mobile devices

&nbsp;&nbsp;&nbsp;&nbsp;5. Testing,
 QA & Deployment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Conduct
 unit, integration, and system testing for all modules

■ Support
 Client User Acceptance Testing (UAT) for messaging workflows

■ Resolve
 all critical bugs prior to final deployment

■ Deploy
 the decentralized instant messaging system into production and provide technical documentation
 and handover

Page 5/6 COTHK

**Exhibit B: Milestones & Payment**

The Parties agree that the Service Fees shall be payable in accordance with the following:

---

| | | | |
|:---|:---|:---|:---|
| Milestone No. | Description | Payment Amount (HKD) | Estimated Completion Date |
| 1 | Decentralized Communication Protocol | 90000.00 | 31 May 2024 |
|  | End-to-end Encryption Features | 60000.00 |  |
| 2 | Real-Time Messaging & UI | 66700.00 | 14 June 2024 |
|  | Decentralized Identity Management | 40000.00 |  |
|  | Testing, QA & Deployment | 30000.00 |  |

---

Two Milestones with total amounts HKD 286,700.00.

&nbsp;&nbsp;&nbsp;&nbsp;■ Milestone
 1 with total amounts: HKD 150,000.00

■ Milestone
 2 with total amounts: HKD 136,700.00

A first invoice shall be issued for the upfront payment together with the Milestone 1 development fee. A second invoice shall be issued upon completion of Milestone 2 and the overall scope of work. Payment for each invoice shall be made by the Client upon receipt of the invoice.

Page 6/6 COTHK

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Subsidiaries** | **Jurisdiction of Incorporation** |
| ChainOn Technology Limited | BVI |
| ChainOn Technology (HK) Limited | Hong Kong |
| ChainOn US Inc. | United States |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | | |
|:---|:---|:---|
| ![](ex23-1_001.jpg) | **J&S ASSOCIATE PLT** |  |
| ![](ex23-1_001.jpg) | 202206000037 (LLP0033395-LCA) & AF002380 |  |
| ![](ex23-1_001.jpg) | (Registered with PCAOB and MIA) | Tel: +603-4813 9469 |
| ![](ex23-1_001.jpg) | B-11-14, Megan Avenue II | Email : info@jns-associate.com |
| ![](ex23-1_001.jpg) | 12, Jalan Yap Kwan Seng, 50450, Kuala Lumpur, Malaysia | Website : jns-associate.com |

---

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Registration Statement on Form F-1 of ChainOn Group Limited (the "Company") of our report dated February 10, 2026 and June 25, 2026, with respect to our audits of the consolidated financial statements of the Company as at April 30, 2025 and 2024, and for each of the two years in the period ended April 30, 2025 and 2024 which appear in such Registration Statement.

We also consent to the reference to our Firm under the caption "Experts" appearing in such Registration Statement.

/s/ J&S Associate PLT

Kuala Lumpur, Malaysia

June 25, 2026

## Exhibit 23.5

**Exhibit 23.5**

**CONSENT OF KE YI AUDREY, TERNG**

ChainOn Group Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to be named in the Registration Statement as a Director appointee.

Dated: October 31, 2025

---

| |
|:---|
| /s/ Ke Yi Audrey, TERNG |
| Ke Yi Audrey, TERNG |

---

## Exhibit 23.6

**Exhibit 23.6**

**CONSENT OF LORETTA YORK-TAO HO**

ChainOn Group Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to be named in the Registration Statement as a Director appointee.

Dated: April 20, 2026

---

| |
|:---|
| /s/ Loretta York-Tao HO |
| Loretta York-Tao HO |

---

## Exhibit 23.7

**Exhibit 23.7**

**CONSENT OF HONG CHEUK FOSTER, YIM**

ChainOn Group Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to be named in the Registration Statement as a Director appointee.

Dated: October 31, 2025

---

| |
|:---|
| /s/ Hong Cheuk Foster, YIM |
| Hong Cheuk Foster, YIM |

---

## Exhibit 23.8

**Exhibit 23.8**

**CONSENT OF JOHN R FIORE**

ChainOn Group Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to be named in the Registration Statement as a Director appointee.

Dated: April 20, 2026

---

| |
|:---|
| /s/ John R Fiore |
| John R Fiore |

---

## Exhibit 23.9

**Exhibit 23.9**

---

| | |
|:---|:---|
| ![](ex23-9_001.jpg) | 3006, Two Exchange Square,<br> 8 Connaught Place, Hong Kong<br> Tel: 852 2191 7566<br> Fax: 852 2191 7995<br> **www.frost.com** |

---

Date: 25 June, 2026

**ChainOn Technology (HK) Limited**

21/F, G.D. Real Estate Tower

No. 143 Connaught Road Central

Hong Kong SAR

**<u>Re: Consent of Frost & Sullivan</u>**

Ladies and Gentlemen,

We understand that ChainOn Technology (HK) Limited (the "Company") intends to file a registration statement (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") in connection with its 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 but not limited to the industry research report titled "Hong Kong Integrated Technology Services Market Independent Market Research Report" (the "Report"), and any subsequent amendments to the Report, as well as the citation of our research report and amendments thereto, (i) in the Registration Statement and any amendments thereto, (ii) in any written correspondences with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K or other SEC filings (collectively, the "SEC Filings"), (iv) on the websites of the Company and its subsidiaries and affiliates, (v) 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. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.

 

*[Signature page follows]*

---

| | |
|:---|:---|
| ![](ex23-9_001.jpg) | 3006, Two Exchange Square,<br> 8 Connaught Place, Hong Kong<br> Tel: 852 2191 7566<br> Fax: 852 2191 7995<br> **www.frost.com** |

---

---

| | |
|:---|:---|
| Yours faithfully,<br> For and on behalf of<br> **Frost & Sullivan Limited** | Yours faithfully,<br> For and on behalf of<br> **Frost & Sullivan Limited** |
| /s/ Terry Tse | /s/ Terry Tse |
| Name: | Terry Tse |
| Title: | Consulting Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**CHARTER OF THE AUDIT COMMITTEE**

**OF THE BOARD OF DIRECTORS** 

**OF**

**ChainOn Group Limited**

*Adopted by the Board of Directors of ChainOn Group Limited (the "Company") on [●] [●], 2026, effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering*.

**I.** **PURPOSE OF THE COMMITTEE** 

The purpose of the Audit Committee (the "**Committee**") of the Board of Directors (the "**Board**") of the Company is to oversee the accounting and financial reporting processes of the Company and its subsidiaries and the audits of the financial statements of the Company.

**II.** **COMPOSITION OF THE COMMITTEE** 

The Committee shall consist of three (3) or more directors, as determined from time to time by the Board. Members of the Committee shall be qualified to serve on the Committee pursuant to the requirements of the Nasdaq Listing Rules (or rules of the trading market on which the Company's securities then trade) (collectively with Nasdaq, the "**Trading Market**") and Rule 10A-3 under the Securities Exchange Act of 1934, as amended, and any additional requirements that the Board deems appropriate.

The chairperson of the Committee shall be designated by the Board, provided that if the Board does not so designate a chairperson, the members of the Committee, by a majority vote, may designate a chairperson.

Any vacancy on the Committee shall be filled by majority vote of the Board. No member of the Committee shall be removed except by majority vote of the Board.

Each member of the Committee (i) must be able to read and understand fundamental financial statements, including the Company's balance sheet, income statement and cash flow statement, (ii) shall not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three (3) years, (iii) must not accept any consulting, advisory, or other compensatory fee from the Company other than for board service, and (iv) must not be an affiliated person of the Company. In addition, at least one (1) member of the Committee must be designated by the Board who qualifies as an "audit committee financial expert" under Item 407(d)(5)(ii) and (iii) of Regulation S-K.

**III.** **MEETINGS OF THE COMMITTEE** 

The Committee shall meet as often as it determines necessary to carry out its duties and responsibilities, but no less frequently than once every fiscal quarter. The Committee, in its discretion, may ask members of management or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary.

A majority of the members of the Committee present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other shall constitute a quorum.

The Committee shall maintain minutes of its meetings and records relating to those meetings.

**IV.** **DUTIES AND RESPONSIBILITIES OF THE COMMITTEE** 

In carrying out its duties and responsibilities, the Committee's policies and procedures should remain flexible, so that it may be in a position to best address, react or respond to changing circumstances or conditions. The following duties and responsibilities are within the authority of the Committee and the Committee shall, consistent with and subject to applicable law and rules and regulations promulgated by the U.S. Securities and Exchange Commission ("**SEC**"), the Trading Market, or any other applicable regulatory authority:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Selection, Evaluation, and Oversight of the Auditors** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Be
 directly responsible for the appointment, compensation, retention and oversight of the work of any registered public accounting firm
 engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company,
 and each such registered public accounting firm must report directly to the Committee (the registered public accounting firm engaged
 for the purpose of preparing or issuing an audit report for inclusion in the Company's Annual Report on Form 20-F (or comparable
 form) is referred to herein as the "**independent auditors** ");

2. Review
 and, in its sole discretion, approve in advance the Company's independent auditors' annual engagement letter, including
 the proposed fees contained therein, as well as all audit and, as provided in the Sarbanes-Oxley Act of 2002 (the "Act")
 and the SEC rules and regulations promulgated thereunder, all permitted non-audit engagements and relationships between the Company
 and such independent auditors (which approval should be made after receiving input from the Company's management, if desired).
 Approval of audit and permitted non-audit services will be made by the Committee or by one (1) or more members of the Committee as
 shall be designated by the Committee/the chairperson of the Committee and the person(s) granting such approval shall report such
 approval to the Committee at the next scheduled meeting;

3. Review
 the performance of the Company's independent auditors, including the lead partner and reviewing partner of the independent
 auditors, and, in its sole discretion, make decisions regarding the replacement or termination of the independent auditors when circumstances
 warrant; and

4. Evaluate
 the independence of the Company's independent auditors to ensure compliance with the Act, rules and regulations promulgated
 by the SEC, as well as the Trading Market rules by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;(a) obtaining
 and reviewing from the Company's independent auditors a formal written statement delineating all relationships between the
 independent auditors and the Company;

(b) actively
 engaging in a dialogue with the Company's independent auditors with respect to any disclosed relationships or services that
 may impact the objectivity and independence of the auditors;

(c) taking,
 or recommending that the Board take, appropriate action to oversee the independence of the Company's independent auditors;

(d) monitoring
 compliance by the Company's independent auditors with the audit partner rotation requirements contained in the Act and the
 rules and regulations promulgated by the SEC thereunder;

(e) monitoring
 compliance by the Company of the employee conflict of interest requirements contained in the Act and the rules and regulations promulgated
 by the SEC thereunder; and

(f) engaging
 in a dialogue with the independent auditors to confirm that audit partner compensation is consistent with applicable SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Oversight of Annual Audit and Interim Reviews** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 and discuss with the independent auditors their annual audit plan, including the timing and scope of audit activities, and monitor
 such plan's progress and results during the year;

2. Review
 with management, the Company's independent auditors and, as applicable, the responsible manager or director or accountant of
 the Company's internal auditing department, the following information which is required to be reported by the independent auditor:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 critical accounting policies and practices to be used;

(b) all
 alternative treatments of financial information that have been discussed by the independent auditors and management, ramifications
 of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditors;

(c) all
 other material written communications between the independent auditors and management, such as any management letter and any schedule
 of unadjusted differences; and

(d) any
 material financial arrangements of the Company which do not appear on the financial statements of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;3. Resolve
 all disagreements between the Company's independent auditors and management regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Oversight of Financial Reporting Process and Internal Controls** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Review:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 adequacy and effectiveness of the Company's accounting and internal control policies and procedures on a regular basis, including
 the responsibilities, budget, compensation and staffing of the Company's internal audit function, through inquiry and discussions
 with the Company's independent auditors and management;

(b) the
 yearly report prepared by management, and attested to by the Company's independent auditors, if required, assessing the effectiveness
 of the Company's internal control over financial reporting and stating management's responsibility for establishing and
 maintaining adequate internal control over financial reporting prior to its inclusion in the Company's Annual Report on Form
 20-F (or comparable form); and

(c) the
 Committee's level of involvement and interaction with the Company's internal audit function, including the Committee's
 line of authority and role in appointing and compensating employees in the internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;2. Review
 with the executive chairperson, chief executive officer, chief financial officer and independent auditors, periodically, the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 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;
 and

(b) any
 fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal
 control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;3. Discuss
 guidelines and policies governing the process by which senior management of the Company and the relevant departments of the Company,
 including the internal auditing department, assess and manage the Company's exposure to risk, as well as the Company's
 major financial risk exposures and the steps management has taken to monitor and control such exposures;

&nbsp;&nbsp;&nbsp;&nbsp;4. Review
 with management the progress and results of all internal audit projects, and, when deemed necessary or appropriate by the Committee,
 direct the Company's chief executive officer to assign additional internal audit projects to, as applicable, the responsible
 manager or director or accountant of the Company's internal auditing department;

5. Receive
 periodic reports from the Company's independent auditors, management and, as applicable, the responsible manager or director
 or accountant of the Company's internal auditing department to assess the impact on the Company of significant accounting or
 financial reporting developments that may have a bearing on the Company;

6. Establish
 and maintain free and open means of communication between and among the Committee, the Company's independent auditors, the
 Company's internal auditing department and management, including providing such parties with appropriate opportunities to meet
 separately and privately with the Committee on a periodic basis; and

7. Review
 the type and presentation of information to be included in the Company's earnings press releases (especially the use of "pro
 forma" or "adjusted" information not prepared in compliance with generally accepted accounting principles), as
 well as financial information and earnings guidance provided by the Company to analysts and rating agencies (which review may be
 done generally (i.e., discussion of the types of information to be disclosed and type of presentations to be made), and the Committee
 need not discuss in advance each earnings release or each instance in which the Company may provide earnings guidance).

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Establish
 and implement policies and procedures for the Committee's review and approval or disapproval of proposed transactions or courses
 of dealings with respect to which executive officers or directors or members of their immediate families have an interest (including
 all transactions required to be disclosed by Item 404(a) of Regulation S-K);

2. Establish
 and implement policies and procedures for the Committee's review and approval or disapproval of proposed transactions or courses
 of dealings that may impact a director's independence, as such term is defined by Item 407 of Regulation S-K and applicable
 Trading Market rules;

3. Meet
 periodically with the general counsel, and outside counsel when appropriate, to review legal and regulatory matters, including (i)
 any matters that may have a material impact on the financial statements of the Company and (ii) any matters involving potential or
 ongoing material violations of law or breaches of fiduciary duty by the Company or any of its directors, officers, employees, or
 agents or breaches of fiduciary duty to the Company;

4. Review
 the Company's policies relating to the ethical handling of conflicts of interest and review past or proposed transactions between
 the Company and members of management as well as policies and procedures with respect to officers' expense accounts and perquisites,
 including the use of corporate assets, and consider the results of any review of these policies and procedures by the Company's
 independent auditors;

5. Review
 and pre-approve any proposed transaction between the Company or any of its subsidiaries or consolidated affiliated entities and any
 of the Related Party (such term as defined under the Company's Code of Business Conduct and Ethics (the "Code of Conduct"))
 and/or any affiliate of a Related Party involving over US$120,000 in a single transaction or a series of related transactions;

6. Review
 and approve in advance any services provided by the Company's independent auditors to the Company's executive officers
 or members of their immediate family;

&nbsp;&nbsp;&nbsp;&nbsp;7. Review
 the Company's program to monitor compliance with the Company's Code of Conduct, and meet periodically with the Company's
 compliance officer to discuss compliance with the Code of Conduct;

8. Establish
 procedures for (i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting
 controls or auditing matters, and (ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable
 accounting or auditing matters;

9. Establish
 procedures for the receipt, retention and treatment of reports of evidence of a material violation made by attorneys appearing and
 practicing before the SEC in the representation of the Company or any of its subsidiaries, or reports made by the Company's
 chief executive officer or general counsel in relation thereto;

10. Propose
 appropriate funding to compensate the Company's accountants, auditors and advisors employed by the audit committee, to pay
 for ordinary administrative expenses of the audit committee and to fund or pay any other applicable items so as to satisfy Nasdaq
 Rule 5605;

11. Secure
 independent expert advice to the extent the Committee determines it to be appropriate, including retaining, with or without Board
 approval, independent counsel, accountants, consultants or others, to assist the Committee in fulfilling its duties and responsibilities,
 the cost of such independent expert advisors to be borne by the Company;

12. Report
 regularly to the Board on its activities, as appropriate. In connection therewith, the Committee should review with the Board any
 issues that arise with respect to the quality or integrity of the Company's financial statements, the Company's compliance
 with legal or regulatory requirements, the performance and independence of the Company's independent auditors, or the performance
 of the internal audit function; and

13. Perform
 such additional activities, and consider such other matters, within the scope of its responsibilities, as the Committee or the Board
 deems necessary or appropriate.

**V.** **EVALUATION OF THE COMMITTEE** 

The Committee shall, on an annual basis, evaluate its performance. The evaluation shall address all matters that the Committee considers relevant to its performance, including a review and assessment of the adequacy of this charter, and shall be conducted in such manner as the Committee deems appropriate.

The Committee shall deliver to the Board a report, which may be oral, setting forth the results of its evaluation, including any recommended amendments to this charter.

**VI.** **INVESTIGATIONS AND STUDIES; OUTSIDE ADVISERS** 

The Committee may conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel or other consultants or advisers as it deems necessary.

\* \* \*

While the Committee has the duties and responsibilities set forth in this charter, the Committee is not responsible for preparing or certifying the financial statements, for planning or conducting the audit, or for determining whether the Company's financial statements are complete and accurate and are in accordance with generally accepted accounting principles.

In fulfilling their responsibilities hereunder, it is recognized that members of the Committee are not full-time employees of the Company, it is not the duty or responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which it receives information and (ii) the accuracy of the financial and other information provided to the Committee absent actual knowledge to the contrary.

Nothing contained in this charter is intended to create, or should be construed as creating, any responsibility or liability of the members of the Committee, except to the extent otherwise provided under applicable law.

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE COMPENSATION COMMITTEE** 

**OF THE** 

**BOARD OF DIRECTORS** 

**OF**

**ChainOn Group Limited**

*Adopted by the Board of Directors of ChainOn Group Limited (the "Company") on [●] [●], 2026, effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering.*

**I.** **PURPOSE OF THE COMMITTEE** 

The purposes of the Company's Compensation Committee (the "**Committee**") of the Board of Directors (the "**Board**") shall be to oversee the Company's compensation and employee benefit plans and practices (if any), including its executive compensation plans, and to perform such further functions as may be consistent with this charter or assigned by applicable law, the Company's memorandum and articles of association, as amended, or the Board.

**II.** **COMPOSITION OF THE COMMITTEE** 

The Committee shall consist of three (3) or more directors as determined from time to time by the Board. Each member of the Committee shall be qualified to serve on the Committee pursuant to the requirements of the Nasdaq, and any additional requirements that the Board deems appropriate. Composition of the Committee shall also comply with any other applicable laws and regulations. In addition, in affirmatively determining the independence of any director who will serve on the Committee, the Board must consider all factors specifically relevant to determining whether a director has a relationship to the Company which is material to that director's ability to be independent from management in connection with the duties of a Committee member, including but not limited to (i) the source of compensation of such director, including any consulting, advisory or other compensatory fee paid by the Company to such director; and (ii) whether such director is affiliated with the Company, a subsidiary of the Company or an affiliate of a subsidiary of the Company.

The chairperson of the Committee shall be designated by the Board. Any vacancy on the Committee shall be filled by majority vote of the Board. No member of the Committee shall be removed except by majority vote of the Board.

**III.** **MEETINGS AND PROCEDURES OF THE COMMITTEE** 

The Committee shall meet as often as it determines necessary to carry out its duties and responsibilities, but no less than once annually. The Committee, in its discretion, may ask members of management or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary, provided, that the Chief Executive Officer of the Company may not be present during any portion of a Committee meeting in which deliberation or any vote regarding his or her compensation occurs.

A majority of the members of the Committee present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other shall constitute a quorum.

The Committee shall maintain minutes of its meetings and records relating to those meetings and shall report regularly to the Board on its activities, as appropriate.

**IV.** **DUTIES AND RESPONSIBILITIES OF THE COMMITTEE** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Executive
 Compensation

The Committee shall have the following duties and responsibilities with respect to the Company's executive compensation plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To
 review at least annually the goals and objectives of the Company's executive compensation plans, and amend, or recommend that
 the Board amend, these goals and objectives if the Committee deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To
 review at least annually the Company's executive compensation plans in light of the Company's goals and objectives with
 respect to such plans, and, if the Committee deems it appropriate, adopt, or recommend to the Board the adoption of, new, or the
 amendment of existing, executive compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To
 evaluate annually the performance of the Chief Executive Officer in light of the goals and objectives of the Company's executive
 compensation plans, and, either as a Committee or together with the other independent directors (as directed by the Board), determine
 and approve the Chief Executive Officer's compensation level based on this evaluation. In determining the long-term incentive
 component of the Chief Executive Officer's compensation, the Committee shall consider factors as it determines relevant, which
 may include, for example the Company's performance and relative shareholder return, the value of similar awards to chief executive
 officers of comparable companies, and the awards given to the Chief Executive Officer of the Company in past years. The Committee
 may discuss the Chief Executive Officer's compensation with the Board if it chooses to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To
 evaluate annually the performance of the other executive officers of the Company in light of the goals and objectives of the Company's
 compensation plans, and either as a Committee or together with the other independent directors (as directed by the Board) determine
 and approve the compensation of such other executive officers. To the extent that long-term incentive compensation is a component
 of such executive officer's compensation, the Committee shall consider all relevant factors in determining the appropriate
 level of such compensation, including the factors applicable with respect to the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To
 evaluate annually the appropriate level of compensation for Board and Committee service by non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To
 review and approve any severance or termination arrangements to be made with any executive officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. To
 perform such duties and responsibilities as may be assigned to the Board or the Committee under the terms of any executive compensation
 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. To
 review perquisites or other personal benefits to the Company's executive officers and directors and recommend any changes to
 the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. To
 review and approve the description of executive compensation included in the Company's annual report on Form 20-F (or comparable
 form).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. To
 perform such other functions as assigned by law, the Company's memorandum and articles of association, as amended, or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **General Compensation and Employee Benefit Plans** 

The Committee shall have the following duties and responsibilities with respect to the Company's general compensation and employee benefit plans, including incentive compensation and equity-based plans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To
 review at least annually the goals and objectives of the Company's general compensation plans and other employee benefit plans
 (if any), including incentive-compensation and equity-based plans, and amend, or recommend that the Board amend, these goals and
 objectives if the Committee deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To
 review at least annually the Company's general compensation plans and other employee benefit plans (if any), including incentive-compensation
 and equity-based plans, in light of the goals and objectives of these plans, and recommend that the Board amend these plans if the
 Committee deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To
 review all equity-compensation plans (if any) to be submitted for shareholder approval under the Nasdaq listing standards, and to
 review and, in the Committee's sole discretion, approve all equity-compensation plans that are exempt from such shareholder
 approval requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To
 perform such duties and responsibilities as may be assigned to the Board or the Committee under the terms of any compensation or
 other employee benefit plan, including any incentive-compensation or equity-based plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To
 review compensation arrangements for the Company's employees to evaluate whether incentive and other forms of pay encourage
 unnecessary or excessive risk taking, and review and discuss, at least annually, the relationship between risk management policies
 and practices, corporate strategy and the Company's compensation arrangements.

**V.** **ROLE OF CHIEF EXECUTIVE OFFICER** 

The Chief Executive Officer may make, and the Committee may consider, recommendations to the Committee regarding the Company's compensation and employee benefit plans and practices, including its executive compensation plans, its incentive compensation and equity-based plans with respect to executive officers other than the Chief Executive Officer and the Company's director compensation arrangements.

**VI.** **EVALUATION OF THE COMMITTEE** 

The Committee shall, no less frequently than annually, evaluate its own performance. In conducting this review, the Committee shall evaluate whether this charter appropriately addresses the matters that are or should be within its scope and shall recommend such changes as it deems necessary or appropriate to the Board for its consideration. The Committee shall address all matters that the Committee considers relevant to its performance, including at least the following: the adequacy, appropriateness and quality of the information and recommendations presented by the Committee to the Board; the manner in which they were discussed or debated; and whether the number and length of meetings of the Committee were adequate for the Committee to complete its work in a thorough and thoughtful manner.

The Committee shall deliver to the Board a report, which may be oral, setting forth the results of its evaluation, including any recommended amendments to this charter and any recommended changes to the Company's or the Board's policies or procedures.

**VII.** **INVESTIGATIONS AND STUDIES; OUTSIDE ADVISERS** 

The Committee may conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities, and may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser. The Committee shall be directly responsible for the appointment, compensation and oversight of the work of any compensation consultant, legal counsel or other adviser retained by the Committee, the expense of which shall be borne by the Company. The Committee may select a compensation consultant, legal counsel or other adviser to the Committee, other than in-house legal counsel, only after taking into consideration all factors relevant to that person's independence from management, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 provision of other services to the Company by the person that employs the compensation consultant, legal counsel or other adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 amount of fees received from the Company by the person that employs the compensation consultant, legal counsel or other adviser,
 as a percentage of the total revenue of the person that employs the compensation consultant, legal counsel or other adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 policies and procedures of the person that employs the compensation consultant, legal counsel or other adviser that are designed
 to prevent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any
 business or personal relationship of the compensation consultant, legal counsel or other adviser with a member of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any
 stock of the Company owned by the compensation consultant, legal counsel or other adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any
 business or personal relationship of the compensation consultant, legal counsel, other adviser or the person employing the adviser
 with an executive officer of the Company.

The Committee shall conduct the independence assessment with respect to any compensation consultant, legal counsel or other adviser that provides advice to the Committee, other than: (1) in-house legal counsel; and (2) any compensation consultant, legal counsel or other adviser whose role is limited to the following activities for which no disclosure would be required under Item 407(e)(3)(iii) of Regulation S-K: consulting on any broad-based plan that does not discriminate in scope, terms, or operation, in favor of executive officers or directors of the Company, and that is available generally to all salaried employees; or providing information that either is not customized for the Company or that is customized based on parameters that are not developed by the compensation consultant, and about which the compensation consultant does not provide advice.

Nothing herein requires a compensation consultant, legal counsel or other compensation adviser to be independent, only that the Committee consider the enumerated independence factors before selecting or receiving advice from a compensation consultant, legal counsel or other compensation adviser. The Committee may select or receive advice from any compensation consultant, legal counsel or other compensation adviser it prefers, including ones that are not independent, after considering the six (6) independence factors outlined above.

Nothing herein shall be construed: (1) to require the Committee to implement or act consistently with the advice or recommendations of the compensation consultant, legal counsel or other adviser to the Committee; or (2) to affect the ability or obligation of the Committee to exercise its own judgment in fulfillment of its duties.

\* \* \*

While the members of the Committee have the duties and responsibilities set forth in this charter, nothing contained in this charter is intended to create, or should be construed as creating, any responsibility or liability of members of the Committee, except to the extent otherwise provided under applicable law.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS** 

**OF**

**ChainOn Group Limited**

*Adopted by the Board of Directors of ChainOn Group Limited (the "Company") on [●] [●], 2026, effective upon the effectiveness of the Company's registration statement on Form F-1 relating to the Company's initial public offering*.

**I.** **PURPOSE OF THE COMMITTEE** 

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of the Company is to assist the Board in discharging the Board's responsibilities regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) identification
 of qualified candidates to become Board members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) selection
 of nominees for election as directors at the next annual meeting of shareholders (or special meeting of shareholders at which directors
 are to be elected);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) selection
 of candidates to fill any vacancies on the Board or any committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) annual
 review of the composition of the Board in light of the characteristics of independence, experience and availability of the Board
 members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) oversight
 of the evaluation of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) performance
 of any responsibilities delegated by the Board relating to the Company's corporate governance and related matters.

In addition to the powers and responsibilities expressly delegated to the Committee in this charter, the Committee may exercise any other powers and carry out any other responsibilities delegated to it by the Board from time to time consistent with the Company's memorandum and articles of association, as amended (collectively, the "**Articles**"). The powers and responsibilities delegated by the Board to the Committee in this charter or otherwise shall be exercised and carried out by the Committee as it deems appropriate without requirement of Board approval, and any decision made by the Committee (including any decision to exercise or refrain from exercising any of the powers delegated to the Committee hereunder) shall be at the Committee's sole discretion. While acting within the scope of the powers and responsibilities delegated to it, the Committee shall have and may exercise all the powers and authority of the Board. To the fullest extent permitted by law, the Committee shall have the power to determine which matters are within the scope of the powers and responsibilities delegated to it.

**II.** **MEMBERSHIP** 

The Committee shall be comprised of three (3) or more directors, as determined by the Board, each of whom (a) satisfies the independence requirements under the Nasdaq listing requirements, and (b) has experience, in the business judgment of the Board, that would be helpful in addressing the matters delegated to the Committee; *provided*, *however*, that all but one (1) of the members of the Committee may be exempt from the independence requirements of clause (a) for ninety (90) days from the date of effectiveness of the registration statement for the Company's initial public offering, and that a minority of the members of the Committee may be exempt from such independence requirements for one (1) year from the date of effectiveness of such registration statement.

The members of the Committee, including the chairperson of the Committee (the "**Chair**"), shall be appointed by the Board. Committee members may be removed from the Committee, with or without cause, by the Board. Any action duly taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership provided herein.

**III.** **MEETINGS AND PROCEDURES** 

The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee and set the agendas for Committee meetings. The Committee shall have the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Company's Articles that are applicable to the Committee.

The Committee shall meet at least once per year, or more frequently as the Committee deems necessary or desirable. A meeting of the Committee may be conducted in person or via telephone conference or similar communications equipment where every meeting participant can hear each other.

All non-management directors who are not members of the Committee may attend and observe meetings of the Committee, but shall not participate in any discussion or deliberation unless invited to do so by the Committee, and in any event shall not be entitled to vote. The Committee may, at its discretion, include in its meetings members of the Company's management, or any other person whose presence the Committee believes to be desirable and appropriate. Notwithstanding the foregoing, the Committee may exclude from its meetings any person it deems inappropriate, including but not limited to, any non-management director who is not a member of the Committee.

The Committee may retain any independent counsel, experts or advisors that the Committee believes to be desirable and appropriate. The Committee may also use the services of the Company's regular legal counsel or other advisors to the Company. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to any such persons employed by the Committee and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. The Committee shall have sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms.

The Chair shall report to the Board regarding the activities of the Committee at appropriate times and as otherwise requested by the chairman of the Board. Minutes of the meetings shall be kept by a person designated by the Chair. Draft and final versions of the minutes of meetings shall be sent to all Committee members for their comments and records respectively, in both cases within a reasonable time after the meetings.

**IV.** **DUTIES AND RESPONSIBILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 an appropriate time prior to each annual meeting of shareholders at which directors are to be elected or re-elected, the Committee
 shall recommend to the Board for nomination by the Board such candidates as the Committee, in the exercise of its judgment, has found
 to be well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 an appropriate time after a vacancy arises on the Board or a director advises the Board of his or her intention to resign, the Committee
 shall recommend to the Board for appointment by the Board to fill such vacancy, such prospective member of the Board as the Committee,
 in the exercise of its judgment, has found to be well qualified and willing and available to serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 purposes of (a) and (b) above, the Committee may consider the following criteria, among others the Committee shall deem appropriate,
 in recommending candidates for election to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) personal
 and professional integrity, ethics and values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) experience
 in corporate management, such as serving as an officer or former officer of a publicly held company, and a general understanding
 of marketing, finance and other elements relevant to the success of a publicly-traded company in the current business environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) experience
 in the Company's industry and with relevant social policy concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) experience
 as a board member of another publicly held company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) academic
 expertise in an area of the Company's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) practical
 and mature business judgment, including ability to make independent analytical inquiries; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if
 applicable, for re-election, the director's past attendance at meetings and participation in and contributions to the activities
 of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 foregoing notwithstanding, if the Company is legally bound by contract or otherwise to permit a third party to designate one or more
 of the directors to be elected or appointed (for example, pursuant to rights contained in shareholders' agreement), then the
 nomination or appointment of such directors shall be governed by such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Committee shall advise the Board periodically with respect to significant developments in the law and practice of corporate governance
 as well as the Company's compliance with applicable laws and regulations, and make recommendations to the Board on all matters
 of corporate governance and on any corrective action to be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Committee shall, at least annually, review the performance of each current director and shall consider the results of such evaluation
 when determining whether or not to recommend the nomination of such director for an additional term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Committee shall oversee the Board in the Board's annual review of its performance (including its composition and organization),
 and will make appropriate recommendations to improve performance; the Committee will also be responsible for establishing the evaluation
 criteria and implementing the process for such evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Committee shall consider, develop and recommend to the Board such policies and procedures with respect to the nomination of directors
 or other corporate governance matters as may be required pursuant to any rules promulgated by the U.S. Securities and Exchange Commission
 or otherwise considered to be desirable and appropriate in the discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Committee shall evaluate its own performance on an annual basis, including its compliance with this charter, and provide the Board
 with any recommendations for changes in procedures or policies governing the Committee. The Committee shall conduct such evaluation
 and review in such manner as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Committee shall periodically report to the Board on its findings and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 Committee shall review and reassess this charter at least annually and submit any recommended changes to the Board for its consideration.

**V.** **DELEGATION OF DUTIES** 

In fulfilling its responsibilities, the Committee shall be entitled to delegate any or all of its responsibilities to a subcommittee of the Committee, to the extent consistent with the Company's Articles and applicable laws, regulations and rules of the markets in which the Company's securities then trade.

## Exhibit 99.4

**Exhibit 99.4**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**OF**

**CHAINON GROUP LIMITED**

I. PURPOSE

This Code of Business Conduct and Ethics (the "**Code**") contains general guidelines for conducting the business of ChainOn Group Limited, an exempted company incorporated under the laws of Cayman Islands with limited liability, and its subsidiaries and affiliates (collectively, the "**Company**"), and is intended to qualify as a "code of ethics" within the meaning of Section 406(c) of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we adhere to these higher standards.

This Code is designed to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the "SEC") and in other public communications made by the Company;

● compliance with applicable laws, rules and regulations;

● prompt internal reporting of violations of the Code; and

● accountability for adherence to the Code.

II. APPLICABILITY

This Code applies to all directors, officers and employees of the Company, whether they work for the Company on a full-time, part-time, consultative or temporary basis (each, an "**employee**" and collectively, the "**employees**"). Certain provisions of the Code apply specifically to our chief executive officer, chief financial officer, senior finance officer and any other persons who perform similar functions for the Company (each, a "**senior officer**," and collectively, the "**senior officers**").

The Board of Directors of the Company (the "**Board**") has appointed the Company's Chief Financial Officer as the Compliance Officer for the Company (the "**Compliance Officer**"). If you have any questions regarding the Code or would like to report any violation of the Code, please contact the Compliance Officer.

This Code has been adopted by the Board and shall become effective (the "**Effective Time**") upon the effectiveness of the Company's registration statement on Form F-1 filed by the Company with the SEC relating to the Company's initial public offering. Following the Effective Time, the Board and the Compliance Officer, as well as any duly appointed committee charged with enforcing this Code, shall be entitled to enforce this Code to the full extent permitted by law.

III. CONFLICTS OF INTEREST

***Identifying Conflicts of Interest***

A conflict of interest occurs when an employee's private interest interferes, or appears to interfere, in any way with the interests of the Company as a whole. An employee should actively avoid any private interest that may impact such employee's ability to act in the interests of the Company or that may make it difficult to perform the employee's work objectively and effectively. In general, the following should be considered conflicts of interest:

● <u>Competing Business</u>. No employee may be employed by a business that competes with the Company or deprives it of any business.

● <u>Corporate Opportunity</u>. No employee should use corporate property, information or his/her position with the Company to secure a business opportunity that would otherwise be available to the Company. If an employee discovers a business opportunity that is in the Company's line of business through the use of the Company's property, information or position, the employee must first present the business opportunity to the Company and obtain approval from the Company's Audit Committee before pursuing the opportunity in his/her individual capacity.

● <u>Financial Interests</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No
 employee may have any financial interest (ownership or otherwise), either directly or indirectly
 through a spouse or other family member, in any other business or entity if such interest
 adversely affects the employee's performance of duties or responsibilities to the Company,
 or requires the employee to devote time to it during such employee's working hours
 at the Company; provided, however that an officer or director may devote time to such other
 interest during working hours so long as it does not interfere with his/her ability to carry
 out his/her duties at the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. No
 employee may hold any ownership interest in a privately held company that is in competition
 with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. An
 employee may hold up to 5% ownership interest in a publicly traded company that is in competition
 with the Company; provided that if the employee's ownership interest in such publicly
 traded company increases to more than 5%, the employee must immediately report such ownership
 to the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. No
 employee may hold any ownership interest in a company that has a business relationship with
 the Company if such employee's duties at the Company include managing or supervising
 the Company's business relations with that company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding
 the other provisions of this Code,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 director or any immediate family member of such director (collectively, "**Director Affiliates**") or a senior officer or any immediate family member of such senior
 officer (collectively, "**Officer Affiliates**") may continue to hold his/her
 investment or other financial interest in a business or entity (an "**Interested Business** ")
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) was
 made or obtained either (x) before the Company invested in or otherwise became interested
 in such business or entity; or (y) before the director or senior officer joined the Company
 (for the avoidance of doubt, regardless of whether the Company had or had not already invested
 in or otherwise become interested in such business or entity at the time the director or
 senior officer joined the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) may
 in the future be made or obtained by the director or senior officer, provided that at the
 time such investment or other financial interest is made or obtained, the Company has not
 yet invested in or otherwise become interested in such business or entity;

*provided* that such director or senior officer shall disclose such investment or other financial interest to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) an
 interested director or senior officer shall refrain from participating in any discussion
 among senior officers of the Company relating to an Interested Business and shall not be
 involved in any proposed transaction between the Company and an Interested Business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) before
 any Director Affiliate or Officer Affiliate (i) invests, or otherwise acquires any equity
 or other financial interest, in a business or entity that is in competition with the Company;
 or (ii) enters into any transaction with the Company, the related director or senior officer
 shall obtain prior approval from the Audit Committee of the Board.

For purposes of this Code, a company or entity is deemed to be "in competition with the Company" if it competes with the Company's business of providing integrated solutions that deliver actionable outcomes by using infrastructure and facility based ICT solutions to drive business outcomes and innovation to corporate customers engaged in global trade that may result in such said integrated solutions, and/or any other business in which the Company is engaged.

● <u>Loans or Other Financial Transactions</u>. No employee may obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with recognized banks or other financial institutions.

● <u>Service on Boards and Committees</u>. No employee shall serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests could reasonably be expected to conflict with those of the Company. Employees must obtain prior approval from the Board or the Company's Audit Committee, as required by the rules of NASDAQ, before accepting any such board or committee position. The Company may revisit its approval of any such position at any time to determine whether an employee's service in such position is still appropriate.

The above is in no way a complete list of situations where conflicts of interest may arise. The following questions might serve as a useful guide in assessing a potential conflict of interest situation not specifically addressed above:

● Is the action to be taken legal?

● Is it honest and fair?

● Is it in the best interests of the Company?

***Disclosure of Conflicts of Interest***

The Company requires that employees fully disclose any situations that could reasonably be expected to give rise to a conflict of interest. If an employee suspects that he/she has a conflict of interest, or a situation that others could reasonably perceive as a conflict of interest, the employee must report it immediately to the Compliance Officer. Conflicts of interest may only be waived by the Board, the appropriate committee of the Board and in some cases, as in accordance with NASDAQ rules, only by the Company's Audit Committee, and will be promptly disclosed to the public to the extent required by law and applicable rules of NASDAQ.

***Family Members and Work***

The actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee's objectivity in making decisions on behalf of the Company. If a member of an employee's family is interested in doing business with the Company, the criteria as to whether to enter into or continue the business relationship and the terms and conditions of the relationship must be no less favorable to the Company compared with those that would apply to an unrelated party seeking to do business with the Company under similar circumstances.

Employees should report any situation involving family members that could reasonably be expected to give rise to a conflict of interest to their supervisor or the Compliance Officer. For purposes of this Code, "family members" or "members of employee's family" include an employee's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone (other than domestic employees) who shares such employee's home.

IV. RELATED PARTY TRANSACTIONS
POLICY

The Company's related party transactions policy requires a majority of non-interested directors (such authority shall be assumed by the Audit Committee once the Audit Committee is established and taking effect), review and approve all Related Party Transactions, as hereinafter defined, in advance, and that such Related Party Transactions be disclosed in accordance with applicable legal and regulatory requirements. The Company recognizes that there are situations where Related Party Transactions may be in, or may not be inconsistent with, the best interests of the Company and its stakeholders, including but not limited to situations where the Company may obtain products or services of a nature, quantity or quality, or on other terms, that are not readily available from alternative sources or when the Company provides products or services to a Related Party, as hereinafter defined, on an arm's length basis on terms comparable to those provided to unrelated third parties or on terms comparable to those provided to employees generally.

The non-interested directors or Audit Committee shall consider all of the relevant facts and circumstances available to them, including (if applicable), but not limited to (i) the benefits to the Company; (ii) the impact on a director's independence in the event the Related Party is a director, an immediate family member of a director or an entity in which a director is a principal, member, partner, shareholder or senior officer; (iii) the availability of other sources for comparable products or services; (iv) the terms of the transaction; and (v) the terms available to unrelated third parties and employees generally.

The Company's policy requires that no member of the Board or the Audit Committee shall participate in any review, consideration or approval of any Related Party Transaction with respect to which such member or any of his or her immediate family members is the Related Party. The non-interested directors or the Audit Committee shall approve only those Related Party Transactions that are in, or are not inconsistent with, the best interests of the Company and its stakeholders, as the majority of non-interested directors or the Audit Committee determines in good faith.

It shall not be considered a violation of the Company's policy in the event a Related Party Transaction involving a director or senior officer is entered into without his or her knowledge, if such director or senior officer notifies the Compliance Officer or the Company's secretary (the "Corporate Secretary") as soon as practical after such director or senior officer becomes aware of the transaction so the Related Party Transaction can be presented to the Audit Committee for the required review.

Directors and senior officers shall notify the Corporate Secretary or Compliance Officer of any potential Related Party Transactions as soon as the director or senior officer becomes aware of any such transaction. The Corporate Secretary and Compliance Officer shall inform the Board or the Audit Committee of any Related Party Transaction of which they become aware. The Corporate Secretary and Compliance Officer shall be responsible for conducting a preliminary analysis and review of potential Related Party Transactions and presentation to the non-interested directors or the Audit Committee for review including provision of additional information to enable proper consideration by the non-interested directors or the Audit Committee.

At the time the Company becomes aware of a person's status as a beneficial owner of more than 5% of any class of the Company's voting securities, and annually thereafter for so long as such ownership status is maintained, the Compliance Officer shall request (a) if the person is an individual, the same information as is requested of directors and senior officers under this related party transactions policy and (b) if the person is a firm, corporation or other entity, a list of the principals or senior officers of the firm, corporation or entity.

As necessary, the non-interested directors or the Audit Committee shall review approved Related Party Transactions on a periodic basis throughout the duration of the transaction to ensure that the transactions remain in the best interests of the Company. The non-interested directors or the Audit Committee may, in its discretion, engage outside counsel to review certain Related Party Transactions.

This related party transactions policy will be further reviewed and adopted by the Audit Committee once such committee is established and taking effect. The non-interested directors or Audit Committee will review this policy periodically and update it as appropriate.

For purposes of this Code, a "**Related Party Transaction**" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) that occurred since the beginning of the Company's most recent fiscal year in which the Company (including any of its subsidiaries) was, is or will be a participant and in which any Related Party had, has or will have a direct or indirect material interest.

For purposes of this Code, a "**Related Party**" means:

● Any person who is, or at any time since the beginning of the Company's last fiscal year was, a director or senior officer of the Company or a nominee to become a director of the Company;

● Any person who is known to be the beneficial owner of more than 5% of any class of the Company's voting securities;

● Any immediate family member of any of the foregoing persons; and

● Any firm, corporation or other entity in which any of the foregoing persons is employed or is a partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest.

V. GIFTS AND ENTERTAINMENT

The giving and receiving of appropriate gifts may be considered common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business connections. However, gifts and entertainment should never compromise, or appear to compromise, an employee's ability to make objective and fair business decisions.

It is the responsibility of employees to use good judgment in this area. As a general rule, employees may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment is in compliance with applicable law, insignificant in amount and not given in consideration or expectation of any action by the recipient. All gifts and entertainment expenses made on behalf of the Company must be properly accounted for on expense reports.

We encourage employees to submit gifts received to the Company. While it is not mandatory to submit small gifts, gifts of over US$100 must be submitted immediately to the Compliance Officer.

Bribes and kickbacks are criminal acts, strictly prohibited by law. An employee must not offer, give, solicit or receive any form of bribe or kickback anywhere in the world.

VI. FCPA COMPLIANCE

The U.S. Foreign Corrupt Practices Act ("**FCPA**") prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. A violation of FCPA does not only violate the Company's policy but also constitute a civil or criminal offense under FCPA which the Company is subject to after the Effective Time. No employee shall give or authorize directly or indirectly any illegal payments to government officials of any country. While the FCPA does, in certain limited circumstances, allow nominal "facilitating payments" to be made, any such payment must be discussed with and approved by an employee's supervisor in advance before it can be made.

VII. PROTECTION AND
USE OF COMPANY ASSETS

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. Any use of the funds or assets of the Company, whether for personal gain or not, for any unlawful or improper purpose is strictly prohibited.

To ensure the protection and proper use of the Company's assets, each employee should:

● Exercise reasonable care to prevent theft, damage or misuse of Company property;

● Promptly report any actual or suspected theft, damage or misuse of Company property;

● Safeguard all electronic programs, data, communications and written materials from unauthorized access; and

● Use Company property only for legitimate business purposes.

Except as approved in advance by the Chief Executive Officer or Chief Financial Officer of the Company, the Company prohibits political contributions (directly or through trade associations) by any employee on behalf of the Company. Prohibited political contributions include:

● any contributions of the Company's funds or other assets for political purposes;

● encouraging individual employees to make any such contribution; and

● reimbursing an employee for any political contribution.

VIII. INTELLECTUAL PROPERTY
AND CONFIDENTIALITY

Employees should abide by the Company's rules and policies in protecting the intellectual property and confidential information, including the following:

● All inventions, creative works, computer software, and technical or trade secrets developed by an employee in the course of performing the employee's duties or primarily through the use of the Company's assets or resources while working at the Company shall be the property of the Company.

● Employees should maintain the confidentiality of information entrusted to them by the Company or entities with which the Company has business relations, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its business associates, if disclosed.

● The Company maintains a strict confidentiality policy. During an employee's term of employment with the Company, the employee shall comply with any and all written or unwritten rules and policies concerning confidentiality and shall fulfill the duties and responsibilities concerning confidentiality applicable to the employee.

● In addition to fulfilling the responsibilities associated with his/her position in the Company, an employee shall not, without obtaining prior approval from the Company, disclose, announce or publish trade secrets or other confidential business information of the Company, nor shall an employee use such confidential information outside the course of his/her duties to the Company.

● Even outside the work environment, an employee must maintain vigilance and refrain from disclosing important information regarding the Company or its business, business associates or employees.

● An employee's duty of confidentiality with respect to the confidential information of the Company survives the termination of such employee's employment with the Company for any reason until such time as the Company discloses such information publicly or the information otherwise becomes available in the public sphere through no fault of the employee.

● Upon termination of employment, or at such time as the Company requests, an employee must return to the Company all of its property without exception, including all forms of medium containing confidential information, and may not retain duplicate materials.

IX. ACCURACY OF FINANCIAL
REPORTS AND OTHER PUBLIC COMMUNICATIONS

Upon the Effective Time, the Company will be required to report its financial results and other material information about its business to the public and the SEC. It is the Company's policy to promptly disclose accurate and complete information regarding its business, financial condition and results of operations. Employees must strictly comply with all applicable standards, laws, regulations and policies for accounting and financial reporting of transactions, estimates and forecasts. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Employees should be on guard for, and promptly report, any possibility of inaccurate or incomplete financial reporting. Particular attention should be paid to:

● Financial results that seem inconsistent with the performance of the underlying business;

● Transactions that do not seem to have an obvious business purpose; and

● Requests to circumvent ordinary review and approval procedures.

The Company's senior financial officers and other employees working in the finance department have a special responsibility to ensure that all of the Company's financial disclosures are full, fair, accurate, timely and understandable. Any practice or situation that might undermine this objective should be reported to the Compliance Officer. Employees are prohibited from directly or indirectly taking any action to coerce, manipulate, mislead or fraudulently influence the Company's independent auditors for the purpose of rendering the financial statements of the Company materially misleading. Prohibited actions include but are not limited to:

● issuing or reissuing a report on the Company's financial statements that is not warranted in the circumstances (due to material violations of U.S. GAAP, generally accepted auditing standards or other professional or regulatory standards);

● not performing audit, review or other procedures required by generally accepted auditing standards or other professional standards;

● not withdrawing an issued report when withdrawal is warranted under the circumstances; or

● not communicating matters required to be communicated to the Company's Audit Committee.

X. COMPANY RECORDS

Accurate and reliable records are crucial to the Company's business and form the basis of its earnings statements, financial reports and other disclosures to the public. The Company's records are a source of essential data that guides business decision-making and strategic planning. Company records include, but are not limited to, booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of business.

All Company records must be complete, accurate and reliable in all material respects. There is never an acceptable reason to make false or misleading entries. Undisclosed or unrecorded funds, payments or receipts are strictly prohibited. An employee is responsible for understanding and complying with the Company's recordkeeping policy. An employee should contact the Compliance Officer if he/she has any questions regarding the recordkeeping policy.

XI. COMPLIANCE WITH
LAWS AND REGULATIONS

Each employee has an obligation to comply with the laws of the cities, provinces, regions and countries in which the Company operates. This includes, without limitation, laws covering commercial bribery and kickbacks, patent, copyrights, trademarks and trade secrets, information privacy, insider trading, offering or receiving gratuities, employment harassment, environmental protection, occupational health and safety, false or misleading financial information, misuse of corporate assets and foreign currency exchange activities. Employees are expected to understand and comply with all laws, rules and regulations that apply to their positions at the Company. If any doubt exists about whether a course of action is lawful, the employee should seek advice immediately from the Compliance Officer.

XII. DISCRIMINATION
AND HARASSMENT

The Company is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment based on race, ethnicity, religion, gender, age, national origin or any other protected class. For further information, employees should consult the Compliance Officer.

XIII. FAIR DEALING

Each employee should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. None should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

XIV. HEALTH AND SAFETY

The Company strives to provide employees with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for other employees by following environmental, safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence or threats of violence are not permitted.

Each employee is expected to perform his/her duty to the Company in a safe manner, not under the influence of alcohol, illegal drugs or other controlled substances. The use of illegal drugs or other controlled substances in the workplace is prohibited.

XV. VIOLATIONS OF THE
CODE

All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies that apply to the Company. Reporting a known or suspected violation of this Code by others will not be considered an act of disloyalty, but an action to safeguard the reputation and integrity of the Company and its employees.

If an employee knows of or suspects a violation of this Code, it is such employee's responsibility to immediately report the violation to the Compliance Officer, who will work with the employee to investigate his/her concern. All questions and reports of known or suspected violations of this Code will be treated with sensitivity and discretion. The Compliance Officer and the Company will protect the employee's confidentiality to the extent possible, consistent with the law and the Company's need to investigate the employee's concern.

It is the Company's policy that any employee who violates this Code will be subject to appropriate disciplinary action, including termination of employment, based upon the facts and circumstances of each particular situation. An employee's conduct, if it does not comply with the law or with this Code, can result in serious consequences for both the employee and the Company.

The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. An employee inflicting reprisal or retaliation against another employee for reporting a known or suspected violation will be subject to disciplinary action, including termination of employment.

XVI. WAIVERS OF THE
CODE

Waivers of this Code will be granted on a case-by-case basis and only in extraordinary circumstances. Waivers of this Code may be made only by the Board, or the appropriate committee of the Board, and may be promptly disclosed to the public if so required by applicable laws and regulations and rules of the NASDAQ. Notwithstanding the foregoing, any waiver of this Code for a senior officer or a director may only be granted by the Board and must be publicly disclosed in accordance with the applicable rules of the NASDAQ.

XVII. CONCLUSION

This Code contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If employees have any questions about these guidelines, they should contact the Compliance Officer. We expect all employees to adhere to these standards. Each employee is separately responsible for his/her actions. Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by a supervisor or someone in higher management positions. If an employee engages in conduct prohibited by the law or this Code, such employee will be deemed to have acted outside the scope of his/her employment. Such conduct will subject the employee to disciplinary action, including termination of employment.

## Exhibit 99.5

**Exhibit 99.5**

June 25, 2026

Division of Corporation Finance

Office of Energy & Transportation

Securities and Exchange Commission

Washington, D.C. 20549

---

| | |
|:---|:---|
| Attn.: | Steve Lo |
|  | Craig Arakawa |
|  | Michael Purcell |
|  | Karina Dorin |

---

---

| | |
|:---|:---|
| **Re:** | **ChainOn Group Limited**<br> **Registration Statement on Form F-1**<br> **Filed** **June 25, 2026**<br> **CIK No. 0002095150 ChainOn Group Limited** |
|  | **Request for Waiver and Representation under Item 8.A.4 of Form 20-F** |

---

Dear Sir and Madam:

The undersigned, ChainOn Group Limited, a foreign private issuer organized under the laws of the Cayman Islands (the "Company"), is submitting this letter to the U.S. Securities and Exchange Commission (the "Commission") in connection with the Company's Registration Statement on Form F-1 (the "Registration Statement") relating to a proposed initial public offering and listing of the Company's ordinary shares in the United States.

The Company has included in the Registration Statement its audited consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States, as of April 30, 2025 and 2024, and for each of the two fiscal years ended April 30, 2025 and 2024, and unaudited interim consolidated financial statements as of October 31, 2025, and for each of the six-month periods ended October 31, 2025 and 2024.

The Company respectfully requests that the Commission waive the requirement of Item 8.A.4 of Form 20-F, which states that in the case of a company's initial public offering, the registration statement on Form F-1 must contain audited financial statements of a date not older than 12 months from the date of the offering (the "12-Month Requirement"). See also Division of Corporation Finance, Financial Reporting Manual, Section 6220.3.

The Company is submitting this waiver request pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that the Commission will waive the 12-Month Requirement "in cases where the company is able to represent adequately to us that it is not required to comply with this requirement in any other jurisdiction outside the United States and that complying with this requirement is impracticable or involves undue hardship." See also the 2004 release entitled International Reporting and Disclosure Issues in the Division of Corporation Finance (available on the Commission's website at http://www.sec.gov/divisions/corpfin/internatl/cfirdissues1104.htm) by the staff of the Division of Corporation Finance of the Commission at Section III.B.c, in which the staff notes that:

"the instruction indicates that the staff will waive the 12-month requirement where it is not applicable in the registrant's other filing jurisdictions and is impracticable or involves undue hardship. As a result, we expect that the vast majority of IPOs will be subject only to the 15-month rule. The only times that we anticipate audited financial statements will be filed under the 12-month rule are when the registrant must comply with the rule in another jurisdiction, or when those audited financial statements are otherwise readily available."

In connection with this waiver request, the Company represents to the Commission that:

1. The
 Company is not required by any jurisdiction outside the United States to prepare consolidated financial statements audited under
 any generally accepted auditing standards for any interim period.

2. Full
 compliance with Item 8.A.4 of Form 20-F at present is impracticable and involves undue hardship for the Company.

3. The
 Company does not anticipate that its audited financial statements for the fiscal year ended April 30, 2026 will be available until
 October 2026.

4. In
 no event will the Company seek effectiveness of the Registration Statement if its audited financial statements are older than 15
 months at the time of the Company's initial public offering.

The Company will file this letter as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4 of Form 20-F.

---

| |
|:---|
| Sincerely, |
| */s/ Lok Him Kelvin Yan* |
| Lok Him Kelvin Yan<br> Chief Executive Officer |

---

## Exhibit 99.6

**Exhibit 99.6** 

---

| | | |
|:---|:---|:---|
| ![](ex99-6_001.jpg) |  | Partners:<br> Willy Y.P. Cheng \* ᴼ <sup>◆ **⌘**</sup><br> Hank H.F. Lo <sup>◆</sup><br> Wendy W.S. Lam <sup>◆</sup><br> Lai S. Lam <sup>◆</sup><br> Cornelia W.C. Chu <sup>◆</sup><br> Heidi H.Y. Chui ᴼ <sup>◆ **⌘**</sup><br>|
|  |  | Rodney Y.F. Teoh <sup>◆ **⌘**</sup> |
| Our Ref : GYT(P)/HLO/89378 (Cor. Fin.) |  | Calvin K.F. Lo <sup>◆</sup> |
|  |  | Gordon H.Y. Tsang <sup>◆ **⌘**</sup> |
| Your Ref : |  | Dominic C.M. Lau \* |
|  |  | Erica Y.Y. Cheng |
| Reply Email : gordon.tsang@sw-hk.com |  | Terence Y.F. Lau **<sup>⌘</sup>** |
|  |  | Katy Lai |
| Reply Fax : (852) 2157 5504 |  | Rainbow S.L. Ip |
|  |  | Michael K.H. Lau**<sup>⌘</sup>** |
| Direct Line : (852) 2533 2504 |  | Kenneth K.L. Leung<sup>◆</sup> |
| Date : 25 June 2026 |  | Senior Consultant: |
|  |  | Catherine K.G. Por \*<sup>◆</sup> |
|  | \* | Notary Public of Hong Kong |
|  |  | 香港國際公證人 |
|  | ο | China-Appointed Attesting Officer |
|  |  | 中國委托公証人 |
|  | ◆ | Civil Celebrant of Marriages |
|  |  | 婚姻監禮人 |
|  | **<sup>⌘</sup>** | GBA Lawyer |
|  |  | 粵港澳大灣區律師 |

---

**ChainOn Group Limited**

21/F, G.D. Real Estate Tower

No. 143 Connaught Road Central

Hong Kong

Dear Sir or Madam,

---

| | |
|:---|:---|
| **Re:** | **Hong Kong Legal Opinion in relation to ChainOn Group Limited** |

---

We are qualified lawyers of Hong Kong Special Administrative Region of the People's Republic of China ("**Hong Kong**") and as such are qualified to issue this opinion (this "**Opinion**") on the laws and regulations of Hong Kong effective as of the date hereof.

We were engaged (the "**Engagement**") as Hong Kong counsel to ChainOn Group Limited (the "**Company"**), a company incorporated under the laws of the Cayman Islands, and its subsidiaries established in Hong Kong in connection with (a) the proposed initial public offering (the "**Offering**") of certain number of ordinary shares, par value of US$0.0004 per share (the "**Ordinary Shares**"), of the Company, by the Company as set forth in the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) in relation to the Offering; and (b) the Company's proposed listing of the Ordinary Shares on the Nasdaq Capital Market.

---

| | |
|:---|:---|
| 香港中環皇后大道中15號置地廣場告羅士打大廈18樓1801-08及1810室<br> Units 1801-08 & 1810, 18/F, Gloucester Tower, The Landmark,<br> 15 Queen's Road Central, Hong Kong<br> 香港中環皇后大道中28號中滙大廈501室<br> 501, Central Tower, 28 Queen's Road Central, Hong Kong | 電話 Tel: +852 2526 6311<br> 傳真 Fax: +852 2845 0638<br> 電郵 Email: info@sw-hk.com<br> www.sw-hk.com Member of Interlaw since 1982 |
| †錦天城律師事務所分所Branch of AllBright Law Offices:<br> 香港 廣州 上海 北京 杭州 深圳 蘇州 南京 成都 重慶 太原 青島 廈門 天津 濟南 合肥 鄭州 福州 南昌 西安 長春 武漢 烏魯木齊 海口 長沙 昆明 哈爾濱 倫敦 西雅圖 新加坡 東京 悉尼<br> Hong Kong Guangzhou Shanghai Beijing Hangzhou Shenzhen Suzhou Nanjing Chengdu Chongqing Taiyuan Qingda Xiamen Tianjin Jinan Hefei Zhengzhou Fuzhou Nanchang Xi'an Changchun Wuhan Urumqi Haikou Changsha Kunming Harbin London Seattle Singapore Tokyo Sydney | †錦天城律師事務所分所Branch of AllBright Law Offices:<br> 香港 廣州 上海 北京 杭州 深圳 蘇州 南京 成都 重慶 太原 青島 廈門 天津 濟南 合肥 鄭州 福州 南昌 西安 長春 武漢 烏魯木齊 海口 長沙 昆明 哈爾濱 倫敦 西雅圖 新加坡 東京 悉尼<br> Hong Kong Guangzhou Shanghai Beijing Hangzhou Shenzhen Suzhou Nanjing Chengdu Chongqing Taiyuan Qingda Xiamen Tianjin Jinan Hefei Zhengzhou Fuzhou Nanchang Xi'an Changchun Wuhan Urumqi Haikou Changsha Kunming Harbin London Seattle Singapore Tokyo Sydney |

---

**A.** **Assumptions** 

In rendering this Opinion, we have assumed without independent investigation that (the "**Assumptions**''):

(i) all
 signatures, seals and chops are genuine, each signature on behalf of a party thereto is that
 of a person duly authorized by such party to execute the same, all documents (the "**Documents** ")
 submitted to us in relation to the Engagement as originals are authentic, and all documents
 submitted to us as certified or photostatic copies conform to the originals;

(ii) each
 of the parties to the Documents, (a) if a legal person or other entity, is duly organized
 and is validly existing in good standing under the laws of its jurisdiction of organization
 and/or incorporation; or (b) if an individual, has full capacity for civil conduct; each
 of them, has full power and authority to execute, deliver and perform its/her/his obligations
 under such documents to which it is a party in accordance with the laws of its jurisdiction
 of organization or incorporation or the laws that it/she/he is subject to;

(iii) the
 Documents remain in full force and effect on the date of this Opinion and have not been revoked,
 amended or supplemented, and no amendments, revisions, supplements, modifications or other
 changes have been made, and no revocation or termination has occurred, with respect to any
 of such Documents after they were submitted to us for the purposes of this Opinion; and

(iv) 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.

**B.** **Opinions** 

Subject to the Assumptions and the Qualifications, we are of the Opinion that:

(i) the
 statements set forth in the Registration Statement under the captions "Risk Factors",
 "Regulatory Environment and the Laws and Regulations of Hong Kong" and "Legal
 Matters" in each case insofar as such statements purport to describe or summarize the
 Hong Kong legal matters stated therein as at the date hereof, are true and accurate in all
 material respects, and fairly present and summarize in all material respects the Hong Kong
 legal matters stated therein as at the date hereof; and

(ii) the
 statements set forth in the Registration Statement under the caption "Material Tax
 Consideration – 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.

**C.** **Qualifications** 

Our opinion expressed above is subject to the following qualifications ("**Qualifications**"):

(i) our
 Opinion is limited to the laws of Hong Kong of general application on the date hereof. We
 have made no investigation of, and do not express or imply any views on, the laws of any
 jurisdiction other than Hong Kong. Accordingly, we express or imply no opinion directly or
 indirectly on the laws of any jurisdiction other than Hong Kong;

(ii) the
 laws of Hong Kong referred to herein are laws and regulations publicly available and currently
 in force on the date hereof and there is no guarantee that any of such laws and regulations,
 or the interpretation or enforcement thereof, will not be changed, amended or revoked in
 the future with or without retrospective effect;

(iii) our
 Opinion is subject to the effects of (a) certain legal or statutory principles affecting
 the enforceability of contractual rights generally under the concepts of public interest,
 social ethics, national security, good faith, fair dealing, and applicable statutes of limitation;
 (b) any circumstance in connection with formulation, execution or performance of any legal
 documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary
 or concealing illegal intentions with a lawful form; (c) judicial discretion with respect
 to the availability of specific performance, injunctive relief, remedies or defenses, or
 calculation of damages; and (d) the discretion of any competent Hong Kong legislative, administrative
 or judicial bodies in exercising their authority in Hong Kong;

(iv) this
 Opinion is issued based on the laws of Hong Kong that are currently in effect. For matters
 not explicitly provided under the laws of Hong Kong, the future interpretation, implementation
 and application of the specific requirements under the laws of Hong Kong are subject to the
 final discretion of competent Hong Kong legislative, administrative and judicial authorities,
 and there can be no assurance that the government agencies will not ultimately take a view
 that is contrary to our opinion stated above;

(v) we
 may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem
 proper, on certificates and confirmations of responsible officers of the Company and public
 searches conducted in Hong Kong;

(vi) this
 Opinion is intended to be used in the context which is specifically referred to herein. It
 should be read as a whole and each paragraph of the Opinion should not be read independently;
 and

(vii) as
 used in this Opinion, the expression "to our best knowledge" or similar language
 with reference to matters of fact refers to the current actual knowledge of the solicitors
 of this firm who have worked on matters for the Company in connection with the Offering and
 the transactions contemplated thereunder. We have not undertaken any independent investigation
 to determine the existence or absence of any fact, and no inference as to our knowledge of
 the existence or absence of any fact should be drawn from our representation of the Company
 or the rendering of this Opinion.

We hereby consent to the use of this Opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement.

In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

---

| |
|:---|
| Yours faithfully, |
| /s/ Mr. Gordon Tsang, Partner |
| **Stevenson, Wong & Co.** |

---

## Exhibit 99.7

**Exhibit 99.7**![](ex99-7_001.jpg)

CHINA COMMERCIAL LAW FIRM

Exchange/+86 755 8302 55555

Fax/+86 755 8302 5058 P.C/518048

https://www.huashanglawyer.com

Add/21-26/F, Hong Kong CTS ToThe PRC Entityr, No.4011, Shennan Boulevard, Futian District, Shenzhen, P.R.C

**June 25, 2026**

**To:ChainOn Group Limited**

**21/F, G.D Real Estate Tower, No.143 Connaught Road Central, Hong Kong SAR**

**Re: Certain PRC Law Matters of ChainOn Group Limited (the "Company")**

Dear Sirs/Madams,

We are qualified lawyers of the People's Republic of China (the "**PRC**") and as such are qualified to issue this opinion ("**Opinion**") with respect to all laws, regulations, statutes, rules, decrees, guidelines, notices, and judicial interpretations and other legislations of the PRC currently in force and publicly available as of the date of this opinion (hereinafter referred to as the "**PRC Laws**"). For the purpose of this Opinion, the PRC excludes the Hong Kong Special Administrative Region ("**Hong Kong**"), the Macau Special Administrative Region, and Taiwan.

We are acting as the PRC counsel of the Company (the Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before the Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of the Company at the relevant time or the businesses which have since been acquired or carried on by them or, as the case may be, their predecessors, the "**Group**") in connection with (a) the proposed public offering (the "**Offering**") of ordinary shares of the Company as set forth in the Company's registration statement on Form F-l, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the United States Securities and Exchange Commission (the "**SEC**") in relation to the Offering on Nasdaq Capital Market (the "NASDAQ"）.

For the purpose of giving this Opinion, we have examined the Registration Statement, originals or copies of corporate record, documents and certificates of identification and documents issued by governmental authorities or by officers or representatives of the Company as we have deemed necessary and appropriate as a basis for the opinions hereinafter set forth.

In rendering the opinions expressed below, we have assumed:

(a) the authenticity
 of the documents submitted to us as originals and the conformity to the originals of the documents submitted to us as copies;

(b) the truthfulness, accuracy
 and completeness of the documents as they were presented to us;

(c) the documents which have
 been presented to us remain in full force and effect as of the date of this opinion and have not been revoked, amended, varied or
 supplemented, except as noted therein;

(d) in response to our due
 diligence inquiries, requests and investigation for the purpose of this Opinion, all the relevant information and materials that
 have been provided to us by the Company, including all factual statements in the documents and all other factual information provided
 to us by the Company, and the statements made by the Company, are true, accurate, complete and not misleading, and that the Company
 has not withheld anything that, if disclosed to us, would reasonably cause us to alter this Opinion in whole or in part. Where important
 facts were not independently established to us, we have relied upon certificates issued by governmental authorities and appropriate
 representatives of the Company in the course of our inquiry and consultation;

(e) that all parties to the
 documents provided to us in connection with this Opinion have the requisite power and authority to enter into, and have duly executed,
 delivered and/or issued those documents to which they are parties, and have the requisite power and authority to perform their obligations
 thereunder; and

(f) with
respect to all parties, the due compliance with, and the legality, validity, effectiveness and enforceability under, all laws other than
the laws of the PRC.

1 / 7

We do not purport to be experts on and do not purport to be generally familiar with or qualified to express legal opinions on any laws other than the laws of the PRC and accordingly express no legal opinion herein on any laws of any jurisdiction other than the PRC.

Based on the foregoing and subject to the confirmations and qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

The following terms as used in this Opinion are defined as follows:

"CAC" means the Cyberspace Administration of China;

"CSRC" means the China Securities Regulatory Commission;

"Governmental Agencies" means any national, provincial or local court, governmental agency or body, stock exchange authorities or any other regulator in the PRC;

"Securities Law" means the Securities Law of the People's Republic of China which was amended on December 28, 2019, and became effective on March 1, 2020, by the Standing Committee of the National People's Congress;

"Measures" means the Measures for Cybersecurity Review promulgated jointly by the Cyberspace Administration of China, National Development and Reform Commission, Ministry of Industry and Information Technology, The Ministry of Public Security, the Ministry of State Security, Ministry of Finance, Ministry of Commerce, People's Bank of China, State Administration of Radio and Television, China Securities Regulatory Commission, State Secrecy Administration and State Cryptography Administration on December 28, 2021, which became effective on February 15, 2022;

"The Trial Measures" means the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies promulgated by CSRC on February 17, 2023, which became effective on March 31, 2023;

"The Confidentiality Provisions" means the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies promulgates jointly by the CRSC, Ministry of Finance of the People's Republic of China, National Administration of State on February 24, 2023, which became effective on March 31, 2023;

"The PIPL" means the Personal Information Protection Law of the People's Republic of China, promulgated by the Standing Committee of the National People's Congress on August 20, 2021, which became effective on November 1, 2021.

"The DSL" means the Data Security Law of the People's Republic of China promulgated by Standing Committee of the National People's Congress on June 10, 2021, which became effective on September 1, 2021;

"PRC Laws" means any and all officially published and publicly available laws, regulations, rules, and regulatory, administrative or other governmental measures, notices or circulars, and Supreme Court judicial interpretation of the PRC currently in force and publicly available in the PRC as of the date hereof;

2 / 7

**<u>Application of Article 177 of the PRC Securities Law to this Offering</u>**

According to Article 177 of the Securities Law, without the consent of the securities regulatory authority under the State Council and the relevant authorities under the State Council, no entity or individual shall provide documents or materials related to securities business activities to other countries or regions without authorization. In accordance with statutes including the Securities Law, on February 17, 2023, with the approval of the State Council, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures, which became effective on March 31, 2023. On February 24, 2023, the CSRC circulated the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, or the Confidentiality Provisions. The Trial Measures, together with the Confidentiality Provisions, reiterate the supervision principles for regulating the confidentiality related to overseas securities offering and listing activities by domestic companies, either in direct or indirect form. Further, the Confidentiality Provisions provide clearer standards and instructions on the confidentiality and Archives Administration relating to overseas securities offering and listing activities of domestic companies. According to the Confidentiality Provisions, (i) a domestic company that conducts an overseas offering and listing both directly and indirectly should institute a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration obligations; (ii) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; (iii) where a domestic company, either directly or through its overseas listed entity, intends to publicly disclose or provide to relevant individuals and entities, including securities companies, securities service providers and overseas regulatory authorities, any other documents and materials, if leaked, will be detrimental to national security or public interest, it shall strictly fulfil relevant procedures stipulated by applicable national regulations; (iv) where a domestic company, after fulfilling relevant procedures, provides to securities companies, securities service providers and other entities with any documents and materials containing state secrets or working secrets of government agencies, or any other documents and materials which, if leaked, will be detrimental to national security or public interest if leaked, a non-disclosure agreement shall be signed between the provider and receiver of such information; (v) domestic companies, securities companies or securities service providers that discover any leakage or possible leakage of state secrets, working secrets of government agencies or any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall immediately take remedies and report to relevant state organs and units.

As confirmed by the Company: (i) they currently do not have any subsidiary or VIE in the PRC, nor do they currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) they are not controlled by any PRC entity or individual; (iii) all of their operations are conducted by the operating entity in Hong Kong; (iv) as of date hereof, the Company and its Hong Kong Subsidiaries have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor does it entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (v) they have not employed any PRC citizen; and (vi) their chief executive officer, chief financial officer and all members of the board of directors based in Hong Kong who are not mainland China citizens.

Accordingly, based on the above and to the best of our knowledge, we are of the opinion that Article 177 of the Securities Law and the Confidentiality Provisions do not apply to documents and/or materials submitted to NASDAQ in connection with the Company's application.

However, as the Securities Law, the Trial Measures and the Confidentiality Provisions were newly published, and due to the lack of further clarifications or detailed rules and regulations, there are still uncertainties as to how the aforementioned rules will be interpreted or implemented and whether the Governmental Agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that Governmental Agencies would take the same view as we do.

3 / 7

**<u>Application of Article 41 of the Personal Information Protection Law and Article 36 of the Data Security Law to this Offering</u>**

Article 41 of the PIPL and Article 36 of the DSL prohibits companies and individuals from providing personal information and data stored within the PRC to foreign judicial or enforcement agencies, without prior approval by the Chinese government.

As confirmed by the Company:(i) as of the date hereof, in connection with this Offering, the Company is a holding company incorporated in the Cayman Islands with an operating subsidiary solely based in Hong Kong, and it does not have any subsidiary or VIE in the PRC or intend to acquire any equity interest in any domestic companies within the PRC;(ii) they are not controlled by any PRC entity or individual; (iii) all of their operations are conducted by the operating entity in Hong Kong and they currently do not have, nor do they plan to have, any investment, such as owning or leasing any asset, in the PRC; (iv) as of date hereof, the Company and its Hong Kong Subsidiaries have neither collected nor stored any personal information of any mainland China individual or within mainland China, nor does it entrust or expect to be entrusted by any individual or entity to conduct any data processing activities of any mainland China individual or within mainland China; (v) the company do not place any reliance on collection and processing of any personal information to maintain the business operation; and (vi) data processed in the business should not have a bearing on national security nor affect or may affect national security; as of the date of this Opinion, the Company has not been involved in any investigations on the PIPL or data security initiated by related governmental regulatory authorities, and the Company have not received any inquiry, notice, warning, or sanction in such respect.

Accordingly, based on the above and to the best of our knowledge, we are of the opinion that，we do not currently expect Article 41 of the PIPL and Article 36 of the DSL to have an impact on the Company's business, operations or this Offering as we do not believe that the Company is deemed to be a "personal information processor", "critical infrastructure information operator", "personal information processor who has a large user base and/or operates complex types of businesses", or "entrusted party"under the PIPL and the DSL to the Company.

Furthermore, Article 41 of the PIPL and Article 36 of the DSL do not apply to the documents, information and/or materials submitted to Nasdaq in connection with the Company's application. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 41 of the PIPL and Article 36 of the DSL do not apply documents and/or materials requested by NASDAQ from the Company once listed, in connection with NASDAQ's regulatory responsibilities related to oversight of its issuer companies.

However, as the PIPL and the DSL were newly published, and due to the lack of further clarifications or detailed rules and regulations, there are still uncertainties as to how the aforementioned rules will be interpreted or implemented and whether the Governmental Agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation and there is no assurance that Governmental Agencies would take the same view as we do.

**<u>Approval of Cyberspace Administration of China</u>**

Pursuant to the Data Security Law, which was promulgated on June 10, 2021 and came into effect on September 1, 2021, any data processing (includes the collection, storage, use, processing, transmission, provision and disclosure of data) activities conducted outside the PRC endanger national security, public interests or the legal rights and interests of any citizen or organization shall be held liable.

If a company harms the national security, public interests, or legitimate rights and interests of citizens and organizations of the PRC during its data processing activities, it may still be subject to legal liability by the relevant Chinese authorities.

The Measures for Cybersecurity Review (2021), which were promulgated on December 28, 2021 and took effect on February 15, 2022, provide that any online platform operators controlling personal information of more than one million users which seeks to list in a foreign country shall conduct a cybersecurity review.

As confirmed by the Company, as of the date of this opinion.

(a) the Group currently
 do not have, or intend to have any subsidiary or enter into any contractual arrangements to establish a VIE structure with any entity
 in the PRC;

(b) the Company is not controlled
 by any PRC entity or individual;

4 / 7

(c) all of the operations of
 the Company are conducted by its Hong Kong subsidiary including ChainOn Group Limited operating entity, which currently solely serve
 the Hong Kong local market;

(d) the Group currently do
 not have, or plan to have, any investment plan, such as owning or leasing any asset, in the PRC;

(e) the Group currently does
 not employ any PRC natural persons within the PRC;

(f) none of the revenue of
 the Group is generated from the PRC;

(g) the Group currently do
 not engage in any data processing activities of any PRC individual or within the PRC, nor do the Group entrust or be entrusted by
 any individual or entity to conduct any data processing activities of any PRC individual or within the PRC, nor do the Group store
 any data within the PRC;

(h) the Group are not operators
 of key information infrastructure;

(i) the Group currently do
 not possess personal information on more than one million users in its business operations;

(j) the Group have not collected
 or stored any data (including certain personal information) from PRC individuals and /or organizations;

(k) the Company conducts all
 of its operations in Hong Kong through its Hong Kong subsidiary including ChainOn Group Limited, and any data collected, stored,
 or used by the Group do not have a bearing on national security, national economy operation, social stability, public health and
 security or public interest;

**<u>Filing procedure with the CSRC</u>**

On February 17, 2023, the China Securities Regulatory Commission ("CSRC") promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "**Trial Measures**"), and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC.

In addition, according to the Trial Measures, indirect overseas issuance and listing of domestic enterprises refers to the overseas issuance and listing of enterprises with main business activities in the PRC, in the name of enterprises registered overseas, based on the equity, assets, income or other similar rights and interests of domestic enterprises. At the same time, the Trial Measures further clarify the situation of indirect overseas listing:

(1) 50% or more
 of any of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated
 financial statements for the most recent fiscal year were derived from PRC domestic companies; and

(2) The majority of the issuer's
 business activities are carried out in mainland China, or its main place(s) of business are located in mainland China, or the majority
 of the issuer's senior management team in charge of its business operations and management are PRC citizens or have their usual
 place(s) of residence located in mainland China.

The above circumstances must be met simultaneously to be recognized as indirect overseas listing, but it also stipulates that indirect overseas listing should be recognized based on the principle of substance over form.

According to the provisions of the Trial Measures, for those directly listed overseas, the issuer shall file a record with the CSRC. For indirect overseas listing, the issuer shall designate a major domestic operating entity as the domestic responsible person and file with the CSRC.

5 / 7

In addition, the Trial Measures also stipulate that domestic enterprises that fail to fulfill the required filing procedures to the CSRC may be required by the CSRC to make corrections, be given a warning, and be fined between RMB 1 million and RMB 10 million; the CSRC may warn the directly responsible person and impose a fine of not less than RMB 500,000 but not more than RMB 5 million. If the controlling shareholder or actual controller of a domestic enterprise organizes or instigates the prescribed illegal acts, a fine of not less than RMB 1 million but not more than RMB 10 million may be imposed. If the violation of Trial Measures or other laws and administrative regulations is serious, the CSRC may impose a ban on access to the securities market upon relevant responsible persons.

As of the date of this opinion, as confirmed by the Company: (i) the Group currently do not have, nor do they currently intend to establish, any subsidiary nor plan to enter into any contractual arrangements to establish a VIE structure with any entity in the PRC; (ii) the Group are not controlled by any PRC entity or individual; (iii) the Group do not have any operation in the PRC, nor do they have any partnership or cooperation with any PRC entity or individual; (iv) the Group currently do not have, nor do they plan to have, any investment, such as owning or leasing any asset, in the PRC; (v) the Group have not employed any PRC natural persons within the PRC; (vi) no revenue of the Group is generated from the PRC; and (vi) none of the senior managers in charge of the business operations and management are citizens of the PRC or domiciled in mainland China.

Given the above confirmations, we are of the opinion that the overseas offering and listing conducted by the Company would not be deemed an indirect overseas offering and listing by a PRC domestic company. The Trial Measures do not apply to the Company, and its listing on NASDAQ does not require to fulfill the filing procedure to the CSRC.

According to Article 26 of the Trial Measures, any domestic entity or individual providing documents and materials requested by an overseas securities regulatory agency out of investigative or evidence collection purposes, shall not provide such information without prior approval from the CSRC and competent authorities under the PRC State Council.

As confirmed by the Company:(i) the Company are headquartered in Hong Kong, with their officers and all members of the board of directors based in Hong Kong or elsewhere who are not mainland China citizens; (ii) the Company do not, directly or indirectly, own or control any entity or subsidiary in mainland China, nor is it controlled by any mainland Chinese company or individual directly or indirectly; (iii) the Company only operate in Hong Kong, all of their revenues and profits are generated by their subsidiaries in Hong Kong, none of their business activities are conducted in mainland China, and the Company has not generated revenues or profits from mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in their audited consolidated financial statements for the same period; (iv) the Company does not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in mainland China.

Given the above confirmations, we are of the opinion that the Company is not required to submit applications for the approval of the CSRC and Article 26 of the Trial Measures does not apply to the documents, information and/or materials submitted to Nasdaq in connection with the Company's application. On the assumption that there would not be any changes to the conditions of the Company as set out in this Opinion once listed, and potentially, Article 26 of the Trial Measures does not apply documents and/or materials requested by NASDAQ from the Company once listed, in connection with NASDAQ's regulatory responsibilities related to oversight of its issuer companies.

Since these statements and regulatory actions by the PRC government are newly published and the relevant provisions in this regulatory regime are evolving, their interpretation, application and enforcement are subject to the relevant laws and regulations then in effect, we cannot assure that the CSRC would not take a view that is contrary to ours.

The Company further confirms that, as of the date of this opinion, the Group have not received any order from any competent PRC authority or any complaint from any citizen or organization claiming that the Group endanger national security, public interests or the legal rights and interests of any citizen and organization, nor received any order from any competent PRC authorities indicating that the Group are in violation with any PRC laws and regulations regarding personal information and data security, or requiring the Group to seek approvals from the CAC, or other competent PRC authorities for the listing on NASDAQ.

6 / 7

Based on the confirmation, we are of the opinion that the Company is not subject to any approvals from the CAC for its listing on NASDAQ.

This Opinion is further subject to the following qualifications:

(a) we express
 no opinion as to any laws other than the PRC Laws in force on the date of this Opinion;

(b) the PRC Laws referred to
 herein are laws currently in force and there is no guarantee that any of such laws, or the interpretation thereof or enforcement
 therefor, will not be changed, amended or replaced in the immediate future or in the longer term with or without retrospective effect;

(c) this Opinion is intended
 to be used in the context which is specifically referred to herein and each section should be looked on as a whole regarding the
 same subject matter;

(d) the PRC legal system regarding
 data security is still evolving, and there is no assurance that the competent PRC authority would not take a view that is contrary
 to the above or require the Company to obtain the approval for any data activities that the Company has conducted or would conduct
 in the foreseeable future; and

(e) this Opinion is subject
 to the effects of (i) certain legal or statutory principles affecting the validity and enforceability of contractual rights generally
 under the concepts of public interest, social ethics, national security, good faith, fair dealing, and applicable statutes of limitation;
 (ii) any circumstance in connection with formulation, execution or performance of any legal documents that would be deemed materially
 mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful form; (iii) judicial discretion
 with respect to the availability of indemnifications, remedies or defenses, the calculation of damages, the entitlement to attorney's
 fees and other costs, and the waiver of immunity from jurisdiction of any court or from legal process; and (iv) the discretion of
 any competent PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

This Opinion is delivered in our capacity as the Company's PRC counsel solely for the purpose of the Offering, and may not be used for any other purpose.

According to the Article 9 of the Measures for the Administration of the Provisions of Securities Legal Services by Law Firms jointly issued by the CSRC and the Ministry of Justice of the PRC, which took effect on December 1, 2023 (the "**CSRC Circular**"), as the PRC counsel of the Company, we are not permitted to address this Opinion to the underwriters in the Offering. Therefore, this Opinion is addressed solely to the Company and does not constitute advice to the underwriters or its legal counsel in the Offering. It shall not be relied upon by anyone else other than the Company in connection with this Offering. Notwithstanding the foregoing, we hereby consent to the Company delivering this Opinion to the underwriters in the Offering for reference purposes, which consent, however, should not be deemed that we are addressing this Opinion to any person or entity other than the Company.

We hereby consent to the reference to our name under in the Registration Statement if required . In giving such consent, we do not hereby admit that we come within the category of the person whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

Yours sincerely,

*/s/ China Commercial Law Firm*

China Commercial Law Firm

*/s/ Hongxuan XIAO*

Ms. Hongxuan Xiao, Partner

On behalf of China Commercial Law Firm

7 / 7

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ChainOn Group Ltd**  |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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** |
| Fees to be Paid | 1 | Equity | Ordinary Shares | 457(o) | $28750000.00 | 0.0001381 | $3970.38 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $28750000.00  |  | $3970.38  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $3970.38  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Includes the aggregate offering price of additional ordinary shares that the underwriters have the option to purchase to cover over-allotments, if any. Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---