# EDGAR Filing Document

**Accession Number:** 0001900720
**File Stem:** 0001575872-23-000230
**Filing Date:** 2023-2
**Character Count:** 1530255
**Document Hash:** c924399f47c7711c28a1e8d0b57b8e48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001575872-23-000230.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001575872-23-000230

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 65

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EPWK Holdings Ltd.
- **CENTRAL INDEX KEY:** 0001900720
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** VA

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269657
- **FILM NUMBER:** 23605271

**BUSINESS ADDRESS:**
- **STREET 1:** NO. 359 CHENGYI ROAD
- **STREET 2:** DISTRICT A, BUILDING #2
- **CITY:** XIAMEN
- **STATE:** F4
- **ZIP:** 361008
- **BUSINESS PHONE:** 86 400-1286688

**MAIL ADDRESS:**
- **STREET 1:** NO. 359 CHENGYI ROAD
- **STREET 2:** DISTRICT A, BUILDING #2
- **CITY:** XIAMEN
- **STATE:** F4
- **ZIP:** 361008

**As filed with the U.S. Securities and Exchange Commission on February 9, 2023.**

**Registration No.** 

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

**FORM F-1<br> REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

**EPWK HOLDINGS LTD.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | 7389 | N/A |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**Building #2, District A, No. 359 Chengyi Rd., The third phase of Xiamen Software Park**

**Xiamen City, Fujian Province**

**The People's Republic of China, 361021**

**+86 400-6999467**

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

**Cogency Global Inc.**

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

**New York, NY 10168**

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

***With a Copy to:***

---

| | |
|:---|:---|
| **Fang Liu, Esq.** | **Michael Blankenship** |
| **VCL Law LLP** | **Winston & Strawn LLP** |
| **1945 Old Gallows Road, Suite 630** | **800 Capitol Street, Suite 2400** |
| **Vienna, VA 22182** | **Houston, TX 77002** |
| **(703) 919-7285** | **(713) 651-2600** |

---

 ****

**Approximate date of commencement of proposed sale to the public:** Promptly 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, please 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 information in this prospectus is not complete and may be changed. We will not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION**

**PRELIMINARY PROSPECTUS DATED [ ], 2023**

**[ ] *Class A Ordinary Shares***

![](vc012_f1img01.jpg)

**EPWK HOLDINGS LTD.**

This is an initial public offering of our Class A Ordinary Shares. We are offering on a firm commitment basis, [ ] Class A Ordinary Shares, par value $0.0001 per share (the "Class A Ordinary Shares"). Prior to this offering, there has been no public market for the Class A Ordinary Shares. We expect the initial public offering price will be $[ ] per Class A Ordinary Share. We have applied to list the Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "EPWK". This offering is contingent upon us listing our Class A Ordinary Shares on Nasdaq or another national exchange. There is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on the Nasdaq Capital Market or another national exchange.

As of the date of this prospectus, our outstanding share capital consists of Class A ordinary shares and Class B ordinary shares. Mr. Guohua Huang beneficially owns all of our issued and outstanding Class B ordinary shares. These Class B ordinary shares will constitute approximately [ ]% of our total issued and outstanding ordinary shares and [ ]% of the aggregate voting power of our total issued and outstanding ordinary shares immediately after the completion of this offering, assuming that the underwriters do not exercise their option to purchase additional Class A Ordinary Shares. 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 vote, and is not convertible into Class B ordinary shares under any circumstances. Each Class B ordinary share is entitled to fifteen votes, subject to certain conditions, and is convertible into one Class A Ordinary Share at any time by the holder thereof.

**Investors are cautioned that you are not buying shares of a China-based operating company but instead are buying shares of a shell company issuer incorporated in Cayman Islands that operates through its subsidiaries and contractual arrangements with the variable interest entity ("VIE"), which involves unique risks to investors.**

Unless otherwise stated, as used in this prospectus, the terms "EPWK," "we," "us," "our Company," and the "Company" refer to EPWK Holdings Ltd., an exempted company with limited liability incorporated under the laws of Cayman Islands with no material operations; "EPWK HK" refer to EPWK Holdings Limited, our subsidiary established under the laws of Hong Kong Special Administrative Region ("Hong Kong SAR" or "Hong Kong"); "PRC subsidiary," "EPWK WFOE" or "WFOE" refer to Yipinweike (Guangzhou) Network Technology Co., Ltd., a limited liability company organized under the laws of the PRC and our indirect wholly owned subsidiary; the term "EPWK VIE" or "VIE" refers to Xiamen EPWK Network Technology Co., Ltd., and its 6 subsidiaries organized under the laws of the PRC, in which we do not own equity interest.

EPWK Holdings Ltd. is a Cayman Islands holding company with no material operations of its own. We are not a Chinese operating company and only conduct our operations through our subsidiaries and contractual arrangements with the variable interest entity, EPWK VIE, in China. This is an offering of the ordinary shares of the offshore holding company in Cayman Islands. Neither we nor our subsidiaries own any equity interest in EPWK VIE. As a result, you are not investing in EPWK VIE and may never hold equity interests in the Chinese operating companies. Because EPWK VIE and its subsidiaries are based in China and are engaged in network culture business, and due to PRC legal restrictions on foreign ownership in the network culture business, we do not own any equity interest in the VIE. Instead, we receive the economic benefits of the VIE's business operation through a series of contractual agreements (the "VIE Agreements"), which have not been tested in court. The VIE structure provides contractual exposure to foreign investment in China-based companies where Chinese law prohibits direct foreign investment in the operating companies and investors directly holding equity interests in the Chinese operating entities, which involves unique risks to investors. Additionally, as of the date of this prospectus, the VIE agreements have not been tested in a court of law. We and our investors do not have an equity ownership in, direct foreign investment in, or control through such ownership/investment of the VIE. Therefore, the VIE agreements do not give us the same controlling power as if we had equity ownership in the VIE. On August 11, 2022, EPWK WFOE, which is our PRC subsidiary, EPWK VIE, and shareholders of EPWK VIE entered into a series of contractual agreements that established the VIE structure. We have evaluated the guidance in FASB ASC 810 and determined that EPWK WFOE is the primary beneficiary of EPWK VIE and its subsidiaries, for accounting purposes only, because, pursuant to the VIE Agreements, the VIE shall pay service fees equal to all of its net income to EPWK WFOE, while EPWK WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance and is obligated to absorb all of losses of the VIE. Such contractual arrangements are designed so that the operations of the VIE are solely for the benefit of EPWK WFOE and, ultimately, EPWK Holdings Ltd, which has indirect ownership in 100% of the equity in EPWK WFOE. Accordingly, under U.S. GAAP and for accounting purpose only, we treat the VIE and its subsidiaries as consolidated affiliated entities and have consolidated their financial results in our financial statements. For a detailed description of the VIE Agreements, see "Our History and Corporate Structure" on page 5.

Because we do not hold equity interests in EPWK VIE, we are subject to risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership of internet technology companies, regulatory review of oversea listing of PRC companies through a special purpose vehicle, and the validity and enforcement of the VIE Agreements. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard that could disallow the VIE structure, which would likely prevent us from offering or continue offering securities to investors and result in a material change in our operations, and the value of our Class A Ordinary Shares may depreciate significantly or become worthless.

However, EPWK Holdings Limited, one of our wholly-owned subsidiaries incorporated in Hong Kong, does not engage in any active operations and acts solely as a holding entity. Therefore, we do not believe that the Hong Kong holding company will be subject to similar legal or operational risks that may result in material changes in our operations and/or the value of the securities we are registering for sale or our ability to offer or continually offer securities to investors.

The VIE Agreements may not be effective in providing control over EPWK VIE. We may also be subject to sanctions imposed by PRC regulatory agencies including Chinese Securities Regulatory Commission ("CSRC"), if we fail to comply with their rules and regulations. See "Risk Factors – *Risks Relating to Our Corporate Structure*", "Risk Factors – *Risks Relating to Doing Business in the PRC*" and "Risk Factors – *Risks Relating to This Offering and Our Ordinary Shares*" for more information.

We currently do not have any cash management policies that dictate the purpose, amount, and procedure of fund transfers among our Cayman Islands holding company, our subsidiaries, and the consolidated VIEs. Rather, the fund can be transferred in accordance with the applicable laws and regulations. We may require additional capital resources in the future, and we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities, which could subject us to operating and financing covenants, including requirements to maintain a certain amount of cash reserves. See "Prospectus Summary – *Dividend Distributions or Assets Transfer among the Holding Company, its Subsidiaries and the Consolidated VIE.*"

There have been no transfers of cash or other assets, dividends, or distribution made to EPWK and among its subsidiaries and the VIE and its subsidiaries, and they have no plans to make any transfers of cash or other assets, distribution, or dividend payment to EPWK and among themselves in the near future. Neither EPWK nor any of its subsidiaries nor the VIE and its subsidiaries have made any transfer of cash or other assets, dividends. or distributions to investors as of the date of this prospectus. We, our subsidiaries, and the VIE have no present plans to distribute earnings or settle amounts owed under the VIE agreements and plan to retain EPWK's retained earnings to continue to grow EPWK's business. For more information, please refer to "Selected Condensed Consolidating Financial Statements of Parent, Subsidiaries, VIE and its Subsidiaries" and the consolidated financial statements starting from page F-3. Our board of directors has complete discretion on whether to distribute dividends, subject to applicable laws. We do not have any current plan to declare or pay any cash dividends on our Class A ordinary shares in the foreseeable future after this offering. We are permitted under the laws of Cayman Islands to provide funding to our subsidiaries in Hong Kong and PRC through loans or capital contributions without restrictions on the amount of the funds, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts due in the ordinary course of business. Our subsidiary in Hong Kong is also permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution or other distributable reserves. However, we, our subsidiaries and the VIE's abilities to use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. Current PRC regulations only permit EPWK WFOE, Yipinweike (Guangzhou) Network Technology Co., Ltd. to pay dividends to the Company out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. The majority of our and the consolidated VIE's revenues are collected in Renminbi; thus, foreign exchange shortages and foreign exchange control may limit our ability to pay dividends or other payments or otherwise meet our obligations denominated in foreign currencies. Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the PRC government expands its restrictions and limitations to include Hong Kong or Hong Kong entities. Therefore, our ability to transfer cash between EPWK VIE and us, our subsidiaries outside of China, and investors may be restricted. See "Prospectus Summary - *Dividend Distributions or Assets Transfer among the Holding Company, its Subsidiaries and the Consolidated VIE,*" "Summary of Risk Factors – We may not be able to use funds held in the PRC or Hong Kong or a PRC or Hong Kong entity to fund operations or for other purposes outside of the PRC due to the interventions or imposition of restrictions and limitations on the ability of us, our subsidiaries, or the consolidated VIE by the PRC government to transfer cash.," and "Risk Factors – *Risk Relating to Doing Business in the PRC – Our ability to transfer cash between subsidiaries, the consolidated VIE, and investors outside PRC or Hong Kong may be significantly restricted by the Chinese government*."

We are subject to certain legal and operational risks associated with our PRC subsidiaries and the VIE's operations in China. PRC laws and regulations governing our current business operations are sometimes vague and uncertain, and therefore, these risks may result in a material change in the VIE's operations, significant depreciation of the value of our Class A Ordinary Shares, or a complete hindrance of our ability to offer or continue to offer our securities to investors. Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the opinion of our PRC counsel, Beijing Dentons Law Offices, LLP (Fuzhou) ("Dentons"), as of the date of this prospectus, we are not directly subject to these regulatory actions or statements, as we have not implemented any monopolistic behavior. Also, the Cybersecurity Review Measures require online platform operators possessing personal information of more than one (1) million users to apply for the cybersecurity review for their overseas listing, and the cybersecurity review shall focus on the assessment of the impact or potential impact on the national security of the online platform operators' data processing activities. In compliance with the Measures, we have submitted a written declaration and other materials required for the cybersecurity review to the Cyberspace Administration of China ("CAC"). Upon reviewing our materials in accordance with the Measures, the Office of Cybersecurity Review of the CAC, which is responsible for organizing cybersecurity reviews and developing relevant rules and regulations, informed us that we passed the cybersecurity review for this offering. Our PRC counsel has opined that, as of the date of this prospectus, no effective laws or regulations in the PRC explicitly require us to seek approval from the CSRC or any other PRC governmental authorities for our overseas listing plan, nor has our Company or any of our subsidiaries received any inquiry, notice, warning or sanctions regarding our planned overseas listing from the CSRC or any other PRC governmental authorities. However, since 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 an U.S. national stock exchange. Any change in the PRC laws and regulations could result in a material change in our and the VIE's operations or the value of our Class A Ordinary Shares or significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless. Although our PRC subsidiaries and the VIE's operations in the PRC are subject to certain legal and operational risks, EPWK HK is not currently engaging in any active business activities and merely acting as a holding company. As a result, we do not believe any securities, data security, or anti-monopoly laws or regulations in Hong Kong may impact our operations or the offering of our securities to foreign investors, nor do we foresee any material legal and operational risks associated with EPWK HK except those already disclosed in this Prospectus.

In addition, our Class A Ordinary Shares may be delisted from a national exchange or prohibited from being traded over-the-counter under the Holding Foreign Companies Accountable Act if the Public Company Accounting Oversight Board ("PCAOB") is unable to inspect our auditor for two consecutive years. Our auditor, WWC, P.C. is headquartered in San Mateo, California and has been inspected by the PCAOB on a regular basis, with the last inspection conducted in November 2021, and it is not subject to the determinations announced by the PCAOB on December 16, 2021 or the Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the People's Republic of China on August 26, 2022. If trading in our ordinary shares is prohibited under the Holding Foreign Companies Accountable Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at such future time, the Nasdaq Stock Market may determine to delist our Class A Ordinary Shares. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act ("HFCAA"), 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 PCAOB audits to two consecutive years, instead of three, thus reducing the time period before our securities may be prohibited from trading or delisted. On December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to HFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol"), governing inspections and investigations of audit firms based in China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. However, uncertainties still exist as to whether and how this new Protocol will be implemented and whether the PCAOB can make a determination that it is able to inspect and investigate completely in mainland China and Hong Kong. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. Notwithstanding the foregoing, because we have substantial operations within the PRC through the PRC operating entities, if the PCAOB is not able to fully conduct inspections of our auditor's work papers in China, you may be deprived of the benefits of such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading of our securities may be prohibited under the HFCAA. See "Risk Factors *– Risks Relating to Doing Business in the PRC – A recent joint statement by the SEC and the PCAOB proposed rule changes submitted by Nasdaq, and the Holding Foreign Companies Accountable Act passed by the US Senate, 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. These developments could add uncertainties to our offering*."

We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. Please read the disclosures beginning on page 21 of this prospectus for more information.

Furthermore, we are, and following the completion of this offering, will continue to be a "controlled company" as defined under the Nasdaq Stock Market Rules because Mr. Guohua Huang will beneficially own all of our then issued and outstanding Class B Ordinary Shares and will be able to exercise [ ]% of our total voting power. Therefore, we may elect not to comply with certain corporate governance requirements of Nasdaq. Currently, we do not plan to utilize the "controlled company" exemptions with respect to our corporate governance practice after we complete this offering. Please read the disclosures beginning on page 21 of this prospectus for more information.

**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 28 to read about factors you should consider before buying our Class A Ordinary Shares.**

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total (2)** |
| Public offering price | $| $|
| Underwriting discount (1) | $| $|
| Proceeds to us, before expenses | $| $|

---

(1) We have agreed to pay Revere, the representative of the underwriters
(the "Representative"), an underwriter commission fee equal to [ ]% of the gross proceeds
of the offering.

(2) Assumes that the underwriters do
not exercise any portion of their over-allotment option.

We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately $[ ], exclusive of the above commissions. These payments will further reduce proceeds available to us before expenses. See "Underwriting".

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares if any such shares are taken. We agree to grant the underwriters an option for a period of 30 days after the closing of this offering to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount. If the underwriters exercise the option in full, the total underwriting discounts and commissions payable will be $[ ] and the total proceeds to us, after underwriting discounts and commissions but before offering expenses, will be approximately $[ ]. If we complete this offering, net proceeds will be delivered to our company on the closing date.

**Neither the Securities and Exchange Commission 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.**

![](vc012_f1img02.jpg)

[ ], 2023.

![](vc012_f1img03.jpg)

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#a_001) | [1](#a_001) |
| [THE OFFERING](#a_002) | [26](#a_002) |
| [SUMMARY FINANCIAL DATA](#a_003) | [27](#a_003) |
| [RISK FACTORS](#a_004) | [28](#a_004) |
| [DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS](#a_005) | [65](#a_005) |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_006) | [66](#a_006) |
| [USE OF PROCEEDS](#a_007) | [68](#a_007) |
| [DIVIDEND POLICY](#a_008) | [69](#a_008) |
| [CAPITALIZATION](#a_009) | [70](#a_009) |
| [DILUTION](#a_010) | [71](#a_010) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS](#a_011) | [77](#a_011) |
| [INDUSTRY](#a_012) | [98](#a_012) |
| [BUSINESS](#a_013) | [105](#a_013) |
| [REGULATIONS](#a_014) | [125](#a_014) |
| [MANAGEMENT](#a_015) | [134](#a_015) |
| [PRINCIPAL SHAREHOLDERS](#a_016) | [139](#a_016) |
| [RELATED PARTY TRANSACTIONS](#a_017) | [140](#a_017) |
| [DESCRIPTION OF SHARE CAPITAL](#a_018) | [142](#a_018) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_019) | [161](#a_019) |
| [TAXATION](#a_020) | [163](#a_020) |
| [UNDERWRITING](#a_021) | [170](#a_021) |
| [LEGAL MATTERS](#a_022) | [179](#a_022) |
| [EXPERTS](#a_023) | [179](#a_023) |
| [INTERESTS OF NAMED EXPERTS AND COUNSEL](#a_024) | [179](#a_024) |
| [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION](#a_025) | [179](#a_025) |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_026) | [179](#a_026) |
| [FINANCIAL STATEMENTS](#a_030) | [F-1](#a_030) |

---

i

**About this Prospectus**

We and the underwriters have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by us or on our behalf or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the Class A Ordinary Shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. The information contained in this prospectus is current only as of the date on the front cover of the prospectus. Our business, financial condition, results of operations and prospects may have changed since that date.

**Other Pertinent Information**

Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

● "we", "us" or the "Company" in this prospectus are to EPWK Holdings Ltd., and its affiliated entities;

● "affiliated entities" are to our subsidiaries and variable interest entity ("VIE");

● "China" or the "PRC" are to the People's Republic of China, excluding Taiwan but including special administrative regions of Hong Kong and Macau for the purposes of this prospectus only;

● "EPWK HK" are to the Company's wholly owned subsidiary, EPWK Holdings Limited, a Hong Kong corporation;

● "EPWK VIE" are to Xiamen EPWK Network Technology Co., Ltd., a limited liability company organized under the laws of the PRC, that we control via a series of contractual arrangements between EPWK WFOE and EPWK VIE;

● "EPWK WFOE" or "WFOE" are to Yipinweike (Guangzhou) Network Technology Co., Ltd., a limited liability company organized under the laws of the PRC, which is wholly-owned by us through EPWK HK;

● "Class A Ordinary Shares" are to the Class A Ordinary Shares of EPWK Holdings Ltd., par value $0.0001 per share;

● "Representative" is to Revere Securities LLC as the representative of the underwriters;

● "F&S" or "Frost & Sullivan" are to Frost & Sullivan Inc.;

● "Gross Merchandise Volume (GMV)" refers to the total amount of transactions we make over a specified period of time through our platform, which includes any fees or other deductions we may calculate separately; GMV is not our revenue and is not included in the statement of operations;

● "Mini Programs" refer to various sub-applications incorporated into popular mobile applications in China like WeChat and Alipay that do not require separate installations and are ready to use at any time;

● "Proprietary Data" is the data we created after analyzing the nature and type of the seller-posted services or products;

● "Users" or "Registered users" are buyers and sellers who have registered their accounts on our platform using phone numbers or third-party applications, including WeChat, Weibo or Tencent QQ;

● "Paid Members" are users who have subscribed to our self-operated services and tools, including design, software development, marketing, business writing, interior decoration, life service, intellectual properties registration and management services;

● "Active Registered Users" or "Active Users" are users who access our platform through our desktop client, mobile application, or WeChat mini program at least once during a specific period; and

● "Daily Inquiries" are inquiries made by users each day regarding the services and products offered on our platform.

Our business is conducted through EPWK WFOE and the VIE in the PRC, using RMB, the currency of China. Our consolidated financial statements are presented in United States dollars. In this prospectus, we refer to assets, obligations, commitments and liabilities in our consolidated financial statements in United States dollars. These dollar references are based on the exchange rate of RMB to United States dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of United States dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets.

ii

**PROSPECTUS SUMMARY**

*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements included elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Class A Ordinary Shares, discussed under "Risk Factors", before deciding whether to buy our Class A Ordinary Shares. This prospectus contains information from an industry report commissioned by us and prepared by Frost & Sullivan, an independent research firm, to provide information regarding our industry and our market position in China. We refer to this report as the F&S report.*

**Our Business**

Our mission is to add value to our users in both service supply and demand sides. We create an innovative and efficient crowdsourcing platform to connect businesses with great talents. We design a digital marketplace with a comprehensive services catalog and an efficient search, find and order process to match talents with service needs.

EPWK Holdings Ltd. was incorporated in the Cayman Islands as an exempted company in March 2022 as a holding company with no material operations of our own, we conduct our operations in China through EPWK VIE and its subsidiaries. Three other competitors and we take up 54.6% market share of the crowdsourcing market in China, and, with US$0.23 billion Gross Merchandise Volume ("GMV") in the first half of 2022, we are the second largest online marketplace in China, only behind Zhubajie's US$0.33 billion GMV. Our platform, operated through EPWK VIE, is one of the only two comprehensive crowdsourcing platforms in China, with the other one operated by Zhubajie, and enables businesses (buyers) and service providers (sellers) to find each other. From 2019 to 2021, our platform enabled approximately US$804 million (RMB5.39 billion) of GMV across 2.23 million projects between 15.33 million sellers and 7.67 million buyers from all 34 provinces of China. Specifically, in 2019, we enabled US$210 million of GMV across 0.6 million projects between 12 million sellers and 6 million buyers. In 2020, we enabled US$254 million of GMV across 0.7 million projects between 12.32 million sellers and 6.16 million buyers. In 2021, we enabled US$340 million of GMV across 0.9 million projects between 15.33 million sellers and 7.67 million buyers.

![](vc012_f1img04.jpg)

Our marketplace platform was launched in 2011. We have achieved significant growth ever since our inception. Our platform users consist of buyers who seek talents for their jobs and sellers who offer different talents and skills. We currently have over 23 million registered users and offer an expansive catalog to provide diversified services to businesses of all sizes. Our average annual active users, or AAU, is 10.13 million. Our daily inquiries well exceed 10,000 from logo design to business name selection to software development. Our GMV increased by 33.5% from US$254 million (RMB 1.755 billion) in 2020 to US$340 million (RMB 2.19 billion) in 2021.

**Our Buyers** 

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Our buyers include micro, small, and medium sized businesses from various industries. The sizes of the buyers range from one-man shops to companies with US$23 million (RMB 150 million) revenue. As of December 31, 2021, our service covers more than 2,800 cities and counties and counties with approximately 7.67 million active buyers.

***Our Services to Buyers***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access to an expansive catalog of services.** Our catalog has seven
categories of design, software development, marketing, business writing, interior decoration, life service, and business service. The
seven categories cover over 300 items including logo design, animation design, industrial design, website development, software development,
copywrite planning, marketing promotion, decoration design and more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access to a diverse pool of sellers.** We provide online
 and mobile access to approximately 15.33 million sellers with a broad set of skills. Through our website and mobile apps,
 buyers can post their jobs for free, connect with these talents easily, and get a broad range of services executed quickly
 and efficiently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reliable customer service.** We focus on providing quality customer
service to assist our buyers in contracting, delivery, payment, and dispute resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access to online design sharing database.** Our design sharing database <u>kubeijie.com</u> provides design licensing and digital copyright protection services. It collects creative works of many designers
in China, providing buyers access to the platform to search creative materials for commercial use. The platform has two major databases:
Gallery Center and Yipin Font Library. The Gallery Center contains searchable cartoon images, illustrations, artistic textures, pattern
elements, and other creative materials to be licensed or purchased. Yipin Font Library provides 1 free downloadable font and 3 specialized
fonts at different price levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **AI-powered online tools.** Our AI-powered online tools at <u>xwzn.cn</u> enable our buyers to generate customized business names and logos instantly based on industries, geographic locations, brand preferences,
keywords, and other values. Names and logos are automatically screened for trademark conflicts and are evaluated for registrability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **IP registration and management services.** We provide our buyers with
general intellectual property services, including trademark registration, copyright registration, patent applications, trademark transactions,
and patent transactions. Buyers have access to use our IP database to search their work against registered trademarks, copyrights, and
patents to prevent any infringement before any commercial use. Furthermore, when buyers get their tasks fulfilled on our platform, we
assist them with IP registration both domestically and internationally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Other value-added services.** We provide our corporate users with business
certification service approved by Certification and Accreditation Administration of the People's Republic of China ("CNCA").
Business certifications are imperative to our corporate users for their business credibility, brand building, IP application, and eligibility
to bid for strategic projects. Our services cover intellectual property management system (IPMS) certification, quality and environmental
system certification, environmental management system certification, occupational health and safety management system certification, service
certification, corporate integrity management system certification, and social responsibility management system certification. We also
assist our corporate users with business registration and compliance filings, bookkeeping and tax filings, and license applications.

 **

**Our Sellers** 

 **

Our sellers consist of student artists, professional designers, part-time freelancers, and micro, small, and medium sized businesses with different talents, skills, and services to offer. As of December 31, 2021, we had 15.53 million sellers on our platform.

***Our Benefits to Sellers***

&nbsp;&nbsp;&nbsp;&nbsp;· **Access to clients with different needs**. Our marketplace platform provides
sellers access to quality clients and rewarding projects. With 7.67 million active buyers, our platform publishes tasks ranging from quick
to longer-term projects. We enable sellers to focus on what they do best and find clients outside of their local geography.

&nbsp;&nbsp;&nbsp;&nbsp;· **AI-powered online tools.** Our AI-powered online tools at <u>xwzn.cn</u> enable our sellers to generate logo ideas and provide inspiration to sellers. Logos are automatically screened for trademark conflicts
to prevent infringement.

&nbsp;&nbsp;&nbsp;&nbsp;· **Access to online design sharing database.** Our design sharing database <u>kubeijie.com</u> provides a platform for sellers to share and trade their creative works. Sellers may license or sell their works to
buyers or other sellers.

&nbsp;&nbsp;&nbsp;&nbsp;· **Reliable customer service.** We focus on providing quality customer
service to assist our sellers in contracting, IP protection, delivery, payment, and dispute resolution. We work with a third-party bank
to collect the funds from the buyer at the time of purchase and release them to the seller upon project completion.

&nbsp;&nbsp;&nbsp;&nbsp;· **IP registration and management services.** We provide our sellers with
general intellectual property services, including trademark registration, copyright registration, patent applications, trademark transactions,
and patent transactions. Sellers have access to use our IP database to search their work against registered trademarks, copyrights, and
patents to prevent infringement before any commercial use.

&nbsp;&nbsp;&nbsp;&nbsp;· **Business support services.** We assist sellers to manage all of the
administrative aspects of their business from office space renting and management, company name selection, business registration, and
logo design to website construction, product packaging, marketing, bookkeeping, and tax filing.

**Our Strengths**

***Second Largest Online Marketplace with Expansive Service and Geographic Footprint***

Three other competitors and we take up 54.6% market share of the crowdsourcing market in China, and, with US$0.23 billion Gross Merchandise Volume ("GMV") in the first half of 2022, we are the second largest online marketplace in China, only behind Zhubajie's US$0.33 billion GMV. Our platform, operated through EPWK VIE, is one of the only two comprehensive crowdsourcing platforms in China, with the other one operated by Zhubajie. Although most platforms solely focus on a particular type of industry such as software, IT, and design, our comprehensive platform provide professional services to clients in various fields covering over 300 items in seven categories. The comprehensiveness of our services attracts more buyers to post jobs on our platform, which in turn attracts more sellers with different skills and expands our services, forming a virtuous cycle. From 2019 to 2021, our platform enabled approximately US$804 million (RMB 5.39 billion) of GMV across 2.23 million projects. No single client accounted for more than 3 percent of the total client spend. We believe our size and scale demonstrates the effectiveness of our platform in connecting businesses with nationwide talent.

Since our inception, we have connected buyers and sellers in over 2,800 cities and counties in all 34 provinces in China. In 2018, we launched a creative design crowdsourcing platform for local Xiamen entrepreneurs and entrepreneurs across the Strait from Taiwan. It provides access to young Taiwanese people who are interested in understanding the mainland market and starting a business there. It also provides business opportunities for entrepreneurs from both sides of the Strait and integrates mainland's and Taiwan's talents in advertising design, industrial design, software development, animation design, and other services. Since the launch of the cross-Strait platform, we have assisted over 1,000 businesses including 131 from Taiwan.

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***Trusted Platform for Buyers and Sellers***

We believe our ability to foster trust and credibility on our platform drives growth and differentiates us. Our skilled team uses a combination of the latest technology, data science, and product features to make our platform a trusted online marketplace to get work done. Since inception, EPWK VIE has obtained 5 patents through technological innovation and established a comprehensive service platform by deploying a user evaluation system, a seller ranking system, and data security products. EPWK VIE has created a comfortable service experience for all users while ensuring the security of user information and transactions.

Specifically, EPWK VIE has introduced Node.js + Vue in the front-end to speed up server-side rendering for faster loading and unified mental model and better search engine optimization ("SEO"). Additionally, EPWK VIE uses Golang to reconstruct the business logic of services with large internet traffic to provides powerful service at lower cost to support EPWK VIE platform, which needs to work under high pressure caused by large internet traffic. In terms of operation and maintenance, EPWK VIE established a one-stop operation and maintenance monitoring scheme based on big data and Prometheus & Grafana to monitor, locate, and resolve operating problems. The platform also relies on Kubernetes to optimize operation ability and allocate operating tasks, which solves problems such as insufficient resources, unreasonable task allocation, and system deadlock, and improves computing efficiency.

Based on the above latest technologies, combined with two patented algorithms and bilateral data analysis, the platform is more accurate and efficient in making service recommendation and matching buyers and sellers. At the same time, sellers are able to synchronize buyer information to the Customer Relationship Management system (CRM) for effective service management.

We also provide contracting, third party payment, a feedback system, and dispute resolution to guarantee smooth transactions between buyers and sellers.

 

*Contracting*. The users are required to accept a series of agreements. The Registration Agreement governs the conditions and qualifications of being a registered user; the EPWK Platform Service Agreement lists the rights and obligations of being a user of the platform; the Privacy Policy give users notices that the platform will collect, store, use, disclose and protect their personal information during the service period; the Task Submission and Publication Agreement dictates the rules, rights, and obligations relating to offering and purchasing services or products; the Online Store Agreement defines the rights and responsibilities for sellers to operate online stores on the platform; the Online VIP Store Service Contract confirms the rights and responsibilities associated with VIP membership on the platform; the Bid Rules specify methods for sellers to submit proposals to bid for jobs; the Reward Payment Rules clarifies the payment settlement procedures on the platform; and the Transaction Rules provide ways for users to resolve transaction disputes. We also facilitate electronic contracts execution between buyers and sellers to ensure authenticity and improve efficiency. A Refund Policy between buyers and sellers is offered as well.

 

*Third Party Payment*. We work with Xiamen International Bank to hold and release funds securely, enabling mutual trust and timely payments.

*Feedback System*. Our feedback system provides us with sufficient data to select qualified sellers with consistent performance and delivery and eliminate underperforming sellers. The feedback system also enables sellers to build their business reputation by establishing professional visibility and long-term credibility.

 

*Dispute Resolution*. We also have a dispute resolution team consisting of well-respected designers, developers, and internal staff to assist disputed parties to reach settlement amicably and efficiently. In the event where no settlement can be reached, we will notify the third-party bank to freeze the fund and release it only when a court order is issued.

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***Strong R&D Capabilities***

We have an independent R&D team to build and maintain our websites and mobile app and develop new products and features. Our teams have expansive experience in demand insight, product creativity, and technology implementation for crowdsourcing platform products. They ensure continuous problem-solving and upgrading of our platform and enable AI-based data analytics to allow us to personalize experiences for both buyers and sellers.

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***Technology Capabilities for Accurate Matching***

Our multidimensional data insights, powerful AI algorithm, and big data capacity enable us to effectively process the data and continuously improve our matching accuracy. Our patented algorithm picks up features and preferences demonstrated through buyers' published jobs and sellers' professional profiles. Our platform processes these features and refines our matching to enable talents to find the right opportunities.

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***Powerful Network Effects***

We have heavily invested in building a robust platform with features and functionalities that are necessary to connect buyers and sellers on a large scale. We believe our platform provides a strong-value proposition for both sides of our marketplace and our scale creates powerful network effects that strengthen our competitive differentiation. After more than ten years of operation, we have accumulated a large number of users with a good repurchase rate. We currently have over 10.13 million annual active users. As a result, we have been able to scale our business and our community.

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***Business Model with Strong Retention Metrics***

The growth in our marketplace is driven by long-term and recurring use of our platform by buyers and sellers, which leads to increased revenue for us. Unlike most commission-only based marketplace platforms, our platform is commission-free with all project service fees go to the sellers. We have built a tiered membership system to allow sellers to choose what benefits appeal to them and, consequently, what they are willing to pay for such benefits. It provides flexibility to meet personalized needs and increase user engagement. We have over 10,000 paid members with regular annual renewal.

We also charge service fees to infrequent sellers, transactions with smaller amounts, or manually pairing talents to service needs without AI support for optimized matching. In addition, we provide business support services to sellers, integrating our online resources with offline support to nurture fledgling sellers. While these sellers gain experience and build up their business through our shared office space and one-stop shop administrative services, we also broaden our revenue sources. Users of our commission-based services and business support services exceed well over 0.1 million. We believe our business model has incentivized our users to build and maintain their business presence on our platform.

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***Prominent Brand Value***

We are one of the first crowdsourcing marketplace platforms in China and we believe are well known in the industry. From 2015 to 2017, EPWK VIE was certified as a national level high-tech company by the Ministry of Science and Technology. In 2018, EPWK VIE was included as a case study in the *Report on China's Shared Economy* jointly issued by the National Reform and Development Commission and the Ministry of Industry and Information Technology. In 2019, it was again included in the *Report of Best Practice of Shared Economy* issued by the State Administration of Market Regulation and China Council for the Promotion of International Trade. We also participated in drafting industry standards for creative knowledge and skills sharing platforms with the Business Committee of China Council for Promotion of International Trade. The standards were officially released on July 31, 2020 as the first of its kind to provide guidance to existing and new platforms. The standards have set out general rules and basic requirements, as well as requirements for audit, transaction services, transaction management, information security, and protection of intellectual property rights. It greatly contributed to the standardization process of China's crowdsourcing industry.

***Experienced Management Team***

Our management team has a strong track record of scaling and running businesses with a focus on online marketplaces, business-to-business services and software, user psychology and experience optimization, and business innovation. Our Founder and Chief Executive Officer, Mr. Guohua Huang, is recognized as a leading figure in crowdsourcing, media, and marketing. Acting on industry insight, Mr. Huang has led our company on the waves of innovations in the industry and built our crowdsourcing platform with a vision to connect talent with businesses through technology and service. Our Chief Operating Officer Mr. Lin has over 25 years of professional experience in corporate management, brand planning, marketing, and project investment. Our Chief Technology Officer Mrs. Mei Feng has 13 years of experience in Internet industry and product strategic planning, with a focus on platform product design and planning, technology iteration, and innovation.

**Growth Strategies** 

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***Broaden and Deepen Categories***

We intend to focus further on customizing experiences for categories through tailored features and functionalities, thus making it easier and more efficient for buyers to connect with the right sellers.

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***Attract New Buyers and Sellers Through Marketing Efforts***

We intend to expand our marketing efforts to increase awareness of our platform. As a result, the large pool of talents, jobs, and flexible transactions attract new buyers and sellers.

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***Increase Spend from Existing Buyers***

We intend to expand our relationship with our existing buyers and increase their spending on our platform by investing in building new products and premium features.

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***Provide Better Offerings to Top Sellers***

We intend to improve our seller rating system based on sellers' skills and performances. Our goal is to select 100 top sellers and provide them with premium offerings such as recommending jobs from Fortune 500 buyers and investing in the sellers' business upgrading and expansion.

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***Assist Commercialization of Sellers' Creative Designs***

Many sellers may have creative designs but do not know how to commercialize them. We plan to build an ecosystem to serve the creative designers during the entire commercialization process. Our services may cover manufacturing prototypes, reaching out to potential buyers, setting prices, marketing, and building supply chains.

**Our History and Corporate Structure** 

We were incorporated in the Cayman Islands on March 24, 2022. EPWK Group Limited ("EPWK BVI"), a subsidiary wholly owned by us, was incorporated in the British Virgin Islands on April 4, 2022. EPWK Holdings Limited ("EPWK HK"), EPWK BVI's wholly-owned subsidiary, was incorporated in Hong Kong on April 28, 2022. Yipinweike (Guangzhou) Network Technology Co., Ltd. ("WFOE"), EPWK HK's wholly owned subsidiary, was organized pursuant to PRC laws on July 26, 2022. Our variable interest entity, Xiamen EPWK Network Technology Co., Ltd. ("EPWK VIE"), was established on March 25, 2011 in Xiamen, Fujian Province, PRC pursuant to PRC laws. EPWK VIE's shareholders include certain PRC residents and corporate entities controlled by PRC residents.

On August 11, 2022, the Company consummated a reorganization pursuant to which, EPWK WFOE, EPWK VIE and EPWK VIE's shareholders entered into a series of contractual arrangements. Such agreements are described under "Prospectus Summary – Contractual Arrangements between EPWK WFOE and EPWK VIE. EPWK Holdings Ltd. is a holding company with no business operation other than holding the shares in EPWK HK and EPWK HK is a pass-through entity with no business operation. EPWK WFOE is exclusively engaged in the business of managing the operation of EPWK VIE.

**The VIE Structure** 

The VIE entity, EPWK VIE, is Xiamen EPWK Network Technology Co., Ltd. This is an offering of the ordinary shares of the offshore holding company in Cayman Islands. Neither we nor our subsidiaries own any equity interest in EPWK VIE. As a result, you are not investing in EPWK VIE and may never hold equity interests in the Chinese operating companies. The VIE arrangements have not been tested in a court of law.

EPWK VIE generated revenues of $12,905,356 and $11,366,317 for the years ended June 30, 2020 and 2021, respectively. For the year ended June 30, 2022, it generated revenues of $12,811,143.

Our corporate structure as of the date of this prospectus is as follows:

![](vc012_f1img05.jpg)

Because EPWK VIE and its subsidiaries are based in China and are engaged in network culture business, and due to PRC legal restrictions on foreign ownership in the network culture business, we do not own any equity interest in the VIE. Instead, we receive the economic benefits of the VIE's business operation through a series of contractual agreements (the "VIE Agreements"), which have not been tested in court. We have evaluated the guidance in FASB ASC 810 and determined that EPWK WFOE is the primary beneficiary of EPWK VIE and its subsidiaries, for accounting purposes only, because, pursuant to the VIE Agreements, the VIE shall pay service fees equal to all of its net income to EPWK WFOE, while EPWK WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance and is obligated to absorb all of losses of the VIE. Such contractual arrangements are designed so that the operations of the VIE are solely for the benefit of EPWK WFOE and, ultimately, EPWK Holdings Ltd, which has indirect ownership in 100% of the equity in EPWK WFOE. Accordingly, under U.S. GAAP and for accounting purpose only, we treat the VIE and its subsidiaries as consolidated affiliated entities and have consolidated their financial results in our financial statements. Since we do not hold equity interests in EPWK VIE, we are subject to risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership of internet technology companies, regulatory review of oversea listing of PRC companies through a special purpose vehicle, and the validity and enforcement of the VIE Agreements. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard that could disallow the VIE structure, which would likely prevent us from offering or continue offering securities to investors or result in a material change in our operations, and the value of our Class A Ordinary Shares may depreciate significantly or become worthless.

The VIE Agreements include:

&nbsp;&nbsp;&nbsp;&nbsp;· Exclusive Business Cooperation Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;· Call Option Agreements,

&nbsp;&nbsp;&nbsp;&nbsp;· Equity Pledge Agreements,

&nbsp;&nbsp;&nbsp;&nbsp;· Shareholders Powers of Attorney, and

&nbsp;&nbsp;&nbsp;&nbsp;· Irrevocable
Commitment Letter.

They are designed to provide our wholly-foreign owned entity, Yipinweike (Guangzhou) Network Technology Co., Ltd., with the power, rights, and obligations equivalent in all material respects to those it would possess as the principal equity holder of EPWK VIE. Under the VIE Agreements, EPWK WFOE is entitled to collect a service fee that is equal to 100% of the net income of the EPWK VIE, and EPWK WFOE has the power to direct the activities of the EPWK VIE that can significantly impact the EPWK VIE's economic performance and is obligated to absorb losses of the EPWK VIE, which makes us, through our direct ownership of 100% of the equity in EPWK WFOE, the primary beneficiary to receive the economic benefits of the EPWK VIE's business operation for accounting purposes only. Because our economic interest in the EPWK VIE is more than insignificant exposure to potential losses of or benefits from it, and we have power over the most significant economic activities of the EPWK VIE, we have consolidated the financial results of the EPWK VIE in our consolidated financial statements under generally accepted accounting principles in the U.S. ("U.S. GAAP") for accounting purpose only. However, the economic interest in and the power over the EPWK VIE are based on contractual agreements and are not equivalent to equity ownership in the business of the EPWK VIE, and the structure involves unique risks to investors. See "Prospectus Summary – *Contractual Arrangements between EPWK WFOE and EPWK VIE*" for a summary of these VIE Agreements.

The VIE Agreements may not be effective in providing control over EPWK VIE as we are subject to certain legal and operational risks associated with EPWK VIE's operations in China. PRC laws and regulations governing our current business operations are sometimes vague and uncertain. Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since 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 an U.S. exchange. We may also be subject to sanctions imposed by PRC regulatory agencies including the CSRC if we fail to comply with their rules and regulations.

We cannot assure you that the PRC courts or regulatory authorities may not determine that our corporate structure and the VIE Agreements violate PRC laws, rules or regulations. If the PRC courts or regulatory authorities determine that our contractual arrangements are in violation of applicable PRC laws, rules or regulations, the VIE Agreements will become invalid or unenforceable, and EPWK VIE will not be treated as a VIE, and we will not be entitled to treat EPWK VIE's assets, liabilities and results of operations as our assets, liabilities and results of operations, which could effectively eliminate the assets, revenue and net income of EPWK VIE from our balance sheet, which would most likely require us to cease conducting our business and would result in the delisting of our Class A Ordinary Shares from Nasdaq Capital Market after this offering and a significant impairment in the market value of our Class A Ordinary Shares. If the VIE structure is determined to be in violation of any existing or future PRC laws, rules or regulations, or if EPWK WFOE or the VIE fails to obtain or maintain any of the required governmental permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, including: imposing fines on the EPWK WFOE or the VIE, revoking the business and operating licenses of EPWK WFOE or the VIE, discontinuing or restricting the operations of EPWK WFOE or the VIE; imposing conditions or requirements with which we, EPWK WFOE, or the VIE may not be able to comply; requiring us, EPWK WFOE, or the VIE to restructure the relevant ownership structure or operations which may significantly impair the rights of the holders of our Class A Ordinary Shares in the equity of the VIE; and restricting or prohibiting our use of the proceeds from our initial public offering to finance our business and operations in China. See "Risk Factors – *Risk Relating to Our Corporate Structure* – *PRC laws and regulations governing our current business operations are sometimes vague and uncertain and any changes in such laws and regulations may impair our ability to operate profitable*", and "Risk Factors – *Risk Relating to Doing Business in the PRC* – *The Chinese government exerts substantial influence over the manner in which we must conduct our business and may intervene or influence our operations at any time, which actions could impact our operations materially and adversely, and 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 be worthless*." for more information. See "Risk Factors – *Risks Relating to Our Corporate Structure*", "Risk Factors – *Risks Relating to Doing Business in the PRC*" and "Risk Factors – *Risks Relating to This Offering and Our Ordinary Shares*" for more information.

**Contractual Arrangements between EPWK WFOE and EPWK VIE**

Due to PRC legal restrictions on foreign ownership in network culture business, neither we nor our subsidiaries own any equity interest in EPWK VIE. This is an offering of the Class A Ordinary Shares of the offshore holding company in Cayman Islands. You are not investing in EPWK VIE.

EPWK WFOE, EPWK VIE and its shareholders entered into a series of contractual arrangements, also known as VIE Agreements, on August 11, 2022. Under the VIE Agreements, EPWK WFOE is entitled to collect a service fee that is equal to 100% of the net income of the VIE, and WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance and is obligated to absorb losses of the VIE, which makes us, through our direct ownership of 100% of the equity in EPWK WFOE, the primary beneficiary to receive the economic benefits of the VIE's business operation for accounting purposes. Because our economic interest in the VIE is more than insignificant exposure to potential losses of or benefits from it, and we have power over the most significant economic activities of the VIE, we have consolidated the financial results of the VIE in our consolidated financial statements under generally accepted accounting principles in the U.S. ("U.S. GAAP"). The VIE structure has its inherent risks that may affect your investment, including less effectiveness and certainties than direct ownership and potential substantial costs to enforce the terms of the VIE Agreements. We, as a Cayman Islands holding company, may incur significant difficulties and costs in enforcing any rights we may have under the VIE Agreements with the VIE, its founders and owners, in PRC because all of the VIE Agreements are governed by the PRC laws and provide for the resolution of disputes through arbitration in the PRC, where legal environment in the PRC is not as developed as in the United States. Furthermore, these VIE Agreements may not be enforceable in China if PRC government authorities or courts take a view that such VIE Agreements contravene PRC laws and regulations or are otherwise not enforceable for public policy reasons. In the event we are unable to enforce these VIE Agreements, we may not be able to exert effective control over EPWK VIE, and our ability to conduct our business may be materially and adversely affected.

Each of the VIE Agreements is described in detail below.

 

*Exclusive Business Cooperation Agreement*

 

Pursuant to the exclusive business cooperation agreement between EPWK WFOE and EPWK VIE, EPWK WFOE has the exclusive right to provide EPWK VIE with technical support services, consulting services and other services, including technical support, technical assistance, technical consulting, and professional training necessary for EPWK VIE's operation, network support, database support, software services, business management consulting, grant use rights of intellectual property rights, lease hardware and device, provide system integration service, research and development of software and system maintenance, provide labor support and to develop the related technologies based on EPWK VIE's needs. In exchange, EPWK WFOE is entitled to a service fee that equates to all of the consolidated net income after offsetting previous year's loss (if any) of EPWK VIE. The service fees may be adjusted based on the actual scope of services rendered by EPWK WFOE and the operational needs of EPWK VIE.

Pursuant to the exclusive business cooperation agreement, EPWK WFOE has the unilateral right to adjust the service fee at any time, and EPWK VIE has no right to adjust the service fee. We believe that such conditions under which the service fee may be adjusted will be primarily based on the needs of EPWK VIE to operate and develop its business in the AR market. For example, if EPWK VIE needs to expand its business, increase research investment or consummate mergers or acquisitions in the future, EPWK WFOE has the right to decrease the amount of the service fee, which would allow EPWK VIE to have additional capital to operate and develop its business.

The exclusive business cooperation agreement remains in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, EPWK WFOE shall have the right to terminate this agreement upon giving 30 days' prior written notice to EPWK VIE at any time. 

 

*Call Option Agreements*

 

Pursuant to the call option agreements, among EPWK WFOE, EPWK VIE and the shareholders who collectively owned all of EPWK VIE, such shareholders jointly and severally grant EPWK WFOE an option to purchase their equity interests in EPWK VIE. The purchase price shall be the lowest price then permitted under applicable PRC laws. EPWK WFOE or its designated person may exercise such option at any time to purchase all or part of the equity interests in EPWK VIE until it has acquired all equity interests of EPWK VIE, which is irrevocable during the term of the agreements.

The call option agreements remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, EPWK WFOE shall have the right to terminate these agreements upon giving 30 days' prior written notice to EPWK VIE at any time.

*Equity Pledge Agreements*

 

Pursuant to the equity pledge agreements, among the shareholders who collectively owned all of EPWK VIE, such shareholders pledge all of the equity interests in EPWK VIE to EPWK WFOE as collateral to secure the obligations of EPWK VIE under the exclusive business cooperation agreement and call option agreements. These shareholders are prohibited or may not transfer the pledged equity interests without prior consent of EPWK WFOE unless transferring the equity interests to EPWK WFOE or its designated person in accordance with the call option agreements.

The equity pledge agreement will take effect from the date of signing, that is, on August 11, 2022, and three days after the agreement is signed, the share pledge will be recorded under the EPWK VIE shareholder register.

The equity pledge agreements remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, EPWK WFOE shall have the right to terminate these agreements upon giving 30 days' prior written notice to EPWK VIE at any time.

** 

*Shareholders Powers of Attorney ("POAs")*

 

Pursuant to the shareholders powers of attorney, the shareholders of EPWK VIE give EPWK WFOE an irrevocable proxy to act on their behalf on all matters pertaining to EPWK VIE and to exercise all of their rights as shareholders of EPWK VIE, including the right to attend shareholders meetings, to exercise voting rights and all of the other rights, and to sign transfer documents and any other documents in relation to the fulfillment of the obligations under the call option agreements and the equity pledge agreements.

The shareholders powers of attorney remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, shareholders of EPWK VIE shall have the right to terminate these agreements upon giving 30 days' prior written notice to EPWK WFOE at any time.

*Irrevocable Commitment Letter*

Pursuant to the irrevocable commitment letter, the individual shareholders of EPWK VIE commit that their spouses or inheritors have no right to claim any rights or interest in relation to the shares that they hold in EPWK VIE and have no right to impose any impact on the daily managing duties of EPWK VIE, and commit that if any event which refrains them from exercising shareholders' rights as a registered shareholder, such as death, incapacity, divorce or any other event, could happen to them, the shareholders of EPWK VIE will take corresponding measures to guarantee the rights of other registered shareholders and the performance of the Contractual Arrangements. The letter is irrevocable and shall not be withdrawn without the consent of EPWK WFOE. The spouses of EPWK VIE individual shareholders also undertake that they have no right to claim any rights or interest in relation to the shares that they hold in EPWK VIE and have no right to impose any impact on the daily managing duties of EPWK VIE.

Based on the foregoing contractual arrangements, which grant EPWK WFOE effective control of EPWK VIE and enable EPWK WFOE to receive all of their expected residual returns, we account for EPWK VIE as a VIE. Accordingly, we consolidate the accounts of EPWK VIE for the periods presented herein, in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission ("SEC"), and Accounting Standards Codification ("ASC") 810-10, Consolidation.

*Permission Required from the PRC Authorities to Operate the VIE or Offer Our Class A Ordinary Shares to Foreign Investors*

In the opinion of our PRC counsel, Dentons, we, our subsidiaries, and the VIE have obtained all the requisite licenses, permissions, and approvals from the PRC government to operate their business and engage in the business activities currently conducted by them in China, including through contractual arrangements, and offer the securities being registered to foreign investors. As of the date of this prospectus, none of our, our subsidiaries', or the VIE's licenses, permissions, or approvals have ever been denied. Dentons further advises us that we, our subsidiaries, and the VIE are not currently required to obtain any other licenses, permissions, or approvals from the PRC government, including CSRC or CAC, to operate their business, including through contractual arrangements, or offer the securities being registered to foreign investors. We have disclosed the details of the licenses, permissions, and approvals issued by the PRC government to us, our subsidiaries, or the VIE as of the date of this prospectus. See PROSPECTUS SUMMARY – Our History and Corporate Structure – Requisite Permissions or Approvals on page 14.

The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or the Opinions, which was made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity and data privacy protection requirements and similar matters. The Opinions and any related implementing rules to be enacted may subject us to compliance requirement in the future. Given the current regulatory environment in the PRC, we are still subject to the uncertainty of different interpretation and enforcement of the rules and regulations in the PRC adverse to us, which may take place quickly with little advance notice. On December 28, 2021, the CAC, together with 12 other government departments of the PRC, jointly promulgated the Cybersecurity Review Measures, which became effective on February 15, 2022. The Cybersecurity Review Measures require that an online platform operator which possesses the personal information of at least one million users must apply for a cybersecurity review by the CAC if it intends to be listed in foreign countries. In compliance with the Measures, we have submitted a written declaration and other materials required for the cybersecurity review to the CAC. Upon reviewing our materials in accordance with the Measures, the Office of Cybersecurity Review of the CAC, which is responsible for organizing cybersecurity reviews and developing relevant rules and regulations, informed us that we passed the cybersecurity review for this offering.

On December 24, 2021, the CSRC released Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (hereinafter referred to as the "Administration Provisions"), as well as Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (hereinafter referred to as the "Measures") for public comments. According to the Administration Provisions and the Measures, overseas offering and listing, which specifically include direct overseas offerings and listing and indirect overseas offerings and listing, shall be filed in accordance with the Measures. As of the date of this prospectus, the Administration Provisions and the Measures have not been promulgated.

In the opinion of our PRC legal counsel, Dentons, there is no explicit provisions under currently effective PRC laws, regulations, or rules require companies like us who indirectly list their shares through contractual arrangements to obtain approvals from PRC authorities. As a result, we and the VIE do not need to obtain approval from CSRC or CAC or other equivalent PRC government authorities according to currently effective PRC laws, regulations and rules to operate our business or offer our Class A Ordinary Shares to foreign investors. However, due to the lack of further clarifications or detailed rules and regulations on overseas listing, Dentons, our counsel as to PRC law, have further advised us that, there are still uncertainties as to how such rules and regulations will be interpreted or implemented and whether the PRC regulatory agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation, and there is no guarantee that PRC regulatory agencies, including the CSRC or CAC, would take the same view as they do. And we cannot assure you that we and the VIE can fully or timely comply with such new laws, regulations, rules or detailed implementation and interpretation. If it is determined that the approval of CSRC or CAC or other PRC government authorities is required for this offering or the operation of VIE, or if the CSRC or CAC or other regulatory agencies later promulgate new rules or interpretation that requires us to obtain their approvals for this offering or the operation of VIE, we may be unable to timely obtain such approvals or waivers to the requirements, and we may face sanctions, by the CSRC or CAC or other PRC regulatory agencies, for failure to timely obtain such approvals. These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends to investors outside of China, limit our operating privileges (such as application for, and renew of, various types of licenses and permits) in China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or take other actions that could materially and adversely affect our business, reputation, financial condition, results of operations, prospects.

Additionally, because our Hong Kong subsidiary, EPWK Holdings Limited ("EPWK HK"), is not currently engaging in any active business activities and merely acting as a holding company, we do not believe we need to obtain additional permissions and approvals, including those under securities, data security, or anti-monopoly laws or regulations in Hong Kong, except those already disclosed in this Prospectus.

*Dividend Distributions or Assets Transfer among the Holding Company, its Subsidiaries, the Consolidated VIE*, *and Investors*

We currently do not have any cash management policies that dictate the purpose, amount and procedure of fund transfers among our Cayman Islands holding company, our subsidiaries, the consolidated VIEs, or investors. Rather, the funds can be transferred in accordance with the applicable laws and regulations. We may require additional capital resources in the future, and we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities, which could subject us to operating and financing covenants, including requirements to maintain certain amount of cash reserves.

We intend to keep any future earnings to re-invest in and finance the expansion of our business, and we do not anticipate that any cash dividends will be paid or any assets will be transferred in the foreseeable future. As of the date of this prospectus, no transfers of cash, dividend payment or distribution has been made among the holding company, our subsidiaries, the consolidated VIE, or investors. Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium amount, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts due in the ordinary course of business. If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our Hong Kong subsidiary, EPWK HK. EPWK HK is permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves but not through share capital.

However, we, our subsidiaries and the VIE's abilities to use cash held in use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. Current PRC regulations permit our indirect PRC subsidiaries to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.

The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we or our subsidiaries are unable to receive all of the revenues from our operations through the current VIE Agreements, we may be unable to pay dividends on our Class A Ordinary Shares.

Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the PRC government expands its restrictions and limitations to include Hong Kong or Hong Kong entities.

Cash dividends, if any, on our Class A Ordinary Shares will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10.0%.

In order for us to pay dividends to our shareholders, we will rely on payments made from EPWK VIE to EPWK WFOE, pursuant to VIE Agreements between them, and the distribution of such payments to EPWK HK as dividends from EPWK WFOE. Certain payments from our EPWK VIE to EPWK WFOE are subject to PRC taxes, including business taxes and VAT.

Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Double Tax Avoidance Arrangement, the 10% withholding tax rate may be lowered to 5% if a Hong Kong resident enterprise owns no less than 25% of a PRC project. However, the 5% withholding tax rate does not automatically apply and certain requirements must be satisfied, including without limitation that (a) the Hong Kong resident enterprise must be the beneficial owner of the relevant dividends; and (b) the Hong Kong resident enterprise must directly hold no less than 25% share ownership in the PRC project during the 12 consecutive months preceding its receipt of the dividends. In current practice, a Hong Kong resident enterprise must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to dividends to be paid by our PRC subsidiary to its immediate holding company, EPWK HK. As of the date of this prospectus, we have not applied for the tax resident certificate from the relevant Hong Kong tax authority. EPWK HK intends to apply for the tax resident certificate when EPWK WFOE plans to declare and pay dividends to EPWK HK. See "Risk Factors- There are significant uncertainties under the EIT Law relating to the withholding tax liabilities of our PRC subsidiary, and dividends payable by our PRC subsidiary to our offshore subsidiaries may not qualify to enjoy certain treaty benefits."

**Financial Significance of the VIE**

Under PRC law, we may provide funding to EPWK WFOE only through capital contributions or loans, and to EPWK VIE only through loans, subject to satisfaction of applicable government registration and approval requirements. We rely on dividends and other distributions from EPWK WFOE to satisfy part of our liquidity requirement. EPWK WFOE enjoys the economic interest in the operations of EPWK VIE in the form of service fees under the contractual arrangements among EPWK WFOE, EPWK VIE, and shareholders of EPWK VIE. For risks relating to the fund flows of our China operations, see "Risk Factors – Risks Relating to Our Corporate Structure – PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from making loans to our PRC subsidiaries and VIE or making additional capital contributions to our wholly foreign-owned subsidiaries in China, which could materially and adversely affect our liquidity and our ability to fund and expand our business." And "Risk Factors – Risks Relating to Our Corporate Structure – We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business."

The VIE and its subsidiaries contributed to 100% of our consolidated revenue and accounted for 100% of our consolidated total assets and liabilities as of June 30, 2022 and 2021, and for the year ended June 30, 2022 and 2021 and there was no reconciliation performed between the financial position, cash flows and results of operations of the VIE and us.

The following financial information of the VIE and its subsidiaries was included in the consolidated financial statements:

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| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2021** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $713649 | $572788 |
| &nbsp;&nbsp;&nbsp;User funds | 277673 | 2053185 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 482746 | 2195 |
| &nbsp;&nbsp;&nbsp;Related parties receivable | 12160 | 2983960 |
| &nbsp;&nbsp;&nbsp;Advance to suppliers | 14284 | 25078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other receivables, net | 73627 | 550716 |
|  | 1574139 | 6187922 |
| &nbsp;&nbsp;&nbsp;Equity investments | 59710 |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1196808 | 2101196 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 4343324 | 13022583 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 262819 | 373810 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 170071 | 416374 |
|  | 6032732 | 15913963 |
| **TOTAL ASSETS OF VIE** | $**7606871** | $**22101885** |
| **Liabilities** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;**Short term bank loans** | 1632951 |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 495095 | 152712 |
| &nbsp;&nbsp;&nbsp;Contract liabilities – current | 3201247 | 4238839 |
| &nbsp;&nbsp;&nbsp;User accounts payable | 277673 | 2053185 |
| &nbsp;&nbsp;&nbsp;Related parties payable | 89788 | 693810 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1155030 | 1090361 |
| &nbsp;&nbsp;&nbsp;Lease payable-current portion | 836425 | 1731292 |
|  | 7688209 | 9960199 |
| &nbsp;&nbsp;&nbsp;Long term bank loans | 640314 | 464763 |
| &nbsp;&nbsp;&nbsp;Contract liabilities – non-current | 379171 | 345513 |
| &nbsp;&nbsp;&nbsp;Lease payable-non-current | 4044834 | 13183686 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 247712 | 338827 |
|  | 5312031 | 14332789 |
| **TOTAL LIABILITIES OF VIE** | $**13000240** | $**24292988** |

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| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Revenue | $12811143 | $11366317 |
| Net income | $(3405919) | $623836 |
| Net cash provided by/(used in) operating activities | $(3664165) | $1152690 |
| Net cash used in investing activities | $(432736) | $(106050) |
| Net cash provided by/(used in) financing activities | $4264739 | $(1874322) |

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**Assets Transfer Between VIE and Other Consolidated Entities**

We currently do not have any cash management policies that dictate the purpose, amount and procedure of fund transfers among our Cayman Islands holding company, our subsidiaries, the consolidated VIEs, or investors. Rather, the funds can be transferred in accordance with the applicable laws and regulations. We may require additional capital resources in the future, and we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities, which could subject us to operating and financing covenants, including requirements to maintain certain amount of cash reserves.

To date, we have not distributed any earnings or settled any amounts owed under the Contractual Arrangements. We do not have any plan to distribute earnings or settle amounts owed under the VIE agreements in the foreseeable future. We do not have any cash flows or transfers of other assets between EPWK VIE and EPWK WFOE for the years ended June 30, 2021 and 2022, and there is no dividends or distributions that EPWK VIE or its subsidiaries have made to our Company. See "Selected Condensed Consolidating Financial Statements of Parent, Subsidiaries, VIE and its Subsidiaries."

**Dividends or Distributions Made to Us and U.S. Investors and Tax Consequences**

To date, EPWK VIE has not paid any service fees to us. In addition, we have not made any dividends or distributions to U.S. investors. In addition, subject to the passive foreign investment company rules, the gross amount of any distribution that we make to investor with respect to Class A ordinary shares (including any amounts withheld to reflect PRC withholding taxes) will be taxable as a dividend, to the extent paid out of the current or accumulated earnings and profits of us and EPWK VIE, as determined under United States federal income tax principles. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax. See "Risk Factors – Risks Relating to Doing Business in the PRC – Under the PRC Enterprise Income Tax Law, or the EIT Law, we may be classified as a "resident enterprise" of China, which could result in unfavorable tax consequences to us and our non-PRC shareholders."

**Restrictions on Foreign Exchange and the Ability to Transfer Cash Between Entities, Across Borders and to U.S. Investors**

Our PRC counsel, Dentons, has advised us that the PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. All of our income and income of EPWK VIE is received in Renminbi and shortages in foreign currencies may restrict our ability to pay dividends or other payments, or otherwise satisfy our foreign currency denominated obligations, if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE as long as certain procedural requirements are met. Approval from appropriate government authorities is required if Renminbi is converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders.

Relevant PRC laws and regulations permit the PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, our PRC subsidiary and EPWK VIE can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the statutory reserves. As a result of these and other restrictions under the PRC laws and regulations, the PRC subsidiaries and EPWK VIE are restricted to transfer a portion of their net assets to us either in the form of dividends, loans or advances. Even though we currently do not require any such dividends, loans or advances from our PRC subsidiary and EPWK VIE for working capital and other funding purposes, we may in the future require additional cash resources from our PRC subsidiary and EPWK VIE due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to our shareholders.

We currently do not have any cash management policies that dictate the purpose, amount and procedure of fund transfers among our Cayman Islands holding company, our subsidiaries, the consolidated VIEs, or investors. Rather, the funds can be transferred in accordance with the applicable laws and regulations. We may require additional capital resources in the future, and we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities, which could subject us to operating and financing covenants, including requirements to maintain certain amount of cash reserves. There have been no transfers of cash or other assets, dividends, or distribution made to EPWK and among its subsidiaries and VIE and its subsidiaries, and they have no plans to make any transfers of cash or other assets, distribution, or dividend payment to EPWK and among themselves in the near future. Neither EPWK nor any of its subsidiaries nor the VIE and its subsidiaries have made any transfer of cash or other assets, dividends, or distributions to investors as of the date of this prospectus. We, our subsidiaries, and the VIE have no present plans to distribute earnings or settle amounts owed under the VIE agreements and plan to retain EPWK's retained earnings to continue to grow EPWK's business. For more information, please refer to "Selected Condensed Consolidating Financial Statements of Parent, Subsidiaries, VIE and its Subsidiaries" and the consolidated financial statements starting from page F-3. Our board of directors has complete discretion on whether to distribute dividends, subject to applicable laws. We do not have any current plan to declare or pay any cash dividends on our Class A ordinary shares in the foreseeable future after this offering. We are permitted under the laws of Cayman Islands to provide funding to our subsidiaries in Hong Kong and PRC through loans or capital contributions without restrictions on the amount of the funds, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts due in the ordinary course of business. Our subsidiary in Hong Kong is also permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution or other distributable reserves. However, we, our subsidiaries and the VIE's abilities to use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. Current PRC regulations only permit EPWK WFOE, Yipinweike (Guangzhou) Network Technology Co., Ltd., to pay dividends to the Company out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. The majority of our and the consolidated VIE's revenues are collected in Renminbi; thus, foreign exchange shortages and foreign exchange control may limit our ability to pay dividends or other payments or otherwise meet our obligations denominated in foreign currencies. Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the PRC government expands its restrictions and limitations to include Hong Kong or Hong Kong entities. Therefore, our ability to transfer cash between EPWK VIE and us, our subsidiaries outside of China, and investors may be restricted. See "Prospectus Summary – *Dividend Distributions or Assets Transfer among the Holding Company, its Subsidiaries and the Consolidated VIE,*" "Summary of Risk Factors – We may not be able to use funds held in the PRC or Hong Kong or a PRC or Hong Kong entity to fund operations or for other purposes outside of the PRC due to the interventions or imposition of restrictions and limitations on the ability of us, our subsidiaries, or the consolidated VIE by the PRC government to transfer cash," and "Risk Factors – *Risk Relating to Doing Business in the PRC – Our ability to transfer cash between subsidiaries, the consolidated VIE, and investors outside PRC or Hong Kong may be significantly restricted by the Chinese government*."

**Requisite Permissions or Approvals**

In the opinion of our PRC counsel, Dentons, we, our subsidiaries, and the VIE are currently not required to obtain permissions from any of the PRC authorities to issue our Class A Ordinary Shares to foreign investors. Dentons further advised us that we, our subsidiaries, and the VIE have obtained all the required licenses, permissions, or approvals from the PRC government, as shown below, to operate their respective business in China.

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| | | | |
|:---|:---|:---|:---|
| **Company Name** | **Scope of Business Operation** | **Governmental**<br> **Permission**<br> **Required** | **Status** |
| Xiamen EPWK Network Technology Co., Ltd.<br>| Operate the creative crowdsourcing and knowledge and skills sharing service platform "EPWK.COM", with creative services as the main content, through the improvement of personalized and accurate recommendations, transaction rules, and online customer service assistants, to match buyers (clients) and sellers (freelancers) on the platform for convenient and efficient transactions.<br>| Value-added telecom business license<br>Network culture business license<br>Radio and TV Program Production and Business Operation License<br>Human resources service license<br>| Approved |
| Xiamen Yipinweike Network Information Co., Ltd. | Operate the intellectual property service platforms "Yipin Zhishi Chanquan (epbiao.com)" and "Zhiquanxia (zhiquanxia.com)" to provide customers with one-stop services for intellectual property protection and transaction, including domestic and international trademark registration, trademark transaction, copyright registration, patent application, intellectual property standard implementation counseling and other intellectual property services.<br>| Value-added telecom business license<br>| Approved |
| Xiamen Kutai Network Technology Co.,Ltd. | Operate a self-service corporate brand design platform, "Xiaowei Zhineng (xwzn.cn)," using artificial intelligence and big data technology to provide intelligent tools such as online intelligent name design and check, intelligent LOGO design, and intelligent poster design.<br>| Value-added telecom business license<br>| Approved |
| Xiamen EPWK Zhibang Finance and Taxation Service Co., Ltd. | Operate the online corporate and taxation service platform "Yipin Caishui (epcsw.com)", which provides services such as registration, dissolution, bookkeeping, license change, and tax support for small and medium-sized enterprises.<br>| Accounting agency bookkeeping license | Approved |
| Qi Zhi (Beijing) Certification Co., Ltd. | A certification company approved by the Certification and Accreditation Administration to provide certification services for intellectual property management system, quality management system, environmental management system, occupational health and safety management system, wholesale and retail service, corporate integrity management system, and social responsibility management system and other certification services.<br>| Approval form of certification authority | Approved |
| Xiamen EPWK Investment Management Co., Ltd. | Operate business incubators to serve innovative entrepreneurs online or in person by providing convenient, open, low-cost workspace, network space, social space and resource sharing space to combine innovation and entrepreneurship and connecting entrepreneurs with investors. | None |  |

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**Summary of Risk Factors**

*Risks Relating to Our Business Operations*

Risks and uncertainties related to our business include, but are not limited to, the following:

● The COVID-19 pandemic adversely impacted our business for a period of time and has resulted in reductions in demand for our products and services by some of our clients, including our small- and medium-sized business clients, which have been most impacted by the resulting macroeconomic downturn and from which we derive a substantial portion of our GMV and revenue. See *Risk Factors* – *Risks Relating to Our Business Operations – We face risks related to health epidemics such as the COVID-19, and other outbreaks, which could significantly disrupt our operations and adversely affect our business, financial condition and results of operations* on page 28 .

● Though we had net income of $623,836 in the year ended June 30, 2021, we incurred net losses of $3,405,919 and $529,315 in the same period of 2022 and 2020, respectively. See *Risk Factors – Risks Relating to Our Business Operations – We have a history of net losses, anticipate increasing our operating expenses in the future, and may not achieve or sustain profitability* on page 29 .

● The size of our community of users, including both buyers and sellers, is critical to our success. Any decrease in the attractiveness of our platform relative to these other options available to buyers and sellers could lead to decreased engagement on our platform, which could result in a drop in revenue on our platform. See *Risk Factors – Risks Relating to Our Business Operations – Our growth depends on our ability to attract and retain a community of buyers and sellers, and the loss of our users, failure to maintain or grow spend of our current users, or failure to attract new users could adversely impact our business* on page 29.

● Our business depends on buyers and sellers transacting through our platform. Despite our efforts to prevent them from doing so, users may circumvent our platform and engage with or pay each other through other means to avoid the transaction fees and service fees that we charge on our platform. See *Risk Factors – Risks Relating to Our Business Operations – Users may circumvent our platform, which could adversely affect our business* on page 30 .

● Any failure to maintain high-quality support, or a market perception that we do not maintain high-quality support, could harm our reputation or adversely affect our ability to market the benefits of our platform to existing and prospective users. See *Risk Factors – Risks Relating to Our Business Operations – If we fail to maintain and improve the quality of our platform, we may not be able to attract and retain users* on page 31.

● The market for our platform is characterized by rapid technological change, frequent product and service introductions and enhancements, changing user demands, and evolving industry standards. The introduction of products and services embodying new technologies can quickly make existing products and services obsolete and unmarketable. See *Risk Factors – Risks Relating to Our Business Operations – If we are not able to develop and release new products and services, or develop and release successful enhancements, new features, and modifications to our existing products and services, our business could be adversely affected* on page 32 .

● The nature of our business exposes us to claims related to defamation, infringement, misappropriation or other violations of third-party intellectual property rights, rights of publicity and privacy and personal injury torts. See *Risk Factors – Risks Relating to Our Business Operations – We may face lawsuits or incur liability as a result of content published or made available through our platform* on page 32 .

● The market segments for freelance marketplace are highly competitive, rapidly evolving, fragmented, and subject to changing technology, shifting needs, and frequent introductions of new competitors as well as new products and services. See *Risk Factors – Risks Relating to Our Business Operations – We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition, and operating results* on page 33 .

● Because we do not possess an internal payment method given the difficulties of obtaining and maintaining a payment license, all payments by our clients are processed by third parties such as UnionPay, Alipay and WeChat Pay. The payment processing business is highly regulated, and it is subject to a number of risks that could materially and adversely affect their abilities to provide payment processing services to us. See *Risk Factors – Risks Relating to Our Business Operations – Because we rely upon a third party to perform the payment processing for our clients, the failure or inability of the third party to provide these services could impair our ability to operate* on page 36.

*Risks Relating to Our Corporate Structure*

We are also subject to risks and uncertainties related to our corporate structure, including, but are not limited to, the following:

● All of our current revenue and net income is derived from EPWK VIE in China. Foreign ownership of internet technology businesses, such as distribution of online information, is subject to restrictions under current PRC laws and regulations. See *Risk Factors – Risks Relating to Our Corporate Structure – We do not have direct ownership of our operating entities in China but has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance and is obligated to absorb all of losses of the VIE through VIE Agreements, which may not be effective in providing control over EPWK VIE* on page 38.

● We are an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations, our operations were conducted in China by our subsidiaries and through VIE Agreements with EPWK VIE in China. There are uncertainties regarding the interpretation and application of PRC laws, rules and regulations, including but not limited to the laws, rules and regulations governing the validity and enforcement of the VIE Agreements between EPWK WFOE and EPWK VIE. See *Risk Factors – Risks Relating to Our Corporate Structure – Because we are an offshore holding company and our business was conducted through VIE Agreements with EPWK VIE in China, if we fail to comply with applicable PRC law, we could be subject to severe penalties and our business could be adversely affected* on page 39.

● As all of the VIE Agreements with EPWK VIE are governed by the PRC laws and provide for the resolution of disputes through arbitration in the PRC, they would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed as in the United States. As a result, uncertainties in the PRC legal system could further limit our ability to enforce these VIE Agreements. See *Risk Factors – Risks Relating to Our Corporate Structure – We may incur substantial difficulties and costs in enforcing any rights we may have under the VIE Agreements in PRC* on page 40.

● We may be required to obtain the approval of the China Securities Regulatory Commission, or the CSRC, prior to the listing and trading of our Class A Ordinary Shares on an overseas stock exchange. See *Risk Factors – Risks Relating to Our Corporate Structure – The approval of the China Securities Regulatory Commission and other compliance procedures may be required in connection with this offering, and, if required, we cannot predict whether we will be able to obtain such approval. As a result, both you and us face uncertainty about future actions by the PRC government that could significantly affect EPWK VIE's financial performance and the enforceability of the VIE Agreements* on page 40.

● There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations governing our business and the enforcement and performance of our arrangements with customers in certain circumstances. See *Risk Factors – Risks Relating to Our Corporate Structure – PRC laws and regulations governing our current business operations are sometimes vague and uncertain and any changes in such laws and regulations may impair our ability to operate profitable* on page 42.

● Any failure by any of our shareholders who is a PRC resident, or is controlled by a PRC resident, to comply with relevant requirements under these regulations could subject us to fines or sanctions imposed by the PRC government, including restrictions on our overseas or cross–border investment activities, restrictions on EPWK WFOE's ability to pay dividends or make distributions to us and on our ability to increase our investment in the EPWK WFOE. See *Risk Factors – Risks Relating to Our Corporate Structure – Regulations relating to offshore investment activities by PRC residents may limit our ability to acquire PRC companies and could adversely affect our business* on page 42.

● The Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation. See *Risk Factors – Risks Relating to Our Corporate Structure – Uncertainties exist with respect to the interpretation and implementation of the Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business operations* on page 43.

*Risks Relating to Doing Business in the PRC*

We are based in China and having the majority of our operations in China, and therefore, we face risks and uncertainties relating to doing business in the PRC in general, including, but not limited to, the following:

● Our principal business operation is conducted in the PRC. Shareholder claims or regulatory investigation that are common in the United States generally are difficult to pursue as a matter of law or practicality in China. In the event that the U.S. regulators carry out an investigation on us and there is a need to conduct an investigation or collect evidence within the territory of the PRC, the U.S. regulators may not be able to carry out such investigation or evidence collection directly in the PRC under the PRC laws. See *Risk Factors – Risks Relating to Doing Business in the PRC – It may be difficult for overseas shareholders and/or regulators to conduct investigations or collect evidence within China* on page 47.

● The Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Substantially all of our operations are located in China. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property and other matters. See *Risk Factors – Risks Relating to Doing Business in the PRC – The Chinese government exerts substantial influence over the manner in which we must conduct our business and may intervene or influence our operations at any time, which actions could impact our operations materially and adversely, and 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 be worthless* on page 55.

● We conduct all of our operations and all of our revenue is generated in the PRC. Accordingly, economic, political and legal developments in the PRC will significantly affect our business, financial condition, results of operations and prospects. See *Risk Factors – Risks Relating to Doing Business in the PRC – Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may be quick with little advance notice and could have a significant impact upon our ability to operate profitably in the PRC* on page 49.

● While the PRC economy has experienced significant growth in the past two to three decades, growth has been uneven, both geographically and among various sectors of the economy. The PRC government continues to play a significant role in regulating the economy, and any changes in economy-related policies, laws and regulations could adversely affect the economy in China and could have a material adverse effect on our business. See *Risk Factors – Risks Relating to Doing Business in the PRC – China's economic, political and social conditions, laws and regulations, as well as possible interventions and influences of any government policies and actions are uncertain and could have a material adverse effect on our business and the value of our Class A Ordinary Shares* on page 49.

● We are subject relating various risks and costs associated with to the collection, use, sharing, retention, security, and transfer of confidential and private information, such as personal information and other data. Our compliance obligations include those relating to the Data Protection Act (As Revised) of the Cayman Islands and the relevant PRC laws in this regard. These laws continue to develop, and the PRC government may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities. See *Risk Factors – Risks Relating to Doing Business in the PRC – In light of recent events indicating greater oversight by the Cyberspace Administration of China, or CAC, over data security, particularly for companies seeking to list on a foreign exchange, we are subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, our listing on Nasdaq, financial condition, results of operations, and the offering* on page 52.

● Uncertainties with respect to the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden or unexpected changes in laws and regulations in China with little advance notice could adversely affect us. See *Risk Factors – Risks Relating to Doing Business in the PRC – Uncertainties with respect to the PRC legal system could significantly impact our business operation* on page 48.

● Chinese government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas and foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of our ordinary shares. Additionally, the governmental and regulatory interference 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 *Risk Factors – Risks Relating to Doing Business in the PRC – The Chinese government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our shares* on page 48.

● It may be difficult for you to bring legal actions against us as we are an exempted company incorporated under the laws of the Cayman Islands, we conduct substantially all of our operations in China, and substantially all of our assets are located in China. See *Risk Factors – Risks Relating to Doing Business in the PRC – Because we are a Cayman Islands corporation and all of our business is conducted in the PRC, you may be unable to bring an action against us or our officers and directors or to enforce any judgment you may obtain* on page 50.

● We may be subject to the additional and more stringent criteria of Nasdaq for our initial and continued listing, which might cause delay or even denial of our listing application. See *Risk Factors – Risks Relating to Doing Business in the PRC – Nasdaq may apply additional and more stringent criteria for our initial and continued listing because we plan to have a small public offering and our insiders will hold a large portion of our listed securities* on page 50.

● Our business is conducted in the PRC, our books and records are maintained in RMB, which is the currency of the PRC, and the financial statements that we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between the RMB and dollar affect the value of our assets and the results of our operations in United States dollars. See *Risk Factors – Risks Relating to Doing Business in the PRC – Because our business is conducted in RMB and the price of our Class A Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments* on page 53.

● Substantially all of our revenues and costs are denominated in Renminbi. We are a holding company and we rely on dividends paid by our subsidiary in China for our cash needs. Any significant revaluation of Renminbi may materially and adversely affect our results of operations and financial position reported in Renminbi when translated into U.S. dollars and may have a material and adverse effect on your investment. See *Risk Factors – Risks Relating to Doing Business in the PRC – We face exposure to foreign currency exchange rate fluctuations, and such fluctuations could adversely affect our business, results of operations and financial condition* on page 54.

● We are required by privacy and data protection laws in China to ensure the confidentiality, integrity and availability of the information of our users, customers and other data, which is also essential to maintaining their confidence in our online services. However, the interpretation and application of such laws in China are often uncertain and in flux. See *Risk Factors – Risks Relating to Doing Business in the PRC – In light of recent events indicating greater oversight by the Cyberspace Administration of China, or CAC, over data security, particularly for companies seeking to list on a foreign exchange, we are subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, our listing on Nasdaq, financial condition, results of operations, and the offering* on page 52.

● If we are deemed as a PRC "resident enterprise," we will be subject to PRC enterprise income tax on our worldwide income at a uniform tax rate of 25%. This could have a material and adverse effect on our overall effective tax rate, our income tax expenses and our net income. See *Risk Factors – Risks Relating to Doing Business in the PRC – Under the PRC Enterprise Income Tax Law, or the EIT Law, we may be classified as a "resident enterprise" of China, which could result in unfavorable tax consequences to us and our non-PRC shareholders* on page 50.

 

● We may not be able to use funds held in the PRC or Hong Kong or a PRC or Hong Kong entity to fund operations or for other purposes outside of the PRC due to the interventions or imposition of restrictions and limitations on the ability of us, our subsidiaries, or the consolidated VIE by the PRC government to transfer cash. See *Risk Factors – Risk Relating to Doing Business in the PRC – Our ability to transfer cash between subsidiaries, the consolidated VIE, and investors outside PRC or Hong Kong may be significantly restricted by the Chinese government* on page 59.

 

 

*Risks Relating to this Offering and Our Ordinary Shares*

 ****

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

● An active public market for our Ordinary Shares may not develop or be sustained after the offering, in which case the market price and liquidity of our Ordinary Shares will be materially and adversely affected. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – There has been no public market for our Class A Ordinary Shares prior to this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you pay for them, or at all* on page 59.

● We cannot assure you that the market price of our Ordinary Shares will not decline significantly below the initial public offering price as that price is determined by negotiations between us and the underwriters, and does not bear any relationship to our earnings, book value or any other indicia of value. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile* on page 59.

● The initial public offering price of our Ordinary Shares is substantially higher than the (pro forma) net tangible book value per share of our Ordinary Shares. Consequently, assuming no exercise of over-allotment option by the underwriter, when you purchase our Ordinary Shares in the offering and upon completion of the offering, you will incur immediate dilution. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – You will experience immediate and substantial dilution in the net tangible book value of Class A Ordinary Shares purchased* on page 59.

● We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – We do not intend to pay dividends for the foreseeable future* on page 60.

● The market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control. We cannot assure you that the initial public offering price of our Ordinary Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our shares that have occurred from time to time prior to our initial public offering. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – The market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price* on page 60.

● Our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the market price of our Ordinary Shares. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – Our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Class A Ordinary Shares* on page 61.

● We will only be subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness of the internal controls after filing the registration statement of which this prospectus is a part. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – 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 Ordinary Share* on page 61.

● As an emerging growth company, we may elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – Because we are an "emerging growth company," we may not be subject to requirements that other public companies are subject to, which could affect investor confidence in us and our Class A Ordinary Shares* on page 62.

● Mr. Guohua Huang is currently the beneficial owners of all of the outstanding Class B ordinary shares or 18.56% of our outstanding shares, which are indirectly held by Mr. Guohua Huang. After the offering, Mr. Guohua Huang will be able to exercise approximately [ ]% of the total voting power of our issued and outstanding share capital. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – Since Mr. Guohua Huang will be able to exercise more than [ ]% of the total voting power of our issued and outstanding share capital following the offering, Mr. Guohua Huang will have the ability to elect directors and approve matters requiring shareholder approval* on page 62.

● Following this offering, we will be a "controlled company" as defined under the NASDAQ Stock Market Rules because one of our principal shareholders, Mr. Guohua Huang, will beneficially own more than 50% of voting power for the election of directors. 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. See *Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – Following this offering, we will be a "controlled company" within the meaning of the NASDAQ Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies* on page 62.

*Holding Foreign Companies Accountable Act*

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. An identified issuer 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. In June 2021, the Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if signed into law, would reduce the time period for the delisting of foreign companies under the HFCAA to two consecutive years instead of three years. On December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to HFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two. If our auditor cannot be inspected by the PCAOB, for two consecutive years, the trading of our securities on any U.S. national securities exchanges, as well as any over-the-counter trading in the U.S., will be prohibited. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On 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, the PCAOB issued a report on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. On August 26, 2022, the CSRC, the MOF, and the PCAOB signed the Protocol governing inspections and investigations of audit firms based in China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. However, uncertainties still exist as to whether and how this new Protocol will be implemented and whether the PCAOB can make a determination that it is able to inspect and investigate completely in mainland China and Hong Kong. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination.

Our auditor, WWC, Professional Corporation ("WWC"), the independent registered public accounting firm of the Company, is headquartered in San Mateo, California, with no branches or offices outside of the United States. WWC is currently subject to the PCAOB inspections under a regular basis, with the last inspection being conducted in November 2021. Therefore, WWC is not subject to the determinations as to the inability to inspect or investigate registered firms completely announced by the PCAOB on December 16, 2021. However, as more stringent criteria have been imposed by the SEC and the PCAOB, recently, which would add uncertainties to our offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See Risk Factors – *Risks Relating to Doing Business in the PRC* – A recent joint statement by the SEC and the Public Company Accounting Oversight Board (United States), or the "PCAOB," proposed rule changes submitted by Nasdaq, and the newly enacted "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. These developments could add uncertainties to our offering."

**Corporate Information**

Our principal executive offices are located at Floor 4-602, building A district, No. 359 of Chengyi Street, Xiamen Software Park Phase III Xiamen, Fujian Province, People's Republic of China, and our phone number is +4006999467. We maintain a corporate website at <u>www.epwk</u>.com. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus.

We are and, following the closing of this offering, will be a "controlled company" as defined under the NASDAQ Stock Market Rules because Mr. Guohua Huang will beneficially own [ ]% of voting power for the election of directors.

**Implications of Being an Emerging Growth Company, a Foreign Private Issuer, a Controlled Company, and a China-based company.**

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 burdens that are otherwise applicable generally to public companies. These provisions include:

● a requirement to have only two years of audited financial statements and only two years of related selected financial data and management's discussion and analysis of financial condition and results of operations disclosure;

● an exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

● an exemption from implementation of new or revised accounting standards until they would apply to private companies and from compliance with any new requirements adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation;

● reduced disclosure obligations regarding executive compensation arrangements; and

● no requirement to seek nonbinding advisory votes on executive compensation or golden parachute arrangements.

We have elected to avail ourselves of the extended transition period for implementing new or revised financial accounting standards. We may take advantage of some or all of the other provisions described above until we are no longer an emerging growth company. We will remain an emerging growth company until the earlier to occur of (1) (a) the last day of the fiscal year following the fifth anniversary of the closing of this offering, (b) the last day of the fiscal year in which our annual gross revenue is $1.07 billion or more, or (c) the date on which we are deemed to be a "large accelerated filer," under the rules of the U.S. Securities and Exchange Commission, or SEC, which means the market value of our equity securities that is held by non-affiliates exceeds $700 million as of the prior July 31st, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.

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 of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers. Moreover, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. In addition, as a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq listing standards. Following this offering, we intend to rely on home country practice to be exempted from the corporate governance requirements that we have a majority of independent directors on our board of directors and the audit committee of our board of directors has a minimum of three members. As a result, we will not have a majority of independent directors and our audit committee will consist of two independent directors instead of three members. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq listing standards.

Upon the completion of this offering, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules because Mr. Guohua Huang, will beneficially own all of our then issued and outstanding Class B Ordinary Shares and will be able to exercise [ ]% of our total voting power. Under the Nasdaq Stock Market Rules, a "controlled company" may elect not to comply with certain corporate governance requirements. Currently, we do not plan to utilize the "controlled company" exemptions with respect to our corporate governance practice after we complete this offering.

In addition, we are an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations, our operations were conducted in China by our subsidiaries and through VIE Agreements, with EPWK VIE and its subsidiaries, which involves unique risks to investors. This is an offering of the Class A Ordinary Shares of the offshore holding company in Cayman Islands. You are not investing in EPWK VIE. Neither we nor our subsidiaries own any share in EPWK VIE. Instead, we control and receive the economic benefits of EPWK VIE's business operation through VIE Agreements, dated August 11, 2022. Under the VIE Agreements, EPWK WFOE is entitled to collect a service fee that is equal to 100% of the net income of the EPWK VIE, and EPWK WFOE has the power to direct the activities of the EPWK VIE that can significantly impact the EPWK VIE's economic performance and is obligated to absorb losses of the EPWK VIE, which makes us, through our direct ownership of 100% of the equity in EPWK WFOE, the primary beneficiary to receive the economic benefits of the EPWK VIE's business operation for accounting purposes only. Because our economic interest in the EPWK VIE is more than insignificant exposure to potential losses of or benefits from it, and we have power over the most significant economic activities of the EPWK VIE, we have consolidated the financial results of the EPWK VIE in our consolidated financial statements under generally accepted accounting principles in the U.S. ("U.S. GAAP"). However, the economic interest in and the power over the EPWK VIE are based on contractual agreements and are not equivalent to equity ownership in the business of the EPWK VIE, and the structure involves unique risks to investors. Because of our corporate structure, we are subject to risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership of internet technology companies, and regulatory review of oversea listing of PRC companies through a special purpose vehicle, and the validity and enforcement of the VIE Agreements. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard. The VIE Agreements may not be effective in providing control over EPWK VIE. We may also subject to sanctions imposed by PRC regulatory agencies including Chinese Securities Regulatory Commission if we fail to comply with their rules and regulations. Furthermore, Our Class A Ordinary Shares may be prohibited to trade on a national exchange under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. Our auditor is currently subject to PCAOB inspections and PCAOB is able to inspect our auditor.

**Selected Condensed Consolidating Financial Statements of Parent, Subsidiaries, VIE and its Subsidiaries**

The following tables present selected condensed consolidating financial data of the Parent (EPWK Holdings Ltd.), the Subsidiaries (EPWK Holdings Limited and Yipinweike (Guangzhou) Network Technology Co., Ltd.), the VIE (Xiamen EPWK Network Technology Co., Ltd.) and its Subsidiaries (Xiamen Yipinweike Network Information Co., Ltd, Xiamen Kutai Network Technology Co.,Ltd., Xiamen EPWK Zhibang Finance and Taxation Service Co., Ltd., Xiamen EPWK Investment Management Co., Ltd., Xiamen EPWK Zhongchuang Coffee Co., Ltd., Xiamen EPWK Yixing Business Incubator Management Co., Ltd., Xiamen EPWK Chuanke Incubator Management Co., Ltd., Xiamen EPWK Kutai Incubator Management Co., Ltd., Xiamen EPWK ZhiSheng Intellectual Property Agency Co., Ltd., Qi Zhi (Beijing) Certification Co., Ltd. and Xiamen Kubeijie Network Technology Co. Ltd.), together with eliminating adjustments. Such financial data include condensed consolidating balance sheets data as of June 30, 2022 and 2021 and the related condensed consolidating statements of operations and cash flows data for the year ended June 30, 2022 and 2021.

**SELECTED CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year ended June 30, 2022** | **For the Year ended June 30, 2022** | **For the Year ended June 30, 2022** | **For the Year ended June 30, 2022** | **For the Year ended June 30, 2022** | **For the Year ended June 30, 2022** |
|  | **Parent** | **Other<br> Non-VIE<br> Subsidiaries** | **WFOE** | **VIE and<br> Subsidiaries** | **Eliminations** | **Consolidated Total** |
| Revenues | $— | $— | $(3405919) | $12811143 | $— | $12811143 |
| Income (loss) for equity method investment | $(3405919) | $(3405919) | $— | $— | $6811838 | $— |
| Net income (loss) | $(3405919) | $(3405919) | $(3405919) | $(3405919) | $10217757 | $(3405919) |
| Comprehensive income (loss) | $(3405919) | $(3405919) | $(3202266) | $(3202266) | $9606798 | $(3202266) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** |
|  | **Parent** | **Other <br> Non- VIE<br> Subsidiaries** | **WFOE** | **VIE and<br> Subsidiaries** | **Eliminations** | **Consolidated <br> Total** |
| Revenues | $— | $— | $623836 | $11366317 | $(209498) | $11366317 |
| Income (loss) for equity method investment | $623836 | $623836 | $— | $— | $(1247672) | $— |
| Net income (loss) | $623836 | $623836 | $623836 | $623836 | $(1871508) | $623836 |
| Comprehensive income (loss) | $394220 | $394220 | $394220 | $394220 | $(1182660) | $394220 |

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**SELECTED CONDENSED CONSOLIDATING BALANCE SHEETS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** |
|  | **Parent** | **Other <br> Non- VIE** <br>**Subsidiaries** | **WFOE** | **VIE and**<br> **Subsidiaries** | **Eliminations** | **Consolidated** <br> **Total** |
| Cash and cash equivalents | $| $| $- | $713649 | $| $713649 |
| Total current assets | $| $| $- | $1574139 | $| $1574139 |
| Investments in subsidiaries and VIEs | $| $| $- | $— | $| $— |
| Total non-current assets | $| $| $- | $6032731 | $| $6032731 |
| Total Assets | $| $| $- | $7606871 | $| $7606871 |
| Total Liabilities | $| $| $- | $13000240 | $| $13000240 |
| Total Shareholders' Equity | $| $| $- | $(5393369) | $| $(5393369) |
| Total Liabilities and Shareholders' Equity | $| $| $- | $7606871 | $| $7606871 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2021** | **As of June 30, 2021** | **As of June 30, 2021** | **As of June 30, 2021** | **As of June 30, 2021** | **As of June 30, 2021** |
|  | **Parent** | **Other <br> Non- VIE<br> Subsidiaries** | **WFOE** | **VIE and <br> Subsidiaries** | **Eliminations** | **Consolidated <br> Total** |
| Cash and cash equivalents | $- | $- | $- | $572788 | $- | $572788 |
| Total current assets | $— | $— | $- | $6187922 | $— | $6187922 |
| Investments in subsidiaries and VIEs | $— | $— | $- | $— | $— | $— |
| Total non-current assets | $— | $— | $- | $15913963 | $— | $15913963 |
| Total Assets | $— | $— | $- | $22101885 | $— | $22101885 |
| Total Liabilities | $— | $— | $- | $24292988 | $— | $24494988 |
| Total Shareholders' Equity | $— | $— | $- | $(2191103) | $— | $(2191103) |
| Total Liabilities and Shareholders' Equity | $— | $— | $- | $22101885 | $— | $22101885 |

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**SELECTED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30, 2022** | **For the Year Ended June 30, 2022** | **For the Year Ended June 30, 2022** | **For the Year Ended June 30, 2022** | **For the Year Ended June 30, 2022** | **For the Year Ended June 30, 2022** |
|  | **Parent** | **Other Non-<br> VIE<br> Subsidiaries** | **WFOE** | **VIE and<br> Subsidiaries** | **Eliminations** | **Consolidated <br> Total** |
| Net cash provided by (used in) operating activities | $| $| $| $(3664166) | $| $(3664166) |
| Net cash used in investing activities | $| $| $| $(432736) | $| $(432736) |
| Net cash provided by (used in) financing activities | $| $| $| $4264739 | $| $4264739 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** | **For the Year Ended June 30, 2021** |
|  | **Parent** | **Other Non-<br> VIE <br> Subsidiaries** | **WFOE** | **VIE and<br> Subsidiaries** | **Eliminations** | **Consolidated Total** |
| Net cash provided by (used in) operating activities | $| $| $| $1152690 | $| $1152690 |
| Net cash used in investing activities | $| $| $| $(106050) | $| $(106050) |
| Net cash provided (used in) financing activities | $| $| $| $(1874322) | $| $(1874322) |

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**THE OFFERING**

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| | |
|:---|:---|
| **Class A Ordinary Shares offered by us** | [ ] Class A Ordinary Shares (excluding the over-allotment discussed below). |
| **Price per Ordinary Share** | The purchase price will be $[ ] per Ordinary Share. |
| **Voting Rights** | Class A Ordinary Shares are entitled to one (1) vote per share.<br>Class B Ordinary Shares are entitled to fifteen (15) votes per share.<br>Class A and Class B shareholders will vote together as a single class, unless otherwise required by law or our amended and restated memorandum and articles of association. Our CEO, Mr. Guohua Huang, is the sole holder of our Class B Ordinary Shares and will hold [ ]% to [ ]% of the total votes, depending on whether the Underwriter exercises its over-allotment option or not, for our issued and outstanding share capital following the completion of this offering and will have the ability to control the outcome of matters submitted to our shareholders for approval, including the election of our directors and the approval of change in control transactions, with the exception of any special resolutions, as such term is defined in the amended and restated memorandum and articles of association of the Company, that are required to be passed by a majority of not less than two-thirds of shareholders who are eligible to vote. See the sections titled "*Principal Shareholders*" and "*Description of Share Capital*" for additional information. |
| **Over-allotment** | We agree to grant the underwriters an option for a period of 30 days after the closing of this offering to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount. We may issue up to [ ] Class A Ordinary Shares pursuant to underwriters' over-allotment option. |
| **Class A Ordinary Shares outstanding prior to completion of this offering** | 15,601,494 Class A Ordinary Shares |
| **Class A Ordinary Shares outstanding immediately after this offering** | [ ] Class A Ordinary Shares, assuming no exercise of the underwriters' over-allotment option. |
| **Listing** | We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "EPWK". |
| **Nasdaq Capital Market symbol** | We have reserved the symbol "EPWK" |
| **Transfer Agent** | Transhare Corporation |
| **Use of proceeds** | We intend to use the proceeds from this offering for business development and marketing, research and development, exploration of new product and service offerings and general corporate purposes and working capital. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. To the extent that we are unable to raise the proceeds in this offering, we may not be able to achieve all of our business objectives in a timely manner. See "Use of Proceeds" for more information. |

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| | |
|:---|:---|
| **Risk factors** | The Class A Ordinary Shares offered hereby involve a high degree of risk. You should read "Risk Factors," beginning on page 28 for a discussion of factors to consider before deciding to invest in our Class A Ordinary Shares. |
| **Lock-Up** | We, our directors and executive officers, and our existing beneficial owners of 5% or more of our outstanding Class A Ordinary Shares have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or otherwise dispose of any Class A Ordinary Shares or similar securities for a period ending 180 days after the commencement of the trading of the Class A Ordinary Shares. See "Underwriting" for more information. |

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**Summary Financial Data**

The following table sets forth selected historical statements of operations for the fiscal year ended June 30, 2022 and 2021, and balance sheets data as of June 30, 2022 and 2021, which have been derived from our audited financial statements for those periods. The financial data are presented in United States dollars ("USD"). Our historical results are not necessarily indicative of the results that may be expected in the future. You should read this data together with our consolidated financial statements and related notes appearing elsewhere in this prospectus as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," appearing elsewhere in the prospectus.

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| | | |
|:---|:---|:---|
| | **Years Ended** | **Years Ended** |
| | **June 30,** | **June 30,** |
| <br>**Consolidated Statement of Operations Data** | **2022** | **2021** |
| Revenues | 12811143 | 11366317 |
| Cost of revenues | 7496464 | 6619723 |
| Total operating expenses | 9164402 | 5695039 |
| Total other income | 449346 | 1574748 |
| Income tax expense | 5542 | 2467 |
| Net income | $(3405919) | $623836 |
| Earnings per ordinary share |  |  |
| – Basic and diluted | $(0.53) | $0.10 |
| Weighted average number of Class A Ordinary Shares outstanding |  |  |
| – Basic and diluted | 6385814 | 6385814 |

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| | | |
|:---|:---|:---|
| | **As of June 30,** | **As of June 30,** |
| <br>**Consolidated Balance Sheet Data** | **2022** | **2021** |
| Cash and cash equivalents | $713649 | $572788 |
| Total Assets | $7606871 | $22101185 |
| Total Liabilities | $13000240 | $24292988 |
| Total Shareholders' Equity | $(5393369) | $(2191103) |
| Total Liabilities and Shareholders' Equity | $7606871 | $22101885 |

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**RISK FACTORS**

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

**Risks Relating to Our Business Operations**

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***We face risks related to health epidemics such as the COVID-19, and other outbreaks, which could significantly disrupt our operations and adversely affect our business, financial condition and results of operations.***

Our business could be materially and adversely affected by health epidemics such as the COVID-19 and other outbreaks affecting the PRC. The COVID-19 pandemic adversely impacted our business for a period of time and has resulted in reductions in demand for our products and services by some of our clients, including our small- and medium-sized business clients, which have been most impacted by the resulting macroeconomic downturn and from which we derive a substantial portion of our GMV and revenue. If these clients continue to reduce their spending or cease operations entirely, the COVID-19 pandemic may have a material adverse effect on our business, financial condition, results of operations, and cash flows. Conversely, in 2020 we experienced an increase in GMV and revenue growth driven by an acceleration in the shift toward remote work, due in part to the COVID-19 pandemic. These positive impacts may not continue following the COVID-19 pandemic and the relaxation or lifting of restrictions intended to prevent its spread.

The extent to which the ongoing COVID-19 pandemic will adversely affect our business, financial condition, results of operations, and cash flow will depend on future developments, which are highly uncertain and cannot reasonably be predicted with confidence at this time, including the duration, spread, and severity of the outbreak, or the occurrence of additional "waves" of the outbreak; the timing and efficacy of vaccinations; government responses to the pandemic and potential restrictions on our business and the businesses of our users; the impact of the pandemic on the U.S. and global economies and demand for our offerings; how quickly and to what extent normal economic and operating conditions resume; and the reaction of users and potential users to these developments, among others. The potential impacts of such developments include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· decline in demand on our work marketplace, resulting in lower GMV and lower
revenue, following relaxation or lifting of restrictions intended to prevent the spread of COVID-19;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduced client spend on our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increased costs or reduced revenue as a result of marketing and promotional
efforts to reach and support those affected by the COVID-19 pandemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduced GMV and revenue as a result of increased user circumvention of our
work marketplace;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· impacts on payment partners, disbursement partners, or other critical third-party
partners that may cause delays in processing payments to freelancers or other important functions of our work marketplace, result in an
increase in payment transaction costs, lead to loss of revenue, or cause a decline in quality or availability of services, negatively
affect our reputation or user activity on our work marketplace, or increase our operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduced spend by buyers or availability of sellers located in areas or regions
more affected by the COVID-19 pandemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty in business planning and forecasting due to significant uncertainty
in the impact of the COVID-19 pandemic on all aspects of our business and on our clients and freelancers and other business partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduced business incubator service income as a result of local entrepreneurs
either postponing to start new businesses or preferring home offices;

Although the COVID-19 pandemic did not have a material adverse impact on our financial results for the year ended June 30, 2021, the rapidly changing market and macroeconomic conditions caused by the COVID-19 pandemic have impacted the business of many of our clients, which resulted in a reduction in spend on our work marketplace for some of those affected clients. There can be no assurance that the positive impacts from the COVID-19 pandemic, such as increased client acquisitions, increased client spend, and increased client retention, will continue to offset those parts of our business that have been adversely impacted. Many of these risk factors are unpredictable and outside of our control, and any of these factors could amplify the other risks and uncertainties. Even after the COVID-19 pandemic has subsided, we may continue to experience adverse impacts to our business due to the macroeconomic downturn that has occurred as a result and is likely to continue in the future. Furthermore, any increase in client acquisition due to the shift toward remote work as a result of the COVID-19 pandemic may slow or decline once the impact of the COVID-19 pandemic is mitigated and users are no longer subject to government restrictions intended to prevent the spread of COVID-19.

***We have a history of net losses, anticipate increasing our operating expenses in the future, and may not achieve or sustain profitability.***

Although we had net income of $623,836 in the year ended June 30, 2021, we incurred net losses of $3,405,919 and $529,315 in the same period of 2022 and 2020, respectively. We expect to incur net losses for the foreseeable future. As of June 30, 2022, we had accumulated deficit of $16.6 million. We expect to make significant expenditures related to the development and expansion of our business, including marketing, platform improvement, system and operation optimization. These efforts may prove more expensive than we currently anticipate, and we may not succeed in increasing our revenue sufficiently, or at all, to offset these higher expenses. While our revenue has grown in recent years, if our revenue declines or fails to grow at a rate faster than increases in our operating expenses, we will not be able to achieve profitability in future periods. As a result, we may continue to generate losses. We cannot assure you that we will achieve profitability in the future or that, if we do become profitable, we will be able to sustain profitability.

 ****

***Our growth depends on our ability to attract and retain a community of buyers and sellers, and the loss of our users, failure to maintain or grow spend of our current users, or failure to attract new users could adversely impact our business.***

The size of our community of users, including both buyers and sellers, is critical to our success. Our ability to achieve significant growth in revenue in the future will depend, in large part, upon our ability to attract new users and retain existing users on our platform. Over the past few years, we have experienced strong growth in the number of users on our platform, but we do not know whether we will be able to achieve similar user growth rates in the future. Sellers have many different ways of marketing their services and securing buyers, including meeting and contacting prospective buyers through other platforms, advertising to prospective buyers online or offline through other methods, signing up for online or offline third-party agencies or staffing firms or finding employment full-time or part-time through an agency or directly with a business. Buyers have similarly diverse options to find sellers, such as engaging sellers directly, finding sellers through other online or offline platforms or through staffing firms and agencies or hiring temporary, full-time, or part-time employees. Any decrease in the attractiveness of our platform relative to these other options available to buyers and sellers could lead to decreased engagement on our platform, which could result in a drop in revenue on our platform. In addition, a drop in engagement from buyers, including due to a general decrease in spending or otherwise as a result of the COVID-19 pandemic, could lead to diminished network effects and decrease the attractiveness of our platform to sellers. If we fail to attract new sellers or our existing sellers decrease their use of or cease using our platform, the quality or types of services provided by sellers that use our platform are not satisfactory to buyers, buyers may decrease their use of, or cease using, our platform.

Key factors in attracting and retaining buyers include our ability to grow our brand awareness, attract and retain high-quality sellers, and improve our review system. A key factor in attracting and retaining sellers, in turn, is maintaining and increasing the number of buyers using our platform and increasing the quantity and quality of tasks posted on our platform. Thus, achieving growth in our community of buyers and sellers may require us to increasingly engage in sophisticated and costly sales and marketing efforts that may not result in additional users.

Users can generally decide to cease using our platform at any time. Users may stop using our platform and related services if the quality of the user experience on our platform, including our support capabilities in the event of a problem, does not meet their expectations or keep pace with the quality of the user experience generally offered by competitive products and services. Users may also choose to cease using our platform if they perceive that our pricing model is not in line with the value they derive from our platform or for other reasons. In addition, expenditures by buyers may be cyclical and be affected by adverse changes in overall economic conditions or budgeting patterns. If we fail to attract new users or fail to maintain existing users, our revenue may grow more slowly than expected and our business could be materially and adversely affected.

 ****

***We incurred net losses for the year ended June 30, 2022, and may not be able to generate sufficient operating cash flows and working capital to continue as a going concern. Failure to manage our liquidity and cash flows may materially and adversely affect our financial condition and results of operations. As a result, we may need additional capital, and financing may not be available on terms acceptable to us, or at all.***

We incurred net losses of $3,405,919 for the year ended June 30, 2022. As a result, we have generated negative cash flows from operating activities of approximately $3.7 million. We can offer no assurance that we will operate profitably or that we will generate positive cash flows in the next twelve months, given our substantial expenses in relation to our revenue at this stage of our Company. Inability to collect our accounts receivable in a timely and sufficient manner, or the inability to offset our expenses with adequate revenue, may adversely affect our liquidity, financial condition and results of operations. Although we believe that our cash on hand and anticipated cash flows from operating activities will be sufficient to meet our anticipated working capital requirements and capital expenditures in the ordinary course of business for the next 12 months, we cannot assure you this will be the case.

If and when we are unable to generate sufficient cash flows from operations to meet our working capital requirements and various operating needs, we may need to raise additional funds for our operations and such funds may not be available on commercially acceptable terms, if at all. If we are unable to raise funds on acceptable terms, we may not be able to execute our business plan, take advantage of future opportunities, or respond to competitive pressures or unanticipated requirements. This may seriously harm our business, financial condition and results of operations. If we are unable to achieve or maintain profitability, the market price of our shares may significantly decrease. In the event that the Company requires additional funding to finance its operations, the Company's major shareholders have indicated their intent and ability to provide such financial support, however, there is no assurance such funding will be available when the Company needs it in the future.

 **

***If we fail to maintain a balanced pool of freelancers with diversified skills to meet demands of our business customers, our business and operations may be adversely affected.***

 **

The size of our community of users, including both buyers and sellers, is critical to our success. Over the past few years, we have experienced strong growth in the number of users on our platform, including the number of business customers with a wide spectrum of demands and freelancers with a variety of skills and talents. However, as the business customers demands evolve constantly, it is important to recruit freelances with diversified skills to meet the most popular demands as well as less frequently requested demands. In the past years, we have increased demand in software development, logo design, brand marketing, copywriting and recruited a large number of freelancers in these fields. We have also strived to recruit and nurture freelancers with skills in areas such as video editing, 3D modeling. If we fail to maintain a balanced pool of freelancers with diversified skills to meet demands of our business customers in the future, our business and operations may be adversely affected.

 **

***Users may circumvent our platform, which could adversely affect our business.***

 **

Our business depends on buyers and sellers transacting through our platform. Despite our efforts to prevent them from doing so, users may circumvent our platform and engage with or pay each other through other means to avoid the transaction fees and service fees that we charge on our platform. In addition, our efforts to reduce circumvention by buyers and sellers may be costly or disruptive to implement and may fail to have the intended effect or have an adverse effect on our brand or user experience. Additionally, such efforts may reduce the attractiveness of our platform, divert the attention of management or otherwise harm our business.

Additionally, sellers, after utilizing our platform to build their reputation and brand and grow their clientele base, could choose to market their services and skills and transact with buyers outside of our platform.

***We rely heavily on the reliability, security and performance of our software. If our software contains serious errors or defects, or we have difficulty maintaining the software, we may lose revenue and market acceptance and may incur costs to defend or settle claims with our customers.***

 ****

The reliability and continuous availability of our platform is critical to our success. However, software such as ours often contains errors, defects, security vulnerabilities or software bugs that are difficult to detect and correct, particularly when first introduced or when new versions or enhancements are released. Any third-party software we incorporate into our platform may have similar deficiencies. Despite internal testing, our platform may contain serious errors or defects, security vulnerabilities or software bugs that we may be unable to successfully correct in a timely manner or at all, and any ensuing disruptions could result in lost revenue, significant expenditures of capital, a delay or loss in market acceptance and damage to our reputation and brand, any of which could have an adverse effect on our business, financial condition and results of operations. Furthermore, our platform is cloud-based, which allows us to deploy new versions and enhancements to all of our customers simultaneously. To the extent we deploy new versions or enhancements that contain errors, defects, security vulnerabilities or software bugs to all of our customers simultaneously, the consequences would be more severe than if such versions or enhancements were only deployed to a smaller number of customers. In addition, to the extent that we do not effectively address capacity constraints, upgrade our systems as needed and continually develop our technology and network architecture to accommodate actual and anticipated changes in technology, our business, financial condition and results of operations, as well as our reputation, may be adversely affected.

Since customers may use our solutions for processes that are critical to their businesses, errors, defects, security vulnerabilities, service interruptions or software bugs in our platform could result in losses to our customers. Customers may seek significant compensation from us for any losses they suffer or they may cease conducting business with us altogether. Further, a customer could share information about bad experiences on social media, which could result in damage to our reputation. There can be no assurance that provisions typically included in agreements with our customers that attempt to limit exposure to claims would be enforceable or adequate or would otherwise protect us from liabilities or damages with respect to any particular claim. Even if not successful, a claim brought against us by any of our customers would likely be time-consuming, divert management's attention and be costly to defend and could seriously damage our reputation and brand, making it harder to sell our solutions.

 ****

***If we fail to maintain and improve the quality of our platform, we may not be able to attract and retain users.***

To satisfy both buyers and sellers, we need to continue to improve their user experience as well as innovate and introduce features and services that users find useful and that cause them to use our platform more frequently. This includes improving our technology to optimize search results, tailoring our database to additional geographic and market segments and improving the user-friendliness of our platform and our ability to provide high-quality support. Our users depend on our support organization to resolve issues relating to our platform. Our ability to provide effective support is largely dependent on our ability to attract and retain employees who are well versed in our platform. Any failure to maintain high-quality support, or a market perception that we do not maintain high-quality support, could harm our reputation or adversely affect our ability to market the benefits of our platform to existing and prospective users.

In addition, we need to adapt, expand and improve our platform and user interfaces to keep up with changing user preferences. We invest substantial resources in researching and developing new features and enhancing our platform by incorporating these new features, improving functionality and adding other improvements to meet our users' evolving demands. The success of any enhancements or improvements to our platform or any new features depends on several factors, including timely completion, adequate quality testing, integration with technologies on our platform and third-party partners' technologies and overall market acceptance. Because further development of our platform is complex, challenging and dependent upon an array of factors, the timetable for the release of new features and enhancements to our platform is difficult to predict, and we may not offer new features as rapidly as users of our platform require or expect. For example, with the growing propensity of our users to use mobile devices as their main task searching and management devices, we will need to continue modifying and updating our mobile apps to successfully manage the transition of our users to mobile devices. Additionally, the time, money, energy and other resources we dedicate to developing new features or enhancements to our platform may be greater than the short-term, and potentially the total, returns from these new offerings.

It is difficult to predict the problems we may encounter in introducing new features to our platform, and we may need to devote significant resources to the creation, support and maintenance of these features. We provide no assurances that our initiatives to improve our user experience will be successful. We also cannot predict whether any new features will be well received by users, or whether improving our platform will be successful or sufficient to offset the costs incurred to offer these new features. If we are unable to improve or maintain the quality of our platform, our business, prospects, financial condition and results of operations could be materially and adversely affected.

***If we are not able to develop and release new products and services, or develop and release successful enhancements, new features, and modifications to our existing products and services, our business could be adversely affected.***

 ****

The market for our platform is characterized by rapid technological change, frequent product and service introductions and enhancements, changing user demands, and evolving industry standards. The introduction of products and services embodying new technologies can quickly make existing products and services obsolete and unmarketable. We invest substantial resources in researching and developing new products and services and enhancing our platform by incorporating additional features, improving functionality, and adding other improvements to meet our users' evolving demands in our increasingly highly competitive industry. For example, in 2020 we added certification services, bookkeeping and tax filing services, and built image and font galleries. We have established assessment system with various indicators to maintain the synergy between new products and existing products to fully utilize our existing resources and reduce uncertainty in introducing new products or services.

The success of any enhancements or improvements to, or new features of, our platform or any new products and services, depends on several factors, including timely completion, competitive pricing, adequate quality testing, integration with new and existing technologies on our work marketplace and third-party partners' technologies, and overall demand and market acceptance consistent with the intent of such products or services. We cannot be sure that we will succeed, on a timely or cost-effective basis, in developing, marketing, and delivering enhancements or new features to our work marketplace or any new products and services that respond to continued changes in the market for talent or business services. Any enhancements or new features to our marketplace or any new products and services may not achieve, and in the past, had caused unintended negative effects on new products. Certain modifications we made to our products, services, and features also lowered user satisfaction and reduced the desirability of our products or services.

Because further development of our platform is complex, challenging, and dependent upon an array of factors, the timetable for the release of new products and services and enhancements to existing products and services is difficult to predict, and we may not offer new products and services as rapidly as users or prospective users of our marketplace require or expect. Any new products or services that we develop may not be introduced in a timely or cost-effective manner, may contain errors or defects, may not be properly integrated with new and existing technologies on our work marketplace or third-party partners' technologies, may not achieve the intended market acceptance, or may adversely impact existing client spend and user growth and retention. Moreover, even if we introduce new products and services, we may experience a decline in revenue from our existing products and services that is not offset by revenue from the new products or services. In addition, we may lose existing users that choose to use competing products or services. This could result in a temporary or permanent decrease in revenue and adversely affect our business.

***We may face lawsuits or incur liability as a result of content published or made available through our platform. Our business model may subject us to disputes between users of our platform.***

 ****

The nature of our business exposes us to claims related to defamation, infringement, misappropriation or other violations of third-party intellectual property rights, rights of publicity and privacy and personal injury torts. The law relating to the liability of providers of online products or services for activities of their users remains somewhat unsettled, both within the United States and internationally. If a claim is brought against us due to the actions of our users, we could incur significant costs investigating and defending such claims and, if we are found liable, significant damages.

***Because we generally recognize revenue from annual subscriptions over the term of an agreement, downturns or upturns in sales are not immediately reflected in our full results of operations.***

 ****

We offer annual subscriptions and generally recognize revenue over the term of our customers' contracts. Accordingly, increases in annual subscriptions during a particular period do not translate into immediate, proportional increases in revenue during such period, and a substantial portion of the revenue we recognize during a quarter is derived from deferred revenue from annual subscriptions purchased during previous quarters. Conversely, a decline in new or renewed annual subscriptions in any one quarter may not significantly reduce revenue for that quarter but could negatively affect revenue in future quarters. Accordingly, the effect of significant downturns in new or renewed sales of our solutions may not be fully reflected in our results of operations until future periods.

 **

***We face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition, and operating results.***

 **

The market segments for freelance marketplace are highly competitive, rapidly evolving, fragmented, and subject to changing technology, shifting needs, and frequent introductions of new competitors as well as new products and services. The level of competition within, and the frequency and likelihood of increased third-party investment and new competitors entering, such market segment may intensify further due to the COVID-19 pandemic and the resulting increase in remote work, macroeconomic downturn, and increased unemployment rates.

At present, the traditional freelance websites in the domestic freelance and crowdsourcing industries include Zhubajie.com, Project Easy, Time Wealth.com, Mission China, Zhicheng, Creative.com, China Reward Writer, etc. Except for Zhubajie.com with a larger scale of operation, most platforms are not well-known in the market. Their main products and services are homogeneous and lack core competitiveness. They are vulnerable to price wars to compete for users, which reduces the gross profit margin of the entire industry. The overall market influence of the industry is limited as there is no leading company, which affects the overall expansion of the industry.

In the face of fierce competition in the industry, we focus on building our brand awareness, diversifying our products and differentiating our services to better address the unique needs of our clients. We intend to acquire smaller competitors to increase our market share and gradually expand the company's market influence. However, we cannot assure you that our strategies would be successfully implemented or we may be able to compete successfully against our current and future competitors. If we are unable to compete successfully against current and future competitors, our business, operating results, and financial condition would be adversely impacted.

***Our user growth and engagement on mobile devices depend upon effective operation with mobile operating systems, networks, and standards that we do not control.***

 ****

Mobile devices are increasingly used for platform transactions. A growing portion of our users access our platform through mobile devices. There is no guarantee that popular mobile devices will continue to support our platform or that mobile device users will use our platform rather than competing products. We are dependent on the interoperability of our platform with popular mobile operating systems that we do not control, such as Android and iOS, and any changes in such systems that degrade the functionality of our website or apps or give preferential treatment to competitors could adversely affect our platform's usage on mobile devices. Additionally, in order to deliver a high-quality mobile user experience, it is important that our platform is designed effectively and works well with a range of mobile technologies, systems, networks and standards that we do not control. We may not be successful in developing relationships with key participants in the mobile industry or in developing features that operate effectively with these technologies, systems, networks or standards. In the event that it is more difficult for our users to access and use our platform on their mobile devices or users find our mobile offering does not effectively meet their needs, our competitors develop products and services that are perceived to operate more effectively on mobile devices or our users choose not to access or use our platform on their mobile devices or use mobile products that do not offer access to our platform, our user growth and user engagement could be adversely impacted.

 ****

***If we fail to maintain and enhance our brand, our business, results of operations and prospects may be materially and adversely affected.***

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We believe that maintaining and enhancing our brand is of significant importance to the success of our business. A well-recognized brand is critical to increasing the number and the level of engagement of sellers and, in turn, enhancing our attractiveness to buyers. Successful promotion of our brand and our platform depends on, among other things, the effectiveness of our marketing efforts, our ability to provide a reliable, trustworthy and useful platform, the perceived value of our platform and our ability to provide quality support. In order to maintain and enhance our brand, we will need to continuously invest in marketing programs that may not be successful in achieving meaningful awareness levels. However, brand promotion activities may not yield increased revenue, and even if they do, the increased revenue may not offset the expenses we incur in building and maintaining our brand. We have conducted and may continue to conduct various marketing and brand promotion activities. We cannot assure you, however, that these activities will be successful or that we will be able to achieve the brand awareness we expect. In addition, our competitors may increase the intensity of their marketing campaigns, which may force us to increase our advertising spend to maintain our brand awareness.

In addition, any negative publicity relating to our platform, regardless of its veracity, could harm our brand. If our brand is harmed, we may not be able to grow or maintain our seller base, and our business, prospects, financial condition and results of operations could be materially and adversely affected.

***We operate in a competitive environment with rapidly evolving technologies and market trends for business incubators.***

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There are business incubators as well as various investment funds and angel investors in China and abroad whose operations compete with ours, some of which, today or in the future, may possess similar or superior resources and financial capabilities. If the VIE is unable to successfully compete with these incubators, funds and/or angel investors in terms of sourcing, funding and executing investments in new ventures, this could result in lost investment opportunities and, in turn, adversely affect our ability to attract entrepreneurs and our standing in the community.

In addition, the industries which we and our portfolio companies are operating in are characterized by rapid technological changes and evolving trends. Our competitors and those of our portfolio companies, may develop technologies and products which compete with our technologies and products and those of our portfolio companies. Such competing technologies and products may prove to be more effective or less costly than our and our portfolio companies' products. There can be no assurance that our and our portfolio companies' products will be competitive against the products of competitors, or that we or our portfolio companies will be able to keep pace with technological developments and changes in market trends. Such technological advances and evolving market trends could make our and our portfolio companies' technologies and products partially or completely redundant, or impair future sales, which could have a material adverse impact on our business, results of operations or financial condition.

Similarly, if we or our portfolio companies fail to identify emerging technologies or trends, or to respond to such technologies or trends in a timely and cost-effective manner, our ability to sustain or grow our business may suffer. Our portfolio companies are currently focused on internet, software technology and information services, and therefore, are subject to any market vagaries in these industries. Accordingly, the nature of the competition and development of trends in the industries that we and our portfolio companies operate in could have a material adverse impact on our business, financial condition, results of operations and prospects.

***We rely on search engines, social networking sites and online streaming services to attract a meaningful portion of our users, and if those search engines, social networking sites and online streaming services change their listings or policies regarding advertising, or increase their pricing or suffer problems, it may limit our ability to attract new users.***

Many users locate our platform through internet search engines, such as Baidu, and advertisements on social networking sites and online streaming services, such as WeChat, Douyin and Toutiao. If we are listed less prominently or fail to appear in search results for any reason, visits to our website could decline significantly, and we may not be able to replace this traffic. Search engines revise their algorithms from time to time in an attempt to optimize their search results. If the search engines on which we rely for algorithmic listings modify their algorithms, we may appear less prominently or not at all in search results, which could result in reduced traffic to our website that we may not be able to replace. Additionally, if the costs of search engine marketing services, such as Baidu, increase, we may incur additional marketing expenses, we may be required to allocate a larger portion of our marketing spend to this channel or we may be forced to attempt to replace it with another channel (which may not be available at reasonable prices, if at all), and our business, financial condition and results of operations could be adversely affected.

Furthermore, competitors may in the future bid on our brand names and other search terms that we use to drive traffic to our website. Such actions could increase our marketing costs and result in decreased traffic to our website. In addition, search engines, social networking sites and video streaming services may change their advertising policies from time to time. If any change to these policies delays or prevents us from advertising through these channels, it could result in reduced traffic to our website and sales of our solutions. Additionally, new search engines, social networking sites, video streaming services and other popular digital engagement platforms may develop in specific jurisdictions or more broadly that reduce traffic on existing search engines, social networking sites and video streaming services. If we are not able to achieve awareness through advertising or otherwise, we may not achieve significant traffic to our website.

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***Failure to protect confidential information of our users and network against security breaches could damage our reputation and brand and substantially harm our business and results of operations.***

A significant challenge to the crowdsourcing industry is the secure storage of confidential information and its secure transmission over public networks. A majority of the orders and the payments for our products and services are made through our website and mobile app. In addition, all online payments are settled through third-party online payment services. Maintaining complete security on websites, app and mini programs and systems for the storage and transmission of confidential or private information, such as users' personal information, payment-related information and transaction information, is essential to maintain consumer confidence in our systems.

We have adopted strict security policies and measures, including encryption technology, to protect our proprietary data and buyer information. We have not encountered instances of material data breach or unauthorized system intrusion. However, advances in technology, the expertise of hackers, new discoveries in the field of cryptography or other events or developments could result in a compromise or breach of the technology that we use to protect confidential information. We may not be able to prevent third parties, especially hackers or other individuals or entities engaging in similar activities, from illegally obtaining such confidential or private information we hold with respect to our users. Such individuals or entities obtaining confidential or private information may further engage in various other illegal activities using such information. In addition, we have limited control or influence over the security policies or measures adopted by third-party providers of online payment services through which some of our users may choose to make payment for purchases. Any negative publicity on our safety or privacy protection mechanisms and policies, and any claims asserted against us or fines imposed upon us as a result of actual or perceived failures, could have a material and adverse effect on our public image, reputation, financial condition and results of operations. Any compromise of our information security or the information security measures of our contracted commercial bank could have a material and adverse effect on our reputation, business, prospects, financial condition and results of operations.

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***We may need additional capital to fund our future operations and, if it is not available when needed, we may need to reduce our planned expansion and marketing efforts, which may reduce our revenue.***

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We believe that our existing working capital and cash available from operations will enable us to meet our working capital requirements for at least the next 12 months. However, if cash from future operations is insufficient, or if cash is used for acquisitions or other currently unanticipated uses, we may need additional capital. As a result, we could be required to raise additional capital. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of such securities could result in dilution of the shares held by existing shareholders. If additional funds are raised through the issuance of debt or equity securities, such securities may provide the holders certain rights, preferences, and privileges senior to those of shareholders holding Class A Ordinary Shares, and the terms of any such debt securities could impose restrictions on our operations. We cannot assure you that additional capital, if required, will be available on acceptable terms, or at all. If we are unable to obtain sufficient amounts of additional capital, we may be required to reduce the scope of our planned product development and marketing efforts, which could harm our business, financial condition and operating results.

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***If we are unable to manage our anticipated growth effectively, our business could be adversely affected.***

In order to develop our business, we need to hire and retain key managers and executives in all areas of our operations. Our future operating results depend to a large extent on our ability to develop and manage expansion and growth successfully. With possible rapid development of our operation, increased capital requirements, the continuous expansion of business scope, and the continuous increase of personnel, higher requirements will be placed on our corporate governance and management capabilities. For us to manage such growth, we must put in place legal and accounting systems, and implement human resource management and other tools. We have taken preliminary steps to put this structure in place, such as seeking qualified personnel, strengthening different levels of management systems and providing regular corporate governance trainings. However, there is no assurance that we will be able to expand our business or successfully manage any growth that may result. Failure to expand our operations or manage our growth effectively could materially and adversely affect our ability to market our services in multiple venues.

***We may be subject to third party payment services and money transmitter regulations that may materially and adversely affect our business.***

We rely on a third party, Xiamen International Bank, to collect funds from buyers, remit payments to sellers and hold funds in connection with user balances. Although we believe that by working with a third party, our operations comply with existing Chinese laws and regulatory requirements related to escrow, money transmission and the handling or moving of money, existing laws or regulations may change, and interpretations of existing laws and regulations may also change. If the quality, utility, convenience or attractiveness of third-party payment services declines, or we have to change the pattern of using these payment services for any reason, the attractiveness of our platform could be materially and adversely affected.

As a result, we could be required to be licensed as an escrow agent or a money transmitter (or other similar licensee) or may choose to obtain such a license even if not required. Such a decision could also require us to register as a money services business under applicable laws and regulations. It is also possible that we could become subject to regulatory enforcement or other proceedings in those states or other jurisdictions with escrow, money transmission or other similar statutes or regulatory requirements related to the handling or moving of money, which could in turn have a significant impact on our business, even if we were to ultimately prevail in such proceedings. Any developments in the laws or regulations related to escrow, money transmission or the handling or moving of money or increased scrutiny of our business may lead to additional compliance costs and administrative overhead.

The application of laws and regulations related to escrow, money transmission and the handling or moving of money is complex and uncertain, particularly as they relate to new and evolving business models. If we are or have at any point in time been in violation of one or more escrow or money transmitter or other similar statutes or regulatory requirements related to the handling or moving of money in any jurisdiction, we may be subject to the imposition of fines, users in the relevant jurisdiction may be unable to use our platform, we may be subject to civil liability or criminal liability and our business, prospects, financial condition and results of operations could be materially and adversely affected.

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***Because we rely upon a third party to perform the payment processing for our clients, the failure or inability of the third party to provide these services could impair our ability to operate.***

Because we do not possess an internal payment method given the difficulties of obtaining and maintaining a payment license, all payments by our clients are processed by third parties such as UnionPay, Alipay and WeChat Pay. These payment service providers are used by most e-commerce platforms for their convenience, reliability and cost-effectiveness. However, the payment processing business is highly regulated, and it is subject to a number of risks that could materially and adversely affect their abilities to provide payment processing services to us, including:

● increased regulatory focus and the requirement that it comply with numerous complex and evolving laws, rules and regulations;

● increases in the costs to the third party, including fees charged by banks to process funds through the third parties, which could result in increased costs to us and to our participants;

● dissatisfaction with the third parties' services;

● a decline in the use of the third parties' services generally which could result in increases in costs to users such as us and our participants;

● the ability of the third parties to maintain adequate security procedures to prevent the hacking or other unauthorized access to account and other information provided by us and the participants who use the system;

● system failures or failure to effectively scale the system to handle large and growing transaction volumes;

● the failure or inability of the third parties to manage funds accurately or the loss of funds by the third parties, whether due to employee fraud, security breaches, technical errors or otherwise; and

● the failure or inability of these third parties to adequately manage business and regulatory risks.

We rely on the convenience and ease of use that third party's payment methods provide to our users. If the quality, utility, convenience or attractiveness of these payment services declines for any reason, the attractiveness of our services could be materially impaired. If we need to migrate to other third-party payment services for any reason, the transition could require considerable time and management resources, and the third-party payment services may not be as effective, efficient or well-received by our clients. Further, our clients may be reluctant to use a different payment system.

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***If we fail to hire, retain and train qualified employees or sufficient workforce while controlling our labor costs, our business may suffer.***

Our ability to maintain current profitability and grow business operation depend on our ability to attract, retain and train qualified employees with reasonable cost. Labor costs in China have increased with China's economic development. Our labor costs include wages, performance bonuses and other costs. In the fiscal years ended June 30, 2022 and 2021, labor costs have accounted for 52.75% and 88.55% of our sales expenses respectively. To balance employee incentives and cost control, we have taken measures to design and adjust our salary structures to keep the Company's development strategies in line with employees' individual development needs. If we cannot effectively control and reduce labor and other operating costs while our business continues to grow, our business conditions, financial conditions and operating results may be adversely affected.

***Failure to make adequate contributions to various employee benefit plans as required by PRC regulations may subject us to penalties.***

Under the PRC Social Insurance Law and the Administrative Measures on Housing Fund, companies operating in China are required to participate in various government sponsored employee benefit plans, including certain social insurance, housing funds and other welfare-oriented payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances, of their employees up to a maximum amount specified by the local government from time to time at locations where the businesses are operated. During the fiscal years ended June 30, 2022 and 2021, we did not pay social insurance premiums and the housing provident fund in full. According to the Provisional Regulations on the Collection and Payment of Social Insurance Premiums, because we did not pay the social insurance premiums in full for all employees, premium collection agencies may order us to pay or make up the arrears and may impose an overdue fine. If we fail to pay such overdue fine, we may be further fined. According to the Regulations on the Administration of Housing Provident Fund, due to the failure to pay the housing provident fund for all employees, we may be ordered with a deadline for payment from the Housing Provident Fund Management Center. In addition, if we do not make the housing accumulation fund deposit registration or does not establish the housing provident fund account for the employees, the housing provident fund management center will order a deadline for payment, and if we fail to pay the housing provident fund within the deadline, we will be imposed a fine of not less than RMB 10,000 (approximately $1,500) and not more than RMB 50,000 (approximately $7,800). We cannot assure you that our employees will not complain to the relevant authorities regarding the basis of how we had made the contribution for them, which may in turn result in the relevant authorities ordering us to make supplemental contribution and/or imposing late fees or fines on us, among other things. If we are subject to late fees or fines in relation to the underpaid employee benefits, our financial condition and results of operations may be adversely affected.

***Our success depends substantially on the continued retention of certain key personnel and our ability to hire and retain qualified personnel in the future to support our growth and execute our business strategy.***

If one or more of our senior executives or other key personnel are unable or unwilling to continue in their present positions, our business may be disrupted and our financial condition and results of operations may be materially and adversely affected. We depend on the abilities and participation of our current management and technology team generally, we rely particularly upon Mr. Guohua Huang who is responsible for the development and implementation of our business plan. The loss of the services of Mr. Guohua Huang or any senior management for any reason could significantly adversely impact our business and results of operations. We implement the following measures to avoid the loss of core personnel and stabilize our workforce: (1) we conduct regular remuneration surveys and build attractive compensation system in accordance with industry trends; (2) we provide comprehensive benefits for employees; (3) we have built a comprehensive promotion and training system to provide employees with sufficient career development opportunities. Competition for senior management and senior technology personnel in the PRC is intense and the pool of qualified candidates is very limited. We cannot assure you that the services of our senior executives and other key personnel will continue to be available to us, or that we will be able to find a suitable replacement for them if they were to leave.

***We may not be able to adequately protect our intellectual property rights, and our competitors may be able to offer similar products and services, which would harm our competitive position.***

Our success depends in part upon our intellectual property rights. We rely primarily on copyright, trade secret laws, confidentiality procedures, license agreements and contractual provisions to establish and protect our proprietary rights over our products, procedures and services. Other persons could copy or otherwise obtain and use our technology without authorization or develop similar IP independently. We may also pursue the registration of our domain names, trademarks, and service marks in other jurisdictions, including the United States. However, the intellectual property laws in China are not considered as strong as comparable laws in the United States or the European Union. We cannot assure you that we will be able to protect our proprietary rights. Further, our competitors may be able to independently develop similar or more advanced technology, duplicate our products and services or design around any intellectual property rights we hold. Further, our intellectual property rights may be subject to termination or expirations. The loss of intellectual property protections or the inability to timely regain intellectual property protections could harm our business and ability to compete.

***We rely on a commercial bank, Xiamen International Bank, for payment processing and escrow services on our platform. If the payment service is restricted or curtailed in any way or becomes unavailable to us or our buyers for any reason, our business may be materially and adversely affected.***

All online payments for products and services sold or provided through our platform are settled through Xiamen International Bank (the "Bank"). Our business depends on the billing, payment and escrow systems of the Bank to maintain accurate records of payments of sales proceeds by buyers and collect such payments. If the quality, utility, convenience or attractiveness of the payment processing and escrow services decline, or we have to change the pattern of using the payment services for any reason, the attractiveness of our platform could be materially and adversely affected.

The Bank we work with is subject to the supervision of the People's Bank of China ("PBOC"). The PBOC may publish rules, guidelines and interpretations from time to time regulating the operation of financial institutions and payment service providers that may in turn affect the pattern of services provided by such entities for us.

In addition, we cannot assure you that we will be successful in entering into and maintaining amicable relationships with the Bank. Identifying, negotiating and maintaining amicable relationships with the Bank require significant time and resources. Our current agreements with the Bank also do not prohibit it from working with our competitors. It could choose to terminate its relationships with us or propose terms that we cannot accept. In addition, the Bank may not perform as expected under our agreements with it, and we may have disagreements or disputes with the Bank, any of which could adversely affect our brand and reputation as well as our business operations.

***Our business operation may be materially affected by the increasing inflation rate.***

 

To date, inflation in China has not materially affected our results of operations. According to the PRC National Bureau of Statistics, the year-over-year percentage changes in the consumer price index for 2019, 2020 and 2021were increases of 4.5% 0.2% and 0.9% respectively.

Although we have not been materially affected by inflation in the past, we may be affected in the future if China experiences higher rates of inflation. For example, certain operating expenses, such as the employee compensation and rental and related expenses for office may increase as a result of higher inflation. Additionally, high inflation could significantly reduce the value and purchasing power of our assets, and we are not able to hedge our exposure to higher inflation in China. As a result, we may have to charge higher prices on our services, which may negatively affect our ability to retain customers or attract new ones.

**Risks Relating to Our Corporate Structure**

***We do not have direct ownership of our operating entities in China but has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance and is obligated to absorb all of losses of the VIE through VIE Agreements, which may not be effective in providing control over EPWK VIE.***

We do not have direct ownership of our operating entities in China, but have control rights and the rights to the assets, property, and revenue of EPWK VIE and its subsidiaries through VIE Agreements. All of our current revenue and net income is derived from EPWK VIE in China. Foreign ownership of internet technology businesses, such as distribution of online information, is subject to restrictions under current PRC laws and regulations. Also, foreign investors are not allowed to invest in network culture business (except for music) in accordance with the Special Administrative Measures for Entrance of Foreign Investment (Negative List) (2021 Version) promulgated on December 27, 2021 and became effective on January 1, 2022, respectively, and other applicable laws and regulations.

To comply with PRC laws and regulations, we do not intend to have an equity ownership interest in EPWK VIE but rely on the VIE Agreements with EPWK VIE to control and operate its business. However, as discussed above, these VIE Agreements may not be effective from PRC laws in providing us with the necessary control over EPWK VIE and its operations. Any deficiency in these VIE Agreements may result in our loss of control over the management and operations of EPWK VIE, which will result in a significant loss in the value of an investment in our company.

***Because we are an offshore holding company and our business was conducted through VIE Agreements with EPWK VIE in China, if we fail to comply with applicable PRC law, we could be subject to severe penalties and our business could be adversely affected.***

We are an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations, our operations were conducted in China by our subsidiaries and through VIE Agreements with EPWK VIE, the VIE in China. Pursuant to the VIE Agreements, the VIE shall pay service fees equal to all of its net income to EPWK WFOE, while EPWK WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance and is obligated to absorb all of losses of the VIE. Such contractual arrangements are designed so that the operations of the VIE are solely for the benefit of EPWK WFOE and, ultimately, EPWK Holdings Ltd, which has indirect ownership in 100% of the equity in EPWK WFOE. As a result, under United States generally accepted accounting principles, the assets and liabilities of EPWK VIE are treated as our assets and liabilities and the results of operations of EPWK VIE are treated in all respects as if they were the results of our operations for accounting purpose only. There are uncertainties regarding the interpretation and application of PRC laws, rules and regulations, including but not limited to the laws, rules and regulations governing the validity and enforcement of the VIE Agreements between EPWK WFOE and EPWK VIE.

The Provisions Regarding Mergers and Acquisitions of Domestic Projects by Foreign Investors (the "M&A Rules") requires an overseas special purpose vehicle that are controlled by PRC companies or individuals formed for the purpose of seeking a public listing on an overseas stock exchange through acquisitions of PRC domestic companies using shares of such special purpose vehicle or held by its shareholders as considerations to obtain the approval of the China Securities Regulatory Commission, or the CSRC, prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. However, the application of the M&A Rules remains unclear. If CSRC approval is required, it is uncertain whether it would be possible for us to obtain the approval. Any failure to obtain or delay in obtaining CSRC approval for this offering would subject us to sanctions imposed by the CSRC and other PRC regulatory agencies.

Furthermore, numerous regulations, guidelines and other measures have been or are expected to be adopted under the umbrella of or in addition to the Cybersecurity Law and Data Security Law, including (i) the amended Cybersecurity Review Measures published on December 28, 2021, which came into effect on February 15, 2022, provide that a "network platform operator" that possesses personal information of more than one million users and seeks a listing in a foreign country must apply for a cybersecurity review, and (ii) the Measures for Security Assessment of Data Export Security issued by the CAC on July 7, 2022, which will go into effect on September 1, 2022, it provides clearer and more specific guidance for data processors to apply for security assessments, and for the competent authorities to accept and conduct assessments. As of the date of this prospectus, we have received notice from the CAC in relation to our listing on Nasdaq, and we have not been required to obtain, or been denied, any other permission from the PRC authorities to list on U.S. stock exchanges.

If EPWK WFOE, EPWK VIE or their ownership structure or the VIE Agreements are determined to be in violation of any existing or future PRC laws, rules or regulations, or EPWK WFOE or EPWK VIE fails to obtain or maintain any of the required governmental permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, including:

● revoking the business and operating licenses of EPWK WFOE or EPWK VIE;

● discontinuing or restricting the operations of EPWK WFOE or EPWK VIE;

● imposing conditions or requirements with which we, EPWK WFOE, or EPWK VIE may not be able to comply;

● requiring us, EPWK WFOE, or EPWK VIE to restructure the relevant ownership structure or operations which may significantly impair the rights of the holders of our Class A Ordinary Shares in the equity of EPWK VIE;

● restricting or prohibiting our use of the proceeds from our initial public offering to finance our business and operations in China; and

● imposing fines.

Any of these penalties above will have a significant and negative impact on our ability to conduct business and the value of our Class A Ordinary Shares. In addition, it is not clear how the Chinese government's actions will affect us and our ability to consolidate VIE financial results in the consolidated financial statements if the Chinese government authorities find that our legal structure and contractual arrangements violate Chinese laws and regulations. If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations, or if the above mentioned laws and regulations change or are interpreted differently in the future, and we cannot restructure our ownership structure and operations in a satisfactory manner to the Chinese government, we may lose the right to assert contractual control over VIE activities or the right to be the primary beneficiary, for accounting purposes only, to receive economic benefits and residual returns from VIE, we will not be able to conduct all or substantially all of our operations or consolidate the VIE's assets and liabilities to our own assets and liabilities, our contractual arrangements will become invalid or unenforceable. Any of these results, or any other significant penalties that may be imposed on us in this regard, will have a significant negative impact on us and may cause our Class A Ordinary Shares to become worthless.

***We may incur substantial difficulties and costs in enforcing any rights we may have under the VIE Agreements in PRC.***

As all of the VIE Agreements with EPWK VIE are governed by the PRC laws and provide for the resolution of disputes through arbitration in the PRC, they would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed as in the United States. As a result, uncertainties in the PRC legal system could further limit our ability to enforce these VIE Agreements. Furthermore, these VIE Agreements may not be enforceable in China if PRC government authorities or courts take a view that such VIE Agreements contravene PRC laws and regulations or are otherwise not enforceable for public policy reasons. In the event we are unable to enforce these VIE Agreements, we may not be able to exert effective control over EPWK VIE, and our ability to conduct our business may be materially and adversely affected.

***The approval of the China Securities Regulatory Commission and other compliance procedures may be required in connection with this offering, and, if required, we cannot predict whether we will be able to obtain such approval. As a result, both you and us face uncertainty about future actions by the PRC government that could significantly affect the operating company's financial performance and the enforceability of the VIE Agreements.***

The Provisions Regarding Mergers and Acquisitions of Domestic Projects by Foreign Investors (the "M&A Rules") requires an overseas special purpose vehicle that are controlled by PRC companies or individuals formed for the purpose of seeking a public listing on an overseas stock exchange through acquisitions of PRC domestic companies using shares of such special purpose vehicle or held by its shareholders as considerations to obtain the approval of the China Securities Regulatory Commission, or the CSRC, prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. However, the application of the M&A Rules remains unclear. If CSRC approval is required, it is uncertain whether it would be possible for us to obtain the approval. Any failure to obtain or delay in obtaining CSRC approval for this offering would subject us to sanctions imposed by the CSRC and other PRC regulatory agencies.

In the opinion of our PRC counsel based on their understanding of the current PRC laws, regulations and rules, the CSRC's approval are not required for the listing and trading of our Class A Ordinary Shares on the Nasdaq Capital Market in the context of this offering, given that: (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours in this prospectus are subject to this regulation, (ii) we establish our EPWK WFOE by means of direct investment and acquiring equity interest or assets of an entity other than "PRC domestic company" as defined under the M&A Rules, and (iii) no explicit provision in the M&A Rules clearly classifies VIE Agreements as a type of transaction subject to such Rules.

However, our PRC legal counsel has further advised us that there remains some uncertainty as to how the M&A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above are subject to any new laws, regulations and rules or detailed implementations and interpretations in any form relating to the M&A Rules. We cannot assure you that relevant PRC regulatory agencies, including the CSRC, would reach the same conclusion as our PRC legal counsel does. If it is determined that CSRC approval is required for this offering, we may face sanctions by the CSRC or other PRC regulatory agencies for failure to obtain or delay in obtaining CSRC approval for this offering. These sanctions may include fines and penalties on our operations in China, limitations on our operating privileges in China, delays in or restrictions on the repatriation of the proceeds from this offering into the PRC, restrictions on or prohibition of the payments or remittance of dividends by our subsidiaries in China, or other actions that could have a material and adverse effect on our business, reputation, financial condition, results of operations, prospects, as well as the trading price of the Class A Ordinary Shares. The CSRC or other PRC regulatory agencies may also take actions requiring us, or making it advisable for us, to halt this offering before the settlement and delivery of the Class A Ordinary Shares that we are offering. Consequently, if you engage in market trading or other activities in anticipation of and prior to the settlement and delivery of the Class A Ordinary Shares we are offering, you would be doing so at the risk that the settlement and delivery may not occur. In addition, if the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Severe and Lawful Crackdown on Illegal Securities Activities, which was available to the public on July 6, 2021. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection. The aforementioned policies and any related implementation rules to be enacted may subject us to additional compliance requirement in the future. Moreover, the Cybersecurity Review Measures require online platform operators possessing personal information of more than one (1) million users to apply for the cybersecurity review for its overseas listing, and the cybersecurity review shall focus on the assessment of the impact or potential impact on the national security of the online platform operators' data processing activities. In compliance with the Measures, we have submitted a written declaration and other materials required for the cybersecurity review to the CAC. Upon reviewing our materials in accordance with the Measures, the Office of Cybersecurity Review of the CAC, which is responsible for organizing cybersecurity reviews and developing relevant rules and regulations, informed us that we passed the cybersecurity review for this offering. As of the date of this prospectus, we have not been required to obtain, or been denied, any other permission from the PRC authorities to list on U.S. stock exchanges. As these opinions were recently issued, official guidance and interpretation of the opinions remain unclear in several respects at this time. Therefore, we cannot assure you that we will remain fully compliant with all new regulatory requirements of these opinions or any future implementation rules on a timely basis, or at all. We face uncertainty about future actions by the PRC government that could significantly affect the operating company's financial performance and the enforceability of the VIE Agreements.

***PRC laws and regulations governing our current business operations are sometimes vague and uncertain and any changes in such laws and regulations may impair our ability to operate profitable.***

There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations governing our business and the enforcement and performance of our arrangements with customers in certain circumstances. The laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

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 illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. Since this document is relatively new, uncertainties still exist in relation to 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 companies like us.

***Regulations relating to offshore investment activities by PRC residents may limit our ability to acquire PRC companies and could adversely affect our business.***

In July 2014, State Administration of Foreign Exchange, or SAFE, promulgated the Circular on Issues Concerning Foreign Exchange Administration Over the Overseas Investment and Financing and Roundtrip Investment by Domestic Residents Via Special Purpose Vehicles, or Circular 37, which replaced Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Corporate Financing and Roundtrip Investment through Offshore Special Purpose Vehicles, or Circular 75. Circular 37 requires PRC residents to register with local branches of SAFE in connection with their direct establishment or indirect control of an offshore entity, referred to in Circular 37 as a "special purpose vehicle" for the purpose of holding domestic or offshore assets or interests. Circular 37 further requires amendment to a PRC resident's registration in the event of any significant changes with respect to the special purpose vehicle, such as an increase or decrease in the capital contributed by PRC individuals, share transfer or exchange, merger, division or other material event. Under these regulations, PRC residents' failure to comply with specified registration procedures may result in restrictions being imposed on the foreign exchange activities of the relevant PRC entity, including the payment of dividends and other distributions to its offshore parent, as well as restrictions on capital inflows from the offshore entity to the PRC entity, including restrictions on its ability to contribute additional capital to its PRC subsidiaries. Further, failure to comply with the SAFE registration requirements could result in penalties under PRC law for evasion of foreign exchange regulations. In February 2015, SAFE promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or Notice 13, effective in June 2015. Under Notice 13, qualified banks will examine and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration, under the supervision of SAFE.

All our beneficial owners who are PRC residents, including Mr. Guohua Huang and 17 others , have completed the Circular 37 registration with the qualified banks as required by the regulations. Though, we cannot assure you that our ultimate shareholders who are PRC residents will in the future provide sufficient supporting documents required by the SAFE or complete the required registration with the qualified banks in a timely manner, or at all. Any failure by any of our shareholders who is a PRC resident, or is controlled by a PRC resident, to comply with relevant requirements under these regulations could subject us to fines or sanctions imposed by the PRC government, including restrictions on our overseas or cross-border investment activities, restrictions on EPWK WFOE's ability to pay dividends or make distributions to us and on our ability to increase our investment in the EPWK WFOE.

Although we believe that our agreements relating to our structure are in compliance with current PRC regulations, we cannot assure you that the PRC government would agree that these VIE Agreements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies that may be adopted in the future.

***Uncertainties exist with respect to the interpretation and implementation of the Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business operations.***

On March 15, 2019, the National People's Congress approved the Foreign Investment Law, which has come into effect on January 1, 2020 and replaced the trio of existing laws regulating foreign investment in China, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint Venture Enterprise Law and the Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations. The Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation. For instance, under the Foreign Investment Law, "foreign investment'' refers to the investment activities directly or indirectly conducted by foreign individuals, enterprises or other entities in China. Though it does not explicitly classify VIE Agreements as a form of foreign investment, there is no assurance that operation conducted by foreign investors or foreign-invested enterprises via contractual arrangement would not be interpreted as a type of indirect foreign investment activities under the definition in the future. In addition, the definition contains a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. Therefore, it still leaves leeway for future laws, administrative regulations or provisions promulgated by the Stale Council to provide for VIE Agreements as a form of foreign investment. In any of these cases, it will be uncertain whether the VIE Agreements will be deemed to be in violation of the market access requirements for foreign investment under the PRC laws and regulations. Furthermore, if future laws, administrative regulations or provisions prescribed by the State Council mandate further actions to be taken by companies with respect to existing VIE Agreements, we may face substantial uncertainties as to whether we can complete such actions in a timely manner, or at all. Failure to take timely and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely affect our current corporate structure, corporate governance and business operations.

***PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from making loans to our PRC subsidiaries and VIE or making additional capital contributions to our wholly foreign-owned subsidiaries in China, which could materially and adversely affect our liquidity and our ability to fund and expand our business.***

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We are an offshore holding company conducting our operations in China through our PRC subsidiaries and EPWK VIE. We may make loans to our PRC subsidiaries and VIE subject to the approval from governmental authorities and limitation of amount, or we may make additional capital contributions to our wholly foreign-owned subsidiaries in China. Furthermore, loans by us to our PRC subsidiaries to finance its activities cannot exceed the difference between their respective total project investment amount and registered capital or twice times of their net worth, and capital contributions to our PRC subsidiary are subject to the requirement of making necessary filings in the Foreign Investment Comprehensive Management Information System and registration with other governmental authorities in China.

Any loans to our wholly foreign-owned subsidiaries in China, which are treated as foreign-invested enterprises under PRC law, are subject to PRC regulations and foreign exchange loan registrations. For example, loans by us to our wholly foreign-owned subsidiaries in China to finance their activities cannot exceed statutory limits, i.e. the difference between its total amount of investment and its registered capital, or certain amount calculated based on elements including capital or net assets and the cross-border financing leverage ratio or the Macro-prudential Management Mode, under relevant PRC laws and the loans must be registered with the local counterpart of the State Administration of Foreign Exchange, or SAFE, or filed with SAFE in its information system. We may also provide loans to EPWK VIE or other domestic PRC entities under the Macro-prudential Management Mode. According to the Circular of the PBOC and the State Administration of Foreign Exchange on Adjusting the Macro-prudent Adjustment Parameter for Cross-border Financing issued on January 7, 2021, the limit for the total amount of foreign debt under the macro-prudential Management Mode is decreased to two times from 2.5 times of their respective net assets. Moreover, any medium or long-term loan to be provided by us to the VIE or other domestic PRC entities must also be registered with the NDRC.

We may also decide to finance our wholly foreign-owned subsidiaries in China by means of capital contributions. These capital contributions shall go through record-filing procedures from competent administration for market regulation. SAFE issued the Circular on the Management Concerning the Reform of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect on June 1, 2015. SAFE Circular 19 allows for the use of RMB converted from the foreign currency-denominated capital for equity investments in the PRC provided that such usage shall fall into the scope of business of the foreign-invested enterprise, which will be regarded as the reinvestment of foreign-invested enterprise. Although SAFE Circular 19 allows RMB capital converted from foreign currency-denominated registered capital of a foreign-invested enterprise to be used for equity investments within the PRC, it also reiterates the principle that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond its business scope. Thus, it is unclear whether the SAFE will permit such capital to be used for equity investments in the PRC in actual practice. The SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or SAFE Circular 16, effective on June 9, 2016, which reiterates some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition against using such capital to grant loans to non-associated enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result in administrative penalties. In addition, SAFE promulgated the Circular Regarding Further Promotion of the Facilitation of Cross-Border Trade and Investment on October 23, 2019, or SAFE Circular 28, pursuant to which all foreign-invested enterprises can make equity investments in the PRC with their capital funds in accordance with the law. As SAFE Circular 28 is new and the relevant government authorities have broad discretion in interpreting the regulation, it is unclear whether SAFE will permit such capital funds to be used for equity investments in the PRC in actual practice.

Due to the restrictions imposed on loans in foreign currencies extended to any PRC domestic companies, we are not likely to make such loans to the subsidiaries of our wholly foreign-owned subsidiaries in China and EPWK VIE, each a PRC domestic company. Meanwhile, we are not likely to finance the activities of EPWK VIE by means of capital contributions given the restrictions on foreign investment in the businesses that are currently conducted by EPWK VIE. In light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary government registrations or record-filings on a timely basis, if at all, with respect to future loans to our PRC subsidiaries or any Consolidated Affiliated Entity or future capital contributions by us to our wholly foreign-owned subsidiaries in China.

As a result, uncertainties exist as to our ability to provide prompt financial support to our PRC subsidiaries or EPWK VIE when needed. If we fail to complete such registrations or record-filings, our ability to use foreign currency, including the proceeds we received from our initial public offering, and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund and expand our business.

***We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.***

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We are a holding company, and we may rely on dividends and other distributions on equity paid by our PRC subsidiaries like EPWK WFOE for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. If these subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us. In addition, the PRC tax authorities may require our WFOE or any other relevant PRC subsidiary to adjust its taxable income under the contractual arrangements it currently has in place with EPWK VIE in a manner that would materially and adversely affect its ability to pay dividends and other distributions to us.

Under PRC laws and regulations, our wholly foreign-owned subsidiaries in China may pay dividends only out of their respective accumulated profits as determined in accordance with PRC accounting standards and regulations. In addition, a PRC enterprise is required to set aside at least 10% of its accumulated after-tax profits each year, if any, to fund certain statutory reserve fund, until the aggregate amount of such fund reaches 50% of its registered capital. Our PRC subsidiary may also allocate a portion of its after-tax profits based on PRC accounting standards to employee welfare and bonus funds at their discretion. These reserves are not distributable as cash dividends. In response to the persistent capital outflow in China and the RMB's depreciation against the U.S. dollar in the fourth quarter of 2016, the People's Bank of China and SAFE promulgated a series of capital control measures in early 2017, including stricter vetting procedures for domestic companies to remit foreign currency for overseas investments, dividends payments and shareholder loan repayments. The PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting process may be put forward by SAFE for cross-border transactions falling under both the current account and the capital account. Any limitation on the ability of our PRC subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business. See also "Risk Factors – Risks Relating to Doing Business in the PRC – Under the PRC Enterprise Income Tax Law, or the EIT Law, we may be classified as a "resident enterprise" of China, which could result in unfavorable tax consequences to us and our non-PRC shareholders."

**Risks Relating to Doing Business in the PRC**

***A recent joint statement by the SEC and the Public Company Accounting Oversight Board (United States), or the "PCAOB," proposed rule changes submitted by Nasdaq, and the newly enacted "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. These developments could add uncertainties to our offering.***

On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or 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.

On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive Market", (ii) adopt a new requirement relating to the qualification of management or board of director for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

On May 20, 2020, the U.S. Senate passed the Holding Foreign Companies Accountable Act requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the Company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a U.S. stock exchange. On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act. On December 18, 2020, the Holding Foreign Companies Accountable Act was signed into law.

On March 24, 2021, the SEC announced that it had adopted interim final amendments to implement congressionally mandated submission and disclosure requirements of the Act. The interim final amendments will apply to registrants that the SEC identifies as having filed an annual report on Forms 10-K, 20-F, 40-F or N-CSR with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB has determined it is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction. The SEC will implement a process for identifying such a registrant and any such identified registrant will be required to submit documentation to the SEC establishing that it is not owned or controlled by a governmental entity in that foreign jurisdiction, and will also require disclosure in the registrant's annual report regarding the audit arrangements of, and governmental influence on, such a registrant.

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would amend the HFCAA and require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time period before our securities may be prohibited from trading or delisted if our auditor is unable to meet the PCAOB inspection requirement.

On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On 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, SEC announced that the PCAOB designated China and Hong Kong as the jurisdictions where the PCAOB is not allowed to conduct full and complete audit inspections as mandated under the HFCAA. The Company's auditor, WWC, Professional Corporation, is based in San Mateo, California, and therefore is not subject to this mandate by the PCAOB.

On February 4, 2022, the U.S. House of Representatives passed the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (COMPETES) Act of 2022 (the "America COMPETES Act"). On March 28, 2022, the U.S. Senate passed its version of the America COMPETES Act. If the America COMPETES Act is enacted into law, it would amend the HFCAA and require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.

On August 26, 2022, the SEC issued a statement announcing that the PCAOB signed a Statement of Protocol with the CSRC and the Ministry of Finance of the People's Republic of China governing inspections and investigations of audit firms based in China and Hong Kong, jointly agreeing on the need for a framework. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and the unfettered ability to transfer information to the SEC.

On December 15, 2022, the PCAOB announced in the 2022 Determination its determination that the PCAOB was able to secure complete access to inspect and investigate accounting firms headquartered in mainland China and Hong Kong, and the PCAOB Board voted to vacate previous determinations to the contrary. According to the 2022 Determination, this determination was reached after the PCAOB had thoroughly tested compliance with every aspect of the Protocol necessary to determine complete access, including on-site inspections and investigations in a manner fully consistent with the PCAOB's methodology and approach in the U.S. and globally. According to the 2022 Determination, the PRC Authorities had fully assisted and cooperated with the PCAOB in carrying out the inspections and investigations according to the Protocol, and have agreed to continue to assist the PCAOB's investigations and inspections in the future. Should the PCAOB again encounter impediments to inspections and investigations in mainland China or Hong Kong as a result of positions taken by any authority in either jurisdiction, including by the CSRC or the MOF, the PCAOB will make determinations under the HFCAA as and when appropriate.

On December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to HFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two.

The enactment of the HFCAA and any additional actions, proceedings, or new rules resulting from these efforts to increase U.S. regulatory access to audit information could cause investors uncertainty for affected issuers and the market price of our ordinary shares could be adversely affected, and we could be delisted if our auditor is unable to meet the PCAOB inspection requirement.

The lack of access to the PCAOB inspection in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements.

Our auditor, WWC, Professional Corporation, the 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 our auditor's compliance with the applicable professional standards. Our auditor is headquartered in San Mateo, California, and is subject to inspection by the PCAOB on a regular basis with the last inspection in November 2021. Notwithstanding the foregoing, because we have substantial operations within the PRC through the PRC operating entities, if the PCAOB is not able to fully conduct inspections of our auditor's work papers in China, you may be deprived of the benefits of such inspection which could result in limitation or restriction to our access to the U.S. capital markets and trading of our securities may be prohibited under the HFCAA.

However, the recent developments would add uncertainties to our offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. It remains unclear what the SEC's implementation process related to the March 2021 interim final amendments will entail or what further actions the SEC, the PCAOB or Nasdaq will take to address these issues and what impact those actions will have on U.S. companies that have significant operations in the PRC and have securities listed on a U.S. stock exchange. In addition, the March 2021 interim final amendments and any additional actions, proceedings, or new rules resulting from these efforts to increase U.S. regulatory access to audit information could create some uncertainty for investors, the market price of our ordinary shares could be adversely affected, and we could be delisted if we and our auditor are unable to meet the PCAOB inspection requirement and the uncertainty surrounding the possible new rules and regulations regarding the implementation of the HFCAA or being required to engage a new audit firm, which would require significant expense and management time.

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

Nasdaq Listing Rule 5101 provides Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and Nasdaq may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to: (i) where the company engaged an auditor that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii) where the company planned a small public offering, which would result in insiders holding a large portion of the company's listed securities. Nasdaq was concerned that the offering size was insufficient to establish the company's initial valuation, and there would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management. Our initial public offering will be relatively small and the insiders of our Company will hold a large portion of the company's listed securities following the consummation of the offering. Therefore, we may be subject to the additional and more stringent criteria of Nasdaq for our initial and continued listing, which might cause delay or even denial of our listing application.

***It may be difficult for overseas shareholders and/or regulators to conduct investigations or collect evidence within China.***

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

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

***Because we are a Cayman Islands corporation and all of our business is conducted in the PRC, you may be unable to bring an action against us or our officers and directors or to enforce any judgment you may obtain.***

We are a company incorporated under the laws of the Cayman Islands, we conduct substantially all of our operations in China, and substantially all of our assets are located in China. In addition, all our senior executive officers reside within China for a significant portion of the time and are all PRC nationals. As a result, it may be difficult for our shareholders to effect service of process upon us or those persons in the Cayman Islands or in China. In addition, China does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in China of judgments of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible. See "Enforceability of Civil Liabilities."

Shareholder claims that are common in the United States, including securities law class actions and fraud claims, generally are difficult to pursue as a matter of law or practicality in China. For example, in China, there are significant legal and other obstacles to obtaining information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although the local authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such regulatory cooperation with the securities regulatory authorities in the Unities States have not been efficient in the absence of mutual and practical cooperation mechanism. According to Article 177 of the PRC Securities Law which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC.

In addition, our corporate affairs are governed by our amended and restated memorandum and articles of association, the Companies Act or the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are different from statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities laws as compared to the United States. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a Federal court of the United States.

We have been advised by our Cayman Islands legal counsel, Ogier, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a United States company.

***Uncertainties with respect to the PRC legal system could significantly impact our business operation.***

There are substantial uncertainties regarding the interpretation and application of Chinese laws and regulations including but not limited to those governing our business, and the enforcement and performance of our agreements with customers in certain circumstances. The laws and regulations are sometimes vague and subject to change in the future, and the official interpretation and enforcement could be unpredictable with little advance notice. Our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our current understanding of these laws and regulations. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

***The Chinese government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our shares.***

 

Our business is regulated by relevant government departments in China, including but not limited to the Administration of Local Taxation. The regulations jointly promulgated and implemented by these government departments cover many aspects of our daily operation. If we are deemed not to comply with these requirements, we may be subject to fines and other administrative penalties from relevant Chinese government departments. If we can't correct our non-compliance within the time specified by the relevant government departments in China, we may be forced to suspend our business. Therefore, our business, reputation, equity value, financial situation and operating results may be significantly and adversely affected.

***Economic conditions in China could impact our business and results of operations in both lines of our business.***

The VIE and its subsidiaries' business and operating results are impacted by Chinese economic conditions, such as a potential general reduction in net disposable income as a result of fiscal measures adopted by Chinese government to address high levels of budgetary indebtedness, which may adversely affect our business, results of operations and financial condition. The most recent global financial crisis and recession resulted in large-scale business failures and tightened credit markets in China, which directly impacts the Chinese IT service market and VAT reporting service industry. Future adverse economic developments in areas such as employment levels, business conditions, interest rates, tax rates, fuel and energy costs and other matters could reduce discretionary spending and cause the industries where we operate to contract.

***There may be changes in the regulations of PRC government bodies and agencies relating to crowdsourcing business.***

PRC laws, regulations and policies concerning crowdsourcing business are evolving and the PRC government authorities may promulgate new laws, regulations and policies in the future. We cannot assure you that our practices would not be deemed to violate any PRC laws, regulations or policies either now or in the future.

Moreover, developments in the crowdsourcing industry may lead to changes in PRC laws, regulations and policies or in the interpretation and application of existing laws, regulations and policies, which may limit or restrict the crowdsourcing services we offer. Furthermore, we cannot rule out the possibility that the PRC government will institute a new licensing regime covering services we provide in the future. If such a licensing regime were introduced, we cannot assure you that we would be able to obtain any newly required license in a timely manner, or at all, which could materially and adversely affect our business and impede our ability to continue our operations.

***Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may be quick with little advance notice and could have a significant impact upon our ability to operate profitably in the PRC.***

We conduct all of our operations, and all of our revenue is generated in the PRC. Accordingly, economic, political and legal developments in the PRC will significantly affect our business, financial condition, results of operations and prospects. Policies, regulations, rules, and the enforcement of laws of the PRC government can have significant effects on economic conditions in the PRC and the ability of businesses to operate profitably. Our ability to operate profitably in the PRC may be adversely affected by changes in policies by the PRC government, including changes in laws, regulations or their interpretation, particularly those dealing with the Internet, including censorship and other restriction on material which can be transmitted over the Internet, security, intellectual property, money laundering, taxation and other laws that affect our ability to operate our website.

***China's economic, political and social conditions, laws and regulations, as well as possible interventions and influences of any government policies and actions are uncertain and could have a material adverse effect on our business and the value of our Class A Ordinary Shares.***

China's economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. While the PRC economy has experienced significant growth in the past two to three decades, growth has been uneven, both geographically and among various sectors of the economy. Although China's economy has been transitioning from a planned economy to a more market oriented economy since the late 1970s, the PRC government continues to play a significant role in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over China's economic growth through allocating resources, controlling the incurrence and payment of foreign currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or companies. Changes in any of these policies, laws and regulations could adversely affect the economy in China and could have a material adverse effect on our business.

The PRC government has implemented various measures to encourage foreign investment and sustainable economic growth and to guide the allocation of financial and other resources. However, we cannot assure you that the PRC government will not repeal or alter these measures or introduce new measures that will have a negative effect on us, or more specifically, we cannot assure you that the PRC government will not initiate possible governmental actions or scrutiny to us, which could substantially affect our operation and the value of our Class A Ordinary Shares may depreciate quickly. China's economic, political and social conditions, as well as interventions and influences of any government policies, laws and regulations are uncertain and could have a material adverse effect on our business.

***Because our business is dependent upon government policies that encourage a market-based economy, change in the political or economic climate in the PRC may impair our ability to operate profitably, if at all.***

Although the PRC government has been pursuing a number of economic reform policies for more than two decades, the PRC government continues to exercise significant control over economic growth in the PRC. Because of the nature of our business, we are dependent upon the PRC government pursuing policies that encourage private ownership of businesses. We cannot assure you that the PRC government will pursue policies favoring a market-oriented economy or that existing policies will not be significantly altered, especially in the event of a change in leadership, social or political disruption, or other circumstances affecting political, economic and social life in the PRC.

***Because our business is conducted in RMB and the price of our Class A Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.***

Our business is conducted in the PRC, our books and records are maintained in RMB, which is the currency of the PRC, and the financial statements that we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between the RMB and dollar affect the value of our assets and the results of our operations in United States dollars. The value of the RMB against the United States dollar and other currencies may fluctuate and is affected by, among other things, changes in the PRC's political and economic conditions and perceived changes in the economy of the PRC and the United States. Any significant revaluation of the RMB may materially and adversely affect our cash flows, revenue and financial condition. Further, our Class A Ordinary Shares offered by this prospectus are offered in United States dollars, we will need to convert the net proceeds we receive into RMB in order to use the funds for our business. Changes in the conversion rate between the United States dollar and the RMB will affect that amount of proceeds we will have available for our business.

***Under the PRC Enterprise Income Tax Law, or the EIT Law, we may be classified as a "resident enterprise" of China, which could result in unfavorable tax consequences to us and our non-PRC shareholders.***

The EIT Law and its implementing rules provide that enterprises established outside of China whose "de facto management bodies" are located in China are considered "resident enterprises" under PRC tax laws. The implementing rules promulgated under the EIT Law define the term "de facto management bodies" as a management body which substantially manages, or has control over the business, personnel, finance and assets of an enterprise. In April 2009, the State Administration of Taxation, or SAT, issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management bodies" of a PRC-controlled enterprise that is incorporated offshore is located in China. However, there are no further detailed rules or precedents governing the procedures and specific criteria for determining "de facto management body." Although our board of directors and management are located in the PRC, it is unclear if the PRC tax authorities would determine that we should be classified as a PRC "resident enterprise."

If we are deemed as a PRC "resident enterprise," we will be subject to PRC enterprise income tax on our worldwide income at a uniform tax rate of 25%, although dividends distributed to us from our existing PRC subsidiary and any other PRC subsidiaries which we may establish from time to time could be exempt from the PRC dividend withholding tax due to our PRC "resident recipient" status. This could have a material and adverse effect on our overall effective tax rate, our income tax expenses and our net income. Furthermore, dividends, if any, paid to our shareholders may be decreased as a result of the decrease in distributable profits. In addition, if we were considered a PRC "resident enterprise", any dividends we pay to our non-PRC investors, and the gains realized from the transfer of our Class A Ordinary Shares may be considered income derived from sources within the PRC and be subject to PRC tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the provisions of any applicable tax treaty). It is unclear whether holders of our Class A Ordinary Shares would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. This could have a material and adverse effect on the value of your investment in us and the price of our Class A Ordinary Shares.

  ****

***There are significant uncertainties under the EIT Law relating to the withholding tax liabilities of our PRC subsidiary, and dividends payable by our PRC subsidiary to our offshore subsidiaries may not qualify to enjoy certain treaty benefits.***

Under the PRC EIT Law and its implementation rules, the profits of a foreign invested enterprise generated through operations, which are distributed to its immediate holding company outside the PRC, will be subject to a withholding tax rate of 10%. Pursuant to a special arrangement between Hong Kong and the PRC, such rate may be reduced to 5% if a Hong Kong resident enterprise owns more than 25% of the equity interest in the PRC company. Our PRC subsidiary is wholly-owned by our Hong Kong subsidiary. Moreover, under the Notice of the State administration of Taxation on Issues regarding the Administration of the Dividend Provision in Tax Treaties promulgated on February 20, 2009, the taxpayer needs to satisfy certain conditions to enjoy the benefits under a tax treaty. These conditions include: (1) the taxpayer must be the beneficial owner of the relevant dividends, and (2) the corporate shareholder to receive dividends from the PRC subsidiary must have continuously met the direct ownership thresholds during the 12 consecutive months preceding the receipt of the dividends. Further, the State Administration of Taxation promulgated the Notice on How to Understand and Recognize the "Beneficial Owner" in Tax Treaties on October 27, 2009, which limits the "beneficial owner" to individuals, projects or other organizations normally engaged in substantive operations, and sets forth certain detailed factors in determining the "beneficial owner" status. In current practice, a Hong Kong enterprise must obtain a tax resident certificate from the relevant Hong Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority. As of the date of this prospectus, we have not commenced the application process for a Hong Kong tax resident certificate from the relevant Hong Kong tax authority, and there is no assurance that we will be granted such a Hong Kong tax resident certificate.

Even after we obtain the Hong Kong tax resident certificate, we are required by applicable tax laws and regulations to file required forms and materials with relevant PRC tax authorities to prove that we can enjoy 5% lower PRC withholding tax rate. EPWK HK intends to obtain the required materials and file with the relevant tax authorities when it plans to declare and pay dividends, but there is no assurance that the PRC tax authorities will approve the 5% withholding tax rate on dividends received from EPWK HK.

***The disclosures in our reports and other filings with the SEC and our other public pronouncements are not subject to the scrutiny of any regulatory bodies in the PRC.***

We are regulated by the SEC and our reports and other filings with the SEC are subject to SEC review in accordance with the rules and regulations promulgated by the SEC under the Securities Act and the Exchange Act. Our SEC reports and other disclosure and public pronouncements are not subject to the review or scrutiny of any PRC regulatory authority. For example, the disclosure in our SEC reports and other filings are not subject to the review by China Securities Regulatory Commission, a PRC regulator that is responsible for oversight of the capital markets in China. Accordingly, you should review our SEC reports, filings and our other public pronouncements with the understanding that no local regulator has done any review of us, our SEC reports, other filings or any of our other public pronouncements.

***We operate in an emerging and evolving market. If our market does not grow as we expect, or if we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards, changing regulations, and changing customer needs, requirements or preferences, our products and solutions may become less competitive.***

There are uncertainties over the size and rate at which the IT service market will grow, as well as whether our solutions and products will be widely adopted. Moreover, our industry is subject to rapid technological change, evolving industry standards, changing regulations, as well as changing customer needs, requirements and preferences. The success of our business will depend, in part, on our ability to adapt and respond effectively to these changes on a timely basis. If we are unable to develop new solutions and products that satisfy our customers and provide enhancements and new features for our existing products that keep pace with rapid technological and industry change, our business, results of operations and financial condition could be adversely affected. If new technologies emerge that are able to deliver competitive products and services at lower prices, more efficiently, more conveniently or more securely, such technologies could adversely impact our ability to compete effectively.

Our platform must also integrate with a variety of network, hardware, software platforms and technologies, and we need to continuously modify and enhance our products and platform to adapt to changes and innovation. For example, if customers adopt new software platforms or infrastructure, we may be required to develop new versions of our products to be compatible with those new software platforms or infrastructure. This development effort may require significant resources, which would adversely affect our business, results of operations and financial condition. Any failure of our products and platform to operate effectively with evolving or new software platforms and technologies could reduce the demand for our products. If we are unable to respond to these changes in a cost-effective manner, our products may become less marketable and less competitive or obsolete, and our business, results of operations and financial condition could be adversely affected.

***In light of recent events indicating greater oversight by the Cyberspace Administration of China, or CAC, over data security, particularly for companies seeking to list on a foreign exchange, we are subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, our listing on Nasdaq, financial condition, results of operations, and the offering.***

We are subject to various risks and costs associated with the collection, use, sharing, retention, security, and transfer of confidential and private information, such as personal information and other data. This data is wide-ranging and relates to our investors, employees, contractors and other counterparties and third parties. Our compliance obligations include those relating to the Data Protection Act (As Revised) of the Cayman Islands and the relevant PRC laws in this regard. These PRC laws apply not only to third-party transactions, but also to transfers of information between us, our EPWK WFOE, the VIE and its subsidiaries, and among us, our EPWK WFOE, the VIE and its subsidiaries, and other parties with which we have commercial relations. These laws continue to develop, and the PRC government may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities.

Pursuant to the PRC Cybersecurity Law, which was promulgated by the Standing Committee of the National People's Congress on November 7, 2016 and took effect on June 1, 2017, personal information and important data collected and generated by a critical information infrastructure operator in the course of its operations in China must be stored in China, and if a critical information infrastructure operator purchases internet products and services that affects or may affect national security, it should be subject to cybersecurity review by the CAC. However, there are uncertainties with respect to how the PRC Cybersecurity Law will be implemented and interpreted in practice. On December 28, 2021, the CAC and other relevant PRC governmental authorities jointly promulgated the Cybersecurity Review Measures which took effect on February 15, 2022 and replaces the original Cybersecurity Review Measures promulgated on April 13, 2020. Pursuant to the Cybersecurity Review Measures, if critical information infrastructure operators purchase network products and services, or network platform operators conduct data processing activities that affect or may affect national security, they will be subject to cybersecurity review. A network platform operator holding more than one million users/users' individual information also shall be subject to cybersecurity review before listing abroad. The cybersecurity review will evaluate, among others, the risk of critical information infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments and risk of network data security after going public overseas. In compliance with the Measures, we have submitted a written declaration and other materials required for the cybersecurity review to the CAC. Upon reviewing our materials in accordance with the Measures, the Office of Cybersecurity Review of the CAC, which is responsible for organizing cybersecurity reviews and developing relevant rules and regulations, informed us that we passed the cybersecurity review for this offering.

In addition, the PRC Data Security Law, which was promulgated by the Standing Committee of the National People's Congress on June 10, 2021 and will take effect on September 1, 2021, 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. As the Data Security Law was recently promulgated and has not yet taken effect, we may be required to make further adjustments to our business practices to comply with this law. After the Data Security Law takes effect, if our data processing activities were found to be not in compliance with this law, we could be ordered to make corrections, and under certain serious circumstances, such as severe data divulgence, we could be subject to penalties, including the revocation of our business licenses or other permits. Furthermore, the recently issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law require (i) speeding up the revision of the provisions on strengthening the confidentiality and archives management relating to overseas issuance and listing of securities and (ii) improving the laws and regulations relating to data security, cross-border data flow, and management of confidential information. As there remain uncertainties regarding the further interpretation and implementation of those laws and regulations, we cannot assure you that we will be compliant such new regulations in all respects, and we may be ordered to rectify and terminate any actions that are deemed illegal by the regulatory authorities and become subject to fines and other sanctions. As a result, we may be required to suspend our relevant businesses, shut down our website, take down our operating applications, or face other penalties, which may materially and adversely affect our business, financial condition, and results of operations.

While we take measures to comply with all applicable data privacy and protection laws and regulations, we cannot guarantee the effectiveness of the measures undertaken by us and our business partners. However, compliance with any additional laws could be expensive, and may place restrictions on our business operations and the manner in which we interact with our users. In addition, any failure to comply with applicable cybersecurity, privacy, and data protection laws and regulations could result in proceedings against us by government authorities or others, including notification for rectification, confiscation of illegal earnings, fines, or other penalties and legal liabilities against us, which could materially and adversely affect our business, financial condition, results of operations and the value of our Class A Ordinary Shares. In addition, any negative publicity on our website or platform's safety or privacy protection mechanism and policy could harm our public image and reputation and materially and adversely affect our business, financial condition, and results of operations.

***We are subject to anti-corruption, anti-bribery, and similar laws, and noncompliance with such laws can subject us to criminal penalties or significant fines and harm our business and reputation.***

We are subject to the U.S. Foreign Corrupt Practices Act of 1977, and other anti-corruption, anti-bribery, anti-money laundering, and similar laws in China and the United States. Anti-corruption and anti-bribery laws, which have been enforced aggressively and are interpreted broadly, prohibit companies and their employees and agents from promising, authorizing, making, or offering improper payments or other benefits to government officials and others in the public sector. We leverage our business partners, including channel partners, to sell our products and solutions and host many of our facilities for our network. We may also rely on our business partners to conduct our business abroad. We and our business partners may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities and we may be held liable for the corrupt or other illegal activities of our business partners and intermediaries, our employees, representatives, contractors, channel partners and agents, even if we do not explicitly authorize such activities.

We cannot assure you that all of our employees and agents have complied with, or in the future will comply with, our policies and applicable law. The investigation of possible violations of these laws, including internal investigations and compliance reviews that we may conduct from time to time, could have a material adverse effect on our business. Noncompliance with these laws could subject us to investigations, severe criminal or civil sanctions, settlements, prosecution, loss of export privileges, suspension or debarment from Chinese government contracts and other contracts, other enforcement actions, the appointment of a monitor, disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, whistleblower complaints, adverse media coverage and other consequences. Other internal and government investigations, regulatory proceedings, or litigation, including private litigation filed by our shareholders, may also follow as a consequence. Any investigations, actions, or sanctions could materially harm our reputation, business, results of operations, and financial condition. Further, the promulgation of new laws, rules or regulations or new interpretations of current laws, rules or regulations could impact the way we do business in other countries, including requiring us to change certain aspects of our business to ensure compliance, which could reduce revenues, increase costs, or subject us to additional liabilities.

***Failure to comply with laws and regulations applicable to our business in China could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business.***

Our business is subject to regulation by various governmental agencies in China, including agencies responsible for monitoring and enforcing compliance with various legal obligations, such as value-added telecommunication laws and regulations, privacy and data protection-related laws and regulations, intellectual property laws, employment and labor laws, workplace safety, environmental laws, consumer protection laws, governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and regulations. In certain jurisdictions, these regulatory requirements may be more stringent than in China. These laws and regulations impose added costs on our business. Noncompliance with applicable regulations or requirements could subject us to:

● investigations, enforcement actions, and sanctions;

● mandatory changes to our network and products;

● disgorgement of profits, fines, and damages;

● civil and criminal penalties or injunctions;

● claims for damages by our customers or channel partners;

● termination of contracts;

● loss of intellectual property rights;

● failure to obtain, maintain or renew certain licenses, approvals, permits, registrations or filings necessary to conduct our operations; and

● temporary or permanent debarment from sales to public service organizations.

If any governmental sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, results of operations, and financial condition could be adversely affected. In addition, responding to any action will likely result in a significant diversion of our management's attention and resources and an increase in professional fees. Enforcement actions and sanctions could materially harm our business, results of operations, and financial condition.

Additionally, companies in the technology industry have recently experienced increased regulatory scrutiny. Any reviews by regulatory agencies or legislatures may result in substantial regulatory fines, changes to our business practices, and other penalties, which could negatively affect our business and results of operations. Changes in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause us to change our business practices. Further, our expansion into a variety of new fields also could raise a number of new regulatory issues. These factors could negatively affect our business and results of operations in material ways.

Moreover, we are exposed to the risk of misconduct, errors and failure to functions by our management, employees and parties that we collaborate with, who may from time to time be subject to litigation and regulatory investigations and proceedings or otherwise face potential liability and penalties in relation to noncompliance with applicable laws and regulations, which could harm our reputation and business.

***We face exposure to foreign currency exchange rate fluctuations, and such fluctuations could adversely affect our business, results of operations and financial condition.***

The conversion of Renminbi into foreign currencies, including the U.S. dollar, is based on rates set by the People's Bank of China. The Renminbi has fluctuated against the U.S. dollar and other currencies, at times significantly and unpredictably. The value of Renminbi against the U.S. dollar and other currencies is affected by changes in China's political and economic conditions and by China's foreign exchange policies, among other things. We cannot assure you that Renminbi will not appreciate or depreciate significantly in value against the U.S. dollar and other currencies in the future. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between Renminbi and U.S. dollar in the future.

Significant revaluation of the Renminbi may have a material and adverse effect on your investment. For example, to the extent that we need to convert U.S. dollars we receive from this offering into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely, if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends on our Class A Ordinary Shares or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount available to us.

Very limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. As of the date of this prospectus, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge our exposure, or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert Renminbi into foreign currency.

Substantially all of our revenues and costs are denominated in Renminbi. We are a holding company and we rely on dividends paid by our operating subsidiaries in China for our cash needs. Any significant revaluation of Renminbi may materially and adversely affect our results of operations and financial position reported in Renminbi when translated into U.S. dollars. To the extent that we need to convert U.S. dollars we receive from this offering into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we would receive. Conversely, if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends on our Class A Ordinary Shares or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount.

***Increases in labor costs in the PRC may adversely affect our business and results of operations.***

China's economy has experienced increases in labor costs in recent years. China's overall economy and the average wage in China are expected to continue to grow. The average wage level for our employees has also increased in recent years. We expect that our staff costs, including wages and employee benefits, will continue to increase. Unless we are able to pass on these increased labor costs to our customers by increasing prices for our products or services, our profitability and results of operations may be materially and adversely affected.

In addition, we have been subject to stricter regulatory requirements in terms of entering into labor contracts with our employees and paying various statutory employee benefits, including housing, pension, medical insurance and unemployment insurance programs to designated government agencies for the benefit of our employees. Compared with its predecessors, the current Labor Contract Law of the PRC imposes stricter requirements on employers in terms of signing labor contracts, minimum wages, paying remuneration, determining the term of employees' probation and unilaterally terminating labor contracts, further increasing our labor-related costs such as by limiting our ability to terminate some of our employees or otherwise change our employment or labor practices in a cost-effective manner. In addition, as the interpretation and implementation of labor-related laws and regulations are still developing, we cannot assure you that our employment practices have been or will at all times be deemed in compliance with the labor-related laws and regulations in China. If we are subject to severe penalties in connection with labor disputes or government investigations, our business, financial condition and results of operations will be adversely affected.

***The Chinese government exerts substantial influence over the manner in which we must conduct our business and may intervene or influence our operations at any time, which actions could impact our operations materially and adversely, and 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 be worthless.***

The Chinese government has exercised, and continues to exercise, substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be further harmed by changes in its laws and regulations, including those relating to telecommunication, taxation, environmental regulations, land use rights, property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest ourselves of any interest we then hold in Chinese properties.

Our business is subject to various government and regulatory interference. We could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and government sub-divisions. The Company may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply. Our operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to our business or industry, which could result in further material changes in our operations and could adversely impact the value of our Class A Ordinary Shares.

Given recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, any such action 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.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council of the PRC (the "State Council") jointly issued the Opinions on Severely Cracking Down on Illegal Securities Activities According to Law, or the Opinions, which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems, will be taken to deal with the risks and incidents of China-concept overseas listed companies. As of the date of this prospectus, we have not received any inquiry, notice, warning, or sanctions from PRC government authorities in connection with the Opinions.

On June 10, 2021, the Standing Committee of the National People's Congress of China, or the SCNPC, promulgated the PRC Data Security Law, which took effect in September 2021. The PRC Data Security Law imposes data security and privacy obligations on entities and individuals carrying out data activities, and introduces a data classification and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it will cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired or used. The PRC Data Security Law also provides for a national security review procedure for data activities that may affect national security and imposes export restrictions on certain data an information.

In early July 2021, regulatory authorities in China launched cybersecurity investigations with regard to several China-based companies that are listed in the United States. The Chinese cybersecurity regulator announced on July 2 that it had begun an investigation of Didi Global Inc. (NYSE: DIDI) and two days later ordered that the company's app be removed from smartphone app stores. On July 5, 2021, the Chinese cybersecurity regulator launched the same investigation on two other Internet platforms, China's Full Truck Alliance of Full Truck Alliance Co. Ltd. (NYSE: YMM) and Boss of KANZHUN LIMITED (Nasdaq: BZ).

On August 17, 2021, the State Council promulgated the Regulations on the Protection of the Security of Critical Information Infrastructure, or the Regulations, which took effect on September 1, 2021. The Regulations supplement and specify the provisions on the security of critical information infrastructure as stated in the Cybersecurity Review Measures. The Regulations provide, among others, that protection department of certain industry or sector shall notify the operator of the critical information infrastructure in time after the identification of certain critical information infrastructure.

On August 20, 2021, the SCNPC promulgated the Personal Information Protection Law of the PRC, or the Personal Information Protection Law, which took effect on November 1, 2021. As the first systematic and comprehensive law specifically for the protection of personal information in the PRC, the Personal Information Protection Law provides, among others, that (i) an individual's consent shall be obtained to use sensitive personal information, such as biometric characteristics and individual location tracking, (ii) personal information operators using sensitive personal information shall notify individuals of the necessity of such use and impact on the individual's rights, and (iii) where personal information operators reject an individual's request to exercise his or her rights, the individual may file a lawsuit with a People's Court.

On December 24, 2021, the CSRC released Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments, hereinafter referred to as the "Administration Provisions"), as well as Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments, hereinafter referred to as the "Measures"). According to the Administration Provisions and the Measures, overseas offering and listing refers to overseas offerings by domestic companies of equity shares, depository receipts, convertible corporate bonds, or other equity-like securities, and overseas listing of the securities for trading. Overseas offering and listing, which is specifically divided into direct overseas offerings and listing and indirect overseas offerings and listing, shall be filed in accordance with the Measures. Our submission of a listing application will fall into the scope of overseas offering and listing provisions in the Administration Provisions and the Measures. If the Administration Provisions and the Measures take effect, we will be required to file with the CSRC in accordance with the Administration Provisions and the Measures. Since the Administration Provisions and the Measures have not come into force yet, we are not currently required to file with CSRC before listing our securities on Nasdaq.

Furthermore, according to the Administration Provisions, an overseas offering and listing is prohibited under any of the following circumstances: (1) if the intended securities offering and listing falls under specific clauses in national laws and regulations and relevant provisions prohibiting such financing activities; (2) if the intended securities offering and listing in an overseas market may constitute a threat to or endanger national security, as reviewed and determined by competent authorities under the State Council in accordance with law; (3) if there are material ownership disputes over equity, major assets, and core technology, etc.; (4) if, in the past three years, the domestic company or its controlling shareholders and actual controllers have committed corruption, bribery, embezzlement, misappropriation of property, or other criminal offenses disruptive to the order of the socialist market economy; or are currently under judicial investigation for suspicion of criminal offenses or under investigation for suspicion of major violations; (5) if, in the past three years, the board directors, or any supervisors or senior executives have been subject to administrative punishment for severe violations, or are currently under judicial investigation for suspicion of criminal offenses or under investigation for suspicion of major violations of law; or (6) other circumstances prescribed by the State Council. As of the date of this prospectus, we do not fall under any of the abovementioned circumstances that might prohibit us from overseas offering and listing.

On December 28, 2021, the CAC and other relevant PRC governmental authorities jointly promulgated the Cybersecurity Review Measures which took effect on February 15, 2022, and replaced the original Cybersecurity Review Measures promulgated on April 13, 2020. Pursuant to the Cybersecurity Review Measures, if critical information infrastructure operators purchase network products and services, or network platform operators conduct data processing activities that affect or may affect national security, they will be subject to cybersecurity review. A network platform operator holding more than one million users/users' individual information also shall be subject to cybersecurity review before listing abroad. The cybersecurity review will evaluate, among others, the risk of critical information infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments and risk of network data security after going public overseas. In compliance with the Measures, we have submitted a written declaration and other materials required for the cybersecurity review to the CAC. Upon reviewing our materials in accordance with the Measures, the Office of Cybersecurity Review of the CAC, which is responsible for organizing cybersecurity reviews and developing relevant rules and regulations, informed us that we passed the cybersecurity review for this offering. As of the date of this prospectus, we have not been required to obtain, or been denied, any other permission from the PRC authorities to list on U.S. stock exchanges.

Given that the above-mentioned newly promulgated laws, regulations and policies were recently promulgated or issued, with a few not having taken effect yet, their interpretation, application and enforcement are subject to substantial uncertainties.

***We must remit the offering proceeds to the PRC before they may be used to benefit our business in the PRC, and this process may take a number of months.***

The proceeds of this offering must be sent back to the PRC, and the process for sending such proceeds back to the PRC may take several months after the closing of this offering. We may be unable to use these proceeds to grow our business until we receive such proceeds in the PRC. In order to remit the offering proceeds to the PRC, we will take the following actions:

First, we will open a special foreign exchange account for capital account transactions. To open this account, we must submit to State Administration for Foreign Exchange ("SAFE") certain application forms, identity documents, transaction documents, form of foreign exchange registration of overseas investments by domestic residents, and foreign exchange registration certificate of the invested company.

Second, we will remit the offering proceeds into this special foreign exchange account.

Third, we will apply for settlement of the foreign exchange. In order to do so, we must submit to SAFE certain application forms, identity documents, payment order to a designated person, and a tax certificate.

The timing of the process is difficult to estimate because the efficiencies of different SAFE branches can vary materially. Ordinarily, the process takes several months to complete but is required by law to be accomplished within 180 days of application. Until the abovementioned approvals, the proceeds of this offering will be maintained in an interest-bearing account maintained by us in the United States.

***PRC laws and regulations governing our current business operations are sometimes vague and uncertain and any changes in such laws and regulations may impair our ability to operate profitably.***

There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations governing our business and the enforcement and performance of our arrangements with customers in certain circumstances. The laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

The PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil law system may be cited for reference but have limited precedential value. Since these laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and the enforcement of these laws, regulations and rules involves uncertainties.

In 1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of foreign investments in China. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations may not sufficiently cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws and regulations involve uncertainties. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our ability to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited or frivolous legal actions or threats in attempts to extract payments or benefits from us.

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

From time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. However, since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems. Furthermore, the PRC legal system is based in part on government policies and internal rules (some of which are not published in a timely manner or at all) that may have retroactive effect. As a result, we may not be aware of our violation of these policies and rules until sometime after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and procedural rights, and any failure to respond to changes in the regulatory environment in China could materially and adversely affect our business and impede our ability to continue our operations.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or the Opinions, which was made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity and data privacy protection requirements and similar matters. The Opinions and any related implementing rules to be enacted may subject us to compliance requirement in the future.

***Our ability to transfer cash between subsidiaries, the consolidated VIE, and investors outside PRC or Hong Kong may be significantly restricted by the Chinese government.***

We intend to keep any future earnings to re-invest in and finance the expansion of our business, and we do not anticipate that any cash dividends will be paid or any assets will be transferred in the foreseeable future. As of the date of this prospectus, no transfer of cash or other assets, distribution, or dividends payment has been made among the us, our subsidiaries, the consolidated VIE, or the investors. Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium amount, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts due in the ordinary course of business. If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our Hong Kong subsidiary, EPWK HK. EPWK HK is permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves but not through share capital.

However, we, our subsidiaries and the VIE's abilities to use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. Current PRC regulations permit our indirect PRC subsidiaries to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.

The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we or our subsidiaries are unable to receive all of the revenues from our operations through the current VIE Agreements, we may be unable to pay dividends on our Class A Ordinary Shares.

The majority of our and VIE's revenues are collected in Renminbi; thus, foreign exchange shortages and foreign exchange control may limit our ability to pay dividends or other payments, or otherwise meet our obligations denominated in foreign currencies.

Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the PRC government expands its restrictions and limitations to include Hong Kong or Hong Kong entities.

Therefore, our ability to transfer cash between EPWK VIE and us, our subsidiaries outside of China, and investors for purposes including payment of dividends and fund operations may be significantly restricted.

**Risks Relating to this Offering and Our Ordinary Shares**

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***There has been no public market for our Class A Ordinary Shares prior to this offering, and you may not be able to resell our Class A Ordinary Shares at or above the price you pay for them, or at all.***

Prior to this offering, there has not been a public market for our Class A Ordinary Shares. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market. However, an active public market for our Class A Ordinary Shares may not develop or be sustained after the offering, in which case the market price and liquidity of our Class A Ordinary Shares will be materially and adversely affected. Our Class A Ordinary Shares will not be listed on any exchange or quoted for trading on any over-the-counter system.

***The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.***

The initial public offering price for our Class A Ordinary Shares will be determined by negotiations between us and the underwriters, and does not bear any relationship to our earnings, book value or any other indicia of value. We cannot assure you that the market price of our Class A Ordinary Shares will not decline significantly below the initial public offering price. The financial markets in the United States and other countries have experienced significant price and volume fluctuations in the last few years. Volatility in the price of our Class A Ordinary Shares may be caused by factors outside of our control and may be unrelated or disproportionate to changes in our results of operations.

***You will experience immediate and substantial dilution in the net tangible book value of Class A Ordinary Shares purchased.***

The initial public offering price of our Class A Ordinary Shares is substantially higher than the (pro forma) net tangible book value per share of our Class A Ordinary Shares. Consequently, assuming no exercise of over-allotment option by the underwriter, when you purchase our Class A Ordinary Shares in the offering and upon completion of the offering, you will incur immediate dilution of US$[ ] per share, based upon an initial public offering price of US$[ ] per shares, and after deducting estimated underwriters' fees and commissions and estimated offering expenses payable by us. See "Dilution." In addition, you may experience further dilution to the extent that additional Class A Ordinary Shares are issued upon exercise of outstanding options we may grant from time to time.

***Substantial future sales of our Class A Ordinary Shares or the anticipation of future sales of our Class A Ordinary Shares in the public market could cause the price of our Class A Ordinary Shares to decline.***

Sales of substantial amounts of our Class A Ordinary Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of our Class A Ordinary Shares to decline. An aggregate of 15,601,494 Class A Ordinary Shares will be outstanding before the consummation of this offering and [ ] Class A Ordinary Shares will be outstanding immediately after the consummation of this offering, assuming no exercise of the underwriters' over-allotment option. The Class A Ordinary Shares outstanding after this offering will be available for sale upon the expiration of the lock-up period ending 180 days after the closing of the offering, subject to certain restrictions. See "Shares Eligible for Future Sale." Any or all of these shares may be released prior to the expiration of the lock-up period at the discretion of the underwriters. Sales of these shares into the market could cause the market price of our Class A Ordinary Shares to decline.

***We do not intend to pay dividends for the foreseeable future.***

We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Class A Ordinary Shares if the market price of our Class A Ordinary Shares increases.

***If securities or industry analysts do not publish research or reports about our business, or if the publish a negative report regarding our Class A Ordinary Shares, the price of our Class A Ordinary Shares and trading volume could decline.***

The trading market for our Class A Ordinary Shares may depend in part on the research and reports that industry or securities analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade us, the price of our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause the price of our Class A Ordinary Shares and the trading volume to decline.

***The estimates of market opportunity, forecasts of market growth included in this prospectus may prove to be inaccurate, and any real or perceived inaccuracies may harm our reputation and negatively affect our business. Even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.***

Market opportunity estimates and growth forecasts included in this prospectus are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate. The variables that go into the calculation of our market opportunities are subject to change over time, and there is no guarantee that any particular number or percentage of addressable companies covered by our market opportunities estimates will purchase our products and solutions at all or generate any particular level of revenues for us. Even if the market in which we compete meets the size estimates and growth forecasted in this prospectus, our business could fail to grow for a variety of reasons, including reasons outside of our control, such as competition in our industry.

***The market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.***

The initial public offering price for our Class A Ordinary Shares will be determined through negotiations between the underwriters and us and may vary from the market price of our Class A Ordinary Shares following our initial public offering. If you purchase our Class A Ordinary Shares in our initial public offering, you may not be able to resell those shares at or above the initial public offering price. We cannot assure you that the initial public offering price of our Class A Ordinary Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our 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 stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Share prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, shareholders have filed securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business, and adversely affect our business.

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***Our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Class A Ordinary Shares.***

We anticipate that we will use the net proceeds from this offering for working capital and other corporate purposes. Our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the market price of our Class A Ordinary Shares.

***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 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 the company's internal control over financial reporting. Prior to filing the registration statement of which this prospectus is a part, we were not subject to these rules. As a result, we do not have in place effective disclosure controls and procedures or internal controls 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 do not presently have the financial resources or personnel to develop or implement systems that would provide us with the necessary information on a timely basis so as to be able to implement financial controls. As a result, 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 shares and may make it more difficult for us to raise funds in a debt or equity financing.

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***Because we are an "emerging growth company," we may not be subject to requirements that other public companies are subject to, which could affect investor confidence in us and our Class A Ordinary Shares.***

As we are an "emerging growth company," we may not be subject to requirements that other public companies are subject to, which could other 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 and a smaller reporting 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. See "Implications of Our Being an "Emerging Growth Company."

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***We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."***

Upon completion of this offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the Nasdaq Capital Market, impose various requirements on the corporate governance practices of public companies. As an "emerging growth company" pursuant to the JOBS Act, we may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costlier. After we are no longer an "emerging growth company," we expect to incur significant additional expenses and devote substantial management effort toward ensuring compliance increased disclosure requirements.

***Since Mr. Guohua Huang will be able to exercise more than* [ ]*% of the total voting power of our issued and outstanding share capital following the offering, Mr. Huang will have the ability to elect directors and approve matters requiring shareholder approval.***

Our ordinary shares consist of Class A and Class B Ordinary Shares. The holders of Class A Ordinary Shares are entitled to one vote for each such share held and shall be entitled to notice of any shareholders' meeting, and, subject to the terms of memorandum and articles of association, to vote thereat. The Class A Ordinary Shares are not redeemable at the option of the holder and are not convertible into shares of any other class. The holders of Class B Ordinary Shares shall have the right to fifteen votes for each such share held, and shall be entitled to notice of any shareholders' meeting and, subject to the terms of the memorandum and articles of association, to vote thereat. Holders of their Class B Ordinary Shares can hold their shares for any period of time.

The Class B Ordinary Shares are not redeemable at the option of the holder but are convertible into Class A Ordinary Shares at any time after issue at the option of the holder on a one to one basis. As a result, any future issuance of Class B Ordinary Shares may be dilutive to holders of Class A Ordinary Shares. Mr. Guohua Huang is currently the beneficial owner of all of our outstanding Class B ordinary, which are directly held by HGH HOLDINGS LIMITED, an entity 100% owned by Mr. Guohua Huang. After the offering, Mr. Guohua Huang will be able to exercise approximately [ ]% of the total voting power of our issued and outstanding share capital. As result, Mr. Guohua Huang will be able to exert significant voting influence over fundamental and significant corporate matters and transactions. Depending on the percentage, he may have the power to elect all directors and approve all matters requiring shareholder approval without the votes of any other shareholder. He will have significant influence over a decision to enter into any corporate transaction and has the ability to prevent any transaction that requires the approval of shareholders, regardless of whether or not our other shareholders believe that such transaction is in our best interests. Such concentration of voting power could have the effect of delaying, deterring, or preventing a change of control or other business combination, which could, in turn, have an adverse effect on the market price of our Class A Ordinary Shares or prevent our shareholders from realizing a premium over the then-prevailing market price for their Class A Ordinary Shares.

***Following this offering, we will be a "controlled company" within the meaning of the NASDAQ Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.***

Following this offering, we will be a "controlled company" as defined under the NASDAQ Stock Market Rules because one of our principal shareholders, Mr. Guohua Huang, will beneficially own more than 50% of voting power for the election of directors. 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 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 will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

***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.***

We expect to qualify as a foreign private issuer upon the completion of this offering. As a foreign private issuer, we will be exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States domestic issuers, and we will not be 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 qualify as a foreign private issuer immediately following the completion of this offering, we may cease to qualify as a foreign private issuer in the future.

***Anti-takeover provisions in our memorandum and articles of association may discourage, delay or prevent a change in control.***

Some provisions of our memorandum and articles of association, which will become effective upon the completion of this offering, may discourage, delay or prevent a change in control of our company or management that shareholders may consider favorable, including, among other things, the following:

● provisions that authorize our board of directors to issue shares with preferred, deferred or other special rights or restrictions without any further vote or action by our shareholders; and

● provisions that restrict the ability of our shareholders to call meetings and to propose special matters for consideration at shareholder meetings

***Our board of directors may decline to register transfers of Class A Ordinary Shares in certain circumstances.***

Our board of directors may, in its sole discretion, decline to register any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our directors may also decline to register any transfer of any share unless (i) 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; (ii) the instrument of transfer is in respect of only one class of shares; (iii) the instrument of transfer is properly stamped, if required; (iv) 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; (v) the shares conceded are free of any lien in favor of us; or (vi) a fee of such maximum sum as Nasdaq Capital Market may determine to be payable, or such lesser sum as our board of 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, on 14 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 days in any year.

***You may be unable to present proposals before general meetings or extraordinary general meetings not called by shareholders.***

Cayman Islands law provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our articles of association allow sour shareholders holding shares representing in aggregate not less than ten per cent in par value of the issued Shares which as at that date carry the right to vote at general meetings, to requisition an extraordinary general meeting of our shareholders, in which case our directors are obliged to call such meeting and to put the resolutions so requisitioned to a vote at such meeting. Although our articles of association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders, any shareholder may submit a proposal to our Board of Directors for consideration of inclusion in a proxy statement. Advance notice of at least fifteen calendar days is required for the convening of our annual general shareholders' meeting and any other general meeting of our shareholders. For so long as the Shares are listed on the Nasdaq Capital Market, a quorum required for a meeting of shareholders consists of at least one shareholder present or by proxy, representing not less than one-third in nominal value of the total issued voting shares in our company.

***If we are classified as a passive foreign investment company, United States taxpayers who own our Class A Ordinary Shares may have adverse United States federal income tax consequences.***

A non-U.S. corporation such as ourselves 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 which produce passive income or which are held for the production of passive income is at least 50%.

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

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 Class A Ordinary Shares, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our 2019 taxable year or for any subsequent year, 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, which in our case is the calendar year. Although the law in this regard is unclear, we are treating EPWK VIE as being owned by us for United States federal income tax purposes, not only because we control their management decisions, but also because we are entitled to the economic benefits associated with EPWK VIE, and as a result, we are treating EPWK VIE as our wholly-owned subsidiary for U.S. federal income tax purposes. 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. Therefore, the income and assets of EPWK VIE should be included in the determination of whether or not we are a PFIC in any taxable year.

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 "Taxation – United States Federal Income Taxation – Passive Foreign Investment Company."

***Our Class A Ordinary Shares may trade under $5.00 per share and thus will be a penny stock. Trading in penny stocks has certain restrictions and these restrictions could negatively affect the price and liquidity of our shares.***

 

Our Class A Ordinary Shares may trade below $5.00 per share after listing. As a result, our Class A Ordinary Shares would be known as a "penny stock", which is subject to various regulations involving disclosures to be given to you prior to the purchase of any penny stock. The SEC has adopted regulations which generally define a "penny stock" to be any equity security that has a market price of less than $5.00 per share, subject to certain exceptions. Depending on market fluctuations, our Class A Ordinary Shares could be considered to be a "penny stock". A penny stock is subject to rules that impose additional sales practice requirements on broker/dealers who sell these securities to persons other than established Members and accredited investors. For transactions covered by these rules, the broker/dealer must make a special suitability determination for the purchase of these securities. In addition, the broker/dealer must receive the purchaser's written consent to the transaction prior to the purchase. The broker/dealer must also provide certain written disclosures to the purchaser. Consequently, the "penny stock" rules may restrict the ability of broker/dealers to sell our securities and may negatively affect the ability of holders of shares of our Class A Ordinary Shares to resell them. These disclosures require you to acknowledge that you understand the risks associated with buying penny stocks and that you can absorb the loss of your entire investment. Penny stocks generally do not have a very high trading volume. Consequently, the price of the stock is often volatile, and you may not be able to buy or sell the stock when you want to.

**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

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

● future financial and operating results, including revenues, income, expenditures, cash balances and other financial items;

● our ability to execute our growth, expansion and acquisition strategies, including our ability to meet our goals;

● current and future economic and political conditions;

● our expectations regarding demand for and market acceptance of our services;

● changes in the regulations of PRC government bodies and agencies relating to network culture business;

● competition in our industry;

● our ability to continue to operate through the VIE structure;

● our capital requirements and our ability to raise any additional financing which we may require;

● our ability to protect our intellectual property rights and secure the right to use other intellectual property that we deem to be essential or desirable to the conduct of our business;

● our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business;

● our ability to retain the services of Mr. Guohua Huang, our Chief Executive Officer;

● overall industry and market performance; and

● other assumptions described in this prospectus underlying or relating to any forward-looking statements.

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

**Industry Data and Forecasts**

This prospectus contains data related to the crowdsourcing industry in China. These data include projections that are based on a number of assumptions which have been derived from industry and government sources which we believe to be reasonable. The crowdsourcing service industry may not grow at the rate projected by industry data, or at all. The failure of these industries to grow as anticipated is likely to have a material adverse effect on our business and the market price of our Class A Ordinary Shares. In addition, the rapidly changing nature of these industries subjects any projections or estimates relating to the growth prospects or future condition of our industry to significant uncertainties. Furthermore, if any one or more of the assumptions underlying the industry data turns out to be incorrect, actual results may, and are likely to, differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are a Cayman Islands company incorporated on March 24, 2022 as an exempted company with limited liability. Exempted companies are Cayman Islands companies wishing to conduct business outside the Cayman Islands and, as such, are exempted from complying with certain provisions of the Companies Act. As an exempted company, we have applied for and received a tax exemption undertaking from the Cayman Islands government that, in accordance with section 6 of the Tax Concessions Law (As Revised) of the Cayman Islands, for a period of 20 years from the date of the undertaking, no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to us or our operations and, in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable (i) on or in respect of our shares, debentures or other obligations or (ii) by way of the withholding in whole or in part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment of principal or interest or other sums due under a debenture or other obligation of us.

All of our assets are located in the PRC. In addition, a majority of our directors and officers are nationals or residents of the PRC and all or a substantial portion of their assets are located outside the United States. Specifically, Guohua Huang, our Chairman of the Board of Directors and Chief Executive Officer, Shuangquan Lin, our Chief Operating Officer, and Conghui Lin, our Chief Financial Officer, are all Chinese citizens living in China. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Southern District of New York under the federal securities laws of the United States or of any state in the United States or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

We have been advised by our Cayman Islands legal counsel, Ogier, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the securities laws of the United States or any State; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the securities laws of the United States or any State, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**PRC**

Dentons, our counsel as to PRC law, has advised us that there is uncertainty as to whether the courts of China would:

● recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or

● entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Dentons has further advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the jurisdiction where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other form of reciprocity with the United States that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States. Under the PRC Civil Procedures Law, foreign shareholders may originate actions based on PRC law against us in the PRC, if they can establish sufficient nexus to the PRC for a PRC court to have jurisdiction, and meet other procedural requirements, including, among others, the plaintiff must have a direct interest in the case, and there must be a concrete claim, a factual basis and a cause for the suit. However, it would be difficult for foreign shareholders to establish sufficient nexus to the PRC by virtue only of holding our Class A Ordinary Shares.

**Hong Kong**

There are uncertainties as to whether the courts of Hong Kong will recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. Foreign judgments of United States courts will not be directly enforced in Hong Kong as there are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, the judgment is for a definite sum of money in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the judgment is a final and conclusive and has not been stayed or satisfied in full, the judgment is from a competent court, the judgment was not obtained by fraud, misrepresentation or mistake nor obtained in proceedings which contravenes the rules of natural justice and the enforcement of the judgment is not contrary to public policy in Hong Kong, Hong Kong courts may accept such judgment obtained from a United States court as a debt due under the rules of common law. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.

**USE OF PROCEEDS** 

We estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and commissions and the estimated offering expenses payable by us and based upon an initial public offering price of US$[ ] per Class A Ordinary Share, of approximately $[ ] (excluding any exercise of the underwriters' over-allotment option).

The primary purposes of this offering are to create a public market for our shares for the benefit of all shareholders, retain talented employees by providing them with equity incentives, and obtain additional capital. We plan to use the net proceeds of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Approximately 30% of the net proceeds (approximately US$ million) for business development and marketing.
To explore new service categories besides software development and design, buildup flagship brand store system of high-quality service
providers, and increase users and the market share through brand-marketing and flow-growth.

&nbsp;&nbsp;&nbsp;&nbsp;· Approximately 25% of the net proceeds (approximately US$) for research and development, including developing
Software as a Service (SaaS) series tools for our sellers and buyers, upgrading our personalized task recommendation engine and providing
online digital business solutions.

&nbsp;&nbsp;&nbsp;&nbsp;· Approximately 25% of the net proceeds (approximately US$) for exploration of new product and service
offerings like NFT project, original copyright content platform and the construction of creative fund for high-quality service providers
investment, so as to promote the service quality and efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;· 20% of the net proceeds (approximately US$ million) for general corporate
purposes and working capital including the repayment of the company's revolving loan of US$3-4 million.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus. See " Risk Factors– - Risks Relating to this Offering and Our Ordinary Share–- Our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Class A Ordinary Shares."

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

In using the proceeds of this offering, we are permitted under PRC laws and regulations as an offshore holding company to provide funding to our PRC subsidiary only through loans or capital contributions and to our consolidated VIE only through loans, subject to satisfaction of applicable government registration and approval requirements. We cannot assure you that we will be able to obtain these government registrations or approvals on a timely basis, or at all. See "Risk Factors – Risks Relating to Our Corporate Structure – PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from using the proceeds of this offering to make loans or additional capital contributions to our PRC subsidiaries and the VIE, which could materially and adversely affect our liquidity and our ability to fund and expand our business."

**DIVIDEND POLICY**

We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future.

Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium amount, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts due in the ordinary course of business.

If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our Hong Kong subsidiary, EPWK HK. EPWK HK is permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves but not through share capital.

However, we, our subsidiaries and the VIE's abilities to use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. Current PRC regulations permit our indirect PRC subsidiaries to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.

The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if our subsidiaries and affiliates in the PRC incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we or our subsidiaries are unable to receive all of the revenues from our operations through the current VIE Agreements, we may be unable to pay dividends on our Class A Ordinary Shares.

Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the PRC government expands its restrictions and limitations to include Hong Kong or Hong Kong entities.

Cash dividends, if any, on our Class A Ordinary Shares will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10.0%. See "Taxation – PRC Taxation."

In order for us to pay dividends to our shareholders, we will rely on payments made from EPWK VIE to EPWK WFOE, pursuant to VIE Agreements between them, and the distribution of such payments to EPWK HK as dividends from our PRC subsidiaries. Certain payments from our EPWK VIE to EPWK WFOE are subject to PRC taxes, including business taxes and VAT. In addition, if EPWK VIE or our PRC subsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Double Tax Avoidance Arrangement, the 10% withholding tax rate may be lowered to 5% if a Hong Kong resident enterprise owns no less than 25% of a PRC project. However, the 5% withholding tax rate does not automatically apply and certain requirements must be satisfied, including without limitation that (a) the Hong Kong project must be the beneficial owner of the relevant dividends; and (b) the Hong Kong project must directly hold no less than 25% share ownership in the PRC project during the 12 consecutive months preceding its receipt of the dividends. In current practice, a Hong Kong project must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to dividends to be paid by our PRC subsidiary to its immediate holding company, EPWK HK. As of the date of this prospectus, we have not applied for the tax resident certificate from the relevant Hong Kong tax authority. EPWK HK intends to apply for the tax resident certificate when EPWK WFOE plans to declare and pay dividends to EPWK HK. See "Risk Factors- There are significant uncertainties under the EIT Law relating to the withholding tax liabilities of our PRC subsidiary, and dividends payable by our PRC subsidiary to our offshore subsidiaries may not qualify to enjoy certain treaty benefits."

**CAPITALIZATION**

The following table sets forth our capitalization as of June 30, 2022:

● on an actual basis; and

● on a pro forma as adjusted basis to reflect the issuance and sale of the Class A Ordinary Shares by us in this offering at the initial public offering price of US$[ ] per Class A Ordinary Share, after deducting the estimated commissions to the underwriters and the estimated offering expenses payable by us.

You should read this capitalization table in conjunction with "Use of Proceeds," "Selected Consolidated Financial and Operating Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the related notes appearing elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **Without Over Allotment<br> As of June 30, 2022** | **Without Over Allotment<br> As of June 30, 2022** | **Without Over Allotment<br> As of June 30, 2022** |
|  | **Actual<br> (Audited)**<br>**US$** | **As Adjusted for the Subsequent Issuance of New Shares<br> (Unaudited)**<br>**US$** | **Pro <br> Forma As Further <br> Adjusted**<br>**US$** |
| **<u>Shareholders' Equity</u>** |  |  |  |
| Ordinary shares, $0.0001 par value: 6,385,814 shares authorized; 6,385,814 shares issued and outstanding; 19,157,442 shares issued and outstanding as adjusted and [ ] shares issued and outstanding pro forma as further adjusted | $638 | $1916 |  |
| Additional paid-in capital | 11148844 | 11148844 |  |
| Statutory reserves |  |  |  |
| Accumulated deficit | (16580483) | (16580483) |  |
| Accumulated other comprehensive income | 37632 | 37632 |  |
| Total shareholders' equity | **(5393369)** | **(5392091)** |  |
| Noncontrolling interest | - | - |  |
| Total equity | $**(5393369)** | $**(5392091)** |  |
| Total capitalization | $**(5393369)** | $**(5392091)** |  |

---

(1) Pro forma additional paid in capital reflects the net proceeds we expect to receive, after deducting underwriting fee, underwriters' expense allowance and other expenses. We expect to receive net proceeds of (a) approximately $[ ] ($[ ] offering, less underwriting fee of $[ ] and offering expenses of approximately $[ ]).

A US$1.00 increase (decrease) in the initial public offering price of US$[ ] per Ordinary Share would increase (decrease) each of additional paid-in capital, total shareholders' equity and total capitalization by US$[ ] million, assuming the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated expenses payable by us.

**DILUTION**

If you invest in our Class A Ordinary Shares, your interest will be diluted for each Ordinary Share you purchase to the extent of the difference between the initial public offering price per Ordinary Share and our net tangible book value per Ordinary Share after this offering. Dilution results from the fact that the initial public offering price per Ordinary Share is substantially in excess of the net tangible book value per Ordinary Share attributable to the existing shareholders for our presently outstanding Class A Ordinary Shares.

Our net tangible book value as of [ ], 2022 was approximately US$[ ], or US$[ ] per Ordinary Share. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities and offering cost. Dilution is determined by subtracting the as adjusted net tangible book value per Ordinary Share from the initial public offering price per Ordinary Share and after deducting the estimated commissions to the underwriters and the estimated offering expenses payable by us.

Dilution results from the fact that the per Class A Ordinary Shares offering price is substantially in excess of the book value per Class A Ordinary Shares attributable to the existing shareholders for our presently outstanding Class A Ordinary Shares. After giving effect to our issuance and sale of [ ] shares in this Offering at an offering price of $[ ] per share, assuming no exercise of overallotment and after deducting the estimated underwriting discounts and offering expenses payable by us, the pro forma as adjusted net tangible book value as of [ ], 2022 would have been $[ ], or $[ ] per share. This represents an immediate increase in net tangible book value to existing shareholders of $[ ] per share. The Offering Price per share will significantly exceed the net tangible book value per share. Accordingly, new investors who purchase shares in this Offering will suffer an immediate dilution of their investment of $[ ] per share. The following table illustrates this per share dilution to the new investors purchasing shares in this Offering:

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| | | |
|:---|:---|:---|
|  | **Post-Offering<sup>(1)</sup>** | **Full Exercise of**<br> **Over-allotment**<br> **Option** |
| Initial public offering price per Ordinary Share | US$ | US$ |
| &nbsp;&nbsp;&nbsp;Net tangible book value per Ordinary Share as of June 30, 2022 | US$ | US$ |
| &nbsp;&nbsp;&nbsp;Increase in pro forma as adjusted net tangible book value per ordinary share attributable to new investors purchasing Class A Ordinary Shares in this offering | US$ | US$ |
| Pro forma as adjusted net tangible book value per Ordinary Share attributable to payments by new investors | US$ | US$ |
| Amount of dilution in net tangible book value per Ordinary Share to new investors in the offering | US$ | US$ |

---

(1) Assumes that the underwriters' over-allotment option has not been exercised.

**<u>Post-Offering Ownership</u>**

The following charts illustrate our pro forma proportionate ownership, upon completion of this Offering by present shareholders and investors in this Offering, compared to the relative amounts paid by each. The charts reflect payment by present shareholders as of the date the consideration was received and by investors in this Offering at the offering price without deduction of commissions or expenses. The charts further assume no changes in net tangible book value other than those resulting from the offering.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary**<br> **Shares**<br> **purchased** | **Class A Ordinary**<br> **Shares**<br> **purchased** | **Total consideration** | **Total consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average**<br> **price per**<br> **ordinary**<br>**Share** |
|  | | | **(US$ in**<br> **thousands)** | | |
| Existing shareholders% |  |  | US$% |  | US$ |
| New investors |  | % | US$ | % | US$ |
| Total |  | 100% | US$ | 100% | US$ |

---

The as adjusted information as discussed above is illustrative only.

**CORPORATE HISTORY AND STRUCTURE**

We were incorporated in the Cayman Islands on March 24, 2022. Our wholly-owned subsidiary, EPWK Group Limited ("EPWK BVI"), was incorporated in the British Virgin Islands on April 4, 2022. EPWK BVI wholly owns EPWK Holdings Limited ("EPWK HK"), a company incorporated in Hong Kong on April 28, 2022. Yipinweike (Guangzhou) Network Technology Co., Ltd. ("EPWK WFOE"), EPWK HK's wholly owned subsidiary, was organized pursuant to PRC laws on July 26, 2022. Our variable interest entity, Xiamen EPWK Network Technology Co., Ltd., which we refer to as EPWK VIE, was established on March 25, 2011 in Xiamen, Fujian Province, PRC pursuant to PRC laws. EPWK VIE's shareholders include certain PRC residents and corporate entities controlled by PRC residents. On August 11, 2022, the Company consummated a reorganization pursuant to which, EPWK WFOE, EPWK VIE and EPWK VIE's shareholders entered into a series of contractual arrangements. Such agreements are described under "Business – Contractual Arrangements between EPWK WFOE and EPWK VIE. EPWK Holdings Ltd. is a holding company with no business operation other than holding the shares in EPWK HK and EPWK HK is a pass-through entity with no business operation. EPWK WFOE is exclusively engaged in the business of managing the operation of EPWK VIE.

On June 1, 2022, EPWK VIE established a wholly-owned subsidiary, Yipinhuicheng (Guangzhou) Network Technology Co., Ltd., a PRC company. Yipinhuicheng (Guangzhou) Network Technology Co., Ltd. is engaged in software development worldwide; network and information security software development; information technology consulting services.

Pursuant to PRC laws, each entity formed under PRC law shall have certain business scope approved by the Administration of Industry and Commerce or its local counterpart. As such, EPWK WFOE's business scope is to primarily engage in business development, technology service, technology consulting, intellectual property service and business management consulting. Since the sole business of EPWK WFOE is to provide EPWK VIE with technical support, consulting services and other management services relating to its day-to-day business operations and management in exchange for a consulting fee solely at EPWK WFOE's discretion and can be the net income of EPWK VIE, such business scope is necessary and appropriate under the PRC laws. EPWK VIE, on the other hand, has been granted a business scope different from EPWK WFOE to enable it to provide software development and IT services, animation and game development, advertising production, tax and financial advisory services, corporate management services, and certain value-added telecommunication services.

We control EPWK VIE through contractual agreements, which are described under "Business – Contractual Arrangements between EPWK WFOE and EPWK VIE. EPWK Holdings Ltd. is a holding company with no business operation other than holding the shares in EPWK HK and EPWK HK is a pass-through entity with no business operation. EPWK WFOE is exclusively engaged in the business of managing the operation of EPWK VIE.

Our corporate structure as of the date of this prospectus is as follows: <br>

The following diagram illustrates our corporate structure, including our subsidiaries and the VIE and its subsidiaries, as of the date of this prospectus and upon completion of our IPO based on the number of [ \* ] Shares being offered, assuming no exercise of underwriters' over-allotment option.

![](vc012_f1img06.jpg)

Notes:

For details of our principal shareholders' ownership, please refer to the beneficial ownership table in the section captioned "Principal Shareholders."

***Contractual Arrangements between EPWK WFOE and EPWK VIE***

Due to PRC legal restrictions on foreign ownership in the network culture business, neither we nor our subsidiaries own any equity interest in EPWK VIE. Instead, we receive the economic benefits of EPWK VIE's business operation through a series of contractual arrangements. EPWK WFOE, EPWK VIE and its shareholders entered into a series of contractual arrangements, also known as VIE Agreements, on August 11, 2022. Under the VIE Agreements, EPWK WFOE is entitled to collect a service fee that is equal to 100% of the net income of the EPWK VIE, and EPWK WFOE has the power to direct the activities of the EPWK VIE that can significantly impact the EPWK VIE's economic performance and is obligated to absorb losses of the EPWK VIE, which makes us, through our direct ownership of 100% of the equity in EPWK WFOE, the primary beneficiary to receive the economic benefits of the EPWK VIE's business operation for accounting purposes only. Because our economic interest in the EPWK VIE is more than insignificant exposure to potential losses of or benefits from it, and we have power over the most significant economic activities of the EPWK VIE, we have consolidated the financial results of the EPWK VIE in our consolidated financial statements under generally accepted accounting principles in the U.S. ("U.S. GAAP"). However, the economic interest in and the power over the EPWK VIE are based on contractual agreements and are not equivalent to equity ownership in the business of the EPWK VIE, and the structure involves unique risks to investors.

Each of the VIE Agreements is described in detail below:

 

*Exclusive Business Cooperation Agreement*

 

Pursuant to the exclusive business cooperation agreement between EPWK WFOE and EPWK VIE, EPWK WFOE has the exclusive right to provide EPWK VIE with technical support services, consulting services and other services, including technical support, technical assistance, technical consulting, and professional training necessary for EPWK VIE's operation, network support, database support, software services, business management consulting, grant use rights of intellectual property rights, lease hardware and device, provide system integration service, research and development of software and system maintenance, provide labor support and to develop the related technologies based on EPWK VIE's needs. In exchange, EPWK WFOE is entitled to a service fee that equals to all of the consolidated net income after offsetting previous year's loss (if any) of EPWK VIE. The service fees may be adjusted based on the actual scope of services rendered by EPWK WFOE and the operational needs of EPWK VIE.

Pursuant to the exclusive business cooperation agreement, EPWK WFOE has the unilateral right to adjust the service fee at any time, and EPWK VIE has no right to adjust the service fee. We believe that such conditions under which the service fee may be adjusted will be primarily based on the needs of EPWK VIE to operate and develop its business in the AR market. For example, if EPWK VIE needs to expand its business, increase research input or consummate mergers or acquisitions in the future, EPWK WFOE has the right to decrease the amount of the service fee, which would allow EPWK VIE to have additional capital to operate and develop its business.

The exclusive business cooperation agreement remains in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, EPWK WFOE shall have the right to terminate this agreement upon giving 30 days' prior written notice to EPWK VIE at any time. 

*Call Option Agreements*

 

Pursuant to the call option agreements, among EPWK WFOE, EPWK VIE and the shareholders who collectively owned all of EPWK VIE, such shareholders jointly and severally grant EPWK WFOE an option to purchase their equity interests in EPWK VIE. The purchase price shall be the lowest price then permitted under applicable PRC laws. EPWK WFOE or its designated person may exercise such option at any time to purchase all or part of the equity interests in EPWK VIE until it has acquired all equity interests of EPWK VIE, which is irrevocable during the term of the agreements.

The call option agreements remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, EPWK WFOE shall have the right to terminate these agreements upon giving 30 days' prior written notice to EPWK VIE at any time.

*Equity Pledge Agreements*

 

Pursuant to the equity pledge agreements, among the shareholders who collectively owned all of EPWK VIE, such shareholders pledge all of the equity interests in EPWK VIE to EPWK WFOE as collateral to secure the obligations of EPWK VIE under the exclusive business cooperation agreement and call option agreements. These shareholders are prohibited or may not transfer the pledged equity interests without prior consent of EPWK WFOE unless transferring the equity interests to EPWK WFOE or its designated person in accordance with the call option agreements.

**The equity pledge agreement will take effect from the date of signing, that is, on August 11, 2022, and three days after the agreement is signed, the share pledge will be recorded under the EPWK VIE shareholder register.**

The equity pledge agreements remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, EPWK WFOE shall have the right to terminate these agreements upon giving 30 days' prior written notice to EPWK VIE at any time

** 

*Shareholders Powers of Attorney ("POAs")*

 

Pursuant to the shareholders powers of attorney, the shareholders of EPWK VIE give EPWK WFOE an irrevocable proxy to act on their behalf on all matters pertaining to EPWK VIE and to exercise all of their rights as shareholders of EPWK VIE, including the right to attend shareholders meetings, to exercise voting rights and all of the other rights, and to sign transfer documents and any other documents in relation to the fulfillment of the obligations under the call option agreements and the equity pledge agreements.

The shareholders powers of attorney remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, shareholders of EPWK VIE shall have the right to terminate these agreements upon giving 30 days' prior written notice to EPWK WFOE at any time.

*Irrevocable Commitment Letter*

Pursuant to the irrevocable commitment letter, the individual shareholders of EPWK VIE commit that their spouses or inheritors have no right to claim any rights or interest in relation to the shares that they hold in EPWK VIE and have no right to impose any impact on the daily managing duties of EPWK VIE, and commit that if any event which refrains them from exercising shareholders' rights as a registered shareholder, such as death, incapacity, divorce or any other event, could happen to them, the shareholders of EPWK VIE will take corresponding measures to guarantee the rights of other registered shareholders and the performance of the Contractual Arrangements. The letter is irrevocable and shall not be withdrawal without the consent of EPWK WFOE. The spouses of EPWK VIE individual shareholders also undertake that they have no right to claim any rights or interest in relation to the shares that they hold in EPWK VIE and have no right to impose any impact on the daily managing duties of EPWK VIE.

Based on the foregoing contractual arrangements, which grant EPWK WFOE effective control of EPWK VIE and enable EPWK WFOE to receive all of their expected residual returns, we account for EPWK VIE as a VIE. Accordingly, we consolidate the accounts of EPWK VIE for the periods presented herein, in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission ("SEC"), and Accounting Standards Codification ("ASC") 810-10, Consolidation.

*Permission Required from the PRC Authorities for The VIE's Operation*

We are currently not required to obtain permission from any of the PRC authorities to operate and issue our Class A Ordinary Shares to foreign investors. In addition, we, our subsidiaries, or VIE are not required to obtain permission or approval from the PRC authorities including CSRC or CAC for the VIE's operation, nor have we, our subsidiaries, or VIE received any denial for the VIE's operation. However, recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or the Opinions, which was made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity and data privacy protection requirements and similar matters. The Opinions and any related implementing rules to be enacted may subject us to compliance requirement in the future. Given the current regulatory environment in the PRC, we are still subject to the uncertainty of different interpretation and enforcement of the rules and regulations in the PRC adverse to us, which may take place quickly with little advance notice.

*Dividend Distributions or Assets Transfer among the Holding Company, its Subsidiaries and the Consolidated VIE*

We intend to keep any future earnings to re-invest in and finance the expansion of our business, and we do not anticipate that any cash dividends will be paid or any assets will be transferred in the foreseeable future. As of the date of this prospectus, there has been no distribution of dividends or assets among the holding company, the subsidiary or the consolidated VIE. Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium amount, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts due in the ordinary course of business. If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our Hong Kong subsidiary, EPWK HK. EPWK HK is permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves but not through share capital.

However, we, our subsidiaries and the VIE's abilities to use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. Current PRC regulations permit our indirect PRC subsidiaries to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.

The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we or our subsidiaries are unable to receive all of the revenues from our operations through the current VIE Agreements, we may be unable to pay dividends on our Class A Ordinary Shares.

Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the PRC government expands its restrictions and limitations to include Hong Kong or Hong Kong entities.

Cash dividends, if any, on our Class A Ordinary Shares will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10.0%.

In order for us to pay dividends to our shareholders, we will rely on payments made from EPWK VIE to EPWK WFOE, pursuant to VIE Agreements between them, and the distribution of such payments to EPWK HK as dividends from EPWK WFOE. Certain payments from our EPWK VIE to EPWK WFOE are subject to PRC taxes, including business taxes and VAT.

Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Double Tax Avoidance Arrangement, the 10% withholding tax rate may be lowered to 5% if a Hong Kong resident enterprise owns no less than 25% of a PRC project. However, the 5% withholding tax rate does not automatically apply and certain requirements must be satisfied, including without limitation that (a) the Hong Kong project must be the beneficial owner of the relevant dividends; and (b) the Hong Kong project must directly hold no less than 25% share ownership in the PRC project during the 12 consecutive months preceding its receipt of the dividends. In current practice, a Hong Kong project must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to dividends to be paid by our PRC subsidiary to its immediate holding company, EPWK HK. As of the date of this prospectus, we have not applied for the tax resident certificate from the relevant Hong Kong tax authority. EPWK HK intends to apply for the tax resident certificate when EPWK WFOE plans to declare and pay dividends to EPWK HK. See "Risk Factors- There are significant uncertainties under the EIT Law relating to the withholding tax liabilities of our PRC subsidiary, and dividends payable by our PRC subsidiary to our offshore subsidiaries may not qualify to enjoy certain treaty benefits."

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF**

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with "Selected Condensed Consolidating Financial Statements of Parent, Subsidiaries, VIE and its Subsidiaries" and our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results and the timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. See "Special Note Regarding Forward-Looking Statements."*

 

**Overview**

Our mission is to add value to our users in both service supply and demand sides. We create an innovative and efficient crowdsourcing platform to connect businesses with great talents.

We operate the second largest online marketplace in terms of GMV according to the F&S report to enable businesses (buyers) and service providers (sellers) to find each other. During the past three years from 2019 to 2021, our platform enabled approximately US$804 million (RMB 5.39 billion) of GMV across 2.23 million projects between 15.33 million sellers and 7.67 million buyers from all 34 provinces in China. In 2019, we enabled US$210 million of GMV across 600,000 projects. In 2020, we enabled US$254 million of GMV across 0.7 million projects. In 2021, we enabled US$340 million of GMV across 0.9 million projects.

Our marketplace platform was launched in 2011 and we have achieved significant growth ever since our inception. Our platform users consist of buyers who seek talents for their jobs and sellers who offer different talents and skills. We currently have over 23 million registered users with an average annual growth rate of 26.69% for the last 7 years from 2015 to 2021, and offer an expansive catalog to provide diversified services to businesses of all sizes. Our average annual active users, or AAU, is 10.13 million. Our daily inquiries well exceed 10,000 from logo design to business name selection to software development. Our GMV increased by 33.5 % from US$254 million (RMB 1.755 billion) in 2020 to US$340 million (RMB 2.19 billion) in 2021.

**Key Factors Affecting Our Results of Operations**

***General Factors Affecting Our Results of Operations***

 **

Our results of operations and financial condition are affected by the general factors driving digital economy in China, which include China's overall economic growth and level of per capita disposable income, growth of mobile Internet usage, and penetration rate. They are also affected by factors that drive the crowdsourcing industry in China, such as increased crowdsourcing downstream demand, growing labor costs, government policies and initiatives, and technology development. As a result, unfavorable changes in any of these general factors could materially and adversely affect demand for our services and our results of operations.

 **

***Specific Factors Affecting Our Results of Operations***

 **

While our business is influenced by the general factors set forth above, our results of operations are more directly affected by specific factors relating to our business, including:

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***Our ability to increase and maintain users.***

Our revenue mainly comes from providing various value-added services for our users on both supply and demand sides. In order to increase and maintain our active user pool, first, we will focus our marketing efforts on actively promoting and obtaining users, and build up an efficient after-sales support system to maintain user relations.

As shown in the figure below, we have been able to maintain an annual growth rate of about 30% since 2015 before hitting by the COVID-19 pandemic. After the outbreak of the COVID-19 pandemic at the end of 2019, the growth rate decreased to 2.69% in 2020 but quickly returned to an annual growth rate of 24.37% in 2021. As more buyers start to understand and trust our online task transactions, we could obtain higher customer growth rate and consumption proportion. We believe that the task oriented and flexible online task transactions with little geographical restrictions will provide an efficient option to the traditional way of fulfilling all tasks by hiring employees.

![](vc012_f1img07.jpg)

Whether we can continue to develop our user registration and value-added consumption mainly depends on our excellent operation and promotion team, personalized user experience and accurate intelligent matching of buyers and sellers. Therefore, we will continue to focus on multi-channel marketing methods, establish a perfect combination of online and offline promotion methods, and establish a perfect promotion matrix, especially the traffic acquisition of short video platform and information flow platform. We also plan to enhance our artificial intelligence and big data technology capabilities to provide personalized user experience, user matching ancillary services, more effective and flexible communication methods for our users, and improve the efficiency and reliability of our marketplace.

We will continue to improve our brand recognition to attract more users to our online marketplace as well as shared offices.

 ****

***Our ability to optimize services***

We have an R&D team of 83 professional staff to improve our online marketplace continuously. Through powerful artificial intelligence algorithms and large data capacity, we improve the two-way matching accuracy between buyers and sellers. We also focus on optimizing the online marketplace such as providing more convenient user interface, more supporting tools and databases, and better user data security. In order to expand our services to existing paying corporate users, we plan to launch new value-added services, and recommend more customized services according to the analysis of users' historical data.

 ****

***Our ability to expand our business***

Our operation team constantly explores and tests new products and services to meet market trends and user requirements. Currently, we offer services in seven categories with over 40 sub-categories and more than 300 items. We constantly adjust and add subdivided service categories according to the continuous changes of domestic and international markets. For example, short video and smart products have been gaining popularity and growth momentum in the domestic markets. Accordingly, we have added and promoted short video production, film production, face recognition, machine learning, Internet of things on our marketplace. With the popularity of the concept of meta universe in domestic and international markets, it may give birth to more products or industrial layout. We also keep up with the market trend and are ready to expand our service categories to meet the service demand of the market for emerging industries. We will continue to add more service categories to better satisfy buyer requirements and attract more sellers with different skills.

 ****

***Our Ability to Manage Costs and Expenses Effectively***

Our ability to manage our costs and expenses effectively is critical to the success of our business. Through optimized and adjusted business process, talent selection and retention, systematic employee training, and cross-department cooperation, we could effectively reduce our labor cost and ensure productivity. We also find innovative ways to control our marketing and administrative expenses to improve our profit margin.

 ****

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***Selectively Pursue Acquisition and Investment Opportunities***

We plan to continuously evaluate various investment opportunities, including acquiring local office sharing brands with strong regional influence and companies that may help us further integrate and refine our services. Furthermore, we plan to pursue additional investment opportunities through investing in relevant service providers or in start-ups and SMEs in our incubation and acceleration programs. With the support of our platform and ecosystem, we expect that the investees' business will grow with us, and the services provided by our investees could help satisfy the demands of our other customers.

**Impact of the COVID-19 Pandemic on Our Operations and Financial Performance** Due to the epidemic control requirements, the resumption of work was delayed and the employees could not return to their posts in time, so the Company could not carry out business normally and smoothly. During the lockdown period from February to May in 2020, online working was adopted, the work efficiency was affected, and the work that needs to be carried out on the spot (such as certification audit) could not be carried out. In addition, we provided certain discounts or subsidies for buyers and sellers. All of the above generally led to a decrease in our revenue. For our buyers and sellers, there is also a delay in returning to work and reduction in business scale, resulting in a reduction in the number of orders required and a delay in the completion of orders, which has an impact on the growth of the GMV. Overall, our net revenues decreased by 11.93% from US$12.9 million in 2020 to US$11.4 million in 2021 for the years ended June 30. The situation improved in the next period, our net revenues increased by 12.71% to US$12.8 million in 2022 for the years ended June 30.

Since the outbreak of COVID-19, buyers started to understand and experiment with online task transactions. Buyers who are used to offline transactions need time to switch tasks online. In addition, in 2021, the epidemic broke out frequently in many places in China. Xiamen where the consolidated VIE is located, had a serious emergency lockdown for several months. Due to the impact of coexisting with the epidemic, the operation status of micro, small and medium-sized enterprises in China have not been fundamentally improved, especially in the software and information technology industry. Therefore, micro, small and medium-sized enterprises are relatively cautious about using task services. In response to that, the VIE have been constantly improving the quality of our service to attract users to our platform and enhance their confidence in trading through and acquiring value-added services from our marketplace. To achieve a win-win situation for users and the platform, the platform has taken a variety of measures, including launch various support programs that provide first-time sellers with exclusive support policies, randomly select and give out short-term free member services to users, design additional service gifts such as free consultation sessions on IP rights to users in areas affected by COVID-19, and host complimentary monthly online training for entrepreneurs who are interested in selling services on the VIE's platform; The VIE also diversifies its promotion channels by rewarding current users who participate in the task and service promotions and increasing product exposure to attract potential customers through the combination of online live broadcast and offline marketing events.

On the other hand, given the security and efficiency of online services, and acceptance of the online task transactions by the market, buyers, small, medium and micro enterprises will have greater confidence in online task transactions, customized service and intellectual property services. We believe that global shelter-in-place restrictions have encouraged businesses to invest more in their online operations and sellers to spend more time online, both of which have served us well.

We have benefited from favorable tax policies promulgated by the national and local governments of the PRC, which assisted our recovery from the impact of COVID-19. For instance, according to a notice jointly issued by the Ministry of Finance and the State Taxation Administration, revenues subject to an original value-added tax rate of 3% and generated from March 1, 2020 to December 31, 2020 were reduced to 1%, which applied to revenues generated by all subsidiaries of the VIE. Besides, we have benefited from the government's social insurance exemption during the epidemic period. From February 2020 to December 2020, the accumulated exemption was about USD$160,000.

The global spread of COVID-19 pandemic in major countries of the world may also result in global economic distress, and the extent to which it may affect our results of operations will depend on future developments of the COVID-19 pandemic, which are highly uncertain and difficult to predict. See "Risk Factors – Risks Relating to Our Business Operations – We face risks related to health epidemics such as the COVID-19, and other outbreaks, which could significantly disrupt our operations and adversely affect our business, financial condition and results of operations."

**Consolidation**

The Company provides substantially all of its services in China via its VIE and its subsidiaries, due to PRC legal restrictions of foreign ownership in certain sectors. Substantially all of the Company's revenues, costs and net income in China are directly or indirectly generated through the VIE and its subsidiaries. The Company has signed various agreements with its VIE and legal shareholders of the VIE to allow the transfer of economic benefits from the VIE to the Company and to direct the activities of the VIE.

Total assets and liabilities presented on the Company's consolidated balance sheets and revenue, expense, net income presented on consolidated statement of operations and comprehensive income as well as the cash flow from operating, investing and financing activities presented on the consolidated statement of cash flows are substantially the financial position, operation and cash flow of the Company's VIE and VIE's subsidiaries. The Company has not provided any financial support to the VIE and the VIE's subsidiaries for the years ended at June 30, 2022 and 2021. Our variable interest entities accounted for an aggregate of 100% and 100% of our total assets and total liabilities as of June 30, 2022 and 2021, respectively. As of June 30, 2022 and 2021, $713,649 and $572,788 of cash and cash equivalents were denominated in RMB, respectively. The following table sets forth the assets, liabilities, results of operations and changes in cash, cash equivalents the VIE and its subsidiaries taken as a whole, which were included in the Company's consolidated balance sheets and statements of comprehensive income and statements of cash flows with intercompany transactions eliminated:

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| | | |
|:---|:---|:---|
|  | **As of**<br> **June 30,** | **As of**<br> **June 30,** |
|  | **2022** | **2021** |
| Current assets | $1574139 | $6187922 |
| Total non-current assets | $6032732 | $15913963 |
| Total assets | $7606871 | $22101885 |
| Total liabilities | $13000240 | $24292988 |

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| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Total net revenue | $12811143 | $11366317 |
| Net loss/(profit) | $(3405919) | $623836 |

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| | | |
|:---|:---|:---|
|  | **For the years ended**<br> **June 30,** | **For the years ended**<br> **June 30,** |
|  | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;Net cash provided by/(used in) operating activities | $(3664165) | $1152690 |
| &nbsp;&nbsp;&nbsp;Net cash provided by/(used in) investing activities | $(432736) | $(106050) |
| &nbsp;&nbsp;&nbsp;Net cash provided by/(used in) financing activities | $4264739 | $(1874322) |

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**Results of Operations**

The following table sets forth our results of operations with line items in absolute amounts and as a percentage of our net revenues for the periods indicated:

**Key Components of Results of Operations**

**Net Revenues**

Net revenues consist of revenues from online promotion services, value-added services, and shared office rental and management. The following table sets forth a breakdown of our net revenues by type in absolute amounts and as a percentage of our net revenues for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30** | **For the years ended June 30** | **For the years ended June 30** | **For the years ended June 30** |
|  | **2022** | **%** | **2021** | |
| Online Promotion revenue | $8287570 | 64.7% | $6349510 | 55.9% |
| Value-Added Services revenue | 2473971 | 19.3% | 2875697 | 25.3% |
| Shared office rental and management revenue | 2049602 | 16% | 2141110 | 18.8% |
| Total | $12811143 | 100% | $11366317 | 100% |

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***<u>Online Promotion revenue.</u>*** The majority of the Company's revenue is derived from services provided to our seller users to promote their services to our buyer users. The Company recognizes the revenues on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified services. The Company recognizes revenue when services are rendered. Most of the payments are made from sellers' subscription payment. Therefore, the online promotion revenues are amortized over the subscription period on a straight line basis.

***<u>Value-Added Services revenue.</u>*** The Company provides various value-added services to our users, such as bookkeeping services, tax filing services, IP application and registration services, and qualification certification services. The Company recognizes revenue when the service is performed. Revenues from value-added services are recognized on a gross basis, as the Company is responsible to provide the specified services, and it also has the discretion to set service fee charged to the customers.

***<u>Shared office rental and management revenue.</u>*** The Company provides shared office space to startup companies or small companies, and it also provides property management services to these companies using shared office. The Company recognizes the revenues on a gross basis as the Company is acting as a principal in the rented offices and bears the full rental costs regardless whether the offices are sublet or not. The Company recognizes revenue when the shared space is sublet to these companies.

***Cost of revenues***

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The following table sets forth a breakdown of our cost of revenues by type in absolute amounts and as a percentage of total cost of revenues for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30** | **For the years ended June 30** | **For the years ended June 30** | **For the years ended June 30** |
|  | **2022** | **%** | **2021** | **%** |
| Personnel-related costs | $2156099 | 28.8% | $2127337 | 32.1% |
| Cost for obtaining new customers | 790259 | 10.5% | 840097 | 12.7% |
| Rental cost and utility costs | 1537562 | 20.5% | 2419182 | 36.5% |
| Other costs | 3012544 | 40.2% | 1233107 | 18.6% |
| Total | $7496464 | 100% | $6619723 | 100% |

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Cost of revenue mainly consists of cost for (i) personnel-related costs for our services and support personnel, (ii) cost for obtaining new customers, (iii) rental cost and utility costs for shared offices, and (iv) other cost directly linked to the revenue, such as internet charges, government surcharges for registration.

**Gross Profit**

The following table sets forth of our gross profit and gross margin, for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **For the years ended** | **For the years ended** |
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Total net revenue | $12811143 | $11366317 |
| Cost of revenue | $7496464 | $6619723 |
| Gross Profit | $5314679 | $4746594 |
| Gross Margin | $41.48% | $41.76% |

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**Operating expenses**

The following table sets forth a breakdown of our operating costs and expenses both in absolute amounts and as a percentage of total operating expenses for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30** | **For the years ended June 30** | **For the years ended June 30** | **For the years ended June 30** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2022** | **%** | **2021** | **%** |
| Selling Expenses | $4305293 | 47.0% | $2680090 | 47.1% |
| G&A Expenses | $2849518 | 31.1% | $2774983 | 48.7% |
| R&D Expense | $2009591 | 21.9% | $239966 | 4.2% |
| Total Operating Expenses | $9164402 |  | $5695039 |  |

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*Sales and marketing expenses*. Sales and marketing expenses consist primarily of labor costs for sales personnel, and other miscellaneous selling expenses.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2022** | **%** | **2021** | **%** |
| Labor expenses | $2271001 | 52.75% | $2373283 | 88.55% |
| Marketing expenses | $1817495 | 42.22% | $205855 | 7.68% |
| Other Expenses | $216797 | 5.04% | $100972 | 3.77% |
| Total Selling Expenses | $4305293 | 100% | $2680090 | 100% |

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*General and administrative expenses*. General and administrative expenses consist primarily of labor costs for management and administrative personnel, professional service fees, real estate expenses (such as rental cost, utility cost, and office improvements costs), and other miscellaneous administrative expenses.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2022** | **%** | **2021** | **%** |
| Labor Expenses | $1175420 | 41.25% | $1260106 | 45.41% |
| Professional service fees | $882374 | 30.97% | $172286 | 6.21% |
| Real estate expenses | $389099 | 13.65% | $1002598 | 36.13% |
| Other expenses | $402626 | 14.13% | $339993 | 12.25% |
| Total G&A Expenses | $2849518 | 100% | $2774983 | 100% |

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*Research and development expenses*. Research and development expenses consist primarily of salaries and benefits of employees and related expenses for IT professionals involved in developing technology platforms, server and other equipment depreciation, bandwidth and data center costs, and rental fees. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2022** | **%** | **2021** | **%** |
| Labor Expenses | $- | 0.00% | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;Material Cost | $2826 | 0.14% | $164 | 0.07% |
| Equipment modification and lease fee | $83537 | 4.16% | $115833 | 48.27% |
| &nbsp;&nbsp;&nbsp;Utility cost | $34279 | 1.71% | $28032 | 11.68% |
| Travel expenses | $589 | 0.03% | $791 | 0.33% |
| &nbsp;&nbsp;&nbsp;Professional service fees | $8733 | 0.43% | $26123 | 10.89% |
| Rental cost | $102447 | 5.10% | $3387 | 1.41% |
| &nbsp;&nbsp;&nbsp;Depreciation expense | $4204 | 0.21% | $62686 | 26.12% |
| Amortization of intangible assets | $3025 | 0.15% | $2950 | 1.23% |
| &nbsp;&nbsp;&nbsp;Entrusted development cost | $1754753 | 87.32% | $- | 0.00% |
| Conference Fees | $15198 | 0.76% | $- | 0.00% |
| &nbsp;&nbsp;&nbsp;Total R&D Expenses | $2009591 | 100% | $239966 | 100.00% |

---

**Other income (expense), net**

Other income (expense), net consist primarily of subsidy income (for business incubator service and for research & development), interest income and expenses, other income and expenses (such as VAT preference and donation expenditure), and loss on disposal of property, plants and equipment.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended** | **For the years ended** | **For the years ended** | **For the years ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2022** | **%** | **2021** | **%** |
| Other Income | $20109 | 4% | $1198 | 0% |
| Other Expenses | $(45282) | -10% | $(8483) | -1% |
| Interest Income | $7288 | 2% | $40379 | 3% |
| Interest Expenses | $(75879) | -17% | $- | 0% |
| Subsidy income | $945812 | 210% | $1541838 | 98% |
| Loss on disposal of property, plants and equipment | $(117682) | -26% | $(184) | 0% |
| Loss from disposals of subsidiaries | $(285020) | -63% | $- | 0% |
| Total Other Income (Expense) | $449346 | 100% | $1574748 | 100% |

---

**Taxation**

**Cayman Islands**

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 brought within the jurisdiction of, the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments.

***Hong Kong***

 ****

On March 21, 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017, which introduces the two-tiered profits tax rates regime. The bill was signed into law on March 28, 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

Accordingly, the Hong Kong profits tax of the qualifying group entity is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million.

EPWK HOLDINGS LIMITED was not subject to Hong Kong profit tax for any period presented as it did not have assessable profit during the periods presented.

**China**

Under the PRC Enterprise Income Tax Law effective from January 1, 2008, our PRC subsidiaries, are subject to the statutory rate of 25%, subject to preferential tax treatments available to qualified enterprises in certain encouraged sectors of the economy.

The income tax provision consists of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> June 30,** | **For the years ended <br> June 30,** |
|  | **2022** | **2021** |
| Current income tax expenses | 5542 | 2467 |
| Deferred income tax benefit | - | - |
| Total income tax expense | $**5542** | $**2467** |

---

As of June 30, 2022 and 2021, the Company had net operating loss carryforwards of approximately US$16,580,483 and US$13,174,564, respectively, which arose from the Company's subsidiaries, VIE and the VIE's subsidiaries established in the PRC. As of June 30, 2022 and 2021, deferred tax assets from the net operating loss carryforwards amounted to nil and US$3,293,641, respectively, and the Company has provided a valuation allowance as it has concluded that it is more likely than not that these net operating losses would not be utilized in the next 5 years.

**Results of Operations**

The following table sets forth a summary of our consolidated results of operations for the periods presented, both in absolute amounts and as percentages of our total revenues.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the years ended | For the years ended | For the years ended | For the years ended |
|  | June 30, | June 30, | June 30, | June 30, |
|  | **2022** | **%** | **2021** | **%** |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Online Promotion revenue | $8287570 | 65% | $6349510 | 56% |
| &nbsp;&nbsp;&nbsp;Value-Added Services revenue | $2473971 | 16% | $2875697 | 25% |
| &nbsp;&nbsp;&nbsp;Shared office rental and management revenue | $2049602 | 16% | $2141110 | 19% |
| Total revenue | $12811143 | 100% | $11366317 | 100% |
| Cost of revenue | $7496464 | 59% | $6619723 | 58% |
| Gross profit | $5314679 | 41% | $4746594 | 42% |
| Operating Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing | $4305293 | 34% | $2680090 | 24% |
| &nbsp;&nbsp;&nbsp;General and administrative | $2849518 | 22% | $2774983 | 24% |
| &nbsp;&nbsp;&nbsp;Research and development | $2009591 | 16% | $239966 | 2% |
| Total Operating expenses | $9164402 | 72% | $5695039 | 50% |
| Operating Income/(loss) | $(3849723) | -30% | $(948445) | -8% |
| Other (income) expenses, net | $449346 | 4% | $1574748 | 14% |
| Income (loss) before income taxes | $(3400377) | -27% | $626303 | 6% |
| Income tax benefit (provision) | $(5542) | 0% | $(2467) | 0% |
| Net income (loss) | $(3405919) | -27% | $623836 | 5% |

---

 

 

**Year Ended June 30, 2022 Compared to Year Ended June 30, 2021**

***Net revenues***

 ****

Our net revenues increased by 12.71% from US$11.4 million in 2021 to US$12.8 million in 2022, primarily because our online promotion revenue has increased by US$1.9 million or 30.53% from US$6.35 million in 2021 to US$8.29 million in 2022 due to the increase of the demand of online promotion service.

***Cost of revenues, gross profit and gross profit margin***

 ****

Our cost of revenues increased by 13.24% from US6.62 million in 2021 to US$7.50 million in 2022, primarily attribute to the other cost for value-added service has increased by US$1.78 million or 144.31%, and offset by around US$0.9 million decrease of rental cost.

Our gross profit keeps stable and increased by 11.97% from US$4.75 million in 2021 to US$3.23 million in 2022. Our gross profit margin was 41.48% in 2022 and 41.76% in 2021.

***Operating expenses***

 ****

*Sales and marketing expenses*. Our sales and marketing expenses in total increased by US$1.63 million from US$2.68 million in 2021 to US$4.31 million in 2022, primarily because the marketing expenses for obtaining new customers increased US$1.6 million.

*General and administrative expenses*. Our general and administrative expenses remained relatively stable and only increased by 2.69% from US$2.77 million in 2021 to US$2.85 million in 2022.

*Research and development expense*. Our research and development expenses increased by US$1.77 million from US$0.24 million in 2021 to US$2.01 million in 2022, primarily due to the entrusted development cost for network system upgrade increased from nil in 2021 to US$1.49 million in 2022.

***Other (income) expenses, net***

 ****

Total other income decreased by 71.47% or US$1.12 million from US$1.57 million in 2021 to US$0.45 million in 2022. Primarily due to the decrease of subsidy income in amount of US$0.6 million or 38.66% and loss of disposal of property and subsidiaries in amount of totally US$0.4 million.

***Income/Loss before income tax***

 ****

Our income before income tax was US$0.63 million in 2021 and our loss before income tax was US$3.40 million in 2022.

***Net income/loss***

 ****

As a result of the foregoing, our net income was US$0.62 million in 2021 and net loss US$3.41 million in 2022.

**Liquidity and Capital Resources**

The following table sets forth a summary of our cash flows for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> June 30,** | **For the years ended <br> June 30,** |
|  | **2022** | **2021** |
| Net cash provided by/(used in) operating activities | $(3664165) | $1152690 |
| Net cash provided by/(used in) investing activities | $(432736) | $(106050) |
| Net cash provided by/(used in) financing activities | $4264739 | $(1874322) |

---

To date, we have financed our operations and capital expenditures primarily through bank loans, and utilization of cash generated from operations in the period in which we generated cash flows from operations.

We had cash and cash equivalents and restricted cash of US$0.57 million and US$0.71 million as of June 30, 2021 and 2022, respectively.

As of June 30, 2022, all of our cash and cash equivalents were held in China and all were denominated in Renminbi. As of June 30, 2022, all of our cash and cash equivalents were held by the VIE and its subsidiaries.

Substantially all of our net revenues have been, and we expect will likely to continue to be, denominated in Renminbi. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior SAFE approval as long as certain routine procedural requirements are fulfilled. Therefore, our PRC subsidiaries are allowed to pay dividends in foreign currencies to us without prior SAFE approval by following certain routine procedural requirements. However, approval from or registration with competent government authorities is required where the Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may at its discretion restrict access to foreign currencies for current account transactions in the future.

***Operating activities***

 ****

Net cash provided by operating activities primarily comprises our net profit, depreciation & amortization, contract liabilities, advance to suppliers, operating lease right of use assets and liabilities, etc.

For the year ended June 30, 2022, net cash used in operating activities was US$3.66 million, which was primarily attributed to the net loss of US$3.4 million.

For the year ended June 30, 2021, net cash provided by operating activities was US$1.15 million, which was primarily attributed to net profit US$0.62 million, depreciation & amortization US$1million, changes in contract liabilities US$-0.8 million, changes in advance to suppliers US$0.15 million.

The difference between the two years was the decrease of net cash in the amount of US$4.82 million, primarily due to net income has decreased US$4 million from net income of US$0.62 million in 2021 to net loss US$3.4 million in 2022.

***Investing activities***

 ****

For the year ended June 30, 2022, net cash used in investing activities was US$432,736, which was attributed to US$386,871 used for purchase fix assets and leasehold improvements, US$61,962 used for acquisitions of method investees. Loss from disposals of subsidiaries was US$10,392 and proceeds from disposal of property and equipment was US$26,489.

For the year ended June 30, 2021, net cash used in investing activities was US$0.11 million, which was attributed to US$111,185 cash used for office improvements.

The net cash used in investing activities in the two years increased by the amount of US$326,686, or 308%, primarily due to the increased purchase of fixed assets and leasehold improvements in the amount of US$275,686.

***Financing activities***

For the year ended June 30, 2022, net cash provided by financing activities was US$4.26 million. Proceeds from related parties was US$2.37 million and proceeds from bank loans was US$1.89 million.

For the year ended June 30, 2021, net cash used in financing activities was US$1.87 million, which primarily comprised of US$2.33 million loan to the related parties, partial payment of advertising and other professional services, and US$0.45 million bank loan proceeds.

The difference between the two years is in the amount of US$6.1 million, and is primarily attributed to proceeds from related parties increased US$4.7 million and related party receivable are almost pay back.

**Contractual Obligations**

We had various outstanding bank loans of approximately $2.27 million as of June 30, 2022, and $0.46 million as of June 30, 2021, respectively. We have also entered into non-cancellable operating lease agreements for several offices and operating facilities. The leases are expiring through 2029.

The following table sets forth our contractual obligations and commercial commitments as of June 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
|  | **Total** | **Less than**<br> **1 Year** | **2 – 3 Years** | **4 – 5 Years** | **More than**<br> **5 Years** |
| Operating lease arrangements | $5616332 | $1046106 | $1851783 | $1475180 | $1243263 |
| Bank loans | $2273265 | $1632951 | $640314 | - | - |
| Total | $7889597 | $2679057 | $2492097 | $1475180 | $1243263 |

---

**Off-Balance Sheet Commitments and Arrangements**

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

**Going Concern**

As of June 30, 2022, the Company had an accumulated deficit of $16,580,483. Losses have principally occurred as a result of the substantial expenses for professional fees as part of the Company's capital market strategy which have been accounted for as general and administrative expenses. Additionally, the Company has invested in two areas: 1.) research and development of its technology platform, and 2.) personnel and resources to generate increased future revenues. Both of the expenditures have been accounted for as cost of sales. Our cash balance and revenues generated are not currently sufficient and cannot be projected to cover operating expenses and meet our obligations as they become due for the next twelve months. These factors raise substantial doubt about our ability to continue as a going concern.

Our management's plan to alleviate the substantial doubt about our ability to continue as a going concern include: 1. take actions for business optimization, service category expansion and other measures to improve the revenue of our business process; 2. keep controlling and lowering various costs and; 3. expand financing channels and scale to increase operating capital.

Given that we will take measures as stated in the above management plan, the cash flows are sufficient to cover the costs of the loans from related parties and such financing would not impact on our ability to continue as a going concern.

**Critical Accounting Policies, Judgments and Estimates**

We have identified certain accounting policies, judgments, and estimates that are significant to the preparation of our historical financial information in accordance with the U.S. GAAP. Our significant accounting policies, which are important for an understanding of our financial position and results of operations, are set forth in detail in Note 2 to the consolidated financial statements included elsewhere in this prospectus.

Some of our accounting policies require us to apply estimates and assumptions as well as complex judgments relating to accounting items. The estimates and assumptions that we use and the judgments that we make in applying our accounting policies have a significant impact on our financial position and results of operations. Actual results could differ from those estimates. Our management continually evaluates such estimates, assumptions, and judgments based on past experience and other factors, including industry practices and expectations of future events that we believe to be reasonable under the circumstances. There has not been any material deviation between our management's estimates or assumptions and actual results, and we have not made any material changes to these estimates or assumptions for the year ended June 30, 2022 and 2021. We do not expect any material changes in these estimates and assumptions in the foreseeable future. Our critical accounting judgments and estimates that were used in the preparation of our historical financial information are set forth in Note 2 to the consolidated financial statements included elsewhere in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIE and its VIE's subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Use of estimates

The preparation of financial statements in conformity with US GAAP requires to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes, including allowance for doubtful accounts, net realizable value of inventories, the useful lives of property and equipment and intangible assets, impairment of long-lived assets (including goodwill), valuation allowance of deferred tax assets, valuation and recognition of share-based compensation expenses and fair value of assets and liabilities acquired in business combination. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fair Value Measurement

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Based on the short-term nature of cash and cash equivalents, accounts receivable, advance to suppliers, amounts due from related parties and other current assets, accounts payable, advances from customers, accrued expenses and other current liabilities management has determined that the carrying value approximates their fair values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Operating leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability, and operating lease liability, non-current in the Company's consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company's leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs.

**Internal Control over Financial Reporting**

Prior to this offering, we have been a private company with limited accounting and financial reporting personnel and other resources to address our internal controls and procedures. In connection with the audits of our consolidated financial statements included in this prospectus, we and our independent registered public accounting firm identified two material weaknesses in our internal control over financial reporting. As defined in the standards established by the Public Company Accounting Oversight Board of the United States, 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 the company's annual or interim financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified are our (i) lack of sufficient accounting and financial reporting personnel with requisite knowledge and experience in application of U.S. GAAP and SEC rules and (ii) lack of financial reporting policies and procedures that are commensurate with U.S. GAAP and SEC reporting requirements.

We are in the process of implementing a number of measures to address these material weaknesses identified, including: (i) hiring additional accounting and financial reporting personnel with U.S. GAAP and SEC reporting experience, (ii) expanding the capabilities of existing accounting and financial reporting personnel through continuous training and education in the accounting and reporting requirements under U.S. GAAP, and SEC rules and regulations, (iii) developing, communicating and implementing an accounting policy manual for our accounting and financial reporting personnel for recurring transactions and period-end closing processes, and (iv) establishing controls to identify non-recurring and complex transactions to ensure the accuracy and completeness of our company's consolidated financial statements and related disclosures.

The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a financial reporting system that is adequate to satisfy our reporting obligation. See "Risk Factors – Risks Relating to this Offering and Our Ordinary Shares – 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 Ordinary Share.

."

**Holding Company Structure**

EPWK Holdings Ltd. is a holding company with no material operations of its own. We conduct our operations through our PRC subsidiaries and EPWK VIE in China, and our revenues are derived from EPWK VIE and its subsidiaries. As a result, our ability to pay dividends depends significantly upon dividends paid by our PRC subsidiaries. If our existing PRC subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our wholly foreign-owned subsidiaries in China are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under the PRC law, each of our subsidiaries and EPWK VIE in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, each of our wholly foreign-owned subsidiaries and EPWK VIE in China may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion funds and staff bonus and welfare funds at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by the SAFE. Our PRC subsidiaries have not paid dividends and will not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds.

**Inflation**

To date, inflation in China has not materially affected our results of operations. According to the PRC National Bureau of Statistics, the year-over-year percentage changes in the consumer price index for 2019, 2020, and 2021 were increases of 4.5%, 0.2%, and 0.9% respectively. Although we have not been materially affected by inflation in the past, we may be affected if China experiences higher rates of inflation in the future. For example, certain operating expenses, such as employee compensation and rental and related expenses for office may increase as a result of higher inflation. Additionally, high inflation could significantly reduce the value and purchasing power of these assets. We are not able to hedge our exposure to higher inflation in China.

**Quantitative and Qualitative Disclosure about Market Risk**

***Risks in relation to the VIE structure***

 ****

We believe that the contractual arrangements with EPWK VIE and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current contractual agreements and businesses to be in violation of any existing or future PRC laws or regulations. If we, EPWK WFOE or any of our current or future VIE are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, which may include, but not limited to, revocation of business and operating licenses, being required to discontinue or restrict its business operations, restriction of the our right to collect revenues, being required to restructure its operations, imposition of additional conditions or requirements with which we may not be able to comply, or other regulatory or enforcement actions against us that could be harmful to its business. The imposition of any of these or other penalties may result in a material and adverse effect on our ability to conduct its business. In addition, if the imposition of any of these penalties causes us to lose the rights to direct the activities of EPWK VIE or the right to receive their economic benefits, we would no longer be able to consolidate EPWK VIE.

In addition, if EPWK VIE or the nominee shareholders fail to perform their obligations under the contractual agreements, we may have to incur substantial costs and expend resources to enforce our rights under the contracts. We may have to rely on legal remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of the contractual agreements are governed by PRC laws and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. The legal system in PRC is not as developed as in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability to enforce these contractual arrangements. Under PRC laws, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event that we are unable to enforce the contractual agreements, we may not be able to exert effective control over the VIE through WFOE, and our ability to conduct its business may be negatively affected.

***Concentrations and Credit Risk***

Certain financial instruments, which subject us to concentration of credit risk, consist of cash and restricted cash. We have cash balances at financial institutions located in PRC. Since March 31, 2015, balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB500,000 (US$79,600) per bank. As of June 30, 2021 and 2022, we had deposits totaling US$451,646 and US$696,307 that were covered by such limited insurance, respectively. Any balance over US$79,600 per bank in PRC will not be covered. To date, we have not experienced any losses in such accounts.

For the years ended June 30, 2022 and 2021, no single customer represents 10% or more of the Company's total revenue.

The Company's accounts receivable was not material as of June 30, 2021. The following table sets forth a summary of single customer who represent 10% or more of the Company's total accounts receivable as of June 30, 2022.

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| | | |
|:---|:---|:---|
|  | **For the years ended <br> June 30,** | **For the years ended <br> June 30,** |
|  | **2022** | **2021** |
| Percentage of the Company's accounts receivable |  |  |
| Customer A | 45% | \* |
| Customer B | 19% | \* |
| Customer C | 19% | \* |

---

The Company's accounts payable are not material as of June 30, 2021 and 2022.

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> June 30,** | **For the years ended <br> June 30,** |
|  | **2022** | **2021** |
| Percentage of the Company's purchase |  |  |
| Supplier A | \* | 13% |
| Supplier B | 11% | \* |
| Supplier C | 11% | \* |

---

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total advance to suppliers:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2021** |
| Percentage of the Company's advance to |  |  |
| Supplier D | \* | 51% |
| Supplier E | \* | 13% |
| Supplier F | 31% | \* |
| Supplier G | 15% | \* |
| Supplier H | 11% | \* |
| Supplier I | 11% | \* |

---

\* represent percentage less than 10%

For the fiscal year ended June 30, 2022, two suppliers accounted for 11% of our total purchases, one was for advertising service and the other was for rental cost. One supplier accounted for 31% of our total purchase for talent training service. One supplier accounted for 15% for electricity bill. Two suppliers accounted 11%, one was for software service and the other was for prepaid gasoline fee.

For the fiscal year ended June 30, 2021, one supplier accounted for 13% of our total purchases, which is the leasor of our offices. One supplier accounted for more than 51% of total accounts payable and one supplier accounted for more than 13%, for the property management and software development, respectively.

For the fiscal year ended June 30, 2022, no customer accounted for more than 10% of our total sales and three customers accounted more than 10% of total accounts receivable. For the fiscal year ended June 30, 2021, no customer accounted for more than 10% of our total sales or more than 10% of total accounts receivable.

**Recently Issued Accounting Pronouncements**

A list of recently issued accounting pronouncements that are relevant to us is included in Note 2(x) of our consolidated financial statements included elsewhere in this prospectus.

**INDUSTRY**

**OVERVIEW OF CHINA CROWDSOURCING PLATFORM MARKET**

The term crowdsourcing relates to the expansion of outsourcing activity. It can be defined as an internet enabled approach in which companies tap into the collective intelligence of individuals outside their organization to resolve technical problems. Accordingly, crowdsourcing is an online, distributed problem solving and production model.

Crowdsourcing works in the following way. A firm identifies a task or group of tasks that is currently being conducted in house. Rather than continue to perform this activity within the firm, the tasks are released to a crowd of outsiders (or Witkeys) who are invited to perform the task on the firm's behalf for a stipulated fee. A member of the crowd then offers to undertake the task and a specific time allowance will be given for the task to be completed. When the task is done, the member will submit the task to the firm and the firm will then assess the quality of the work and if satisfied will make payment to the member.

There are a variety of specific methods that crowdsourcing processes can take, including creative production, broadcast search, knowledge management and distributed human intelligence tasking. While many methods of utilizing crowdsourcing are focused on microtasks, or small, repetitive tasks such as interpreting, handwriting or street signs, crowdsourcing presents a promising future in helping businesses think about solving some of their most complex problems.

![](vc012_f1img08.jpg)

*Source: Frost & Sullivan*

**Category of Crowdsourcing Platform**

The crowdsourcing platform provides individuals and firms with new ways of employment. Crowdsourcing platforms can be divided into two categories based on the types of services provided: comprehensive crowdsourcing platforms and vertical crowdsourcing platforms.

**The comprehensive crowdsourcing platform** is all-encompassing and can meet the needs of all users at one stop. In addition, there is generally a wide range of buyer resources and various types of skilled sellers available on the platform.

**The vertical crowdsourcing platform** focuses on specific industries and fields, and its ability to accumulate users is less effective than the comprehensive crowdsourcing platform. However, its focus and professionalism can provide consumer products that are more in line with specific groups of people, meet the specific needs of users in a certain field, and can easily provide refined services in vertical market segments.

**Business Model of Crowdsourcing Platform**

Crowdsourcing platform serves as a link by providing task receiving and task publishing services for individuals and companies, respectively. Crowdsourcing platform generally obtains profit through value-added services such as seller-paid promotions (Task on Top), which increase the exposure of promoted tasks and services on the platform to attract buyers, and VIP stores that enjoy speedy buyer-seller matching, brand promotion and special store decorations. It may also benefit from the transaction process by charging commissions, which account for a not high proportion of revenue in most platforms. Different crowdsourcing platforms adopt different profit structures based on their business needs.

![](vc012_f1img09.jpg)

 *Source: Frost & Sullivan*

Some popular crowdsourcing tasks are operated by the platform. Among them, intellectual property services that are highly associated with the design task have formed a relatively large scale. Derivative services focus on the front end and back-end processes of the tasks required by companies and provide comprehensive solutions. For example, intellectual property services such as trademark registration and copyright application have been generated based on logo design tasks.

The crowdsourcing platform-based makerspace as a community is specifically developed for Witkey groups from the traditional makerspace, helps them quickly start or expand their crowdsourcing business under professional training and guidance provide by the crowdsourcing platform. In the community, Witkey can achieve rapid growth by ways such as sharing ideas and business experience. On the other hand, the crowdsourcing platform itself will benefit from the unique model through the development of more professional and experienced Witkey.

**Market Size of China Crowdsourcing Platform Market**

Crowdsourcing is an online method for realization of the sharing economy. Crowdsourcing platform is considered as an important approach to achieve shared economy.

Shared economy refers to the sum of economic activities that use modern information technologies such as Internet to integrate massive and decentralized resources in order to meet diversified societal needs, with the sharing of rights of use as its major feature. Measured in terms of total transaction value occurred in the form of shared economy, its overall scale has experienced growth, driven by the development of internet technologies and recognizable market demand. As a sum of these kind of economic activities, it has triggered shared economy transaction value to increase to USD542.6 billion in 2016. However, further being influenced by national adjustment of economy structure, the overall scale decreased to USD322.5 billion in 2017. In the following three years, shared economy scale has increased from USD455.8 billion in 2018 to USD559.7 billion in 2021, with an overall compound annual growth rate ("CAGR") of 14.8%.

In the near future, affected by factors such as the positive influence of COVID-19 outbreak on adoption of diversified economy, industry regulation and integration, as well as further development of internet technologies and 5G technologies, the scale of share economy is anticipated to further boost up. The overall transaction value will be increase to USD646.0 billion in 2026, representing a CAGR of 3.3%.

![](vc012_f1img30.jpg)

*Source: National Information Centre for Shared Economy Research, Frost & Sullivan*

In the market scale of shared economy market, life services, production capacity and knowledge and skills are the most commonly applied sub-sectors. Shared economy can be achieved through services provided online or offline, and crowdsourcing platform is categorized as an online approach to achieve shared economy.

The overall employment situation is stable, which is benefited from the development of the sharing economy to provide many flexible jobs as well as residents' increasing engagement in new forms of employment. It has been further broadening employment channels and enhancing employment flexibility. The number of sharing economy participants in China will be about 830 million in 2021, and the employed personnel on shared economy platform will reach 6.5 million.

![](vc012_f1img31.jpg)

*Source: National Information Centre for Shared Economy Research, Frost & Sullivan*

Based upon the market segmentation of China's shared economy, the three major categories that has contributed greatly are life service, production capacity, and knowledge and skills with a proportion of 46.4%, 33.5% and 12.3%, respectively. As such, the scale for each of these sub-segments of shared economy are USD1,711.8 billion, USD1,236.8 billion and USD454.0 billion, respectively. Among all three major segment, knowledge and skills sector has experienced noticeable growth and is anticipated as with great growth potential due to the significant market demand.

![](vc012_f1img32.jpg)

*Source: National Information Centre for Shared Economy Research, Frost & Sullivan*

Knowledge and skills have served as one of the maturely developed sectors of online crowdsourcing platforms, and its market size in 2021 has reached to USD70.4 billion. As a major sub-sector in shared economy industry, the segment of knowledge and skills has experienced rapid growth in the past five years, primarily based upon the growing market demand toward transferring of knowledge and skills in the form of shared societal resources. As a result, the scale of knowledge and skill sector, measured in total transaction value occurred, has increased from USD21.4 billion in 2017 to USD70.4 billion in 2021, representing a CAGR of 34.6%. In 2021, the number of newly registered market entities nationwide was 28.9 million with an annual increase of 15.4%.

Since the drastic growth in the past five years is contributed by the rapid development of shared economy model in 2017. Driven by the same factor, however, as the scale of development for knowledge and skill sector will gradually reaching its mature level, it is anticipated that the sector growth speed will slow down to a CAGR of 6.1% from 2022 to 2026, and eventually reaching USD105.8 billion in 2026.

At present, the penetration rate of the online crowdsourcing market is relatively low, and the market is mainly concentrated in specific fields such as creative design and software development. The market size of China's crowdsourcing platform market focusing on creative design and software development only, in terms of GMV reached USD 2.4 billion in 2021.

Currently, the number of entrepreneurs in China is growing exponentially. According to Chinese State Administration for Market Regulation, China's registered market entities totaled 161 million at the end of June, up 4.4 percent from 2021. Among all the entities, 50.39 million are businesses and 107.94 million are self-employed individuals. These self-employed individuals and SMEs usually have a lot of needs in design, development, copywriting, marketing, writing, and corporate services. With limited funds and more restrictions in terms of cost, they tend to find solutions to meet their needs through crowdsourcing platforms. In 2021, the number of newly registered market entities nationwide was 28.9 million with an annual increase of 15.4%. Entrepreneurs, many of them are people with creative design, software development and other related skills, are in urgent need to acquire and expand business in a short time and are more willing to explore their market opportunities through crowdsourcing platform for its industry-focusing and accurate customer resources.

With the gradual control of the epidemic, the fast growing market entities and the rapid development of the sharing economy, the market size of crowdsourcing platform market regarding creative design and software development only is expected to return to the track of rapid growth, increasing from USD 2.9 billion in 2022 to USD 22.5 billion in 2026 at a CAGR of 66.9%.

![](vc012_f1img33.jpg)

*Source: Frost & Sullivan*

**Drivers of China Crowdsourcing Platform Market**

According to Frost & Sullivan, the development trends of the crowdsourcing platform market in China are:

***Supportive Policy Environment*.** The government's policy support on the digital economy, flexible employment, and entrepreneurship and innovation facilitates the growth of the crowdsourcing industry in China. In the 2010s, China's State Council introduced the concepts of "Mass Entrepreneurship and Innovation" and " Internet+". Based on these two concepts, the government proposed to accelerate the development of crowdsourcing. In recent years, the government has emphasized the importance of crowdsourcing in facilitating digitization of industry, and relevant policies have also encouraged development of digital flexible employment.

***Technology Development****.* The development of technology provides the foundation for the creation and evolution of crowdsourcing platforms. The Internet driven sharing economy and platform economy have driven the first wave of crowdsourcing. In the first wave of crowdsourcing platforms, companies like Zhubajie and EPWK were born in the Chinese market. The new technologies, such as 5G, IoT and cloud computing, will drive the crowdsourcing industry into the 2.0 era.

***Job Search Difficulties Generating New Market Opportunities.*** Job search difficulties expand the size of the supply side of crowdsourcing services, which drives the development of crowdsourcing. The total number of university graduates in 2021 has reached more than 9.09 million, with an increase of 350 thousand year on year. In the context of COVID-19, the future of the job market will face more challenges, which potentially promotes the development of China's crowdsourcing platform market. Besides, due to the global economic downturn, layoffs in some companies have also increased the size of the unemployed population. Thus, there will be more graduates seek for job or start their own start-up business through crowdsourcing platforms.

***Downstream Demand****.* The development of downstream companies in the supply chain increases the need for crowdsourcing platforms. Firstly, the demand for crowdsourcing platforms comes from the pain points of enterprise employment: high rigid labor costs, relatively high employment risks, heavy social insurance and personal tax burdens, and high staff management costs. Secondly, talent shortage after the epidemic and the development of China's "Industrial Internet" increases companies demand for labor. In addition, the Chinese people's concept of work and life has undergone great changes, which also provides the possibility for the expansion of the crowdsourcing market. In the future, companies in China may have more demands for crowdsourcing.

**Development Trends of China Crowdsourcing Platform Market as Identified by Frost & Sullivan**

According to Frost & Sullivan, the development trends of China crowdsourcing platform market are:

***Better Development of Comprehensive Platforms.*** As crowdsourcing tasks become more diversified and complicated, the business scope of crowdsourcing platforms will correspondingly become more extensive. Compared with other types of crowdsourcing platforms, comprehensive crowdsourcing platforms will accumulate more obvious advantages with attracting more participants.

***More Professional Participants.*** Participants in sharing have become more and more professional as more highly educated talents participate in crowdsourcing. On the other hand, the increasing number of participants switching from part-time to full-time will further promote the professionalization of the crowdsourcing platform. It is also a tendency that Witkeys start to serve as a group or even set up a partnership company in the platform.

***Expanded and Optimized Service.***

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Move to high-end:** Although crowdsourcing platforms in China have grown
rapidly in recent years, they are still dominated by the low-end job market. The future trend of crowdsourcing will extend to more complex
technical and professional work, such as programmer, accountant and lawyer, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Expand service scope:** On the one hand, the "Industrial Internet"
will bring new business models and opportunities, which will drive a new round of crowdsourcing development. On the other hand, the growth
of the "Gig Economy" will also expand the scope of crowdsourcing services.

***Greater Acceptance of Online Crowdsourcing.*** In China, with the gradual acceleration of the development of crowdsourcing, the recognition of crowdsourcing by enterprises continues to rise. In addition to small and medium-sized enterprises, some large enterprises have also begun to choose to complete some projects through crowdsourcing.

**COMPETITIVE LANDSCAPE**

With the support of government policies and the increasing needs of enterprises, the crowdsourcing platform market in China has significant room for development. According to Frost & Sullivan, in the first half of 2022, the four largest market players in this industry accounted for 54.6% of market share in terms of GMV, and EPWK VIE ranked No. 2 with a market share of 17.7%.

![](vc012_f1img29.jpg)

*Source: Frost & Sullivan*

**BUSINESS**

**Business Overview**

Our mission is to add value to our users in both service supply and demand sides. We create an innovative and efficient cloud sourcing platform to connect businesses with great talents.

We operate the second largest online marketplace according to the F&S report as measured by GMV to enable businesses (buyers) and service providers (sellers) to find each other. During the past three years from 2019 to 2021, on our marketplace platform, we enabled US$804 million of gross merchandise volume, or GMV. In 2019, we enabled US$210 million of GMV across 600,000 projects. In 2020, we enabled US$254 million of GMV across 0.7 million projects. In 2021, we enabled US$340 million of GMV across 0.9 million projects.

Our marketplace platform www.epwk.com was launched in 2011 and we have achieved significant growth ever since our inception. Our platform users are both buyers who seek talents for their jobs and sellers who offer different talents and skills. We currently have over 23 million registered users and offer an expansive catalog to provide diversified services to businesses of all sizes. Our average annual active users, or AAU is 10.13 million. Our GMV increased by 33.5% from US$254 million in 2020 to US$340 million in 2021.

**Industry Opportunities**

We believe we can capture industry opportunities.

**Great potential in the shared economy.** According to the Report on the Development of Sharing Economy in China (2021) published by the State Information Center, the scale of China's shared economy market was estimated at US$498 billion (RMB 3,377.3 billion) in 2020, representing an annual growth rate of approximately 2.9%. Based upon the market segmentation of China's shared economy, the three major categories that has contributed greatly to the growth are life services, production capacity, and knowledge and skills with a proportion of 47.9%, 32.1% and 11.9%, respectively. As such, the scale for each of these sub segments of shared economy are US$234 billion (RMB 1,617.5 billion), US$157 billion (RMB 1,084.8 billion) and US$58 billion (RMB 401 billion), respectively. Among all three major segment, knowledge and skills sector has experienced noticeable growth and is anticipated as with great growth potential due to the significant market demand.

**Increasing demand for crowdsourcing platform services by a growing number of SMEs.** In recent years, the number of small, medium and micro enterprises (SMEs) in China has grown rapidly. SMEs usually have a lot of needs in design, development, copywriting, marketing, writing, corporate services, etc. As SMEs have limited funds and are subject to more restrictions in terms of cost, they tend to find solutions to meet their needs through crowdsourcing platforms. Therefore, the market size of China's crowdsourcing platform market has continued to grow and reached US$222 million (RMB 1,531.4 million) in 2019. However, as the industry was negatively affected by COVID-19 in 2020 its market size dropped US$165 million (RMB 1,136.1 million). As the epidemic is gradually under control, the market size is expected to return to the track of rapid growth, increasing from US$242 million (RMB 1,563.5 million) in 2021 to US$656 million (RMB 4,233.6 million) in 2025 at a CAGR of 28.3%.

**Our Platform**

We connect buyers who seek talents for their jobs and sellers who offer different talents and skills in an efficient and seamless manner through our website <u>www.epwk.com</u>, which together with our mobile apps and WeChat mini programs create a vibrant network. We are focused on enhancing user experience by delivering efficient, trustworthy and convenient experience to users in searching for and contracting with each other.

**Our Buyers** 

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Our buyers include mini, small, and medium sized businesses from various industries. The sizes of the buyers go from small shop to companies with approximately US$23 million (RMB 150 million) revenue. As of December 31, 2021, our service covers more than 2,800 cities and counties with approximately 7.67 million active buyers.

***Our Services to Buyers***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access to an expansive catalog of services.** Our catalog has 7 categories
with over 300 items covering logo design, animation design, industrial design, website development, software development, copywrite planning,
marketing promotion, decoration design and more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access to a diverse pool of sellers.** We provide online and mobile
access to 15.33 million sellers with a broad set of skills. Through our website and mobile apps, buyers can publish their jobs free, easily
connect with these talents and get a broad range of services executed quickly and efficiently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reliable customer service.** We focus on providing quality customer
service to assist our buyers in contracting, delivery, payment and dispute resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access to online design sharing database.** Our design sharing database <u>kubeijie.com</u> provides design licensing and digital copyright protection services. It collects creative works of many designers
in China and buyers can access the platform to search creative materials for commercial use. The platform has two major databases: Gallery
Center and Yipin Font Library. The Gallery Center contains searchable cartoon images, illustrations, artistic textures, pattern elements
and other creative materials to be licensed or purchased. Yipin Font Library provides free downloadable fonts and specialized fonts at
different price levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **AI-powered online tools.** Our AI-powered online tools at <u>xwzn.cn</u> enable our buyers to generate customized business names and logos instantly based on industries, geographic locations, brand preferences,
keywords and other values. Names and logos are automatically screened for trademark conflicts and are evaluated for registrability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **IP registration and management services.** We provide our buyers with
general intellectual property services, including trademark registration, copyright registration, patent applications, trademark transactions,
patent transactions. Buyers have access to use our IP database to search their work against registered trademarks, copyrights and patents
and prevent any infringement before any commercial use. Furthermore, when buyers get their tasks fulfilled on our platform, we assist
them with IP registration both domestically and internationally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other value-added services. We provide our corporate users with
business certification service approved by CNCA (Certification and Accreditation Administration
of the People's Republic of China). The services cover intellectual property management system (IPMS) certification,
quality and environmental system certification, environmental management system certification, occupational health and safety management
system certification, service certification, corporate integrity management system certification, and social responsibility management
system certification. We also assist our corporate users with business registration and compliance filings, bookkeeping and tax
filings and license applications.

 **

**Our Sellers** 

 **

Our sellers range from student artists and professional designers, part-time freelancers, to mini, small and medium sized businesses with different talents, skills and services to offer. As of December 31, 2021, we had 15.33 million sellers on our platform.

![](vc012_f1img34.jpg)

As shown in the image above, a seller who wishes to post services and products on the platform must apply to open an online store in addition to accepting all the required platform agreements. The platform will review the seller's application to ensure the applicant and the proposed online store satisfy all the legal and compliance requirements. Once the application is approved, a seller has the option to upgrade the online store to one of the VIP stores. Unlike the free online store with limited exposure to buyers and is subject to platform commission when providing services and products, the VIP store enjoys various exclusive privileges that result in more exposure on the platform and does not need to pay commission to the platform.

***Our Benefits to Sellers***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access to clients with different needs**. Our marketplace platform provides
sellers access to quality clients and rewarding projects. With 7.67 million active buyers, we enable sellers to focus on what they do
best and find clients outside of their local geography.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **AI-powered online tools.** Our AI-powered online tools at <u>xwzn.cn</u> enable our sellers to generate logo ideas and provide inspiration to sellers. Logos are automatically screened for trademark conflicts
to prevent infringement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access to online design sharing database.** Our design sharing database <u>kubeijie.com</u> provides a platform for sellers to share and trade their creative works. Sellers may license or sell their works to
buyers or other sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reliable customer service.** We focus on providing quality customer
service to assist our sellers in contracting, IP protection, delivery, payment and dispute resolution. We work with third-party banks
to collect the funds from the buyer at the time of purchase and timely release them to the seller upon project completion.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **IP registration and management services.** We provide our sellers with
general intellectual property services, including trademark registration, copyright registration, patent applications, trademark transactions,
patent transactions. Sellers have access to use our IP database to search their work against registered trademarks, copyrights and patents
and prevent any infringement before any commercial use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Business support services.** We assist sellers to manage all of the
administrative aspects of their business from shared office space and management, company name selection, business registration, logo
design to website construction, product packaging, marketing, bookkeeping and tax filing.

**Our Strengths**

***Second Largest Online Marketplace***

We operate the second largest online marketplace in China according to the F&S report that enables buyers to find and work with highly-skilled sellers as measured by GMV. Today, our platform provides buyers with access to highly-skilled sellers for over 300 items in 7 categories. In the past three years from 2019 to 2021, our platform enabled US$804 million (RMB 5.39 billion) of GMV generated from 2.23 billion projects in over 2,800 cities and counties. We have over 7.67 million buyers that spent over US$340 million (RMB 2.19 billion) on our platform in 2021. We believe our size and scale demonstrate the effectiveness of our platform in connecting businesses with nationwide talent.

 ****

***Trusted Platform for Buyers and Sellers***

We believe our ability to foster trust and credibility on our platform drives growth and differentiates us. Our skilled team uses a combination of the latest technology, data science, and product features to make our platform a trusted online marketplace to get work done. Since inception, EPWK VIE has obtained 5 patents through technological innovation and established a comprehensive service platform by deploying a user evaluation system, a seller ranking system, and data security products. EPWK VIE has created a comfortable service experience for all users while ensuring the security of user information and transactions.

Specifically, EPWK VIE has introduced Node.js + Vue in the front-end to speed up server-side rendering for faster loading and unified mental model and better SEO. Additionally, EPWK VIE uses Golang to reconstruct the business logic of services with large internet traffic to provides powerful service at lower cost to support EPWK VIE platform, which needs to work under high pressure caused by large internet traffic. In terms of operation and maintenance, EPWK VIE established a one-stop operation and maintenance monitoring scheme based on big data and Prometheus & Grafana to monitor, locate, and resolve operating problems. The platform also relies on Kubernetes to optimize operation ability and allocate operating tasks, which solves problems such as insufficient resources, unreasonable task allocation, and system deadlock, and improves computing efficiency.

Based on the above latest technologies, combined with two patented algorithms and bilateral data analysis, the platform is more accurate and efficient in making service recommendation and matching buyers and sellers. At the same time, sellers are able to synchronize buyer information to the CRM for effective service management.

We also provide contracting, delivery and payment services and dispute resolution to guarantee smooth transactions between buyers and sellers. We work with Xiamen International Bank to hold and release funds securely, enabling mutual trust and timely payments. Our feedback system provides us with sufficient data to select qualified sellers with consistent performance and delivery and get rid of underperforming sellers. The feedback system also enables sellers to build their business reputation by establishing professional visibility and long-term credibility. We also have a dispute resolution team consisting of well-respected designers or developers and internal staff to assist disputed parties to reach settlement amicably and efficiently. In the event no settlement can be reached, we may notify the third party escrow to freeze the fund and release only until a court order is issued. The escrow account currently holds US$90,806 (RMB 600, 8319), which is typical for our operations.

 ****

***Strong R&D Capabilities***

We have independent R&D and technology teams to build and maintain our websites and mobile app, develop new products and features. Our teams have expansive experience in demand insight, product creativity and technology implementation for crowdsourcing platform products. They ensure continuous problem-solving and upgrading of our platform and enable AI-based data analytics to allow us to personalize experiences for both buyers and sellers.

 ****

***Technology Capabilities for Accurate Matching***

Our multidimensional data insights, powerful AI algorithm and big data capacity enable us to effectively process the data and continuously improve our matching accuracy and efficiency. Our algorithm picks up features and preferences demonstrated through buyers' published jobs and sellers' professional profiles. Our platform processes these features and refine our matching to enable talents to find the right opportunities.

 ****

***Powerful Network Effects***

We have heavily invested in building a robust platform with features and functionalities that are necessary to connect buyers and sellers at scale. We believe our platform provides a strong value proposition for both sides of our marketplace and our scale creates powerful network effects that strengthen our competitive differentiation. After more than ten years of operation, we have accumulated a large number of users with a good repurchase rate. We have been able to maintain an annual growth rate of about 30% from 2015 to 2019 before the outbreak of Covid-19. We currently have over 23 million registered users. As a result, we have been able to scale our business and our community of users.

***Business Model with Strong Retention Metrics***

The growth in our marketplace is driven by long-term and recurring use of our platform by buyers and sellers, which leads to increased revenue for us. Unlike most commission-only based marketplace platforms, our platform is commission-free with all project service fees go to the sellers. We have built a tiered membership system to allow sellers to choose what benefits appeal to them and, consequently, what they are willing to pay for such benefits. It provides flexibility to meet personalized needs and increase user engagement. We have over 10,000 paid members with regular annual renewal.

We also charge service fees to infrequent sellers, transactions with smaller amounts, or manually pairing talents to service needs without AI support for optimized matching. In addition, we provide business support services to sellers, integrating our online resources with offline support to nurture fledgling sellers. While these sellers gain experience and build up their business through our shared office space and one-stop shop administrative services, we also broaden our revenue sources. Users of our commission-based services and business support services exceed well over 0.1 million. We believe our business model has incentivized our users to build and maintain their business presence on our platform.

 ****

***Prominent Brand Value***

We are one of the first crowdsourcing marketplace platforms in China and enjoy high popularity in the industry. From 2015 to 2017, EPWK VIE was certified as a national level high-tech company by Ministry of Science and Technology. In 2018, EPWK VIE was included as a case study in the *Report on China's Sharing Economy* jointly issued by National Reform and Development Commission and Ministry of Industry and Information Technology. In 2019, it was again included in the *Report of Best Practice of Sharing Economy* issued by the State Administration of Market Regulation and China Council for the Promotion of International Trade. We also participated in drafting crowdsourcing industry standards with the Business Committee of China Council for Promotion of International Trade. The standards were officially released on July 31, 2020 as first of its kind to provide guidance to existing and new platforms.

 ****

***Experienced Management Team***

Our management team has a strong track record of scaling and running businesses with a focus on online marketplaces, business-to-business services and software, user psychology and experience optimization, and business innovation. Our Founder and Chief Executive Officer, Mr. Guohua Huang, is recognized as a leading figure in crowdsourcing, media and marketing. Acting on industry insight, Mr. Huang has led our company on the waves of innovations in the industry and built our crowdsourcing platform with a vision to connect talent with businesses through technology and service.

**Growth Strategies** 

 ****

***Broaden and Deepen Categories***

We intend to focus further on customizing experiences for categories through tailored features and functionalities, thus making it easier and more efficient for buyers to connect with the right sellers.

 ****

***Attract New Buyers and Sellers Through Marketing Efforts***

We intend to expand our marketing efforts to increase awareness of our platform and the benefits of large talent and job pools and flexible transactions and, as a result, attract new buyers and sellers.

 ****

***Increase Spend from Existing Buyers***

We intend to expand our relationship with our existing buyers and increase their spend on our platform by investing in building new products and premium features.

 ****

 **

***Provide Better Offerings to Top Sellers***

 **

We will improve our seller rating system based on sellers' skills and performance. Our goal is to select 100 top sellers and provide them with premium offerings such as recommending jobs from Fortune 500 buyers and investing in the sellers' business upgrading and expansion.

 ****

***Assist Commercialization of Sellers' Creative Designs***

Many sellers may have creative designs but do not know how to commercialize them. We plan to build an ecosystem to serve the creative designers during the entire commercialization process. Our services may cover manufacturing prototypes, reaching out to potential buyers, pricing and marketing, and building supply chains.

**Our Services**

The below flowchart illustrates the task posting, matching and contracting process on our platform.

![](vc012_f1img10.jpg)

**Buyer Experience**

We present our buyers with an e-commerce experience that is designed for streamlined browsing, searching and purchasing.

***Post Tasks.*** Buyers submit a task posting that includes their project description, budget, timeframe, specific skill requirements, and any additional details they add. For an additional fee, clients may also make their job "featured," which gives their posting extra visibility in the search function. After the task post is complete, our platform highlights relevant sellers so the buyer can select them to request a proposal.

![](vc012_f1img11.jpg)

We provide the following seven categories of services covering more than 40 sub-categories with over 300 items. The "Design" category contains 9 sub-categories and over 70 items. Below is the list of the seven categories and a chart to illustrate the sub-categories and items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Design

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Software development

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Marketing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Business writing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Interior decoration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Life service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Business service

![](vc012_f1img12.jpg)

***Search for Sellers.*** To find new talent, we enable buyers to search the marketplace for sellers using customized filters, such as geography, experience level, costs, and ratings. Our search algorithms leverage a broad array of proprietary data to enable buyers to find the sellers that best match their needs.

![](vc012_f1img13.jpg)

 ****

***Contract Securely.*** Buyers sign electronic contracts with sellers through our platform. An electronic contract is an agreement between two or more parties to establish, modify, and terminate rights and obligations in an electronic form through an electronic information network. The entire process of signing the electronic contract is recorded, forming a complete closed loop of evidence to ensure the authenticity and validity of the electronic contract. We use the industry leader Esignbao for electronic contract services. Esignbao has obtained a full license for the sale of commercial cryptographic products. It possesses the "Special Product Sales License for Computer Information System Security" and the "Three-level Certificate" issued by the Ministry of Public Security. It also has ISO 27001 information security system certification and the "Trusted Cloud Certification" issued by the Institute of Information and Communications Technology.

Both buyers and sellers can initiate an electronic contract on our platform. Both parties sign the electronic contract online after real-name authentication. Individuals use signatures and personal seals, and companies use official seals for contract signing, which replaces the cumbersome pattern of traditional paper contract delivery, ensure authenticity and improve efficiency.

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***Escrow Payments.*** We work with Xiamen International Bank as escrow to hold and release funds securely, enabling mutual trust and timely payments. Funds are released only according to escrow instructions that have been agreed upon by buyers and sellers. Xiamen International Bank opens accounts for buyers and sellers. The buyer deposits funds that are held in escrow, in whole or by milestone, before the seller starts to work. The escrow funds are then released to the seller upon completion of a job or a milestone.

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***Provide Feedbacks.*** Upon contract completion, buyers will be asked to provide feedback on the sellers' performance in timeliness of delivery, responsiveness and completion rates. We use the feedback system to build a pool of qualified sellers with consistent performance and improve services to buyers.

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***Dispute Resolution.*** We have a dispute resolution team consisting of well-respected designers or developers and internal staff to assist disputed parties to reach settlement amicably and efficiently. In the past few years, we successfully settled 15 disputes which were mainly related to entrusted service contracts and copyright infringements. In the event no settlement can be reached, we may notify the escrow bank to freeze the fund and release only until a court order is issued.

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***Buyer Stories***

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**Seller Experience**

Sellers apply to join our platform and then market their professional skills, experience, and portfolio. As they complete jobs for buyers on our platform, they build their business reputation with feedback and job history data visible on their profiles.

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How to Joining the Platform (Seller)

***Build Profile.*** We offer a set of tools for sellers to build their profiles, develop their brand, establish a reputation and create their work portfolio. With features such as photo, video, text, and chat, our platform enables sellers to build virtual stores and manage their business from any browser or from our mobile apps. We use seller experience, buyer feedbacks and historical data to provide rankings to sellers. The ranking system also enables sellers to build their business reputation by establishing professional visibility and long-term credibility.

Sellers build up their exclusive online store on our platform. They put their representative cases and available-for-sale services with item tags on the shelves for buyers to browse, show their service capabilities and demonstrate their comprehensive strength. Sellers' virtual stores also display their credit system data such as customer ratings, reviews, credit scores, store types, integrity guards, transaction data, evaluation data, etc. The store homepage supports the customization of slideshows and graphic details, online one-click skin change, and also provides video display modules.

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*Virtual Store Example*

 

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*List of Available Services*

 

 

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*Showcase of Representative Projects*

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*Credentials and Rating Page*

 

***Bid and Match.*** The platform reviews and verifies the buyers and their posted tasks. Upon verification, our AI-powered algorithm matches tasks to the most qualified sellers and notifies them with task recommendations. The sellers may submit their fee proposals on the platform after evaluating basic information of the task and contact the buyers through the platform's instant messaging communication tool to confirm the task details or modify their fee proposals. The buyers then review the fee proposals on the platform, select the seller candidates by clicking the sellers' virtual shops to view and evaluate their skill descriptions and representative projects. The buyers eventually select the seller they want to work with and confirm the task acceptance with the selected seller.

![](vc012_f1img21.jpg)

 

*Fee Proposal Page – Seller Side*

 

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*Fee Proposal Page – Buyer Side*

 

***Business Support.*** To allow sellers to focus on doing what they are good at, we provide comprehensive service that help them manage administrative aspects of their business, such as shared office space and management, company name selection, business registration, logo design to website construction, product packaging, marketing, bookkeeping and tax filing.

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*Our Shared Office Spaces*

 

***Seller Stories***

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**Technology**

Our data analytics capabilities are a unique advantage and critical to our business operations. As of June 30, 2022, we had a team of 83 research and development personnel dedicated to technology, data and related functions. Our technology team is fully involved in all critical operational areas, with an in-depth understanding of our users' needs.

We believe in the power of technology. Our core competitive advantage comes from our huge multi-dimensional data insight, powerful artificial intelligence algorithm and large data capacity, which allows us to effectively process data and continuously improve our two-way matching accuracy. Accurate matching results enable us to attract more buyers and sellers and accumulate more data, thereby improving matching efficiency, optimizing user experience, and creating a positive feedback loop.

***Big data algorithm analysis.*** We use advanced utility and reciprocity-based data mining to perform user analysis and classification and continuous user behavior tracking. Our seller-task-tag tripartite graph assigns labels to any tasks and analyzes sellers' historical performance on different labels to match buyers with high achieving sellers, which, combined with patented implicit factor model recommendation algorithms, we minimize information overload problems on the platform. Compared with other crowdsourcing platforms, our task matching is more accurate and efficient.

***User-friendly experience.*** Our website is well designed to keep the interface simple and clear. We take into full consideration of users' need, purchasing psychology and operating habits, and reserve webpage capacity for future expansion.

Our interface design is intuitive and easy to use. Common toolbars such as search and post are fluid and enable users to operate the functions anytime and anywhere on the website. Users can quickly trigger the target page and utilize the fast search algorithm and semantic association to find relevant tasks, talents and service data efficiently.

Our template page codes and styles are modularized, which can be developed with partial freedom and are perfectly compatible with the entire site. Template style switching, page and functional expansion of the site are strong enough to meet user interaction and functional requirements.

**Transaction Security**

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Many services on our platform are related to cultural and creative products. Their value depends strongly on the protection of intellectual property rights. In order to protect users' intellectual property rights, our platform has launched two services: Integrity Guard and Copyright Guard.

The Integrity Guard, also known as margin system, is a powerful tool to ensure smooth transactions and protect buyers' interests. Sellers who make a cash deposit to commitment to "guarantee completion", "guarantee after-sales", and "guarantee originality" which is used to give priority to compensation when task disputes arise, enhance intellectual property protection.

The Copyright Guard protects sellers' copyrights and is an online electronic deposit service for the works uploaded by sellers. With this service, sellers can effectively prove the creation time and the copyright of the deposited work. When a work is misappropriated or disputes arise, the data deposited by sellers can be used as evidence for copyright protection.

**Data Security and Privacy**

We adhere to the national data security laws and regulations, and vigorously implement internal procedures to protect user data, personal information and business secrets. We utilize a variety of technology solutions to detect risks and vulnerabilities in user privacy and data security, such as encryption, firewall, vulnerability scanning and log audit. We have established stringent internal protocols under which we grant classified access to confidential personal data only to limited number of employees with strictly defined and layered access right. We strictly control and manage the use of data within different internal departments and do not share data with external third parties. In addition, we conduct regular anti-virus checks on all files uploaded by users and maintain database disaster recovery procedures.

The PRC regulatory requirements regarding cybersecurity are constantly evolving. For instance, various regulatory bodies in China, including the CAC and the SAMR, have enforced data privacy and protection laws and regulations with varying and evolving standards and interpretations. If we are deemed not in compliance with these requirements, we may be subject to fines and other administrative penalties from the CAC, the SAMR, and other relevant Chinese government departments. See "Risk Factors – Risks Relating to Doing Business in the PRC – In light of recent events indicating greater oversight by the Cyberspace Administration of China, or CAC, over data security, particularly for companies seeking to list on a foreign exchange, we are subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, our listing on Nasdaq, financial condition, results of operations, and the offering." and "Risk Factors – Risks Relating to Doing Business in the PRC – Failure to comply with laws and regulations applicable to our business in China could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business."

**Intellectual Property**

Protection of our intellectual property is a strategic priority for our business. We rely on a combination of copyright, trademark and trade secret laws, as well as confidentiality agreements, to establish and protect our proprietary rights.

 

As of December 31, 2021, we held 5 issued PRC patents and had 4 PRC patent applications pending. As of December 31, 2021, we held 98 registered trademarks and 126 copyrights with 100 for computer software copyrights. We also own 28 registered websites. We continually review our development efforts to assess the existence and patentability of new intellectual property.

Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy or obtain and use our technology to develop products and services with the same functionality as ours. Policing unauthorized use of our technology is difficult. Our competitors could also independently develop technologies like ours, and our intellectual property rights may not be broad enough for us to prevent competitors from selling products and services incorporating those technologies. In addition, we may, in the future, be subject to claims that we are infringing, misappropriating, or otherwise violating the intellectual property rights of others.

 

**Facilities**

 

Our headquarters are located at Xiamen, Fujian Province, PRC, where we lease the office building with an aggregate floor area of approximately 2,000 square meters. This includes our research and development, sales and marketing, communication and business development personnel and our management and operations facilities and customer services. The lease expires on June 30, 2024.

 

We currently lease approximately 52,000 square meters for shared office spaces for sellers at Xiamen, China. The leases expire on June 30, 2024, December 14, 2025, July 7, 2026, and January 14, 2029.

 

 

**Employees**

We had 295 employees as of June 30, 2022.

 

As required by PRC laws and regulations, we participate in various employee social security plans that are organized by municipal and provincial governments, including housing, pension, medical insurance and unemployment insurance programs. We are required under Chinese law to make contributions to employee benefit plans at specified percentages of the salaries, bonuses and certain allowances of our employees, up to a maximum amount specified by the local government from time to time.

 

We believe that we maintain a good working relationship with our employees, and we have not experienced any material labor disputes.

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| | | |
|:---|:---|:---|
| **Department** | **Number of employees** | **%** |
| Research and development | 83 | 28% |
| Network operation | 23 | 8% |
| Sales | 112 | 38% |
| Customer service | 38 | 13% |
| Administration | 39 | 13% |
| Total | 295 | 100% |

---

 

**Legal Proceedings**

 

We are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

**REGULATIONS**

We operate our business in China under a legal regime consisting of the National People's Congress, which is the country's highest legislative body, the State Council, which is the highest authority of the executive branch of the PRC central government, and several ministries and agencies under its authority, including the Ministry of Industry and Information Technology, State Administration for Industry & Commerce, State Administration of Taxation and their respective local offices. This section summarizes the principal PRC regulations related to our business.

**Regulation Related to Foreign Investment**

The establishment, operation and management of companies in China are mainly governed by the PRC Company Law, as most recently amended in 2018, which applies to both PRC domestic companies and foreign-invested companies. On March 15, 2019, the National People's Congress approved the Foreign Investment Law, and on December 26, 2019, the State Council promulgated the Implementing Rules of the Foreign Investment Law, or the Implementing Rules, to further clarify and elaborate the relevant provisions of the Foreign Investment Law. The Foreign Investment Law and the Implementing Rules both took effect on January 1, 2020 and replaced three previous major laws on foreign investments in China, namely, the Sino-foreign Equity Joint Venture Law, the Sino-foreign Cooperative Joint Venture Law and the Wholly Foreign-owned Enterprise Law, together with their respective implementing rules. Pursuant to the Foreign Investment Law, "foreign investments" refer to investment activities conducted by foreign investors (including foreign natural persons, foreign enterprises or other foreign organizations) directly or indirectly in the PRC, which include any of the following circumstances: (i) foreign investors setting up foreign-invested enterprises in the PRC solely or jointly with other investors, (ii) foreign investors obtaining shares, equity interests, property portions or other similar rights and interests of enterprises within the PRC, (iii) foreign investors investing in new projects in the PRC solely or jointly with other investors, and (iv) investment in other methods as specified in laws, administrative regulations, or as stipulated by the State Council. The Implementing Rules introduce a see-through principle and further provide that foreign-invested enterprises that invest in the PRC shall also be governed by the Foreign Investment Law and the Implementing Rules.

The Foreign Investment Law and the Implementing Rules provide that a system of pre-entry national treatment and negative list shall be applied for the administration of foreign investment, where "pre-entry national treatment" means that the treatment given to foreign investors and their investments at market entry stage is no less favorable than that given to domestic investors and their investments, and "negative list" means the special administrative measures for foreign investment's entry to specific fields or industries. Foreign investments beyond the negative list will be granted national treatment. Foreign investors shall not invest in the prohibited fields as specified in the negative list, and foreign investors who invest in the restricted fields shall comply with certain special requirements on shareholding and senior management personnel, etc. In the meantime, relevant competent government departments will formulate a catalogue of the specific industries, fields and regions in which foreign investors are encouraged and guided to invest according to the national economic and social development needs. The current industry entry clearance requirements governing investment activities in the PRC by foreign investors are set out in two categories, namely The Special Management Measures for the Entry of Foreign Investment (Negative List) (2021 version), or the 2021 Negative List, as promulgated on December 27, 2021 by the National Development and Reform Commission, or the NDRC, and the Ministry of Commerce, or the MOFCOM, and taking effect on January 1, 2022, and the Encouraged Industry Catalogue for Foreign Investment (2020 version), as promulgated by the NDRC and the MOFCOM on December 27,2020and taking effect on January 27, 2021. Industries not listed in these two catalogues are generally deemed "permitted" for foreign investment unless specifically restricted by other PRC laws.

According to the Implementing Rules, the registration of foreign-invested enterprises shall be handled by the State Administration for Market Regulation, or the SAMR, or its authorized local counterparts. Where a foreign investor invests in an industry or field subject to licensing in accordance with laws, the relevant competent government department responsible for granting such license shall review the license application of the foreign investor in accordance with the same conditions and procedures applicable to PRC domestic investors unless it is stipulated otherwise by the laws and administrative regulations, and the competent government department shall not impose discriminatory requirements on the foreign investor in terms of licensing conditions, application materials, reviewing steps and deadlines, etc.

Law and the Implementing Rules, and the Information Reporting Measures for Foreign Investment jointly promulgated by the MOFCOM and the SAMR, which took effect on January 1, 2020, a foreign investment information reporting system has been established and foreign investors or foreign-invested enterprises shall report investment information to competent commerce departments of the government through the enterprise registration system and the national enterprise credit information publicity system, and the administration for market regulation shall forward the above investment information to the competent commerce departments in a timely manner.

**Regulations on Internet Content Providers**

The *Administrative Measures on Internet Information Services*, or the Internet Content Measures, which was promulgated by the State Council on September 25, 2000 and amended on January 8, 2011, classifies internet information services into commercial internet information services and non-commercial internet information services. Commercial internet information services refer to services that provide information or services to internet users with charge. A provider of commercial internet information services must obtain an ICP License. EPWK VIE has obtained the ICP License, which will remain effective until July 20, 2026.

**Regulations on Intellectual Property Rights**

 

*Regulations on copyright*

 

The *Copyright Law of the PRC*, or the Copyright Law, which took effect on June 1, 1991 and was amended in 2001, in 2010 and in 2020 (which will take effect on June 1, 2021), provides that Chinese citizens, legal persons, or unincorporated organizations shall, whether published or not, own copyright in their copyrightable works, which include, among others, works of literature, art, natural science, social science, engineering technology and computer software. Copyright owners enjoy certain legal rights, including right of publication, right of authorship and right of reproduction. The Copyright Law as revised in 2010 extends copyright protection to Internet activities, products disseminated over the Internet and software products. Under the Copyright Law, the term for software copyright is 50 years. In addition, Copyright Law provides for a voluntary registration system administered by the China Copyright Protection Center, or the CPCC. According to the Copyright Law, an infringer of the copyrights shall be subject to various civil liabilities, which include ceasing infringement activities, apologizing to the copyright owners and compensating the loss of copyright owner. Infringers of copyright may also subject to fines and/or administrative or criminal liabilities in severe situations.

The *Computer Software Copyright Registration Measures*, or the Software Copyright Measures, promulgated on February 20, 2002, regulates registrations of software copyright, exclusive licensing contracts for software copyright and assignment agreements. The National Copyright Administration, or the NCA administers software copyright registration and the CPCC, is designated as the software registration authority. The CPCC shall grant registration certificates to the Computer Software Copyrights applicants which meet the requirements of both the Software Copyright Measures and the *Computer Software Protection Regulations (Revised in 2013)*.

The *Provisions of the Supreme People's Court on Certain Issues Related to the Application of Law in the Trial of Civil Cases Involving Disputes on Infringement of the Information Network Dissemination Rights* specifies that disseminating works, performances or audio-video products by the internet users or the internet service providers via the internet without the permission of the copyright owners shall be deemed to have infringed the right of dissemination of the copyright owner.

The *Measures for Administrative Protection of Copyright Related to Internet*, which was jointly promulgated by the NCA and the MIIT on April 29, 2005 and became effective on May 30, 2005, provides that upon receipt of an infringement notice from a legitimate copyright holder, an ICP operator must take remedial actions immediately by removing or disabling access to the infringing content. If an ICP operator knowingly transmits infringing content or fails to take remedial actions after receipt of a notice of infringement that harms public interest, the ICP operator could be subject to administrative penalties, including an order to cease infringing activities, confiscation by the authorities of all income derived from the infringement activities, or payment of fines.

On May 18, 2006, the State Council promulgated the *Regulations on the Protection of the Right to Network Dissemination of Information* (as amended in 2013). Under these regulations, an owner of the network dissemination rights with respect to written works or audio or video recordings who believes that information storage, search or link services provided by an Internet service provider infringe his or her rights may require that the Internet service provider delete, or disconnect the links to, such works or recordings.

*Regulations on domain names*

 

The MIIT promulgated the *Measures on Administration of Internet Domain Names*, or the Domain Name Measures, on August 24, 2017, which took effect on November 1, 2017 and replaced the *Administrative Measures on China Internet Domain Name* promulgated by MII on November 5, 2004. According to the Domain Name Measures, the MIIT is in charge of the administration of PRC internet domain names. The domain name registration follows a first-to-file principle. Applicants for registration of domain names shall provide the true, accurate and complete information of their identities to domain name registration service institutions. The applicants will become the holder of such domain names upon the completion of the registration procedure. We have registered the domain name of www.epwk.com in the PRC.

*Regulations on Trademark*

The Standing Committee of the National People's Congress of the PRC promulgated the PRC Trademark Law on August 23, 1982 and most recently amended on April 23, 2019, as well as the Implementation Regulation of the PRC Trademark Law which was adopted by the PRC State Council on August 3, 2002 and amended on April 29, 2014. The Trademark Office of the National Intellectual Property Administration under the SAMR handles trademark registrations and grants a term of ten years to registered trademarks which may be renewed for consecutive ten-year periods upon request by the trademark owner. The PRC Trademark Law has adopted a "first-to-file" principle with respect to trademark registration. Where a trademark for which a registration has been filed is identical or similar to another trademark which has already been registered or been subject to a preliminary examination and approval for use on the same kind of or similar commodities or services, the application for registration of such trademark may be rejected.

**Regulations on Foreign Exchange**

*General administration of foreign exchange*

 

Under the *PRC Foreign Currency Administration Rules* promulgated on January 29, 1996 and most recently amended on August 5, 2008 and various regulations issued by the SAFE and other relevant PRC government authorities, Renminbi is convertible into other currencies for current account items, such as trade-related receipts and payments and payment of interest and dividends. The conversion of Renminbi into other currencies and remittance of the converted foreign currency outside the PRC for of capital account items, such as direct equity investments, loans and repatriation of investment, requires the prior approval from the SAFE or its local office. Payments for transactions that take place within the PRC must be made in Renminbi. Unless otherwise approved, PRC companies may not repatriate foreign currency payments received from abroad or retain the same abroad. Foreign-invested enterprises may retain foreign exchange in accounts with designated foreign exchange banks under the current account items subject to a cap set by the SAFE or its local office. Foreign exchange proceeds under the current accounts may be either retained or sold to a financial institution engaged in settlement and sale of foreign exchange pursuant to relevant SAFE rules and regulations. For foreign exchange proceeds under the capital accounts, approval from the SAFE is generally required for the retention or sale of such proceeds to a financial institution engaged in settlement and sale of foreign exchange.

Pursuant to the *Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment*, or the SAFE Circular No. 59 promulgated by SAFE on November 19, 2012, which became effective on December 17, 2012 and was further amended on May 4, 2015, approval is not required for opening a foreign exchange account and depositing foreign exchange into the accounts relating to the direct investments. SAFE Circular No. 59 also simplified foreign exchange-related registration required for the foreign investors to acquire the equity interests of Chinese companies and further improve the administration on foreign exchange settlement for foreign-invested enterprises.

Pursuant to the *Circular on Further Simplifying and Improving the Foreign Currency Management Policy on Direct Investment*, or the SAFE Circular No. 13, effective from June 1, 2015, which cancels the administrative approvals of foreign exchange registration of direct domestic investment and direct overseas investment and simplifies the procedure of foreign exchange-related registration, the investors shall register with banks for direct domestic investment and direct overseas investment.

The *Circular on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise*, or the SAFE Circular No. 19, which was promulgated by the SAFE on March 30, 2015 and became effective on June 1, 2015, provides that a foreign-invested enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital account for which the relevant foreign exchange administration has confirmed monetary capital contribution rights and interests (or for which the bank has registered the injection of the monetary capital contribution into the account). Pursuant to the SAFE Circular No.19, for the time being, foreign-invested enterprises are allowed to settle 100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and open a corresponding account for foreign exchange settlement pending payment with the foreign exchange administration or the bank at the place where it is registered.

The *Circular on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts*, or the SAFE Circular No. 16, which was promulgated by the SAFE and became effective on June 9, 2016, provides that enterprises registered in the PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. The SAFE Circular No. 16 also provides an integrated standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency capital and foreign debts) on self-discretionary basis, which applies to all enterprises registered in the PRC.

The Notice of the SAFE on Further Promoting the Convenience of Cross-border Trade and Investment, or the SAFE Circular 28, which was promulgated by the SAFE and became effective on October 23, 2019, provides that non-investment foreign-invested enterprises may use capital to make equity investment in the PRC in accordance with laws under the premise that the investment is not in violation of the applicable special entry management measures for foreign investment (negative list) and the projects invested are true and in compliance with relevant laws and regulations.

The Notice of the SAFE on Optimizing Foreign Exchange Administration to Support the Development of Foreign-related Business, or the SAFE Circular 8, which was issued by the SAFE and became effective on April 10, 2020, provides that under the condition that the use of the funds is genuine and compliant with current administrative provisions on use of income relating to capital account, enterprises are allowed to use income under capital account such as capital funds, foreign debts and overseas listings for domestic payment, without submission to the bank prior to each transaction of materials evidencing the veracity of such payment.

*Offshore investment*

 

Under the *Circular of the State Administration of Foreign Exchange on Issues Concerning the Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles*, or the SAFE Circular 37, issued by the SAFE and effective on July 4, 2014, PRC residents are required to register with the local SAFE branch prior to the establishment or control of an offshore special purpose vehicle, or SPV, which is defined as offshore enterprises directly established or indirectly controlled by PRC residents for offshore equity financing of the enterprise assets or interests they hold in China. An amendment to registration or subsequent filing with the local SAFE branch by such PRC resident is also required if there is any change in basic information of the offshore company or any material change with respect to the capital of the offshore company. At the same time, the SAFE has issued the *Operation Guidance for the Issues Concerning Foreign Exchange Administration over Round-trip Investment* regarding the procedures for SAFE registration under the SAFE Circular 37, which became effective on July 4, 2014 as an attachment of Circular 37.

*Regulations on dividend distribution*

The principal laws and regulations regulating the dividend distribution of dividends by foreign-invested enterprises in the PRC is the *Company Law of the PRC*, as amended in 2004, 2005, 2013 and 2018. Under the current regulatory regime in the PRC, foreign-invested enterprises in the PRC may pay dividends only out of their retained earnings, if any, determined in accordance with PRC accounting standards and regulations. A PRC company is required to set aside as statutory reserve funds at least 10% of its after-tax profit, until the cumulative amount of such reserve funds reaches 50% of its registered capital unless laws regarding foreign investment provide otherwise. A PRC company shall not distribute any profits until any losses from prior fiscal years have been offset. Profits retained from prior fiscal years may be distributed together with distributable profits from the current fiscal year.

**Regulations on Taxation**

*Enterprise Income Tax*

On March 16, 2007, the Standing Committee of the National People's Congress promulgated the Law of the PRC on Enterprise Income Tax which was amended on February 24, 2017, and December 29, 2018, and on December 6, 2007, the State Council enacted the *Regulations for the Implementation of the Law on Enterprise Income Tax*, or collectively, the EIT Law. The EIT Law came into effect on January 1, 2008. Under the EIT Law, both resident enterprises and non-resident enterprises are subject to tax in the PRC. Resident enterprises are defined as enterprises that are established in China in accordance with PRC laws, or that are established in accordance with the laws of foreign countries but are actually or in effect controlled from within the PRC. Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose actual management is conducted outside the PRC, but have established institutions or premises in the PRC, or have no such established institutions or premises but have income generated from inside the PRC. Under the EIT Law and relevant implementing regulations, a uniform corporate income tax rate of 25% is applied. However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or if they have formed permanent establishment or premises in the PRC but there is no actual relationship between the relevant income derived in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect to their income sourced from inside the PRC.

*Value-added Tax*

The *Provisional Regulations of the PRC on Value-added Tax* were promulgated by the State Council on December 13, 1993 and came into effect on January 1, 1994 which were subsequently amended on November 10, 2008, February 6, 2016, and November 19, 2017. The *Detailed Rules for the Implementation of the Provisional Regulations of the PRC on Value-added Tax* (Revised in 2011) was promulgated by the Ministry of Finance on December 25, 1993 and subsequently amended on December 15, 2008 and October 28, 2011, or collectively, VAT Law. On November 19, 2017, the State Council promulgated The Decisions on Abolishing the Provisional Regulations of the PRC on Business Tax and Amending the Provisional Regulations of the PRC on Value-added Tax, or Order 691. According to the VAT Law and Order 691, all enterprises and individuals engaged in the sale of goods, the provision of processing, repair and replacement services, sales of services, intangible assets, real property and the importation of goods within the territory of the PRC are the taxpayers of VAT. The VAT tax rates generally applicable are simplified as 17%, 11%, 6% and 0%, and the VAT tax rate applicable to the small-scale taxpayers is 3%. The new VAT tax rates generally applicable from May 1, 2018 are simplified as 16%, 10%, 6% and 0%, and the VAT tax rate applicable to the small-scale taxpayers is still 3%. Starting from April 1, 2019, the VAT rate for revenue generated from providing products was changed from 16% into 13%.

*Dividend Withholding Tax*

The EIT Law provides that since January 1, 2008, an income tax rate of 10% will normally be applicable to dividends declared to non-PRC resident investors which do not have an establishment or place of business in the PRC, or which have such establishment or place of business but the relevant income is not effectively connected with the establishment or place of business, to the extent such dividends are derived from sources within the PRC.

Pursuant to an *Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Incomes*, or the Double Tax Avoidance Arrangement, and other applicable PRC laws, if a Hong Kong resident enterprise is determined by the competent PRC tax authority to have satisfied the relevant conditions and requirements under such Double Tax Avoidance Arrangement and other applicable laws, the 10% withholding tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise may be reduced to 5%. However, based on the *Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties*, or the SAT Circular 81, issued on February 20, 2009 by the s, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment. According to the *Circular on Several Questions regarding the "Beneficial Owner" in Tax Treaties*, which was issued on February 3, 2018 by the SAT and became effect on April 1, 2018, when determining the applicant's status of the "beneficial owner" regarding tax treatments in connection with dividends, interests or royalties in the tax treaties, several factors, including without limitation, whether the applicant is obligated to pay more than 50% of his or her income in twelve months to residents in third country or region, whether the business operated by the applicant constitutes the actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax or grant tax exemption on relevant incomes or levy tax at an extremely low rate, will be taken into account, and it will be analyzed according to the actual circumstances of the specific cases. This circular further provides that applicants who intend to prove his or her status of the "beneficial owner" shall submit the relevant documents to the relevant tax bureau according to the *Announcement on Issuing the Measures for the Administration of Non-Resident Taxpayers' Enjoyment of the Treatment under Tax Agreements*.

*Tax on Indirect Transfer*

 

On February 3, 2015, the SAT issued the Circular on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or Circular 7. Pursuant to Circular 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises, may be recharacterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. When determining whether there is a "reasonable commercial purpose" of the transaction arrangement, features to be taken into consideration include, inter alia, whether the main value of the equity interest of the relevant offshore enterprise derives directly or indirectly from PRC taxable assets; whether the assets of the relevant offshore enterprise mainly consists of direct or indirect investment in China or if its income is mainly derived from China; and whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have real commercial nature which is evidenced by their actual function and risk exposure. According to Circular 7, where the payor fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the tax authority by itself within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. Circular 7 does not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired on a public stock exchange. On October 17, 2017, the SAT issued the *Circular on Issues of Tax Withholding regarding Non-PRC Resident Enterprise Income Tax*, or SAT Circular 37, which further elaborates the relevant implemental rules regarding the calculation, reporting and payment obligations of the withholding tax by the non-resident enterprises.

**Regulations Relating to Payment Services**

In June 2010, the People's Bank of China, or PBOC, issued the Administrative Measures for the Payment Services of Non-Financial Institutions, or the Payment Services Measures, effective September 2010. Under the Payment Services Measures, a non-financial institution must obtain a payment business license, or Payment License, to provide payment services and qualifies as a paying institution. With the Payment License, a non-financial institution may serve as an intermediary between payees and payers and provide some or all of the following services: online payment, issuance and acceptance of prepaid card, bank card acceptance, and other payment services as specified by PBOC.

Without PBOC's approval, no non-financial institution or individual may engage in payment business whether explicitly or in a disguised form.

In November 2017, PBOC published a notice, or the PBOC Notice, on the investigation and administration of illegal offering of settlement services by financial institutions and third-party payment service providers to unlicensed entities. The PBOC Notice intended to prevent unlicensed entities from using licensed payment service providers as a conduit for conducting the unlicensed payment settlement services, so as to safeguard the fund security and information security. We believe that our pattern of receiving settlement services from Xiamen International Bank are not in violation of the PBOC Notice. See "Risk Factors – Risks Related to Our Business and Operations – We rely on a commercial bank for payment processing and escrow services on our platform. If these payment services are restricted or curtailed in any way or become unavailable to us or our buyers for any reason, our business may be materially and adversely affected."

**Regulations Relating to Internet Information Security and Privacy Protection**

In recent years, PRC government authorities have enacted laws and regulations on internet use to protect personal information from any unauthorized disclosure. Under the Several Provisions on Regulating the Market Order of Internet Information Services, issued by the MIIT in December 2011 and effective March 2012, an internet information service provider may not collect any user personal information or provide any such information to third parties without the consent of the user. An internet information service provider must expressly inform the users of the method, content and purpose of the collection and processing of such user personal information and may only collect such information necessary for the provision of its services. An internet information service provider is also required to properly maintain the user's personal information, and in case of any leak or likely leak of the user's personal information, the internet information service provider must take immediate remedial measures and, in severe circumstances, immediately report to the telecommunications authority. As required under the Personal Information Protection Law of the People's Republic of China was promulgated by the Standing Committee of the National People's Congress on August 20, 2021 and came into effect on November 1, 2021, the personal information of a natural person shall be protected by law, and no organization or individual may infringe upon the personal information rights and interests of natural persons.

On December 28, 2012, SCNPC issued Decision of the Standing Committee of the National People's Congress on Strengthening Information Protection on Networks, pursuant to which network service providers and other enterprises and institutions shall, when gathering and using electronic personal information of citizens in business activities, publish their collection and use rules and adhere to the principles of legality, rationality and necessarily, explicitly state the purposes, manners and scopes of collecting and using information, and obtain the consent of those from whom information is collected, and shall not collect and use information in violation of laws and regulations and the agreement between both sides; and the network service providers and other enterprises and institutions and their personnel must strictly keep such information confidential and may not divulge, alter, damage, sell, or illegally provide others with such information.

On July 16, 2013, the Ministry of Industry and Information Technology, or the MIIT, issued the Provisions on the Protection of Personal Information of Telecommunication and Internet User, which was effective on September 1, 2013. The requirements under this order are stricter and wider compared to the above decision issued by the National People's Congress. According to the provisions, if a network service provider wishes to collect or use personal information, it may do so only if such collection is necessary for the services it provides. Furthermore, it must disclose to its users the purpose, method and scope of any such collection or usage, and must obtain consent from the users whose information is being collected or used. Network service providers are also required to establish and publish their protocols relating to personal information collection or usage, keep any collected information strictly confidential and take technological and other measures to maintain the security of such information. Network service providers are required to cease any collection or usage of the relevant personal information, and provide services for the users to de-register the relevant user account, when a user stops using the relevant Internet service. Network service providers are further prohibited from divulging, distorting or destroying any such personal information, or selling or providing such personal information unlawfully to other parties. In addition, if a network service provider appoints an agent to undertake any marketing or technical services that involve the collection or usage of personal information, the network service provider is required to supervise and manage the protection of the information. The provisions state, in broad terms, that violators may face warnings, fines, public exposure and, criminal liability whereas the case constitutes a crime.

On June 1, 2017, the Cybersecurity Law of the PRC promulgated in November 2016 by SCNPC became effective. This law also absorbed and restated the principles and requirements mentioned in the aforesaid decision and order, and further provides that, where an individual finds any network operator collects or uses his or her personal information in violation of the provisions of any law, regulation or the agreement of both parties, the individual shall be entitled to request the network operator to delete his or her personal information; if the individual finds that his or her personal information collected or stored by the network operator has any error, he or she shall be entitled to request the network operator to make corrections, and the network operator shall take measures to do so. Pursuant to this law, the violators may be subject to: (i) warning; (ii) confiscation of illegal gains and fines equal to one to ten times of the illegal gains; or if without illegal gains, fines up to RMB1,000,000; or (iii) an order to shut down the website, suspend the business operation for rectification, or revoke business license. Besides, responsible persons may be subject to fines between RMB10,000 and RMB100,000.

In August 2021, the Standing Committee of the National People's Congress officially promulgated the Personal Information Protection Law, which came into effect from November 1, 2021. The Personal Information Protection Law provides detailed rules on handling personal information and legal responsibilities, including but not limited to the scope of personal information and the ways of processing personal information, the establishment of rules for processing personal information, and the individual's rights and the processor's obligations in the processing of personal information. The Personal Information Protection Law also strengthens the punishment for those who illegally process personal information.

On December 28, 2021, the CAC and 12 other relevant PRC government authorities published the amended Cybersecurity Review Measures, which came into effect on February 15, 2022 and supersede and replace the current Cybersecurity Review Measures previously promulgated on April 13, 2020. The final Cybersecurity Review Measures provide that the purchase of network products and services by a "critical information infrastructure operator" (the "CIIO") and the data processing activities of a "network platform operator" that affect or may affect national security shall be subject to the cybersecurity review. If a "network platform operator" that possesses the personal information of more than one million users seeks to be listed in a foreign country, it must apply for a cybersecurity review with the Cybersecurity Review Office. In compliance with the Measures, we have submitted a written declaration and other materials required for the cybersecurity review to the CAC. Upon reviewing our materials in accordance with the Measures, the Office of Cybersecurity Review of the CAC, which is responsible for organizing cybersecurity reviews and developing relevant rules and regulations, informed us that we passed the cybersecurity review for this offering.

On July 7, 2022, the CAC issued the Measures for Security Assessment of Data Export Security, which will go into effect on September 1, 2022. The Measures for Security Assessment of Data Export Security provides clearer and more specific guidance for data processors to apply for security assessments, and for the competent authorities to accept and conduct assessments, and provides specific compliance guidance for enterprises to carry out data export activities.

**Regulations on Employment and Social Welfare**

 

*Labor Contract Law*

 

The *Labor Contract Law of the PRC*, or the Labor Contract Law, which was promulgated on January 1, 2008 and amended on December 28, 2012, is primarily aimed at regulating rights and obligations of employer and employee relationships, including the establishment, performance and termination of labor contracts. Pursuant to the Labor Contract Law, labor contracts shall be concluded in writing if labor relationships are to be or have been established between employers and the employees. Employers are prohibited from forcing employees to work above certain time limit and employers shall pay employees for overtime work in accordance with national regulations. In addition, employee wages shall be no lower than local standards on minimum wages and shall be paid to employees timely.

*Social Insurance and Housing Fund*

 

As required under the *Regulation of Insurance for Labor Injury* implemented on January 1, 2004 and amended in 2010, the *Provisional Measures for Maternity Insurance of Employees of Corporations* implemented on January 1, 1995, the *Decisions on the Establishment of a Unified Program for Old-Aged Pension Insurance of the State Council* issued on July 16, 1997, the *Decisions on the Establishment of the Medical Insurance Program for Urban Workers of the State Council* promulgated on December 14, 1998, the *Unemployment Insurance Measures* promulgated on January 22, 1999 and the *Social Insurance Law of the PRC* implemented on July 1, 2011, amended on December 29, 2018, employers are required to provide their employees in the PRC with welfare benefits covering pension insurance, unemployment insurance, maternity insurance, labor injury insurance and medical insurance.

In accordance with the *Regulations on the Management of Housing Fund* which was promulgated by the State Council on April 3, 1999, amended on March 24, 2002 and March 24, 2019, employers must register at the designated administrative centers and open bank accounts for depositing employees' housing funds. Employer and employee are also required to pay and deposit housing funds, with an amount no less than 5% of the monthly average salary of the employee in the preceding year in full and on time.

**M&A Rules and Overseas Listing**

On August 8, 2006, six PRC governmental and regulatory agencies, including MOFCOM and the China Securities Regulatory Commission, or the CSRC, promulgated the *Rules on Acquisition of Domestic Enterprises by Foreign Investors*, or the M&A Rules, governing the mergers and acquisitions of domestic enterprises by foreign investors that became effective on September 8, 2006 and was revised on June 22, 2009. The M&A Rules, among other things, requires that if an overseas company established or controlled by PRC companies or individuals, or PRC Citizens, intends to acquire equity interests or assets of any other PRC domestic company affiliated with the PRC Citizens, such acquisition must be submitted to the MOFCOM for approval. The M&A Rules also requires that an offshore special purpose vehicle formed for overseas listing purposes and controlled directly or indirectly by the PRC Citizens shall obtain the approval of the CSRC prior to overseas listing and trading of such special purpose vehicle's securities on an overseas stock exchange.

**MANAGEMENT**

Set forth below is information concerning our directors, executive officers and other key employees. The following individuals are members of the Board and executive management.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Guohua Huang | 52 | Chairman of the Board of Directors, Chief Executive Officer |
| Shuangquan Lin | 52 | Chief Operating Officer |
| Conghui Lin | 39 | Chief Financial Officer |
| Mei Feng\* | 38 | Chief Product Director |
| Ling Ruan\* | 35 | Chief Business Officer |
| Yanjun Chen\* | 40 | Board Secretary |
| Qingyun Yang\*\* | 52 | Independent Director Nominee, Chair of Audit Committee |
| Li Yang\*\* | 53 | Independent Director Nominee, Chair of Compensation Committee |
| Xing Gao\*\* | 42 | Independent Director Nominee, Chair of Nominating and Corporate Governance Committee |

---

\* Disclosed as the key employee and not as the executive officer or director of EPWK Holdings Ltd.

\*\* The individual shall be appointed and consents to be in such position upon Company's listing on the Nasdaq Capital Market.

The following is a brief biography of each of our executive officers and directors:

**Executive Officers**

**Guohua Huang** is the founder of our company. Mr. Huang has been the chief executive officer of our company since when it was founded in March 2011. Prior to founding EPWK VIE, between 2007 and 2011, Mr. Huang started his own social media and broadcasting company. Under this social media and broadcasting company, Mr. Huang founded two startups, Haishang Bus TV Group and Mobile Phone Animation Group. When Mr. Huang was working on those two start-ups, he posted a request for logo design on a crowdsourcing platform. This experience sparked his interest in crowdsourcing business model and motivated him to found EPWK VIE. Mr. Huang also wrote and published two books on the subject of crowdsourcing business. *Crowdsourcing and Witkey* was published by China Renmin University Press in August 2015. *Maker and Witkey* was published by Xiamen University Press in October 2017. Mr. Huang received his bachelor's degree in Administrative Management from the Central Communist Party College in 2001 and EMBA in 2017 from the TEE-EMBA program, which is jointly organized by Tsinghua University School of Economics and Management (Tsinghua SEM) and École des Ponts ParisTech, also known as École nationale des ponts et chausses (ENPC) and École nationale de l'aviation civile (ENAC).

**Shuangquan Lin** has been our Chief Operating Officer since August 2016. Between February 2002 and August 2016, Mr. Lin served various managerial positions for Bolina Holding Co., Ltd., (HKEX: 1190), including general manager assistant, director of president office and head of the investment department. Mr. Lin received his bachelor's degree from the China Calligraphy and Painting International University in 1993 and EMBA from Northwestern Polytechnic University (NPU) in 2012.

**Conghui Lin** has been our Chief Financial Officer since May 2014. Prior to joining EPWK VIE, Mr. Lin was the head of finance for C&D Logistics Co., Ltd. (Shanghai Stock Exchange: 600153) from January 2010 to May 2014. Mr. Lin received his bachelor's degree in Financial Management from Xiamen University Tan Kah Kee College in 2007.

**Mei Feng**, our Chief Product Director, joined the EPWK VIE in 2011. From August 2008 to July 2009, she served as the product planner of Beijing Sohu Network Company. From October 2009 to March 2011, she was the product director of Beijing Yiyou Network (France) Product Department. She has 13 years of experience in internet industry and is proficient in product design, planning, technology iteration and innovation.

**Ling Ruan**, our Chief Business Officer and Senior Operating Director, started to work for the EPWK VIE since 2014. From May 2012 to November 2014, she was associated with Xiamen Zhongziyuan Network Technology Co., Ltd., one of the earliest and largest Internet basic application service providers in China and served as the head of the Xiamen Zhongziyuan's Expansion Department. She is responsible for the management of Maker base with an area of more than 50,000 square meters, which includes a national science and technology incubator, a national cross-strait youth entrepreneurship base and three national mass entrepreneurship spaces.

Yanjun Chen, our secretary of the board of directors, joined the EPWK VIE in 2012. Before that, Ms. Chen worked in Xiamen Yingshi Sanitary Ware Co., Ltd., Xiamen Yifang Software Co., Ltd., and Wuhan Xunchi Technology Co., Ltd. She possesses more than 10 years of working experience in internet industry, with rich experience in brand marketing and promotion and team management. She received her Master of Business Administration degree from Huaqiao University in 2019 and has obtained the Qualification Certificate of the Board Secretary of Listed Companies of Shenzhen Stock Exchange.

**Independent Director**

**Qingyun Yang** is an independent director nominee and will serve as the Chair of the Company's Audit Committee. Mr. Yang has nearly 30 years of experience in financial accounting and corporate management. From 2006 to 2014, he worked in Zhangzhou Wanhui Sanitary Ware Co., Ltd. and successively served as the assistant to the manager of the financial department, the manager of the financial department, and the assistant to the general manager. Since 2014, he is the general manager of Zhangzhou Hengrun Investment Management Co., Ltd. responsible for the overall operation of the company, including overseeing its financing and investment activities, reviewing auditors' reports and findings, and leading the due diligence review and analysis of the investment targets. From 2012 to 2019, Mr. Yang served as the executive director of the Hong Kong listed company Bolina Holding Co., Ltd. (HK.01190), responsible for the overall operation. As a member of the board of directors, he participated in the decision-making processes on major issues such as financial performance, investment, review of auditors' reports, and evaluation of audit findings. Mr. Qingquan Yang received his bachelor's degree in accounting from Beijing Technology and Business University in 2004.

**Xing Gao** is an independent director nominee and will serve as the Chairman of the Company's Nominating and Corporate Governance Committee. Prof. Gao joined Xiamen University in 2009 as an assistant professor and has been an associate professor since 2013. Prof. Gao is a member of the High-Level Talents of Fujian Province and the City of Xiamen. He also serves as the founder and the head of Xiamen University-OPPO Mobile Terminal System Innovation Technology Joint Laboratory and is in charge of or has participated in several national technology projects. Mr. Gao received his PhD of Computer Software and Theory from Harbin Institute of Technology in 2009 and was a visiting scholar at the University of Texas at Dallas from September 2016 to September 2017.

**Li Yang** is an independent director nominee and will serve as the Chairwoman of the Company's Compensation Committee. Ms. Yang has been the managing partner of Fujian Ruhao Law Firm since 2011 and has 22 years of legal practice experience. Ms. Yang serves as or was a senior member and legal counsel of several prominent business and legal organizations in Fujian Province. She is also an arbitrator of the City of Xiamen's Labor Disputes Arbitration Committee. Ms. Yang received her Master of Business Administration degree from Huaqiao University in 2011Mr. Yang has nearly 30 years of experience in financial accounting and corporate management. From 2006 to 2014, he worked in Zhangzhou Wanhui Sanitary Ware Co., Ltd. and successively served as the assistant to the manager of the financial department, the manager of the financial department, and the assistant to the general manager. Since 2014, he is the general manager of Zhangzhou Hengrun Investment Management Co., Ltd. responsible for the overall operation of the company, including overseeing its financing and investment activities, reviewing auditors' reports and findings, and leading the due diligence review and analysis of the investment targets. From 2012 to 2019, Mr. Yang served as the executive director of the Hong Kong listed company Bolina Holding Co., Ltd. (HK.01190), responsible for the overall operation. As a member of the board of directors, he participated in the decision-making processes on major issues such as financial performance, investment, review of auditors' reports, and evaluation of audit findings. Mr. Qingquan Yang received his bachelor's degree in accounting from Beijing Technology and Business University in 2004.

Li Yang is an independent director nominee and will serve as the Chairwoman of the Company's Compensation Committee. Ms. Yang has been the managing partner of Fujian Ruhao Law Firm since 2011 and has 22 years of legal practice experience. Ms. Yang serves as or was a senior member and legal counsel of several prominent business and legal organizations in Fujian Province. She is also an arbitrator of the City of Xiamen's Labor Disputes Arbitration Committee. Ms. Yang received her Master of Business Administration degree from Huaqiao University in 2011.

Xing Gao is an independent director nominee and will serve as the Chairman of the Company's Nominating and Corporate Governance Committee. Prof. Gao joined Xiamen University in 2009 as an assistant professor and has been an associate professor since 2013. Prof. Gao is a member of the High-Level Talents of Fujian Province and the City of Xiamen. He also serves as the founder and the head of Xiamen University-OPPO Mobile Terminal System Innovation Technology Joint Laboratory and is in charge of or has participated in several national technology projects. Mr. Gao received his PhD of Computer Software and Theory from Harbin Institute of Technology in 2009 and was a visiting scholar at the University of Texas at Dallas from September 2016 to September 2017.

**Family Relationships**

None of the directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

**Director Independence**

We currently only have one independent director as that term is defined in the listing standards of the Nasdaq Capital Market. We intend to appoint more independent directors upon initial closing of this offering as required by the listing standard of Nasdaq Capital Market.

**Duties of Directors**

Under Cayman Islands law, directors and officers owe the following fiduciary duties:

&nbsp;&nbsp;&nbsp;&nbsp;(i) duty to act in good faith in what the director believes to be in the best interests of the company as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) directors should not properly fetter the exercise of future discretion;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and

&nbsp;&nbsp;&nbsp;&nbsp;(v) duty to exercise independent judgment.

In addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience which that director has.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in the memorandum and articles of association or alternatively by shareholder approval at general meetings.

**Terms of Directors and Executive Officers**

Each of our directors holds office until a successor has been duly elected and qualified unless the director was appointed by the board of directors, in which case such director holds office until the next following annual meeting of shareholders at which time such director is eligible for reelection. All of our executive officers are appointed by and serve at the discretion of our board of directors. There is currently no shareholding qualification for directors.

**Employment Agreements with our Executive Officers and Directors**

We have entered into fixed-term employment agreement with Mr. Shuangquan Lin without automatic renewal clause. Our employment agreement with Mr. Shuangquan Lin is from August 10, 2019 and terminates on August 9, 2024. We entered into an indefinite employment agreement with Mr. Conghui Lin on April 14, 2022.We have entered into an indefinite term employment agreement with Mr. Guohua Huang, which started on March 25, 2019.

We may terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to, the commitment of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties.

Each executive officer and directors agree to hold, both during and after employment agreement expires, in strict confidence and not to use or disclose to any person, corporation or other entity, any confidential information.

Each executive officers and directors also agree to our non-compete clause, where they agree not to work with a rival company or start a similar business for period of 24 months from the date that officer or director is no longer employed by the Company. During the 24-month time, we will pay 30% of the base salary listed on the Employment Agreement.

**Compensation of Directors and Executive Officers**

For the fiscal year ended June 30, 2022, we paid an aggregate of $163,506 (RMB 1.056 million) as compensation to our executive officers and directors. We have not set aside or accrued any amount to provide pension, retirement, or other similar benefits to our directors and executive officers. Our PRC subsidiaries and the VIE are required by law to make contributions equal to certain percentages of each employee's salary for his or her pension insurance, medical insurance, unemployment insurance, and other statutory benefits and a housing provident fund.

**Insider Participation Concerning Executive Compensation**

Our founder, CEO, and Chairman of the Board of Directors, Mr. Guohua Huang, has been making all determinations regarding executive officer compensation from the inception of the Company. When our Compensation Committee is set up, it will make all determinations regarding executive officer compensation

**Audit Committee, Compensation Committee, and Nominating Committee and Corporate Governance Committee**

We will establish three committees under the board of directors immediately upon closing of this offering: An Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. Even though we are exempted from corporate governance standards because we are a Foreign Private Issuer ("FPI"), we have voluntarily adopted a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee*. Our audit committee will consist of [ ], [ ] , and Qingyun Yang will be the chairman of our audit committee. We have determined that [ ] , [ ] and Qingyun Yang will satisfy the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Our board also has determined that Qingyun Yang qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication within the meaning of the Nasdaq Listing Rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

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

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

● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related party transactions;

● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

*Compensation Committee.* Our compensation committee will consist of [ ] , [ ] and Li Yang upon the effectiveness of their appointments. Li Yang will be the chairwoman of our compensation committee. We have determined that [ ] , [ ] and Li Yang will satisfy the "independence" requirements of Section 5605(a)(2) of the NASDAQ Listing Rules and Rule 10A-3 under the Securities Exchange Act. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

● reviewing and approving to the board with respect to the total compensation package for our most senior executive officers;

● approving and overseeing the total compensation package for our executives other than the most senior executive officers;

● reviewing and recommending to the board with respect to the compensation of our directors;

● reviewing periodically and approving any long-term incentive compensation or equity plans;

● selecting compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person's independence from management; and

● programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.

*Nominating and Corporate Governance Committee*. Our nominating and corporate governance committee currently consists of will consist of [ ] , [ ] and Xing Gao upon the effectiveness of their appointments. Xing Gao will be the chairperson of our nominating and corporate governance committee. [ ], [ ] and Xing Gao satisfy the "independence" requirements of Section 5605(a)(2) of the NASDAQ Listing Rules and Rule 10A-3 under the Securities Exchange Act. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

● identifying and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;

● reviewing annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience and availability of service to us;

● identifying and recommending to our board the directors to serve as members of committees;

● advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

**Oversight of Cybersecurity Risks**

Our board of directors plays an active role in monitoring cybersecurity risks and is committed to the prevention, timely detection, and mitigation of the effects of any such incidents on our operations. In addition to regular reports from each of the board's committees, the board receives regular reports from our management on material cybersecurity risks and the degree of our exposure to those risks, from cyber-attacks to infrastructure vulnerabilities. While the board oversees our cybersecurity risk management, management is responsible for day-to-day risk management processes and has deployed various safeguard systems, including Web Application Firewall and Cloud Bastion Host. We believe this division of responsibilities is the most effective approach for addressing our cybersecurity risks.

**Board of Directors Diversity**

Our nominating and governance committee will be responsible for reviewing with the board of directors, on an annual basis, the appropriate characteristics, skills, and experience required for the board of directors as a whole and its individual members. In evaluating the suitability of individual candidates (both new candidates and current members), the nominating and governance committee, in recommending candidates for election, and the board of directors, in approving (and, in the case of vacancies, appointing) such candidates, may take into account many factors, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· personal and professional integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ethics and values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· experience in corporate management, such as serving as an officer or former
officer of a publicly-held company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· professional and academic experience relevant to our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· experience as a board member of another public-held company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· strength of leadership skills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· experience in finance and accounting and/or executive compensation practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ability to devote the time required for preparation, participating and attendance
at board of directors meetings and committee meetings, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cultural background, gender, age, and ethnicity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conflicts of interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ability to make mature business judgements.

Our board of directors will evaluate each individual in the context of the board of directors as a whole, with the objective of ensuring that the board of directors, as a whole, has the necessary tools to perform its oversight function effectively in light of our business and structure.

**Code of Business Conduct and Ethics**

Our board of directors has adopted a code of business conduct and ethics, which is applicable to all of our directors, officers and employees. We will make our code of business conduct and ethics publicly available on our website prior to the initial closing of this offering.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our Class A Ordinary Shares as of the date of this prospectus, and as adjusted to reflect the sale of the Class A Ordinary Shares offered in this offering for

● each of our directors and executive officers; and

● each person known to us to own beneficially more than 5.0% of our Class A or Class B Ordinary Shares.

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 or 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 15,601,494 Class A Ordinary Shares and 3,555,948 Class B Ordinary Shares outstanding as of the date of this prospectus. Percentage of beneficial ownership of each listed person after this offering is based on [ ] Class A Ordinary Shares outstanding immediately after the completion of this offering if the underwriters do not exercise their over-allotment option and [ ] Class A Ordinary Shares outstanding immediately after the completion of this offering if the underwriters exercise their over-allotment option in full, and 3,555,948 Class B Ordinary Shares outstanding immediately after the completion of this offering.

Information with respect to beneficial ownership has been furnished by each director, officer, or beneficial owner of 5% or more of our Class A Ordinary Shares or Class A Ordinary Shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of Class A Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Class A Ordinary Shares underlying options, warrants, or convertible securities, including Class B Ordinary Shares, held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person. As of the date of the prospectus, we have 19 shareholders of record, none of whom are located in the United States. We will be required to have at least [ ] unrestricted round lot shareholders at closing in order to satisfy the Nasdaq listing rules.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A<br> Ordinary <br> Shares <br> Beneficially <br> Owned Prior to<br> this Offering** | **Class A<br> Ordinary <br> Shares <br> Beneficially <br> Owned Prior to<br> this Offering** | **Class B<br> Ordinary <br> Shares <br> Beneficially <br> Owned Prior to <br> this Offering** | **Class B<br> Ordinary <br> Shares <br> Beneficially <br> Owned Prior to <br> this Offering** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned After<br> this Offering<br> (Over-allotment <br> option not <br> exercised)** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned After<br> this Offering<br> (Over-allotment <br> option not <br> exercised)** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned After<br> this Offering<br> (Over-allotment<br> option fully<br> exercised)** | **Class A<br> Ordinary<br> Shares<br> Beneficially<br> Owned After<br> this Offering<br> (Over-allotment<br> option fully<br> exercised)** | **Class B<br> Ordinary<br> Shares<br> Beneficially<br> Owned After<br> this Offering** | **Class B<br> Ordinary<br> Shares<br> Beneficially<br> Owned After<br> this Offering** | **Voting Power<br> After this<br> Offering<br> (Over-allotment<br> option not<br> exercised)\*** | **Voting Power<br> After this<br> Offering<br> (Over-allotment<br> option fully<br> exercised)\*** |
|  | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **%** | **%** |
| **Directors and Executive Officers<sup>(1)</sup>:** | | | | | | | | | | | | |
| Guohua Huang<sup>(2)(3)(4)(5)</sup> | 1711806 | 10.97% | 3555948 | 100% |  | —% |  | —% |  |  |  |  |
| Shuangquan Lin<sup>(6)(7)</sup> | 30575 | &nbsp;&nbsp;&nbsp;&nbsp;0.20% |  | —% |  |  |  |  |  | —% |  |  |
| Conghui Lin |  |  |  | —% |  |  |  |  |  |  |  |  |
| **All directors and executive officers as a group (three individuals):** | 1742381 | 11.17% | 3555948 | 100% |  |  |  |  |  |  |  |  |
| **5% Shareholders:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HGH Holdings Limited<sup>(2)</sup> |  |  | 3555948 | 100% |  |  |  | —% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HZN Holdings Limited<sup>(8)</sup> | 3115623 | 19.97% |  | —% |  |  |  |  |  | —% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; YPHL Holdings Limited<sup>(3) (6)</sup> | 1481355 | 9.49% |  | —% |  |  |  |  |  | —% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JMCT Investment Limited <sup>(9)</sup> | 1535835 | 9.84% |  | —% |  |  |  |  |  | —% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiamen Xinglin Construction and Development Co, Ltd. <sup>(10)</sup> | 969165 | <br> 6.21% |  | —% |  |  |  |  |  | —% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  | —% |  |  |  |  |  | —% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;% |  |  |  | —% |  |  |  |  |  | —% |  |  |

---

\* Represents the voting power with respect to all of our Class A Ordinary Shares and Class B Ordinary Shares, voting as a single class. Each holder of Class A Ordinary Shares is entitled to one vote per one Class A Ordinary Shares and each holder of Class B Ordinary Shares is entitled to fifteen votes per one Class B Ordinary Shares.

(1) Unless otherwise indicated, the business address of each of the individuals is Building #2, District A, No. 359 Chengyi Rd., the third phase of Xiamen Software Park, Xiamen City, Fujian Province, the People's Republic of China, 361021.

(2) The number of Class B Ordinary Shares beneficially owned prior to this offering represents 3,555,948 Class B Ordinary Shares held by HGH Holdings Limited, a British Virgin Islands company, which is 100% owned by Guohua Huang. The registered address of HGH Holdings Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(3)&(6) The number of Class A Ordinary Shares beneficially owned prior to this offering represents 1,481,355 Class A Ordinary Shares held by YPHL Holdings Limited, of which 1,451,728 Class A Ordinary Shares was indirectly held by Guohua Huang and 29,627 Class A Ordinary Shares was indirectly held by Shuangquan Lin. YPHL Holdings Limited is a British Virgin Islands company, which is 98% owned by Guohua Huang and 2% owned by Shuangquan Lin. The registered address of YPHL Holdings Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(4)(7) The number of Class A Ordinary Shares beneficially owned prior to this offering represents 94,843 Class A Ordinary Shares held by ZHYP Holdings Limited, of which 93,895 Class A Ordinary Shares was indirectly held by Guohua Huang and 948 Class A Ordinary Shares was indirectly held by Shuangquan Lin. ZHYP Holdings Limited is a British Virgin Islands company, which is 99% owned by Guohua Huang and 1% owned by Shuangquan Lin. The registered address of ZHYP Holdings Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(5) The number of Class A Ordinary Shares beneficially owned prior to this offering represents 281,666 Class A Ordinary Shares held by EPWK Holdings Limited, of which 166,183 Class A Ordinary Shares was indirectly held by Guohua Huang and 115,483 Class A Ordinary Shares was indirectly held by Zhinan Huang. EPWK Holdings Limited is a British Virgin Islands company, which is 59% owned by Guohua Huang and 41% owned by Zhinan Huang. The registered address of ZHYP Holdings Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(8) The number of Class A Ordinary Shares beneficially owned prior to this offering represents 3,115,623 Class A Ordinary Shares held by HZN Holdings Limited, which is 100% owned by Zhinan Huang. The registered address of HZN Holdings Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(9) The number of Class A Ordinary Shares beneficially owned prior to this offering represents 1,535,835 Class A Ordinary Shares held by JMCT Investment Limited, a British Virgin Islands company, which is 100% owned by Xiamen Jimei District Industrial Investment Co., Ltd., a company incorporated in China. The natural person with voting and dispositive control of the shares held by JMCT Investment Limited is Ruida Xu. The registered address of JMCT Investment Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(10) The number of Class A Ordinary Shares beneficially owned prior to this offering represents 969,165 Class A Ordinary Shares held by Xiamen Xinglin Construction and Development Co., Ltd., a British Virgin Islands company, which is 100% owned by Xiamen Xinglin Construction and Development Co., Ltd., a company incorporated in China. The natural person with voting and dispositive control of the shares held by Xiamen Xinglin Construction and Development Co., Ltd. is Wenqin Zhuang. The registered address of Xiamen Xinglin Construction and Development Co., Ltd. is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

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

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

**RELATED PARTY TRANSACTIONS** 

Upon completion of this offering, Mr. Guohua Huang will hold 100% of the combined total of our outstanding Class B Ordinary Shares. Following the completion of this offering, Mr. Guohua Huang will continue to have the power to act alone in approving any action requiring a vote of the majority of our Class A Ordinary Shares and to elect all of our directors.

**Contractual Arrangements with EPWK WFOE, EPWK VIE and Its Shareholders**

To comply with PRC laws restricting foreign ownership in the network culture business in China, we conduct our network culture business through EPWK VIE, a VIE entity that we control through a series of contractual arrangements between our PRC subsidiary EPWK WFOE, EPWK VIE and its shareholders. Such contractual arrangements provide us (i) the power over EPWK VIE, (ii) the exposure or rights to variable returns from our involvement with EPWK VIE, and (iii) the ability to affect those returns through use of our power over EPWK VIE to affect the amount of our returns. Therefore, we control EPWK VIE. For a description of these contractual arrangements, see "Business – Our History and Corporate Structure".

**Payment of Dividend**

See "Dividend Policy".

**Material Transactions with Related Parties** 

 

The following is a list of related parties which the Company has transactions with:

---

| | | |
|:---|:---|:---|
| **No.** | **Name of Related Parties** | **Relationship** |
| 1 | Xiamen Kubeijie Network Technology Ltd. | a company controlled by executives, till January 25, 2022 |
| 2 | Xiamen Zhichuyun Big Data Technology Ltd. | The Supervisor of the related party is the Executive of the Company |
| 3 | Xiamen Wanjiahui Network Technology Ltd. | a company controlled by executives, till January 25, 2022 |
| 4 | Xiamen Kutai Selected Enterprise Management Partnership | a company controlled by minority shareholders of the Company |
| 5 | Xiamen Baren Technology Ltd. | a company controlled by minority shareholders of the Company |
| 6 | Huang Limin | an Executive |
| 7 | Xiamen EPWK Enterprise Management Partnership | a company controlled by the Controlled Shareholder of the Company |
| 8 | Xiamen Yueqia Online Network Technology Ltd. | a company controlled by minority shareholders of the Company |
| 9 | Xiamen Yidong Shuchuan Connection Technology Ltd. | The Supervisor of the related party is the Executive of the Company |
| 10 | Xiamen EP Hengxin Enterprise Management Partnership | a company controlled by the Controlled Shareholder and Executives of the Company |
| 11 | Xiamen EP Zhishang Enterprise Management Partnership | a company controlled by the Controlled Shareholder and Executives of the Company |
| 12 | Xiamen EP Zhicheng Enterprise Management Partnership | a company controlled by the Controlled Shareholder and Executives of the Company |
| 13 | Shangtai (Xiamen) Electronic Technology Ltd. | a company controlled by the Controlled Shareholder and Executives of the Company |
| 14 | Xiamen Zhihui EP Network Technology Ltd. | a company controlled by minority shareholders of the Company |
| 15 | Yanjun Chen | an Executive |
| 16 | Conghui Lin | an Executive |
| 17 | Guohua Huang | the Controlled Shareholder of the Company |
| 18 | Shuangquan Lin | an Executive |
| 19 | Xiamen Youshenghao Enterprise Management Ltd. | a company controlled by minority shareholders of the Company |

---

<u>Amounts due from related parties</u>

Amount due from related parties consisted of the following for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **As of <br> June 30,** | **As of <br> June 30,** |
|  | <br> **2022** | <br> **2021** |
| Xiamen Kubeijie Network Technology Ltd. | $- | $139486 |
| Xiamen Zhichuyun Big Data Technology Ltd. |  | 129918 |
| Xiamen Wanjiahui Network Technology Ltd. |  | 128945 |
| Xiamen Kutai Selected Enterprise Management Partnership |  | 17190 |
| Xiamen Baren Technology Ltd. |  | 10940 |
| Huang Limin |  | 930 |
| Xiamen EPWK Enterprise Management Partnership |  | 16499 |
| Xiamen Yueqia Online Network Technology Ltd. | 12160 | 3989 |
| Xiamen Yidong Shuchuan Connection Technology Ltd. |  | 1472 |
| Xiamen EP Hengxin Enterprise Management Partnership |  | 542 |
| Xiamen EP Zhishang Enterprise Management Partnership |  | 2430112 |
| Xiamen EP Zhicheng Enterprise Management Partnership |  |  |
| Shangtai (Xiamen) Electronic Technology Ltd. |  | 139 |
| Xiamen Zhihui EP Network Technology Ltd. |  | 775 |
| Yanjun Chen |  | 15492 |
| Conghui Lin |  | 77461 |
| Guohua Huang | - | 10070 |
| Total | $12160 | $2983960 |

---

<u>Amounts due to related parties</u>

Amount due to related parties consisted of the following for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **As of<br> June 30,** | **As of<br> June 30,** |
|  | **2022** | **2021** |
| Xiamen Kutai Selected Enterprise Management Partnership | $- | $15492 |
| Conghui Lin |  | 332380 |
| Yanjun Chen |  | 154920 |
| Guohua Huang | - | 191018 |
| Xiamen EP Zhicheng Enterprise Management Partnership | 4478 |  |
| Shuangquan Lin | 29855 |  |
| Xiamen Youshenghao Enterprise Management Ltd. | 31870 |  |
| Xiamen Yueqia Online Network Technology Ltd. | 23585 | - |
| Total | $89788 | $693810 |

---

<u>Related party transactions</u>

During the years ended June 30, 2022 and 2021, other than the loan from/to the related parties, no other transaction occurred.

**Employment Agreements**

 

See "Management – Employment Agreements".

**DESCRIPTION OF SHARE CAPITAL**

 

The following description of our share capital and provisions of our amended and restated memorandum and articles of association, as amended from time to time, are summaries and do not purport to be complete. Reference is made to our amended and restated memorandum and articles of association, copies of which are filed as an exhibit to the registration statement of which this prospectus is a part (and which is referred to in this section as, respectively, the "memorandum" and the "articles").

We were incorporated as an exempted company with limited liability under the Companies Act (Revised) of the Cayman Islands, or the "Cayman Companies Act," on March 24, 2022. A Cayman Islands exempted company:

● is a company that conducts its business mainly outside the Cayman Islands;

● is prohibited from trading in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the exempted company carried on outside the Cayman Islands (and for this purpose can effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands);

● does not have to hold an annual general meeting;

● does not have to make its register of members open to inspection by shareholders of that company;

● may obtain an undertaking against the imposition of any future taxation;

● 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.

**Ordinary Shares**

Our authorized share capital is $50,000 divided into 448,814,684 Class A Ordinary Shares, par value $0.0001 per share, and 51,185,316 Class B Ordinary Shares, par value $0.0001 per share. Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for voting and conversion rights.

The holders of Class A Ordinary Shares are entitled to one vote for each such share held and shall be entitled to notice of any shareholders' meeting, and, subject to the terms of memorandum and articles of association, to vote thereat. The Class A Ordinary Shares are not redeemable at the option of the holder and are not convertible into shares of any other class.

The holders of Class B Ordinary Shares shall have the right to fifteen votes for each such share held, and shall be entitled to notice of any shareholders' meeting and, subject to the terms of the memorandum and articles of association, to vote thereat. The Class B Ordinary Shares are not redeemable at the option of the holder but are convertible into Class A Ordinary Shares at any time after issue at the option of the holder on a one to one basis. There are no provisions in our articles of association that would limit the lifespan of the Class B Ordinary Shares, and the holders of Class B Ordinary Shares are able to hold their Class B Ordinary Shares for any period of time (subject to mandatory automatic conversions in certain circumstances as set forth herein).

Pursuant to the Articles of Association of the Company, upon any sale, transfer, assignment or disposition of Class B Shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class B Shares validly transferred to the new holder shall be automatically and immediately converted into such number of Class A Shares calculated based on the conversion rate as set forth in the Articles of Association (which is on a one to one basis). For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in the Company's register of members; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever description on any of Class B Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding fee simple ownership interest to the related Class B Shares, in which case all the related Class B Shares shall be automatically converted into the same number of Class A Shares upon the Company's registration of the third party or its designee as a holder holding that number of Class A Shares in the register of members.

All of our issued and outstanding Class A Ordinary Shares and Class B Ordinary Shares are fully paid and non-assessable. Our Class A Ordinary Shares and Class B Ordinary Shares are issued in registered form, and are issued when registered in our register of members. Unless the board of directors determine otherwise, each holder of our Class A Ordinary Shares or Class B Ordinary Shares will not receive a certificate in respect of such shares. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their Class A Ordinary Shares and Class B Ordinary Shares. We may not issue shares or warrants to bearer.

Subject to the provisions of the Cayman Companies Act and our articles regarding 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. Such authority could be exercised by the directors to allot shares which carry rights and privileges that are preferential to the rights attaching to Class A Ordinary Shares or Class B Ordinary Shares. No share may be issued at a discount except in accordance with the provisions of the Cayman Companies Act. 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.

At the completion of this offering, there will be [ ] (if the underwriters' over-allotment option is not exercised) or [ ] (if the underwriters' over-allotment option is fully exercised) Class A Ordinary Shares issued and outstanding held by at least [ ] unrestricted round lot shareholders which is the minimum requirement by [ ], and [ ] Class B Ordinary Shares issued and outstanding. Class A Ordinary Shares sold in this offering will be delivered against payment from the underwriters upon the closing of the offering in New York, New York, on or about [●], 2023.

**Listing**

We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "EPWK."

**Transfer Agent and Registrar**

The transfer agent and registrar for our Class A Ordinary Shares and Class B Ordinary Shares is Transhare Corporation.

**Dividends**

Subject to the provisions of the Cayman Companies Act and any rights attaching to any class or classes of shares under and in accordance with the articles:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors may declare dividends or distributions out of our funds which are lawfully available for
that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) our shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the
amount recommended by the directors.

Subject to the requirements of the Cayman Companies 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. The directors when paying dividends to shareholders may make such payment either in cash or in specie.

Unless provided by the rights attached to a share, no dividend shall bear interest.

**Voting Rights**

On a poll, every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote for each Class A Ordinary Share and fifteen votes for each Class B Ordinary Share of which he or the person represented by proxy is the holder. In addition, all shareholders holding shares of a particular class are entitled to vote at a meeting of the holders of that class of shares. Votes may be given either personally or by proxy.

**Conversion Rights**

Class A Ordinary Shares are not convertible. Class B Ordinary Shares are convertible, at the option of the holder thereof, into Class A Ordinary Shares on a one-to-one basis.

**Variation of Rights of Shares**

Whenever our capital is divided into different classes of shares, the rights attaching to any class of share (unless otherwise provided by the terms of issue of the shares of that class) may be varied either with the consent in writing of the holders of not less than two-thirds of the issued shares of that class, or with the sanction of a resolution passed by a majority of not less than two-thirds of the holders of shares of the class present in person or by proxy at a separate general meeting of the holders of shares of that class.

Unless the terms on which a class of shares was issued state otherwise, the rights conferred on the shareholder 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.

**Alteration of Share Capital**

Subject to the Cayman Companies Act, we may, by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;(a) increase our share capital by new shares of the amount fixed by that
ordinary resolution;

&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of our share capital into shares of larger amount than our existing
shares;

&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of our paid up shares into stock, and reconvert that stock into paid up shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;(d) subdivide our 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;(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 our share capital by the amount of the shares so cancelled.

Subject to the Cayman Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, we may, by special resolution, reduce our share capital in any way.

**Calls on Shares and Forfeiture**

Subject to the terms of allotment, the directors may make calls on the shareholders in respect of any monies unpaid on their shares including any premium and each shareholder shall (subject to receiving at least 14 clear days' notice specifying when and where payment is to be made), pay to us the amount called on his shares. Shareholders registered as the joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share. 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 at the rate fixed by the terms of allotment of the share or in the notice of the call or if no rate is fixed, at the rate of ten percent per annum. The directors may waive payment of the interest wholly or in part.

We have a first and paramount lien on all shares (whether fully paid up or not) registered in the name of a shareholder (whether solely or jointly with others). The lien is for all monies payable to us by the shareholder or the shareholder's estate:

&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

At any time the directors may declare any share to be wholly or partly exempt from the lien on shares provisions of the articles.

We may sell, in such manner as the directors may determine, any share on which the sum in respect of which the lien exists is presently payable, if due notice that such sum is payable has been given (as prescribed by the articles) and, within 14 days of the date on which the notice is deemed to be given under the articles, such notice has not been complied with.

**Unclaimed Dividend**

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.

**Forfeiture or Surrender of Shares**

If a shareholder fails to pay any call, the directors may give to such shareholder not less than 14 clear days' notice requiring payment and specifying the amount unpaid including any interest which may have accrued, any expenses which have been incurred by us due to that person's default and the place where payment is to be made. The notice shall also contain 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.

If such notice 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 (which forfeiture shall include all dividends or other monies payable in respect of the forfeited share and not paid before such forfeiture).

A forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the directors determine and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the directors think fit.

A person whose shares have been forfeited shall cease to be a shareholder in respect of the forfeited shares, but shall, notwithstanding such forfeiture, remain liable to pay to us all monies which at the date of forfeiture were payable by him to us in respect of the shares, together with all expenses and interest from the date of forfeiture or surrender until payment, but his liability shall cease if and when we receive payment in full of the unpaid amount.

A declaration, whether statutory or under oath, made by a director or the secretary shall be conclusive evidence that the person making the declaration is a director or secretary and 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.

**Share Premium Account**

The directors shall establish a share premium account and shall carry the credit of such account from time to time to a sum 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 Cayman Companies Act.

**Redemption and Purchase of Own Shares**

Subject to the Cayman Companies Act and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by action of our directors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) issue shares that are to be redeemed or liable to be redeemed, at our option or the shareholder holding
those redeemable shares, on the terms and in the manner our directors determine before the issue of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 our
option on the terms and in the manner which the directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

We may make a payment in respect of the redemption or purchase of its own shares in any manner authorized by the Cayman Companies Act, including out of any combination of capital, our profits and the proceeds of a fresh issue of shares.

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 authorized by the terms of the allotment of those shares or by the terms applying to those shares, or otherwise by agreement with the shareholder holding those shares.

**Conversion**

Class A Ordinary Shares are not convertible. Each Class B Ordinary Share shall be convertible, at the option of the holder thereof, into such number of fully paid and non-assessable Class A Ordinary Shares on the basis that one Class B Ordinary Share shall be converted into one Class A Ordinary Share (being a 1:1 ratio and hereafter referred to as the "Conversion Rate"), subject to adjustment. In the event of any sale, transfer, assignment or disposition of any Class B Ordinary Shares to any person other than the permitted transferees, such Class B Ordinary Shares shall automatically convert into fully paid and nonassessable Class A Ordinary Shares based on the Conversion Rate. The permitted transferees shall mean any affiliates (as defined in the memorandum and articles of association) of such holder of Class B Ordinary Shares (unless otherwise adjusted in the memorandum and articles of association). For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in its Register; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever description on any Class B Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition, unless and until any such pledge, charge, encumbrance or other third party right is enforced and any person who is not the permitted transferee would be registered as holding legal title to the relevant Class B Ordinary Shares, in which case all the related Class B Ordinary Shares shall be automatically converted into the same number of Class A Ordinary Shares.

Any future issuances of Class B Ordinary Shares may be dilutive to the voting power of the holders of Class A Ordinary Share. Any conversions of Class B Ordinary Shares into Class A Ordinary Shares may dilute the percentage ownership of the existing holders of Class A Ordinary Shares within their class of ordinary shares and may result in a dilution of the voting power of the holders of Class A Ordinary Shares. The conversion of Class B Ordinary Shares to Class A Ordinary Shares will have the effect, over time, of increasing the relative voting power of those holders of Class B Ordinary Shares who retain their shares in the long term

**Transfer of Shares**

Subject to any applicable restrictions set forth in our memorandum and articles of association and provided that a transfer of Class A Ordinary Shares complies with applicable rules of the Nasdaq Global Market, a shareholder may transfer Class A Ordinary Shares or Class B Ordinary Shares to another person by completing an instrument of transfer in a common form or, with respect to Class A Ordinary Shares, in a form prescribed by Nasdaq, or in any other form approved by the directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Class A Ordinary Shares or Class B Ordinary Shares are fully paid, by or on behalf of that shareholder;
and

&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Class A Ordinary Shares or Class B Ordinary Shares are partly paid, by or on behalf of that
shareholder and the transferee.

The transferor shall be deemed to remain the holder of a Class A Ordinary Share or Class B Ordinary Share until the name of the transferee is entered into the register of members of the Company.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Class A Ordinary Share or Class B Ordinary Share that has not been fully paid up or is subject to a company lien. Our board of directors may also decline to register any transfer of such Class A Ordinary Share or Class B Ordinary Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate for the Class A
Ordinary Shares or Class B Ordinary Shares to which it relates and such other evidence as our board of directors may reasonably require
to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the Class A Ordinary Share or Class B Ordinary Share transferred is fully paid and free of any lien in
favor of us;

&nbsp;&nbsp;&nbsp;&nbsp;(e) any fee related to the transfer has been paid to us; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) the transfer is not to more than four joint holders.

If our directors refuse to register a transfer, they are required, within three months after the date on which the instrument of transfer was lodged, to send to each of the transferor and the transferee notice of such refusal.

This, however, is unlikely to affect market transactions of the Class A Ordinary Shares purchased by investors in the public offering. Once the Class A Ordinary Shares have been listed, the legal title to such Class A Ordinary Shares and the registration details of those Class A Ordinary Shares in our register of members will remain with DTC/Cede & Co. All market transactions with respect to those Class A Ordinary Shares will then be carried out without the need for any kind of registration by the directors, as the market transactions will all be conducted through the DTC systems.

The registration of transfers may, on 14 calendar days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and our register of members closed at such times and for such periods as our board of directors may from time to time determine. The registration of transfers, however, may not be suspended, and the register may not be closed, for more than 30 days in any year.

**Inspection of Books and Records**

Holders of our Class A Ordinary Shares and Class B Ordinary Shares will have no general right under the Cayman Companies Act to inspect or obtain copies of our register of members or our corporate records.

**General Meetings**

As a Cayman Islands exempted company, we are not obligated by the Cayman Companies Act to call shareholders' annual general meetings; accordingly, we may, but shall not be obliged to, in each year hold a general meeting as an annual general meeting. Any annual general meeting held shall be held at such time and place as may be determined by our board of directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

The directors may convene general meetings whenever they think fit. General meetings shall also be convened on the written requisition of one or more of the shareholders entitled to attend and vote at our general meetings who (together) hold not less than ten percent of the rights to vote at such general meeting in accordance with the notice provisions in the articles, specifying the purpose of the meeting and signed by each of the shareholders making the requisition. If the directors do not convene such meeting for a date not later than 21 clear days' after the date of receipt of the written requisition, those shareholders who requested the meeting may convene the general meeting themselves within three months after the end of such period of 21 clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us.

At least 14 clear days' notice of an extraordinary general meeting and 21 clear days' notice of an annual general meeting shall be given to shareholders entitled to attend and vote at such meeting. The notice shall specify the place, the day and the hour of the meeting and the general nature of that business. In addition, if a resolution is proposed as a special resolution, the text of that resolution shall be given to all shareholders. Notice of every general meeting shall also be given to the directors and our auditors.

Subject to the Cayman Companies Act and with the consent of the shareholders who, individually or collectively, hold at least 90 percent of the voting rights of all those who have a right to vote at a general meeting, a general meeting may be convened on shorter notice.

For so long as the Shares are listed on the Nasdaq Capital Market, a quorum shall consist of the presence (whether in person or represented by proxy) of one or more shareholders holding shares that represent not less than one-third of the outstanding shares carrying the right to vote at such general meeting.

If, within 15 minutes from the time appointed for the general meeting, or at any time during the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be cancelled. In any other case it shall stand adjourned to the same time and place seven days or to such other time or place as is determined by the directors.

The chairman may, with the consent of a meeting at which a quorum is present, adjourn the meeting. When a meeting is adjourned for seven days or more, notice of the adjourned meeting shall be given in accordance with the articles.

At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is (before, or on, the declaration of the result of the show of hands) demanded by the chairman of the meeting or by at least two shareholders having the right to vote on the resolutions or one or more shareholders present who together hold not less than ten percent of the voting rights of all those who are entitled to vote on the resolution. Unless a poll is so demanded, a declaration by the chairman as to the result of a resolution and an entry to that effect in the minutes of the meeting, shall be conclusive evidence of the outcome of a show of hands, without proof of the number or proportion of the votes recorded in favor of, or against, that resolution.

If a poll is duly demanded it shall be taken in such manner as the chairman directs and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded, shall not be entitled to a second or casting vote.

**Directors**

We may by ordinary resolution, from time to time, fix the maximum and minimum number of directors to be appointed. Under the Articles, we are required to have a minimum of one director and the maximum number of Directors shall be unlimited.

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.

Unless the remuneration of the directors is determined by the shareholders by ordinary resolution, the directors shall be entitled to such remuneration as the directors may determine.

The shareholding qualification for directors may be fixed by our shareholders by ordinary resolution and unless and until so fixed no share qualification shall be required.

Unless removed or re-appointed, each director shall be appointed for a term expiring at the next-following annual general meeting, if one is held. At any annual general meeting held, our directors will be elected by an ordinary resolution of our shareholders. At each annual general meeting, each director so elected shall hold office for a one-year term and until the election of their respective successors in office or removed.

A director may be removed by ordinary resolution.

A director may at any time resign or retire from office by giving us notice in writing. Unless the notice specifies a different date, the director shall be deemed to have resigned on the date that the notice is delivered to us.

Subject to the provisions of the articles, the office of a director may be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a director;

&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to us;

&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a director for a fixed term and such term expires;

&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;

&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);

&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;(h) without the consent of the other directors, he is absent from meetings of directors for continuous period
of six months.

Each of the compensation committee and the nominating and corporate governance committee shall consist of at least three directors and the majority of the committee members shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq listing rules. The audit committee shall consist of at least three directors, all of whom shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq listing rules and will meet the criteria for independence set forth in Rule 10A-3 or Rule 10C-1 of the Exchange Act.

**Powers and Duties of Directors**

Subject to the provisions of the Cayman Companies Act and our amended and restated memorandum and articles of association, our business shall be managed by the directors, who may exercise all our powers. No prior act of the directors shall be invalidated by any subsequent alteration of our memorandum or articles of association. To the extent allowed by the Cayman Companies Act, however, shareholders may by special resolution validate any prior or future act of the directors which would otherwise be in breach of their duties.

The directors may delegate any of their powers to any committee consisting of one or more persons who need not be shareholders and may include non-directors so long as the majority of those persons are directors; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the directors. Upon the initial closing of this offering, our board of directors will have established an audit committee, compensation committee, and nomination and corporate governance committee.

The board of directors may establish any local or divisional board of directors or agency and delegate to it its powers and authorities (with power to sub-delegate) for managing any of our affairs whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional board of directors, or to be managers or agents, and may fix their remuneration.

The directors may from time to time and at any time by power of attorney or in any other manner they determine appoint any person, either generally or in respect of any specific matter, to be our agent with or without authority for that person to delegate all or any of that person's powers.

The directors may from time to time and at any time by power of attorney or in any other manner they determine appoint any person, whether nominated directly or indirectly by the directors, to be our attorney or our authorized signatory and for such period and subject to such conditions as they may think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under the articles.

The board of directors may remove any person so appointed and may revoke or vary the delegation.

The directors may exercise all of our powers to borrow money and to mortgage or charge its undertaking, property and assets both present and future and uncalled capital or any part thereof, to issue debentures and other securities whether outright or as collateral security for any debt, liability or obligation of ours or our parent undertaking (if any) or any subsidiary undertaking of us or of any third party.

A director shall not, as a director, vote in respect of any contract, transaction, arrangement or proposal in which he has an interest which (together with any interest of any person connected with him) is a material interest (otherwise than by virtue of his interests, direct or indirect, in shares or debentures or other securities of, or otherwise in or through, us) and if he shall do so his vote shall not be counted, nor in relation thereto shall he be counted in the quorum present at the meeting, but (in the absence of some other material interest than is mentioned below) none of these prohibitions shall apply to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the giving of any security, guarantee or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;(i) money lent or obligations incurred by him or by any other person for our benefit or any of our subsidiaries;
or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a debt or obligation of ours or any of our subsidiaries for which the director himself has assumed responsibility
in whole or in part and whether alone or jointly with others under a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;(b) where we or any of our subsidiaries is offering securities in which offer the director is or may be entitled
to participate as a holder of securities or in the underwriting or sub-underwriting of which the director is to or may participate;

&nbsp;&nbsp;&nbsp;&nbsp;(c) any contract, transaction, arrangement or proposal affecting any other body corporate in which he is interested,
directly or indirectly and whether as an officer, shareholder, creditor or otherwise howsoever, provided that he (together with persons
connected with him) does not to his knowledge hold an interest representing one percent or more of any class of the equity share capital
of such body corporate (or of any third body corporate through which his interest is derived) or of the voting rights available to shareholders
of the relevant body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;(d) any act or thing done or to be done in respect of any arrangement for the benefit of the employees of
us or any of our subsidiaries under which he is not accorded as a director any privilege or advantage not generally accorded to the employees
to whom such arrangement relates; or

&nbsp;&nbsp;&nbsp;&nbsp;(e) any matter connected with the purchase or maintenance for any director of insurance against any liability
or (to the extent permitted by the Cayman Companies Act) indemnities in favor of directors, the funding of expenditure by one or more
directors in defending proceedings against him or them or the doing of anything to enable such director or directors to avoid incurring
such expenditure.

A director may, as a director, vote (and be counted in the quorum) in respect of any contract, transaction, arrangement or proposal in which he has an interest which is not a material interest or as described above.

**Capitalization of Profits**

The directors may resolve to capitalize:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of our profits not required for paying any preferential dividend (whether or not those profits
are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of our share premium account or capital redemption reserve, if any.

The amount resolved to be capitalized must be appropriated to the shareholders who would have been entitled to it had it been distributed by way of dividend and in the same proportions.

**Liquidation Rights**

If we are wound up, the shareholders may, subject to the articles and any other sanction required by the Cayman 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 our assets 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

&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.

The directors have the authority to present a petition for our winding up to the Grand Court of the Cayman Islands on our behalf without the sanction of a resolution passed at a general meeting.

**Register of Members**

Under the Cayman Companies Act, we must keep a register of members and there should be entered therein:

● the names and addresses of our shareholders, a statement of the shares held by each shareholder, and of the amount paid or agreed to be considered as paid, on the shares of each shareholder;

● the date on which the name of any person was entered on the register as a shareholder; and

● the date on which any person ceased to be a shareholder.

Under the Cayman Companies Act, the register of members of our company is prima facie evidence of the matters set out therein (that is, the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of members is deemed as a matter of the Cayman Companies Act to have legal title to the shares as set against its name in the register of members. Upon the completion of this offering, the register of members will be immediately updated to record and give effect to the issuance of shares by us to the custodian or its nominee. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name.

If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a shareholder of our company, the person or shareholder aggrieved (or any shareholder of our company or our company itself) may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

**Differences in Corporate Law**

The Cayman Companies Act is derived, to a large extent, from the older Companies Acts of England and Wales but does not follow recent United Kingdom statutory enactments, and accordingly there are significant differences between the Cayman Companies Act and the current Companies Act of the UK. In addition, the Cayman Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Cayman Companies Act applicable to us and the comparable laws applicable to companies incorporated in the State of Delaware in the United States.

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|  | **Delaware** | **Cayman Islands** |
| *Title of Organizational Documents* | Certificate of Incorporation and Bylaws | Certificate of Incorporation and Memorandum and Articles of Association |
| *Duties of Directors* | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that directors act in an informed and deliberative manner and inform themselves, prior to making a business decision, of all material information reasonably available to them. The duty of care also requires that directors exercise care in overseeing and investigating the conduct of the corporation's employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner which the director reasonably believes to be in the best interests of the shareholders. | As a matter of Cayman Islands law, a director owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Cayman Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure compliance with our amended articles of association, as amended and restated from time to time. We have the right to seek damages if a duty owed by any of our directors is breached.' |

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| *Limitations on Personal Liability of Directors* | Subject to the limitations described below, a certificate of incorporation may provide for the elimination or limitation of the personal liability of a director to the corporation or its shareholders for monetary damages for a breach of fiduciary duty as a director. Such provision cannot limit liability for breach of loyalty, bad faith, intentional misconduct, unlawful payment of dividends or unlawful share purchase or redemption. In addition, the certificate of incorporation cannot limit liability for any act or omission occurring prior to the date when such provision becomes effective. | The Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of Officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud, dishonesty or the consequences of committing a crime. |

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| *Indemnification of Directors, Officers, Agents, and Others* | A corporation has the power to indemnify any director, officer, employee, or agent of corporation who was, is, or is threatened to be made a party who acted in good faith and in a manner he believed to be in the best interests of the corporation, and if with respect to a criminal proceeding, had no reasonable cause to believe his conduct would be unlawful, against amounts actually and reasonably incurred. | &nbsp;&nbsp; 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.<br>Our amended and restated articles of association provide to the extent permitted by law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against: (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 (including alternate director), secretary's or officer's duties, powers, authorities or discretions; and (b) without limitation to paragraph (a) above, 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.<br>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.<br>To the extent permitted by law, 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 any of our officers 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 it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs. |

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|:---|:---|:---|
| *Interested Directors* | Under Delaware law, a transaction in which a director who has an interest in such transaction would not be voidable if (i) the material facts as to such interested director's relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are less than a quorum, (ii) such material facts are disclosed or are known to the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the shareholders, or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified. Under Delaware law, a director could be held liable for any transaction in which such director derived an improper personal benefit. | Interested director transactions are governed by the terms of a company's memorandum and articles of association. |

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|:---|:---|:---|
| *Voting Requirements* | The certificate of incorporation may include a provision requiring supermajority approval by the directors or shareholders for any corporate action.<br>In addition, under Delaware law, certain business combinations involving interested shareholders require approval by a supermajority of the non-interested shareholders. | For the protection of shareholders, certain matters must be approved by special resolution of the shareholders as a matter of Cayman Islands law, including alteration of the memorandum or articles of association, appointment of inspectors to examine company affairs, reduction of share capital (subject, in relevant circumstances, to court approval), change of name, authorization of a plan of merger or transfer by way of continuation to another jurisdiction or consolidation or voluntary winding up of the company.<br>The Cayman Islands Companies Act requires that a special resolution be passed by a majority of at least two-thirds or such higher percentage as set forth in the memorandum and articles of association, of shareholders being entitled to vote and do vote in person or by proxy at a general meeting, or by unanimous written consent of shareholders entitled to vote at a general meeting. The Cayman Islands Companies Act defines "special resolutions" only. A company's memorandum and articles of association can therefore tailor the definition of "ordinary resolutions" as a whole, or with respect to specific provisions. |

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|:---|:---|:---|
| *Voting for Directors* | Under Delaware law, unless otherwise specified in the certificate of incorporation or bylaws of the corporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. | Directors are appointed in accordance with the terms of the memorandum and articles of association of the company. |
| *Cumulative Voting* | No cumulative voting for the election of directors unless so provided in the certificate of incorporation. | No cumulative voting for the election of directors unless so provided in the memorandum and articles of association. |
| *Directors' Powers Regarding Bylaws* | The certificate of incorporation may grant the directors the power to adopt, amend or repeal bylaws. | The memorandum and articles of association may only be amended by a special resolution of the shareholders. |
| *Nomination and Removal of Directors and Filling Vacancies on Board* | Shareholders may generally nominate directors if they comply with advance notice provisions and other procedural requirements in company bylaws. Holders of a majority of the shares may remove a director with or without cause, except in certain cases involving a classified board or if the company uses cumulative voting. Unless otherwise provided for in the certificate of incorporation, directorship vacancies are filled by a majority of the directors elected or then in office. | Nomination and removal of directors and filling of board vacancies are governed by the terms of the memorandum and articles of association. |

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| *Mergers and Similar Arrangements* | Under Delaware law, with certain exceptions, a merger, consolidation, exchange or sale of all or substantially all the assets of a corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in lieu of the consideration such shareholder would otherwise receive in the transaction.<br>Delaware law also provides that a parent corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90% of each class of capital stock without a vote by shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights. | Cayman Islands Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company.<br>The legislation makes a distinction between a "consolidation" and a "merger." In a consolidation, a new entity is formed from the combination of each participating company, and the separate consolidating parties, as a consequence, cease to exist and are each stricken by the Registrar of Companies. In a merger, one company remains as the surviving entity, having in effect absorbed the other merging parties that are then stricken and cease to exist.<br>In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies 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 shareholders and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.<br>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 subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.<br>The consent of each holder of a fixed or floating security interest of a constituent company is required unless this requirement is waived by a court in the Cayman Islands.<br>Except in certain limited circumstances, a dissenting shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his or her shares upon dissenting from a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, except for the right to seek relief on the grounds that the merger or consolidation is void or unlawful. |

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In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies. Those provisions provide that if a majority in number representing 75% in value of the creditors or class of creditors (as the case may be) present and voting either in person or by proxy at the meeting, agree to any compromise or arrangement, the compromise or arrangement shall, if sanctioned by the Grand Court of the Cayman Islands, be binding on all the creditors or the class of creditors, as the case may be, and also on the company or, where a company is in the course of being wound up, on the liquidator and contributories of the company. Alternatively, if 75% in value of the members or class of members (as the case may be) present and voting either in person or by proxy at the meeting, agree to any compromise or arrangement, the compromise or arrangement shall, if sanctioned by the Grand Court of the Cayman Islands, be binding on all the members or the class of members, as the case may be, and also on the company or, where a company is in the course of being wound up, on the liquidator and contributories of the company. 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: (a) the statutory provisions as to the required majority vote have been met; (b) 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; (c) the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and (d) the arrangement is not one that would more properly be sanctioned under some other provision of the Cayman Islands Companies Act.<br>When a takeover offer is made and accepted by holders of 90% of the shares affected within four months the offeror may, within a two-month period commencing on the expiration of such four month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.<br>If an arrangement and reconstruction is thus approved, or if a takeover offer is made and accepted, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.<br>

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| | | |
|:---|:---|:---|
| *Shareholder Suits* | Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court generally has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action. | In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge: (a) an act which is illegal or ultra vires with respect to the company and is therefore incapable of ratification by the shareholders; (b) an act which, although not ultra vires, requires authorization by a qualified (or special) majority (that is, more than a simple majority) which has not been obtained; and (c) an act which constitutes a "fraud on the minority" where the wrongdoers are themselves in control of the company. |
| *Inspection of Corporate Records* | Under Delaware law, shareholders of a Delaware corporation have the right during normal business hours to inspect for any proper purpose, and to obtain copies of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | Shareholders of a Cayman Islands exempted company have no general right under Cayman Islands law to inspect or obtain copies of a list of shareholders or other corporate records (other than the register of mortgages or charges) of the company. However, these rights may be provided in the company's memorandum and articles of association. |
| *Shareholder Proposals* | Unless provided in the corporation's certificate of incorporation or bylaws, Delaware law does not include a provision restricting the manner in which shareholders may bring business before a meeting. | The Cayman Islands Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our articles provide that general meetings shall be convened on the written requisition of one or more of the shareholders entitled to attend and vote at our general meetings who (together) hold not less than 10 percent of the rights to vote at such general meeting in accordance with the notice provisions in the articles, specifying the purpose of the meeting and signed by each of the shareholders making the requisition. If the directors do not convene such meeting for a date not later than twenty-one clear days' after the date of receipt of the written requisition, those shareholders who requested the meeting may convene the general meeting themselves within three months after the end of such period of twenty-one clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us. Our articles provide no other right to put any proposals before annual general meetings or extraordinary general meetings. As a Cayman Islands exempted company, we are not obligated by law to call shareholders' annual general meetings. However, our corporate governance guidelines require us to call such meetings every year. |

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| | | |
|:---|:---|:---|
| *Approval of Corporate Matters by Written Consent* | Delaware law permits shareholders to take actions by written consent signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting of shareholders. | The Cayman Islands Companies Act allows a special resolution to be passed in writing if signed by all the voting shareholders (if authorized by the memorandum and articles of association). |
| *Calling of Special Shareholders Meetings* | Delaware law permits the board of directors or any person who is authorized under a corporation's certificate of incorporation or bylaws to call a special meeting of shareholders. | The Cayman Islands Companies Act does not have provisions governing the proceedings of shareholders meetings which are usually provided in the memorandum and articles of association. Please see above. |
| *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 of directors. | Under the Cayman Islands Companies Act and our articles, the Company may be wound up by a special resolution of our shareholders, or if the winding up is initiated by our board of directors, by either a special resolution of our members or, if our company is unable to pay its debts as they fall due, by an ordinary resolution of our members. In addition, a company may be wound up by an order of the courts of the Cayman Islands. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. |

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**Anti-money Laundering–Cayman Islands**

In order to comply with legislation or regulations aimed at the prevention of money laundering, we may be required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity. 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 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 redemption payment to a shareholder if our directors or officers suspect or are advised that the payment of redemption proceeds 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 resident in the Cayman Islands knows or suspects or has reason 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 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.

**Data Protection in the Cayman Islands–Privacy Notice**

This privacy notice explains the manner in which we collect, process, and maintain 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 (the "DPA").

We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a "data controller," whilst certain of our 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 us.

By virtue of your investment in the Company, we and certain of our 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 us 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 we are subject, or (c) where the processing is for the purposes of legitimate interests pursued by us 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 our 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.

We 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 fulfils our 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 our 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 calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

**History of Share Issuances**

The following is a summary of our share issuances since incorporation.

On March 24, 2022, we issued one (1) ordinary share, par value $0.0001 per share, to WB Corporate Services (Cayman) Ltd. and transferred to CZB Holdings Limited on the same day.

On March 24, 2022, we issued 6,385,814 ordinary shares to nineteen (19) founding shareholders of EPWK Holdings Ltd.

On December 29, 2022, we cancelled 443,614,186 authorized but unissued ordinary shares and re-designated them into 443,614,186 Class A ordinary shares and 50,000,000 Class B ordinary shares.

On December 29, 2022, we repurchased 1,185,316 of our already issued ordinary shares, re-designated them into Class B ordinary shares, and issued 1,185,316 Class B ordinary shares to HGH Holdings Limited.

On December 29, 2022, we repurchased 5,200,498 of our already issued ordinary shares, re-designated them into Class A ordinary shares, and issued 5,200,498 Class A ordinary shares to eighteen (18) shareholders.

On January 30, 2023, we issued 10,400,996 Class A ordinary shares to eighteen (18) shareholders and 2,370,632 Class B ordinary shares to HGH Holdings Limited.

You can find more detailed information regarding the share issuances and the share re-designations in *Share Issuances in March 2022*, *Re-designation of Ordinary Shares in December 2022*, and *Share Issuances in January 2023*.

As part of the Reorganization, we undertook the following corporate actions:

***Share Issuances in March 2022***

On March 24, 2022, we issued the following ordinary shares, par value $0.0001 per share, to certain founding shareholders of EPWK Holdings Ltd.

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| | | |
|:---|:---|:---|
| **Purchaser** | **Number**<br>**of**<br>**Ordinary** <br>**Shares** | **Consideration** |
| CZB Holdings Limited | 158072 | $15.8072 |
| HCHX Holdings Limited | 200000 | $20.00 |
| HGH Holdings Limited | 1185316 | $118.5316 |
| HYSH Holdings Limited | 182514 | $18.2514 |
| LXN Holdings Limited | 279550 | $27.955 |
| KTYX Holdings Limited | 309153 | $30.9153 |
| YBL Holdings Limited | 78432 | $7.8432 |
| HZY Holdings Limited | 311498 | $31.1498 |
| SZLT Holdings Limited | 231415 | $23.1415 |
| JMCT Investment Limited | 511945 | $51.1945 |
| Xiamen Xinglin Construction and Development Co., Ltd. | 323055 | $32.3055 |
| EPWK Holdings Limited | 93889 | $9.3889 |
| ZHFY Holdings Limited | 189687 | $18.9687 |
| ZHYP Holdings Limited | 31614 | $3.1614 |
| YJSKL Holdings Limited | 308950 | $30.895 |
| HZN Holdings Limited | 1038541 | $103.8541 |
| YPHL Holdings Limited | 493785 | $49.3785 |
| YPGH Holdings Limited | 237483 | $23.7483 |
| ZXL Holdings Limited | 220915 | $22.0915 |

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***Re-designation of Ordinary Shares in December 2022***

We plan to re-designate our ordinary shares as soon as practical to effectuate the following structure.

On December 29, 2022, our shareholders approved the re-designation of 1,185,316 of our already issued ordinary shares held by HGH Holdings Limited into 1,185,316 Class B Ordinary Shares.

On December 29, 2022, our shareholders approved the re-designation of already issued ordinary shares into Class A Ordinary Shares as set out in the table below:

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| | |
|:---|:---|
| **Shareholder** | **Number <br> of** <br>**Class A** <br> **Ordinary** <br>**Shares** |
| &nbsp;&nbsp;HYSH Holdings Limited | 182514 |
| &nbsp;&nbsp;CZB Holdings Limited | 158072 |
| &nbsp;&nbsp;HCHX Holdings Limited | 200000 |
| &nbsp;&nbsp;LXN Holdings Limited | 279550 |
| &nbsp;&nbsp;KTYX Holdings Limited | 309153 |
| &nbsp;&nbsp;YBL Holdings Limited | 78432 |
| &nbsp;&nbsp;HZY Holdings Limited | 311498 |
| &nbsp;&nbsp;SZLT Holdings Limited | 231415 |
| &nbsp;&nbsp;JMCT Investment Limited | 511945 |
| &nbsp;&nbsp;Xiamen Xinglin Construction and Development Co., Ltd. | 323055 |
| &nbsp;&nbsp;EPWK Holdings Limited | 93889 |
| &nbsp;&nbsp;ZHFY Holdings Limited | 189687 |
| &nbsp;&nbsp;ZHYP Holdings Limited | 31614 |
| &nbsp;&nbsp;YJSKL Holdings Limited | 308950 |
| &nbsp;&nbsp;HZN Holdings Limited | 1038541 |
| &nbsp;&nbsp;YPHL Holdings Limited | 493785 |
| &nbsp;&nbsp;YPGH Holdings Limited | 237483 |
| &nbsp;&nbsp;ZXL Holdings Limited | 220915 |

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***Share Issuances in January 2023***

On January 30, 2023, we issued 10,400,996 Class A ordinary shares to eighteen (18) shareholders as set out in the *Table 1 – Share Issuances in January 2023* below and 2,370,632 Class B ordinary shares to HGH Holdings Limited pursuant to the written resolutions by the Company's sole director. The share issuances in January 2023 reflected the share ownership after the Reorganization as shown in *Table 2 – Share Ownership as of January 30, 2023*.

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| | | |
|:---|:---|:---|
| **Purchaser** | **Number**<br> **of**<br> **Class A Ordinary** <br> **Shares** | **Consideration** |
| CZB Holdings Limited | 316145 | $31.6145 |
| HCHX Holdings Limited | 400000 | $40.0000 |
| HYSH Holdings Limited | 365028 | $36.5028 |
| LXN Holdings Limited | 559100 | $55.9100 |
| KTYX Holdings Limited | 618306 | $61.8306 |
| YBL Holdings Limited | 156864 | $15.6864 |
| HZY Holdings Limited | 622996 | $62.2996 |
| SZLT Holdings Limited | 462830 | $46.2830 |
| JMCT Investment Limited | 1023890 | $102.3890 |
| Xiamen Xinglin Construction and Development Co., Ltd. | 646110 | $64.6110 |
| EPWK Holdings Limited | 187777 | $18.7777 |
| ZHFY Holdings Limited | 379374 | $37.9374 |
| ZHYP Holdings Limited | 63229 | $6.3229 |
| YJSKL Holdings Limited | 617900 | $61.7900 |
| HZN Holdings Limited | 2077082 | $207.7082 |
| YPHL Holdings Limited | 987570 | $98.7570 |
| YPGH Holdings Limited | 474966 | $47.4966 |
| ZXL Holdings Limited | 441829 | $44.1829 |

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*Table 1 – Share Issuances in January 2023*

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| | |
|:---|:---|
| **Purchaser** | **Number of**<br> **Class A Ordinary Shares** |
| CZB Holdings Limited | 474217 |
| HCHX Holdings Limited | 600000 |
| HYSH Holdings Limited | 547542 |
| LXN Holdings Limited | 838650 |
| KTYX Holdings Limited | 927459 |
| YBL Holdings Limited | 235296 |
| HZY Holdings Limited | 934494 |
| SZLT Holdings Limited | 694245 |
| JMCT Investment Limited | 1535835 |
| Xiamen Xinglin Construction and Development Co., Ltd. | 969165 |
| EPWK Holdings Limited | 281666 |
| ZHFY Holdings Limited | 569061 |
| ZHYP Holdings Limited | 94843 |
| YJSKL Holdings Limited | 926850 |
| HZN Holdings Limited | 3115623 |
| YPHL Holdings Limited | 1481355 |
| YPGH Holdings Limited | 712449 |
| ZXL Holdings Limited | 662744 |

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*Table 2 – Share Ownership as of January 30, 2023*

**SHARES ELIGIBLE FOR FUTURE SALE**

Before our initial public offering, there has not been a public market for our Class A Ordinary Shares, and while application has been made for the Class A Ordinary Shares to be listed on the Nasdaq Capital Market, a regular trading market for our Class A Ordinary Shares may not develop. Future sales of substantial amounts of shares of our Class A Ordinary Shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our Class A Ordinary Shares to fall or impair our ability to raise equity capital in the future. Upon completion of this offering and assuming the issuance of [ ] Class A Ordinary Shares offered hereby, we will have an aggregate of [ ] Class A Ordinary Shares outstanding. All of the Class A Ordinary Shares sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

**Lock-up Agreements**

We have agreed that we will not offer, pledge, sell, contract to sell, grant any option, right or warrant to purchase, sell any option or contract to purchase, purchase any option or contract to sell, lend, or otherwise transfer or dispose of (including entering into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequence of ownership interests), directly or indirectly, any of our Class A Ordinary Shares or any securities that are convertible into or exercisable or exchangeable for our Class A Ordinary Shares, or 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 (other than a registration statement on Form S-8) without the prior written consent of the Representative for a period ending 180 days after the commencement of sales of the offering, except issuances pursuant to the exercise of employee share options outstanding on the date hereof and certain other exceptions.

Each of our directors and executive officers, and existing beneficial owners of 5% or more of our outstanding Class A Ordinary Shares has agreed, subject to some exceptions, not to offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of (including entering into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequence of ownership interests), directly or indirectly, any of our Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares or make any demand for or exercise any right with respect to, the registration of any Class A Ordinary Shares or any security convertible into or exercisable or exchangeable for Class A Ordinary Shares, without the prior written consent of the Representative for a period ending 180 days after the commencement date of the trading of the Class A Ordinary Shares. After the expiration of the 180-day period, Class A Ordinary Shares held by our directors, executive officers or existing beneficial owners of 5% or more of our outstanding Class A Ordinary Shares may be sold subject to the restrictions under Rule 144 under the Securities Act or by means of registered public offerings.

The 180-day restricted period is subject to adjustment under certain circumstances. If (1) during the last 17 days of the 180-day restricted period, we issue an earnings release or material news or a material event relating to us occurs; or (2) prior to the expiration of the 180-day restricted period, we announce that we will release earnings results during the 16-day period beginning on the last day of the 180-day period, the restrictions will continue to apply until the expiration of the 180-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event, unless, with respect to the restricted period applicable to us, our directors and executive officers and our existing beneficial owners of 5% or more of our outstanding Class A Ordinary Shares, such extension is waived by the Representative.

**Rule 144**

All of our Class A Ordinary Shares outstanding prior to this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

● 1% of the number of Class A Ordinary Shares then outstanding, in the form of Class A Ordinary Shares or otherwise, which will equal approximately shares immediately after this offering; or

● the average weekly trading volume of the Class A Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us. In addition, in each case, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**TAXATION**

**Material Tax Consequences Applicable to U.S. Holders of Our Class A Ordinary Shares**

The following sets forth the material Cayman Islands, Chinese and U.S. federal income tax consequences related to an investment in our Class A Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Class A Ordinary Shares and 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 description does not deal with all possible tax consequences relating to an investment in our Class A Ordinary Shares, such as the tax consequences under state, local and other tax laws. Unless otherwise noted in the following discussion, this section is the opinion of Messina Madrid Law PA, our U.S. Tax counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal income tax law, and of Dentons, our PRC counsel, insofar as it relates to legal conclusions with respect to matters of Chinese tax law.

The following brief description applies only to U.S. Holders (defined below) that hold Class A Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of shares and you are, for U.S. federal income tax purposes,

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

**<u>WE URGE POTENTIAL PURCHASERS OF OUR SHARES TO CONSULT THEIR OWN TAX</u>**

**<u>ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX</u>**

**<u>CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR SHARES.</u>**

**<u>People's Republic of China Enterprise Taxation</u>**

The following brief description of Chinese enterprise laws is designed to highlight the enterprise-level taxation on our earnings, which will affect the amount of dividends, if any, we are ultimately able to pay to our shareholders. See "Dividend Policy."

We are a holding company incorporated in the Cayman Islands and we gain substantial income by way of dividends paid to us from our PRC subsidiaries. The EIT Law and its implementation rules provide that China-sourced income of foreign enterprises, such as dividends paid by a PRC subsidiary to its equity holders that are non-resident enterprises, will normally be subject to PRC withholding tax at a rate of 10%, unless any such foreign investor's jurisdiction of incorporation has a tax treaty with China that provides for a preferential tax rate or a tax exemption.

Under the EIT Law, an enterprise established outside of China with a "de facto management body" within China is considered a "resident enterprise," which means that it is treated in a manner similar to a Chinese enterprise for enterprise income tax purposes. Although the implementation rules of the EIT Law define "de facto management body" as a managing body that actually, comprehensively manage and control the production and operation, staff, accounting, property and other aspects of an enterprise, the only official guidance for this definition currently available is set forth in SAT Notice 82, which provides guidance on the determination of the tax residence status of a Chinese-controlled offshore incorporated enterprise, defined as an enterprise that is incorporated under the laws of a foreign country or territory and that has a PRC enterprise or enterprise group as its primary controlling shareholder. Although EPWK Holdings Ltd. does not have a PRC enterprise or enterprise group as our primary controlling shareholder and is therefore not a Chinese-controlled offshore incorporated enterprise within the meaning of SAT Notice 82, in the absence of guidance specifically applicable to us, we have applied the guidance set forth in SAT Notice 82 to evaluate the tax residence status of EPWK Holdings Ltd. and its subsidiaries organized outside the PRC.

According to SAT Notice 82, a Chinese-controlled offshore incorporated enterprise will be regarded as a PRC tax resident by virtue of having a "de facto management body" in China and will be subject to PRC enterprise income tax on its worldwide income only if all of the following criteria are met: (i) the places where senior management and senior management departments that are responsible for daily production, operation and management of the enterprise perform their duties are mainly located within the territory of China; (ii) financial decisions (such as money borrowing, lending, financing and financial risk management) and personnel decisions (such as appointment, dismissal and salary and wages) are decided or need to be decided by organizations or persons located within the territory of China; (iii) main property, accounting books, corporate seal, the board of directors and files of the minutes of shareholders' meetings of the enterprise are located or preserved within the territory of China; and (iv) one half (or more) of the directors or senior management staff having the right to vote habitually reside within the territory of China.

We believe that we do not meet some of the conditions outlined in the immediately preceding paragraph. For example, as a holding company, the key assets and records of EPWK Holdings Ltd., including the resolutions and meeting minutes of our board of directors and the resolutions and meeting minutes of our shareholders, are located and maintained outside the PRC. In addition, we are not aware of any offshore holding companies with a corporate structure similar to ours that has been deemed a PRC "resident enterprise" by the PRC tax authorities. Accordingly, we believe that EPWK Holdings Ltd. and its offshore subsidiaries should not be treated as a "resident enterprise" for PRC tax purposes if the criteria for "de facto management body" as set forth in SAT Notice 82 were deemed applicable to us. However, as the tax residency status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body" as applicable to our offshore entities, we will continue to monitor our tax status.

The implementation rules of the EIT Law provide that, (i) if the enterprise that distributes dividends is domiciled in the PRC or (ii) if gains are realized from transferring equity interests of enterprises domiciled in the PRC, then such dividends or gains are treated as China-sourced income. It is not clear how "domicile" may be interpreted under the EIT Law, and it may be interpreted as the jurisdiction where the enterprise is a tax resident. Therefore, if we are considered as a PRC tax resident enterprise for PRC tax purposes, any dividends we pay to our overseas shareholders which are non-resident enterprises as well as gains realized by such shareholders from the transfer of our shares may be regarded as China-sourced income and as a result become subject to PRC withholding tax at a rate of up to 10%. We are unable to provide a "will" opinion because Dentons, our PRC counsel, believes that it is possible but highly unlikely that the Company and its offshore subsidiaries would be treated as a "resident enterprise" for PRC tax purposes because they do not meet some of the conditions outlined in SAT Notice 82. In addition, we are not aware of any offshore holding companies with a corporate structure similar to ours that has been deemed a PRC "resident enterprise" by the PRC tax authorities as of the date of the prospectus. Therefore it is possible but highly unlikely that the income received by our overseas shareholders will be regarded as China-sourced income.

See "Risk Factors – Risks Relating to Doing Business in the PRC – Under the enterprise Income Tax Law, we may be classified as a "Resident enterprise" of China."

Our company pays an EIT rate of 25% for EPWK WFOE. Any gain or loss recognized by you generally will be treated as United States source gain or loss. However, if we are treated as a PRC resident enterprise for PRC tax purposes and PRC tax were imposed on any gain, and if you are eligible for the benefits of the tax treaty between the United States and PRC, you may elect to treat such gain as PRC source gain under such treaty and, accordingly, you may be able to credit the PRC tax against your United States federal income tax liability.

**Cayman Islands Tax Considerations** 

The following is a discussion on certain Cayman Islands income tax consequences of an investment in the securities of the Company. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.

**Under Existing Cayman Islands Laws:** 

Payments of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporation tax. The Cayman Islands currently have no income, corporation or capital gains tax and no estate duty, inheritance tax or gift tax.

No stamp duty is payable in respect of the issue of the warrants. An instrument of transfer in respect of a warrant is stamp-able if executed in or brought into the Cayman Islands.

No stamp duty is payable in respect of the issue of our Class A Ordinary Shares or on an instrument of transfer in respect of such shares.

The Company has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of the Cayman Islands in the following form:

**The Tax Concessions Law (As Revised)**

**Undertaking as to Tax Concessions**

In accordance with the provision of Section 6 of The Tax Concessions Law (As Revised), the Financial Secretary undertakes with EPWK Holdings Ltd. ("the Company"):

&nbsp;&nbsp;&nbsp;&nbsp;1. That no law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income,
gains or appreciations shall apply to the Company or its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;2. In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature
of estate duty or inheritance tax shall be payable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. On or in respect of the shares, debentures or other obligations of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. by way of the withholding in whole or part, of any relevant payment as defined in Section 6(3) of the Tax Concessions Law (As Revised).

These concessions shall be for a period of twenty years from the date hereof.

**<u>United States Federal Income Taxation</u>**

The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

● banks;

● financial institutions;

● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● Certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding our Class A Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;

● persons that actually or constructively own 10% or more of our shares (by vote or value);

● persons who acquired our Class A Ordinary Shares pursuant to the exercise of any employee share option or otherwise as consideration; or

● persons holding our Class A Ordinary Shares through partnerships or other pass-through entities.

All of whom may be subject to tax rules that differ significantly from those discussed below.

Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. Federal tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our 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 U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the law of the United States or any state thereof or the District of Columbia;

● an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

● a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S. person under the Code.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

***Taxation of Dividends and Other Distributions on our Class A Ordinary Shares***

Subject to the passive foreign investment company rules discussed below, the gross amount of distributions made by us to you with respect to the Class A Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, the full amount of any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Class A Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Under U.S. Internal Revenue Service authority, Class A Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the Nasdaq Capital Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Class A Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Class A Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

***Taxation of Dispositions of Class A Ordinary Shares***

Subject to the passive foreign investment company rules discussed below, A U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of our Class A Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the holder's adjusted tax basis in such Class A Ordinary Shares. Any capital gain or loss will be long-term if the Class A Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gain of individuals and certain other non-corporate U.S. Holders will generally be eligible for a reduced rate of taxation. In the event that gain from the disposition of the Class A Ordinary Shares is subject to tax in the PRC, a U.S. Holder that is eligible for the benefits of the Treaty may treat such gain as PRC-source gain under the Treaty. If a U.S. Holder is not eligible for the benefits of the Treaty or fails to treat any such gain as PRC-source, then such U.S. Holder would generally not be able to use any foreign tax credit arising from any PRC tax imposed on the disposition of the Class A Ordinary Shares unless such credit can be applied (subject to applicable limitations) against U.S. federal income tax due on other income derived from foreign sources in the same income category (generally, the passive category). The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

***Passive Foreign Investment Company***

Based on our current and anticipated operations and the composition of our assets, we do not expect to be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for our current taxable year. Our actual PFIC status for the current taxable year will not be determinable until the close of such taxable year and, accordingly, there is no guarantee that we will not be a PFIC for the current taxable year. PFIC status is a factual determination for each taxable year which cannot be made until the close of the taxable year. A non-U.S. corporation is considered a PFIC for any taxable year if either:

● at least 75% of its gross income is passive income; or

● at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test").

We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock.

We must make a separate determination each year as to whether we are a PFIC. As a result, our PFIC status may change from no to yes. In particular, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Class A Ordinary Shares, our PFIC status will depend in large part on the market price of our Class A Ordinary Shares. Accordingly, fluctuations in the market price of the Class A Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. If we are a PFIC for any year during which you hold Class A Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Class A Ordinary Shares. However, if we cease to be a PFIC, you may avoid some of the adverse effects of the PFIC regime by making a "deemed sale" election with respect to the Class A Ordinary Shares.

If we are a PFIC for any taxable year during which you hold Class A Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Class A Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Class A Ordinary Shares will be treated as an excess distribution. Under these special tax rules:

● the excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;

● the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income;

● the amount allocated to each other year will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year; and

● an additional tax equal to the 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.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Class A Ordinary Shares cannot be treated as capital, even if you hold the Class A Ordinary Shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for the Class A Ordinary Shares, you will include in income each year an amount equal to the excess, if any, of the fair market value of the Class A Ordinary Shares as of the close of your taxable year over your adjusted basis in such Class A Ordinary Shares. You are allowed a deduction for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close of the taxable year. However, deductions are allowable only to the extent of any net mark-to-market gains on the Class A Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Class A Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to the deductible portion of any mark-to-market loss on the Class A Ordinary Shares, as well as to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Class A Ordinary Shares. Your basis in the Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under "Taxation – Taxation of Dividends and Other Distributions on our Class A Ordinary Shares" generally would not apply.

The mark-to-market election is available only for "marketable stock", which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including the Nasdaq Capital Market. If the Class A Ordinary Shares are regularly traded on the Nasdaq Capital Market and if you are a holder of Class A Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. However, the qualified electing fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Class A Ordinary Shares in any year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 regarding distributions received on the Class A Ordinary Shares and any gain realized on the disposition of the Class A Ordinary Shares.

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Class A Ordinary Shares and the elections discussed above.

***Information Reporting and Backup Withholding***

Dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders.

Under the Hiring Incentives to Restore Employment Act of 2010, certain United States Holders are required to report information relating to Class A Ordinary Shares, subject to certain exceptions (including an exception for Class A Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Class A Ordinary Shares. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

**UNDERWRITING**

We are offering our Class A Ordinary Shares described in this prospectus through the underwriters named below. Revere Securities LLC, or Revere, is acting as representative of the underwriters. We will enter into an underwriting agreement with Revere. Subject to the terms and conditions of the underwriting agreement, the underwriters have agreed to purchase, and we have agreed to sell to the underwriters, severally and not jointly, the number of Class A Ordinary Shares listed next to their respective names in the following table.

---

| | |
|:---|:---|
| **Underwriter** | **Number**<br> **of Shares** |
| Revere Securities LLC |  |
| Total |  |

---

The underwriting agreement provides that the underwriters must buy all of the Class A Ordinary Shares being sold in this offering if they buy any of them. However, the underwriters are not required to take or pay for the Class A Ordinary Shares covered by the underwriters' option to purchase additional Class A Ordinary Shares as described below.

Our Class A Ordinary Shares are offered subject to a number of conditions, including:

● receipt and acceptance of our Class A Ordinary Shares by the underwriters; and

● the underwriters' right to reject orders in whole or in part.

We have been advised by Revere that the underwriters intend to make a market in our Class A Ordinary Shares but that they are not obligated to do so and may discontinue making a market at any time without notice.

In connection with this offering, the underwriters or securities dealers may distribute prospectuses electronically.

**Option to Purchase Additional Class A Ordinary Shares**

We have granted the underwriters an option to buy up to an aggregate of 15% additional Class A Ordinary Shares. The underwriters have 30 days from the date of this prospectus to exercise this option. If the underwriters exercise this option, they will purchase additional Class A Ordinary Shares approximately in proportion to the amounts specified in the table above.

**Underwriting Discount and Expenses**

Shares sold by the underwriters to the public will initially be offered at the initial offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to eight percent (8%) of the gross proceeds from the initial public offering price. The underwriters may offer the shares through one or more of their affiliates or selling agents. If all the shares are not sold at the initial public offering price, Revere may change the offering price and the other selling terms. Upon execution of the underwriting agreement, the underwriters will be obligated to purchase the shares at the prices and upon the terms stated therein.

The following table shows the per share and total underwriting discount we will pay to the underwriters assuming both no exercise and full exercise of the underwriters' option to purchase up to 15% additional Class A Ordinary Shares.

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| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total without<br> Over-<br> Allotment<br> Option** | **Total with<br> Over-<br> Allotment<br> Option** |
| Public offering price | $| $| $|
| Underwriting discounts and commissions (8.0%) | $| $| $|
| Proceeds, before expenses to us | $| $| $|

---

We have agreed to pay all reasonable, necessary and accountable out-of-pocket expenses relating to the offering, including, but not limited to: (a) the costs of preparing, printing and filing the registration statement with the SEC, amendments and supplements thereto, and post effective amendments, as well as the filing with FINRA, and payment of all necessary fees in connection therewith and the printing of a sufficient quantity of preliminary and final prospectuses as Revere may reasonably request; (b) the costs of preparing, printing and delivering exhibits thereto, in such quantities as Revere may reasonably request; (c) all fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by Revere; (d) the fees of counsels and accountants for the Company, including fees associated with any blue sky filings where applicable; (e) fees associated with the Company's transfer agent; and (f) fees, if necessary, associated with translation services.

Additionally, we have agreed to pay to Revere up to, and not to exceed, One Hundred Fifty Thousand dollars ($150,000) for its reasonable accountable expenses actually incurred in connection with the performance of its services for the purpose of the offering, regardless of whether the offering is successfully closed, in accordance with FINRA Rule 5110(g)(5)(A). Of this amount: (i) Seventy Thousand dollars ($70,000) was paid to Revere within 10 working days after the execution of the engagement letter, as a cash retainer fee; (ii) Fifty Thousand dollars ($50,000) will be paid to Revere upon the public filing of this registration statement; and (iii) Thirty Thousand dollars ($30,000) will be paid to Revere upon the closing of the offering. Promptly, upon the consummation of this offering or the earlier termination of the engagement period in accordance with its terms, the underwriter will return the balance of any remaining portion of the advance to the extent such monies were not used for reasonable and documented out-of-pocket expenses incurred. For the avoidance of doubt, in the event that the offering is terminated, we will reimburse Revere for actual and accountable out-of-pocket expenses related to this offering, up to $150,000, and Revere will return the balance of any remaining portion of the funds to the extent such monies were not used for reasonable and documented out-of-pocket expenses incurred.

In connection with and upon closing of the offering, we have also agreed to pay to Revere a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from the sale of the Class A Ordinary Shares in the offering.

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately $[ ].

We shall establish and maintain an SEC compliant offering deposit or escrow account with the financial institution as designated by the patties, and at the closing of the Offering, we shall deposit into the designated account an amount of four hundred thousand dollars ($400,000) from the offering proceeds (the "Escrow Amount") in order to provide source of funding for certain indemnification obligations of us to Revere and other indemnified persons as described in the registration statement and the underwriting agreement; the Escrow Amount shall be held at the designated account for twelve (12) months after the closing of the Offering, during which period we may use the Escrow Amount for low risk investment (e.g. bonds, mutual funds, money market funds, etc.) at our discretion, subject to the terms and conditions set forth hereunder, underwriting agreement and/or the registration statement, provided that we have notified Revere in writing in advance.

**Representative's Warrants**

We have also agreed to issue to Revere (or its permitted assignees) warrants to purchase a number of our shares equal to an aggregate of 5.0% of the total number of Class A Ordinary Shares sold in this offering, or the Representative's Warrants, which will be issued in compliance with FINRA Rule 5110(g)(8). The Representative's Warrants will have an exercise price equal to 120% of the offering price of the Class A Ordinary Shares sold in this offering and may be exercised on a cashless basis. The Representative's Warrants are exercisable commencing upon the closing of the offering and will expire three years after the issuance date. The Representative's Warrants are not redeemable by us. The Representative's Warrants provide for one immediate demand registration right and/or unlimited piggy-back registration rights at the Company's expense, so that they are registered in this registration statement. The one demand registration right will not be greater than five years from the commencement of the offering, and the unlimited piggyback registration rights will not be greater than seven years from the commencement of the offering. The Representative's Warrants and the Class A Ordinary Shares underlying the Representative's Warrants, have been deemed compensation by the Financial Industry Regulatory Authority, or FINRA, and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA. Revere (or permitted assignees under the Rule) may not sell, transfer, assign, pledge or hypothecate the Representative's Warrants or the securities underlying the Representative's Warrants, nor will they engage in any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the Representative's Warrants or the underlying securities for a period of six months from the effective date of this offering, except to any FINRA member participating in the offering and their bona fide officers or partners. The Representative's Warrants will provide for adjustment in the number and price of such Representative's Warrants (and the Class A Ordinary Shares underlying such Representative's Warrants), but only to prevent dilution in the event of a forward or reverse stock split, stock dividend or similar recapitalization. Additionally, Revere will not receive or accrue cash dividends prior to the exercise or conversion of the Representative's Warrants.

After the filing of the registration statement, if we elect to terminate our further participation in the offering and the engagement of Revere pursuant to the engagement letter due to a proposed or completed merger or acquisition transaction whereby we will be merged into or acquired by another company or entity (an "M&A Transaction"), we have agreed to grant Revere the right to serve as an investment banker and/or financial advisor to the Company, and we have agreed that we or the surviving entity or company will pay to Revere a cash fee equal to one percent (1.0%) of the aggregate consideration paid to the Company in the M&A Transaction at the closing of the M&A Transaction. If we receive non-cash consideration in the M&A Transaction (including but not limited to equity or debt securities), the value of such non-cash consideration will be included in the calculation of the fee payable to Revere. Any right in relation to the M&A Transaction, including the obligation for the us to pay a termination fee, will be forfeited if the Company terminates the engagement letter for cause. This includes Revere's material failure to provide underwriting services contemplated in the engagement letter. Furthermore, in order to obtain such a right, the M&A Transaction must take place within a period of two (2) years, beginning on the date on which the engagement is terminated by the Company.

**Lock-Up Agreements**

We and our directors, officers, and holders of more than five percent (5.0%) of our outstanding Class A Ordinary Shares as of the effective date of the registration statement (and all holders of securities exercisable for or convertible into Class A Ordinary Shares) shall enter into customary "lock-up" agreements in favor of Revere pursuant to which such persons and entities shall agree, for a period of six (6) months from the date of the offering, and each of the Company and any successors of the Company will agree, for a period of three (3) months from the closing of the offering, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including certain liabilities under the Securities Act. If we are unable to provide this indemnification, we have agreed to contribute to payments the underwriters may be required to make in respect of those liabilities.

**No Public Market**

Prior to this offering, there has not been a public market for our securities in the U.S. and the public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the underwriters. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the underwriters believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

We offer no assurances that the initial public offering price will correspond to the price at which our Class A Ordinary Shares will trade in the public market subsequent to this offering or that an active trading market for our Class A Ordinary Shares will develop and continue after this offering.

**Stock Exchange**

We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "FTEL." There can be no assurance that we will be successful in listing our Class A Ordinary Shares on the Nasdaq Capital Market.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters of this offering, or by their affiliates. Other than the prospectus in electronic format, the information on any underwriter's website and any information contained in any other website maintained by an underwriter is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter, and should not be relied upon by investors.

**Price Stabilization, Short Positions**

In connection with this offering, the underwriters may engage in activities that stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares during and after this offering, including:

● stabilizing transactions;

● short sales;

● imposition of penalty bids; and

● syndicate covering transactions.

The underwriters may close out any covered short position by either exercising their option, in whole or in part, or by purchasing shares in the open market. In making this determination, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the over-allotment option.

Naked short sales are short sales made in excess of the over-allotment option. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriter is concerned that there may be downward pressure on the price of the Class A Ordinary Shares in the open market that could adversely affect investors who purchased in this offering.

The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because Revere has repurchased shares sold by or for the account of that underwriter in stabilizing or short covering transactions.

**Determination of Offering Price**

Prior to this offering, there was no public market for our Class A Ordinary Shares. The initial public offering price will be determined by negotiation between us and Revere. The principal factors to be considered in determining the initial public offering price include, but not limited to:

● the information set forth in this prospectus and otherwise available to Revere;

● our history and prospects and the history and prospects for the industry in which we compete;

● our past and present financial performance;

● our prospects for future earnings and the present state of our development;

● the general condition of the securities market at the time of this offering;

● the recent market prices of, and demand for, publicly traded shares of generally comparable companies; and

● other factors deemed relevant by the underwriters and us.

The estimated public offering price range set forth on the cover page of this preliminary prospectus is subject to change as a result of market conditions and other factors. Neither we nor the underwriters can assure investors that an active trading market will develop for our Class A Ordinary Shares or that the Class A Ordinary Shares will trade in the public market at or above the initial public offering price.

**Affiliations**

The underwriters and their respective 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. The underwriters and their respective affiliates may from time to time in the future engage with us and perform services for us or in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of their various business activities, the underwriters and their respective 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, and such investment and securities activities may involve securities and/or instruments of us. The underwriters and their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of these securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in these securities and instruments.

**Offer Restrictions Outside the United States**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Class A Ordinary Shares the possession, circulation or distribution of this prospectus or any other material relating to us or the Class A Ordinary Shares in any jurisdiction 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 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 laws, rules and regulations of any such country or jurisdiction.

***Australia.*** This prospectus:

● does not constitute a product disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the "Corporations Act");

● has not been, and will not be, lodged with the Australian Securities and Investments Commission ("ASIC"), as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document under Chapter 6D.2 of the Corporations Act;

● does not constitute or involve a recommendation to acquire, an offer or invitation for issue or sale, an offer or invitation to arrange the issue or sale, or an issue or sale, of interests to a "retail client" (as defined in section 761G of the Corporations Act and applicable regulations) in Australia; and

● may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, or Exempt Investors, available under section 708 of the Corporations Act.

The Class A Ordinary Shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the Class A Ordinary Shares may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any Class A Ordinary Shares may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the Class A Ordinary Shares, you represent and warrant to us that you are an Exempt Investor.

As any offer of Class A Ordinary Shares under this prospectus will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the Class A Ordinary Shares, you undertake to us that you will not, for a period of 12 months from the date of issue of the Class A Ordinary Shares, offer, transfer, assign or otherwise alienate those securities to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

***Canada.*** The Class A Ordinary Shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Class A Ordinary Shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

***Cayman Islands.*** This prospectus does not constitute a public offer of the Class A Ordinary Shares, whether by way of sale or subscription, in the Cayman Islands. Class A Ordinary Shares have not been offered or sold, and will not be offered or sold, directly or indirectly, in the Cayman Islands.

***Dubai International Financial Centre ("DIFC").*** This prospectus relates to an Exempt Offer in accordance with the Markets Rules 2012 of the Dubai Financial Services Authority (the "DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Markets Rules 2012 of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for this prospectus. The securities to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this prospectus you should consult an authorized financial advisor.

In relation to its use in the DIFC, this prospectus is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purpose. The interests in the securities may not be offered or sold directly or indirectly to the public in the DIFC.

 ****

***European Economic Area.*** In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a Relevant Member State), with effect from and including the date on which the Prospectus Directive was implemented in that Relevant Member State (the Relevant Implementation Date), an offer of the Class A Ordinary Shares to the public may not be made in that Relevant Member State prior to the publication of a prospectus in relation to the Class A Ordinary Shares which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive, except that, with effect from and including the Relevant Implementation Date, an offer of Class A Ordinary Shares may be made to the public in that Relevant Member State at any time:

● to any legal entity which is a qualified investor as defined under the Prospectus Directive;

● to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive); or

● in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities described in this prospectus shall result in a requirement for the publication by us of a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of the above paragraph, the expression "an offer of the Class A ordinary shares to the public" in relation to any Class A Ordinary Shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Class A Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe the Class A Ordinary Shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State. The expression Prospectus Directive means Directive 2003/71/EC (and any amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State) and includes any relevant implementing measure in each Relevant Member State, and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.

***Hong Kong***. The Class A Ordinary Shares may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules promulgated thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the Class A Ordinary Shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Class A Ordinary Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules promulgated thereunder.

***Japan.*** Class A Ordinary Shares have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold directly or indirectly in Japan or to, or for the benefit of any Japanese person or to others, for re-offering or re-sale directly or indirectly in Japan or to any Japanese person, except in each case pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Securities and Exchange Law of Japan and any other applicable laws, rules and regulations of Japan. For purposes of this paragraph, "Japanese person" means any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

***Kuwait.*** Unless all necessary approvals from the Kuwait Ministry of Commerce and Industry required by Law No. 31/1990 "Regulating the Negotiation of Securities and Establishment of Investment Funds," its Executive Regulations and the various Ministerial Orders issued pursuant thereto or in connection therewith, have been given in relation to the marketing and sale of the Class A Ordinary Shares, these may not be marketed, offered for sale, nor sold in the State of Kuwait. Neither this prospectus (including any related document), nor any of the information contained therein is intended to lead to the conclusion of any contract of whatsoever nature within Kuwait.

***Malaysia.*** No prospectus or other offering material or document in connection with the offer and sale of the Class A Ordinary Shares has been or will be registered with the Securities Commission of Malaysia (the "Commission") for the Commission's approval pursuant to the Capital Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A Ordinary Shares may not be circulated or distributed, nor may the Class A Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services License; (iii) a person who acquires the Class A Ordinary Shares , as principal, if the offer is on terms that the Class A Ordinary Shares may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding twelve months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that, in the each of the preceding categories (i) to (xi), the distribution of the Class A Ordinary Shares is made by a holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the purpose of public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Commission under the Capital Markets and Services Act 2007.

***People's Republic of China***. This prospectus may not be circulated or distributed in the PRC and the Class A Ordinary Shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

***Qatar.*** In the State of Qatar, the offer contained herein is made on an exclusive basis to the specifically intended recipient thereof, upon that person's request and initiative, for personal use only and shall in no way be construed as a general offer for the sale of securities to the public or an attempt to do business as a bank, an investment company or otherwise in the State of Qatar. This prospectus and the underlying securities have not been approved or licensed by the Qatar Central Bank or the Qatar Financial Centre Regulatory Authority or any other regulator in the State of Qatar. The information contained in this prospectus shall only be shared with any third parties in Qatar on a need to know basis for the purpose of evaluating the contained offer. Any distribution of this prospectus by the recipient to third parties in Qatar beyond the terms hereof is not permitted and shall be at the liability of such recipient.

***Saudi Arabia.*** This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of this prospectus, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this prospectus you should consult an authorized financial adviser.

***Singapore.*** This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our Class A Ordinary Shares may not be circulated or distributed, nor may our Class A Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or SFA, (ii) to a relevant person or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

Where our Class A Ordinary Shares are subscribed or purchased under Section 275 by a relevant person which is: (a) a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor; shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Class A Ordinary Shares under Section 275 of the SFA, except: (1) to an institutional investor (for corporations under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.

***Switzerland.*** The Class A Ordinary Shares will not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this prospectus nor any other offering or marketing material relating to our company or the Class A Ordinary Shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of the Class A Ordinary Shares will not be supervised by, the Swiss Financial Market Supervisory Authority, and the offer of the Class A Ordinary Shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the "CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of the Class A Ordinary Shares.

***Taiwan.*** The Class A Ordinary Shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the Class A Ordinary Shares in Taiwan.

***United Arab Emirates.*** The Class A Ordinary Shares have not been offered or sold, and will not be offered or sold, directly or indirectly, in the United Arab Emirates, except: (i) in compliance with all applicable laws and regulations of the United Arab Emirates; and (ii) through persons or corporate entities authorized and licensed to provide investment advice and/or engage in brokerage activity and/or trade in respect of foreign securities in the United Arab Emirates. The information contained in this prospectus does not constitute a public offer of securities in the United Arab Emirates in accordance with the Commercial Companies Law (Federal Law No. 8 of 1984 (as amended)) or otherwise and is not intended to be a public offer and is addressed only to persons who are sophisticated investors.

***United Kingdom.*** This prospectus is only being distributed to and is only directed at, and any offer subsequently made may only be directed at: (i) persons who are outside the United Kingdom; (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons falling within (1)-(3) together being referred to as "relevant persons"). The Class A Ordinary Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Class A Ordinary Shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this prospectus or any of its contents.

***Vietnam.*** This offering of Class A Ordinary Shares has not been and will not be registered with the State Securities Commission of Vietnam under the Law on Securities of Vietnam and its guiding decrees and circulars.

**LEGAL MATTERS**

The validity of the Class A Ordinary Shares and certain other legal matters as to United States Federal and New York State law will be passed upon for us by VCL Law LLP. The underwriters are being represented by Winston & Strawn LLP with respect to legal matters of United States federal and New York State law. The validity of the Class A Ordinary Shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Ogier, our counsel as to Cayman Islands law. Legal matters as to PRC law will be passed upon for us by Beijing Dentons Law Offices, LLP (Fuzhou) and for the underwriters by Jincheng Tongda & Neal Law Firm. VCL Law LLP may rely upon Ogier with respect to matters governed by Cayman Islands law and Dentons with respect to matters governed by PRC law. Winston & Strawn LLP may rely upon Jincheng Tongda & Neal Law Firm with respect to matters governed by PRC law.

**EXPERTS**

The consolidated financial statements as of June 30, 2022 and 2021 and for the fiscal years then ended in this prospectus have been so included in reliance on the report of WWC, Professional Corporation, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of WWC, Professional Corporation is located at San Mateo, California.

**INTERESTS OF NAMED EXPERTS AND COUNSEL**

No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the Class A Ordinary Shares was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant, nor was any such person connected with the registrant as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.

**DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION**

Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to our directors, officers or persons controlling us, we have been advised that it is the SEC's opinion that such indemnification is against public policy as expressed in such act and is, therefore, unenforceable.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, covering the Class A Ordinary Shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the Class A Ordinary Shares. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since the prospectus may not contain all the information that you may find important, you should review the full text of these documents.

Immediately upon the completion of this offering, we will be 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. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, 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.

The registration statements, reports and other information so filed can be 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 these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this prospectus.

No dealers, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

**INDEX TO FINANCIAL STATEMENTS**

**EPWK HOLDINGS LTD.**

**TABLE OF CONTENTS**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To: The Board of Directors and Shareholders of

EPWK Holdings Ltd.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of EPWK Holdings Ltd. (the "Company") as of June 30, 2022 and 2021 and the related consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended June 30, 2022, 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 June 30, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Emphasis of Matter**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 2 to the consolidated financial statements, the Company has a working capital deficit and an accumulated deficiency that raise doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

**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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| /s/ WWC, P.C. |
| WWC, P.C.<br> Certified Public Accountants<br> PCAOB ID: 1171 |

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We have served as the Company's auditor since 2021.<br> San Mateo, California<br> December 8, 2022, except for Note 18, as to which the date is February 9, 2023.

**EPWK HOLDINGS LTD. AND ITS SUBSIDIARIES AND VARIABLE INTEREST ENTITIES<br> CONSOLIDATED BALANCE SHEETS<br> (In U.S. dollars, except for share and per share data, or otherwise noted)**

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| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2021** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $713649 | $572788 |
| &nbsp;&nbsp;&nbsp;User funds | 277673 | 2053185 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 482746 | 2195 |
| &nbsp;&nbsp;&nbsp;Related parties receivable | 12160 | 2983960 |
| &nbsp;&nbsp;&nbsp;Advance to suppliers | 14284 | 25078 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other receivables, net | 73627 | 550716 |
| **Total current assets** | 1574139 | 6187922 |
| &nbsp;&nbsp;&nbsp;Equity investments | 59710 |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1196808 | 2101196 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 4343324 | 13022583 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 262819 | 373810 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 170071 | 416374 |
| **Total non-current assets** | 6032732 | 15913963 |
| **TOTAL ASSETS** | $**7606871** | $**22101885** |
| **Liabilities** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;**Short term bank loans** | 1632951 |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 495095 | 152712 |
| &nbsp;&nbsp;&nbsp;Contract liabilities – current | 3201247 | 4238839 |
| &nbsp;&nbsp;&nbsp;User accounts payable | 277673 | 2053185 |
| &nbsp;&nbsp;&nbsp;Related parties payable | 89788 | 693810 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1155030 | 1090361 |
| &nbsp;&nbsp;&nbsp;Lease payable-current portion | 836425 | 1731292 |
| **Total current liabilities** | 7688209 | 9960199 |
| &nbsp;&nbsp;&nbsp;Long term bank loans | 640314 | 464763 |
| &nbsp;&nbsp;&nbsp;Contract liabilities – non-current | 379171 | 345513 |
| &nbsp;&nbsp;&nbsp;Lease payable-non-current | 4044834 | 13183686 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 247712 | 338827 |
| **Total non-current liabilities** | 5312031 | 14332789 |
| **TOTAL LIABILITIES** | 13000240 | 24292988 |
| **Shareholders' Deficit** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares <br> (500,000,000 Class A shares authorized, par value $0.0001; 6,385,814 shares issued and outstanding as of June 30, 2022 and 2021) | 638 | 638 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 11148844 | 11148, 844 |
| &nbsp;&nbsp;&nbsp;Accumulated deficits | (16580483) | (13174564) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income/(loss) | 37632 | (166021) |
| Total Shareholders' deficit | (5393369) | (2191103) |
| **TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT** | $**7606871** | $**22101885** |

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The accompanying notes are an integral part of these consolidated financial statements.

**EPWK HOLDINGS LTD. AND ITS SUBSIDIARIES AND VARIABLE INTEREST ENTITIES<br> STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS<br> (In U.S. dollars, except for share and per share data, or otherwise noted)**

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| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2022** | **2021** |
| Net revenue | $12811143 | $11366317 |
| Cost of revenue | 7496464 | 6619723 |
| Gross profit | 5314679 | 4746594 |
| **<u>Operating Expenses</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Selling expenses | 4305293 | 2680090 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2849518 | 2774983 |
| &nbsp;&nbsp;&nbsp;Research and development expense | 2009591 | 239966 |
| Total operating expense | 9164402 | 5695039 |
| Operating Income/(loss) | (3849723) | (948445) |
| **<u>Non-operating Income (Expenses)</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 20109 | 1198 |
| &nbsp;&nbsp;&nbsp;Other expenses | (45282) | (8483) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (68591) | 40379 |
| &nbsp;&nbsp;&nbsp;Subsidy income | 945812 | 1541838 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property, plants and equipment | (117682) | (184) |
| &nbsp;&nbsp;&nbsp;Loss from disposals of subsidiaries | (285020) |  |
| Total other income and expenses, net | 449346 | 1574748 |
| Income/(loss) before income tax | (3400377) | 626303 |
| Income tax | 5542 | 2467 |
| **Net Income/(loss)\*** | $(3405919) | $623836 |
| Other comprehensive income: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation gain/(loss), net of income taxes | 203653 | (229616) |
| Total comprehensive income/(loss) | $(3202266) | $**394220** |
| Basic & diluted earnings per Class A share | (0.53) | 0.10 |
| Weighted average Class A shares outstanding | 6385814 | 6385814 |

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\* Including disposal group loss amount of $30,966 for the year ended June 30, 2022.

The accompanying notes are an integral part of these consolidated financial statements.

**EPWK HOLDINGS LTD. AND ITS SUBSIDIARIES AND VARIABLE INTEREST ENTITIES<br> STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY<br> For the years ended June 30, 2022, 2021 and 2020<br> (In U.S. dollars, except for share and per share data, or otherwise noted)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | | | | |
|  | **Ordinary Shares** | **Ordinary Shares** | | | | |
|  | **Share** | **Amount** |<br>**Additional**<br>**paid-in**<br>**capital** |<br>**Accumulated**<br>**deficit** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income (loss)** |<br>**Total**<br>**shareholder's**<br>**deficit** |
| **Balance as of June 30, 2019** | **6385814** | **638** | **11148844** | **(13269085)** | **-** | **(2119603)** |
| Net loss |  |  |  | (529315) |  | (529315) |
| Foreign currency translation adjustment | - | - | - | - | 63595 | 63595 |
| **Balance as of June 30, 2020** | **6385814** | **638** | **11148844** | **(13798400)** | **63595** | **(2585323)** |
| Net income |  |  |  | 623836 |  | 623836 |
| Foreign currency translation adjustment | - | - | - | - | (229616) | (229616) |
| **Balance as of June 30, 2021** | **6385814** | **638** | **11148844** | **(13174564)** | **(166021)** | **(2191103)** |
| Net income |  |  |  | (3405919) |  | (3405919) |
| Foreign currency translation adjustment | - | - | - | - | 203653 | 203653 |
| **Balance as of June 30, 2022** | **6385814** | **638** | **11148844** | **(16580483)** | 37632 | **(5393369)** |

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The accompanying notes are an integral part of these consolidated financial statements.

**EPWK HOLDINGS LTD. AND ITS SUBSIDIARIES AND VARIABLE INTEREST ENTITIES<br> STATEMENTS OF CASH FLOWS<br> (In U.S. dollars, except for share and per share data, or otherwise noted)**

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| | | |
|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2022** | **2021** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net profit/(loss) | (3405919) | 623836 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 494812 | 963091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 103632 | 78215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from the disposal of property and equipment | 117682 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from disposals of subsidiaries | 285020 |  |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (498759) | 71357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance to suppliers | 10252 | 152338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (796757) | (78313) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease ROU assets and liabilities, net | 5504 | 107332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 239841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | (372143) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 479556 | 34386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (853614) | (800171) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 526728 | 435 |
| **Net cash (used in)/provided by operating activities** | (3664165) | 1152690 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of fixed assets and leasehold improvements | (386871) | (111185) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment | 26489 | 5135 |
| &nbsp;&nbsp;&nbsp;Disposal of subsidiaries, net of cash proceeds | (10392) |  |
| &nbsp;&nbsp;&nbsp;Acquisitions of equity investments | (61962) | - |
| **Net cash used in investing activities** | (432736) | (106050) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds/(repayment) of bank loans, net | 1894289 | 453124 |
| &nbsp;&nbsp;&nbsp;Proceeds/(Repayment) to related parties, net | 2370450 | (2327446) |
| **Net cash provided by/ (used in) financing activities** | 4264739 | (1874322) |
| Effect of exchange rate changes | (26977) | 102102 |
| **Total cash flows** | 140861 | (725580) |
| Cash and cash equivalents, at beginning of year | 572788 | 1298367 |
| Cash and cash equivalents, at end of year | 713649 | 572788 |
| **Net increase (decrease) in cash and cash equivalents** | 140861 | (725580) |
| **Supplementary Cash Flows Information** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | 75879 |  |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes | 3267 | 2467 |
| **Supplemental non-cash disclosure:** |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities arising from obtaining right-of-use assets |  | 1382292 |

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The accompanying notes are an integral part of these consolidated financial statements.

**EPWK HOLDING LTD<br> NOTES TO FINANCIAL STATEMENTS**

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

EPWK Holdings Ltd. ("EPWK Cayman" or the "Company") was incorporated on March 24, 2022, a holding company, as an exempted company with limited liability in the Cayman Islands. The Company principally engages in providing an online service platform, which can assist small service providers to promote their business to users with real service requirements. The business is operated through its subsidiaries in the People's Republic of China (the "PRC"). In March 2011, Mr. Guohua Huang and Mr. Zhinan Huang jointly founded Xiamen EPWK Network Technology Co., Ltd. ("EPWK VIE"), to conduct the main business. Mr. Guohua Huang and Mr. Zhinan Huang are jointly deemed as controlling shareholders. In December 2020 and May 2021, EPWK VIE acquired Qi Zhi (Beijing) Certification Co., Ltd. and Xiamen Kutai Network Technology Co., Ltd. respectively, which are controlled by Mr. Guohua Huang ("Controlling Shareholder"). The Company underwent a series of onshore and offshore reorganizations, which were completed on August 11, 2022.

Immediately before and after the reorganization, the Controlling Shareholder of EPWK VIE controlled EPWK VIE and EPWK Cayman. During the years presented in these consolidated financial statements, the control of the entities has remained under the control of Guohua Huang. Accordingly, the combination has been treated as a corporate restructuring ("Reorganization") of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time and in accordance with ASC 805-50-45-5, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. The consolidation of EPWK Cayman and its subsidiaries and VIEs 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 the accompanying consolidated financial statements.

EPWK Cayman and its consolidated subsidiaries are collectively referred to herein as the "Company", "we" and "us", unless specific reference is made to an entity.

**Corporate Structure**

EPWK Cayman is a holding company incorporated in Cayman Islands that does not have substantive operations. The Company is in an investment holding company; its primary business operations are conducted through its subsidiaries and its variable interest entities as described below.

*Subsidiaries*

&nbsp;&nbsp;&nbsp;&nbsp;● EPWK Group Limited ("EPWK
 BVI"), was incorporated in the British Virgin Islands on April 4, 2022. It is a wholly-owned subsidiary of EPWK Cayman.

● EPWK Holdings Limited ("EPWK HK") was incorporated in Hong Kong on April 28, 2022. It is a wholly owned subsidiary of EPWK BVI.

● Yipinweike (Guangzhou) Network Technology Co., Ltd. ("WFOE") was organized pursuant to PRC laws on July 26, 2022. It is a wholly owned subsidiary of EPWK HK.

● EP Zhishang (Xiamen) Network Technology Co. Ltd. was organized pursuant to PRC laws on July 26, 2022, principally providing software development and IT consulting service. It is a wholly owned subsidiary of EPWK HK.

*VIE*

● Xiamen EPWK Network Technology Co., Ltd., ("EPWK VIE"), an onshore holding and operating company established in the PRC on March 25, 2011, holding our other operating subsidiaries in the PRC and principally providing an online service platform, which can assist small service providers to promote their business to users with real service requirements. WFOE has effective control of EPWK VIE and its subsidiaries which are listed below.

● Xiamen Yipinweike Network Information Co., Ltd., an onshore operating entity established in the PRC on December 29, 2015, principally providing services of intellectual properties' application, registration, transferring and advisory.

● Xiamen Kutai Network Technology Co., Ltd., an onshore operating entity established in the PRC on November 3, 2013, principally running an online decoration website to connect decoration service providers and users.

● Xiamen EPWK Zhibang Finance and Taxation Service Co., Ltd., an onshore operating entity established in the PRC on September 26, 2018, principally providing bookkeeping and tax advisory services.

● Xiamen EPWK Investment Management Co., Ltd., an onshore operating entity established in the PRC on August 11, 2015, principally providing angel investment and investment advisory services.

● Xiamen EPWK Zhongchuang Coffee Co., Ltd., an onshore operating entity established in the PRC on September 10, 2015, principally providing venture idea sharing and corporation setup advisory services. The company was disposed to non-affiliate party on January 25, 2022.

● Xiamen EPWK Yixing Business Incubator Management Co., Ltd. an onshore operating entity established in the PRC on November 11, 2015, principally providing corporation support services especially for robot related ventures.

● Xiamen EPWK Chuangke Incubator Management Co., Ltd., an onshore operating entity established in the PRC on February 28, 2018, principally provide workspace, communication and resource-sharing platform at very favorable price to innovative entrepreneurs.

● Xiamen EPWK ZhiSheng Intellectual Property Agency Co., Ltd., an onshore operating entity established in the PRC on September 10, 2018, principally providing services and an online management tool for intellectual properties' application, registration, transferring and advisory. The company was cancellation in April, 2022.

● Qi Zhi (Beijing) Certification Co., Ltd, an onshore operating entity established in the PRC on January 29, 2019, principally providing qualifications certification advisory services, such as ISO qualification advisory.

● Xiamen EPWK Kutai Incubator Management Co., Ltd., an onshore operating entity established in the PRC on January 5, 2021, principally providing corporate setup and related services.

● Xiamen Kubeijie Network Technology Co. Ltd., an onshore operating entity established in the PRC on February 25, 2014, principally running an online platform, which can share high-end design products and provide IP protection services as well. The company was disposed to non-affiliate party on January 21, 2022.

● EP Huicheng (Guangzhou) Network Technology Co., Ltd., or EPHC, as an onshore operating entity was established in the PRC on June 1, 2022 in order to expand our software and information technology services.

● Qi Zhi (Xiamen) Certification Co., Ltd., an onshore operating entity established in the PRC on March 30, 2022, principally providing marketing and other supporting services related to the certification service.

<u>The VIE Agreements</u>

EPWK Cayman, EPWK HK and WFOE, are considered as foreign invested enterprises. To comply with these regulations, the Company conducts its business operation in PRC through its VIEs.

WFOE, EPWK VIE and the EPWK VIE Shareholders entered into a series of contractual arrangements, 1) Call Option Agreement, 2) Exclusive Business Cooperation Agreement, and 3) Equity Pledge Agreement, 4) Powers of Attorney (POAs), and 5) Exclusive Business Cooperation Agreement, known as VIE Agreements, on August 11, 2022. Under the VIE Agreements, EPWK WFOE is entitled to collect a service fee that is equal to 100% of the net income of the EPWK VIE, and EPWK WFOE has the power to direct the activities of the EPWK VIE that can significantly impact the EPWK VIE's economic performance and is obligated to absorb losses of the EPWK VIE, which makes us, through our direct ownership of 100% of the equity in EPWK WFOE, the primary beneficiary to receive the economic benefits of the EPWK VIE's business operation for accounting purposes. Because our economic interest in the EPWK VIE is more than insignificant exposure to potential losses of or benefits from it, and we have power over the most significant economic activities of the EPWK VIE, we have consolidated the financial results of the EPWK VIE in our consolidated financial statements under generally accepted accounting principles in the U.S. ("U.S. GAAP"). However, the economic interest in and the power over the EPWK VIE are based on contractual agreements and are not equivalent to equity ownership in the business of the EPWK VIE, and the structure involves unique risks to investors.

 

 

*Call Option Agreement*

Pursuant to the Call Option Agreement among WFOE, EPWK VIE and its shareholders, the shareholders irrevocably granted WFOE or any third party designated by WFOE an option to purchase all or part of their equity interests in EPWK VIE at any time, either at its own discretion or through its designated person, at the lowest price permitted under applicable PRC laws. Without WFOE's prior written consent, the shareholders and EPWK VIE agreed not to, among other things: amend the articles of association of EPWK VIE; increase or decrease the registered capital of EPWK VIE; change EPWK VIE's business activities; alter EPWK VIE's capital structure; sell, assign, mortgage or dispose of any legal or beneficial rights to or in any of EPWK VIE's assets, business, or revenue; incur, assume or guarantee any debts; enter into any material contract; extend any loan or credit to any party, or provide any guarantee or assume any obligation of any party; merge or consolidate with any third party or acquire or invest in any third party; or distribute dividends. The shareholders and EPWK VIE agreed to manage business and handle financial and commercial affairs prudently and in accordance with relevant laws and codes of practice.

The call option agreements remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, WFOE shall have the right to terminate these agreements upon giving 30 days' prior written notice to EPWK VIE at any time.

 

*Powers of Attorney (POAs)*

Pursuant to the Powers of Attorney, the shareholders of EPWK VIE give WFOE an irrevocable proxy to act on their behalf on all matters pertaining to EPWK VIE and to exercise all of their rights as shareholders of EPWK VIE, including the right to attend shareholders meetings, to exercise voting rights and all of the other rights, and to sign transfer documents and any other documents in relation to the fulfilment of the obligations under the call option agreements and the equity pledge agreements.

The shareholders powers of attorney remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, shareholders of EPWK VIE shall have the right to terminate these agreements upon giving 30 days' prior written notice to WFOE at any time.

 

*Exclusive Business Cooperation Agreement*

Pursuant to the Exclusive Business Cooperation Agreement, WFOE has the exclusive right to provide EPWK VIE technical support, consulting services and other management services in return for certain service fees. For services rendered to EPWK VIE by WFOE under this agreement, WFOE is entitled to collect a service fee that shall be calculated based upon EPWK VIE's actual operation. The service fee should approximately equal to EPWK VIE's net profit from amalgamation offsetting previous year's loss (if any), operating expense, all expenses, tax and other mandatory expenditure. Without WFOE's prior written consent, EPWK VIE may not accept any services subject to this agreement from any third party. WFOE will have the exclusive ownership of all intellectual property rights created as a result of the performance of this agreement.

The exclusive business cooperation agreement remains in effect for 10 years until August 10, 2032, and shall be automatically renewed for one year at the expiration date of the validity term. However, WFOE shall have the right to terminate this agreement upon giving 30 days' prior written notice to EPWK VIE at any time.

*Equity Pledge Agreement*

Pursuant to the Equity Pledge Agreement, the shareholders of EPWK VIE have agreed to pledge 100% equity interest in EPWK VIE to WFOE to guarantee the performance obligations of EPWK VIE under the Exclusive Business Cooperation Agreement the Call Option Agreement. If EPWK VIE or its shareholders breach their contractual obligations under these agreements, WFOE, as pledgee, will have the right to exercise the Pledge. The shareholders also agreed that, without prior written consent of WFOE, they will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests. The equity pledge agreement will take effect from the date of signing, that is, on August 11, 2022, and three days after the agreement is signed, the share pledge will be recorded under the EPWK VIE shareholder register.

The equity pledge agreements remain in effect for 10 years until August 10, 2032 and shall be automatically renewed for one year at the expiration date of the validity term. However, WFOE shall have the right to terminate these agreements upon giving 30 days' prior written notice to EPWK VIE at any time.

 

*Irrevocable Commitment Letter* 

Pursuant to the irrevocable commitment letter, the individual shareholders of EPWK VIE commit that their spouses or inheritors have no right to claim any rights or interest in relation to the shares that they hold in EPWK VIE and have no right to impose any impact on the daily managing duties of EPWK VIE, and commit that if any event which refrains them from exercising shareholders' rights as a registered shareholder, such as death, incapacity, divorce or any other event, could happen to them, the shareholders of EPWK VIE will take corresponding measures to guarantee the rights of other registered shareholders and the performance of the Contractual Arrangements. The letter is irrevocable and shall not be withdrawn without the consent of WFOE. The spouses of EPWK VIE individual shareholders also undertake that they have no right to claim any rights or interest in relation to the shares that they hold in EPWK VIE and have no right to impose any impact on the daily managing duties of EPWK VIE.

The Company has concluded that the Company is the primary beneficiary of EPWK VIE and its subsidiaries and should consolidate financial statements. The Company is the primary beneficiary based on the VIE Agreements that each equity holder of EPWK pledged their rights as a shareholder of EPWK VIE to WFOE. These rights include, but are not limited to, voting on all matters of EPWK VIE requiring shareholder approval, disposing of all or part of the shareholder's equity interest in EPWK VIE, oversee and review EPWK VIE's operation and financial information. As such, the Company, through WFOE, is deemed to hold all of the voting equity interest in EPWK VIE and its subsidiaries.

For the periods presented, the Company has not provided any financial or other support to either EPWK VIE or its subsidiaries. However, pursuant to the Exclusive Business Cooperation Agreement, the Company may provide complete technical support, consulting services and other services during the term of the VIE agreements. Though not explicit in the VIE agreements, the Company may provide financial support to EPWK VIE to meet its working capital requirements and capitalization purposes. The terms of the VIE Agreements and the Company's plan of financial support to the VIE were considered in determining that the Company is the primary beneficiary of the VIE. Accordingly, the financial statements of the VIE are consolidated in the Company's consolidated financial statements.

Based on the foregoing VIE Agreements, WFOE has effective control of EPWK VIE and its subsidiaries, which enables WFOE to receive all of their expected residual returns of the VIE and its subsidiaries. Therefore, EPWK Cayman is considered as the ultimate primary beneficiary of EPWK VIE and its subsidiaries and has consolidated EPWK VIE's and its subsidiaries' assets, liabilities, results of operations, and cash flows in the accompanying consolidated financial statements in accordance with Accounting Standards Codification, or ASC, 810-10, Consolidation.

<u>Risks in relation to the VIE structure</u>

The Company believes that the contractual arrangements with its VIE and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company's ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could, among others:

● revoke business and operating licenses of EPWK Cayman's PRC subsidiary and VIE;

● levy fines on EPWK Cayman's PRC subsidiary and VIE;

● confiscate any income of EPWK Cayman's PRC subsidiary and VIE that they deem to be obtained through illegal operations;

● shut down services of EPWK Cayman's PRC subsidiary and VIE;

● discontinue or restrict EPWK Cayman's PRC subsidiary and VIE's operations in China;

● impose conditions or requirements with which EPWK Cayman's PRC subsidiary and VIE may not be able to comply;

● require EPWK Cayman or EPWK Cayman's PRC subsidiary and VIE to restructure the relevant ownership structure or operations;

● restrict or prohibit EPWK Cayman's use of the proceeds of the additional public offering to finance EPWK Cayman's business and operations in China; and

● take other regulatory or enforcement actions that could be harmful to EPWK Cayman's or EPWK Cayman's PRC subsidiary and VIE's business.

EPWK Cayman's ability to conduct its business may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, EPWK Cayman may not be able to consolidate its VIE in its consolidated financial statements as it may lose the ability to exert effective control over the VIE and their respective shareholders and it may lose the ability to receive economic benefits from the VIE. EPWK Cayman, however, does not believe such actions would result in the liquidation or dissolution of EPWK Cayman, its PRC subsidiaries and VIE.

The interests of the shareholders of VIE may diverge from that of EPWK Cayman and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing VIE not to pay the service fees when required to do so. EPWK Cayman cannot assure that when conflicts of interest arise, shareholders of VIE will act in the best interests of EPWK Cayman or that conflicts of interests will be resolved in EPWK Cayman's favor. EPWK Cayman believes the shareholders of VIE will not act contrary to any of the contractual arrangements and the exclusive option agreements provide EPWK Cayman with a mechanism to remove the current shareholders of VIE should they act to the detriment of EPWK Cayman. EPWK Cayman relies on certain current shareholders of VIE to fulfill their fiduciary duties and abide by laws of the PRC and act in the best interest of EPWK Cayman. If EPWK Cayman cannot resolve any conflicts of interest or disputes between EPWK Cayman and the shareholders of VIE, EPWK Cayman would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings.

The following financial information of the VIE and VIE's subsidiaries were included in the accompanying consolidated financial statements as of June 30, 2022 and 2021 and for the years ended June 30, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **As of <br> June 30,** | **As of <br> June 30,** |
|  | **2022** | **2021** |
| Total assets | $7606871 | $22101885 |
| Total liabilities | $13000240 | $24292988 |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> June 30,** | **For the years ended <br> June 30,** |
|  | **2022** | **2021** |
| Total net revenue | $12811143 | $11366317 |
| Net profit/(loss) | $(3405919) | $623836 |
| Net cash provided by/(used in) operating activities | $(3664165) | $1152690 |
| Net cash provided by/(used in) investing activities | $(432736) | $(106050) |
| Net cash provided by/(used in) financing activities | $4264739 | $(1874322) |

---

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

 

*(a) Basis of presentation*

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIE and its VIE's subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. The results of subsidiaries acquired or disposed of are recorded in the consolidated income statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.

 

*(b) Going concern and management's plan*

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As of June 30, 2022, the Company had an accumulated deficit of $16,580,483. Losses have principally occurred as a result of the substantial expenses for professional fees as part of the Company's capital market strategy which have been accounted for as general and administrative expenses. Additionally, the Company has invested into itself on two fronts: 1.) research and development into its own technology platform, and 2.) personnel and resources to generate increased future revenues; both of these expenditures have been accounted for as cost of sales. The continuation of the Company as a going concern is dependent upon the realization of the investments made in the business to generate positive operating cash flows, or the procurement of additional external financing. Management believes that it will be able to undertake capital raising activities to provide the additional cash to meet with the Company's obligations as they become due ad fund future expansion plans; however, there is no assurance that the Company will be successful in securing sufficient funds to sustain or grow its operations.

These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern.

*(c) Use of estimates*

The preparation of financial statements in conformity with US GAAP requires to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes, including allowance for doubtful accounts, net realizable value of inventories, the useful lives of property and equipment and intangible assets, impairment of long-lived assets (including goodwill), valuation allowance of deferred tax assets, valuation and recognition of share-based compensation expenses and fair value of assets and liabilities acquired in business combination. Actual results could differ from those estimates.

 

 

*(d) Fair Value Measurement*

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

● Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

● Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Based on the short-term nature of cash and cash equivalents, accounts receivable, advance to suppliers, amounts due from related parties and other current assets, accounts payable, advances from customers, accrued expenses and other current liabilities management has determined that the carrying value approximates their fair values.

*(e) Cash and cash equivalents*

Cash and cash equivalents consist of cash on hand, the Company's demand deposit placed with financial institutions, which have original maturities of less than three months and unrestricted as to withdrawal and use.

 

*(f) User funds and user accounts payable*

The Company hold funds on behalf of buyers and sellers ("users") between whom transactions occur. User funds consist of buyers' prepayments to sellers that are held by the company on behalf of the users until the order is completed and would be earned by the seller. User accounts payable represent the corresponding liability to the users.

 

 

*(g) Accounts Receivable, net*

Accounts receivable, net are stated at the original amount less an allowance for doubtful receivables. The allowance for doubtful accounts and authorized credits is estimated based upon the Company's assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions and other factors that may affect the Company's customers' ability to pay. An allowance is also made when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

*(h) Property and equipment, net*

Property and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets after deduction of the residual value at 10% of the cost. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives are as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| Electronic equipment | 3 - 5 years |
| Office equipment | 3 - 5 years |
| Motor vehicle | 5 years |
| Testing equipment | 3 – 5 years |

---

Repair and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the consolidated statements of income.

 

*(i) Intangible assets, net*

 

Intangible assets are recognized and measured at cost or at fair value if acquired through a business combination. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| Software | 5-10 years |
| Trademark | 5 years |

---

 

*(j) Impairment of long-lived assets (other than goodwill)*

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. No impairment of long-lived assets was recognized as of June 30, 2022 and 2021.

 

 

*(k) Goodwill*

Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any non-controlling interest of the acquiree and fair value of previously held equity interest in the acquiree, if any, at the acquisition date over the fair values of the identifiable net assets acquired. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of December 31 and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired.

In accordance with the Financial Accounting Standards Board ("FASB") guidance on "Testing of Goodwill for Impairment", the Company has the option to assess qualitative factors first to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount, including goodwill. A goodwill impairment charge will be recorded for the amount by which a reporting unit's carrying value exceeds its fair value, but not to exceed the carrying amount of goodwill.

*(l) Commitments and contingencies*

In the normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

 

*(m) Revenue recognition*

In May 2014, the FASB issued Topic 606, "Revenue from Contracts with Customers". This topic clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Net revenue consists of revenue from online promotion revenue, Value-Added Services revenue and Shared office rental and management revenue:

<u>Online Promotion revenue:</u>

The majority of the Company's revenue is derived from rendering services to varied service providers to generate greater exposure, brand recognition, and connection to users through its online platforms. The Company recognizes the revenues on a gross basis as the Company is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified services. Payments are made by customers in advance and recorded as contract liabilities for subscription of services that covered a specified period of time; accordingly, these advances for subscription services are amortized over the subscription period on a straight-line basis and recognized to revenue as online promotion revenue.

<u>Value-Added Services revenue:</u>

The Company provides varied Value-Added Services to customers, such as bookkeeping services, tax filing services, IP application and registration services, qualification certification services. For each type of Value-Added Services, the Company identifies a single performance obligation that must be satisfied in order for the Company discharge its responsibilities as set forth in the agreement of service. The Company recognizes revenue when the evidence of the service has been rendered. Value-Added Services revenue is recognized on a gross basis, as the Company is the primary obligator in its contracts to provide the specified services, and has the discretion in establishing the pricing of services charged to the customers.

<u>Shared office rental and management revenue:</u>

The Company provides shared office space to startup companies or small companies, and it also provides property management services to these companies using shared office. The Company recognizes the revenues on a gross basis as the Company is acting as a principal in these transactions and is fully bearing the rental cost regardless the space is leasing out or not. The Company recognizes revenue from the rental arrangement that is classified as an operating lease on a straight-line basis over the term of the lease even if the receipts from rental payments collected do not follow the same pattern. Customers reimburse the Company for the common charges (as opposed to paying directly a third party), customers' payments for their prorated share of those items are considered lessor costs in accordance with paragraph 842-10-15-40A and are recognized on a gross basis in profit or loss.

The following table identifies the disaggregation of the Company's revenue for the years ended June 30, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Online Promotion revenue | $8287570 | $6349510 |
| Value-Added Services revenue | 2473971 | 2875697 |
| Shared office rental and management revenue | 2049602 | 2141110 |
| Total | $12811143 | $11366317 |

---

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable represent amounts invoiced and revenue recognized when the Company has satisfied the Company's performance obligation and has the unconditional right to payment.

Contract liabilities consist of payments received related to unsatisfied performance obligations at the end of the period. Contract liabilities as of June 30, 2022 and 2021 were $3,580,418 and $4,584,352, respectively.

The Company applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company has no material incremental costs of obtaining contracts with customers that the Company expects the benefit of those costs to be longer than one year which need to be recognized as assets. The Company records revenue net of value added tax and related surcharges.

 

*(n) Subsidy income*

Subsidy income are generally government grants which are intended to encourage innovation by compensating the Company for expenses already incurred or by giving immediate financial support with no future expenditures required by the Company. The Company recognize the grants in other income as soon as it becomes a valid receivable.

For the government grants received for the specific future projects scheduled, the Company records the funds as liability. The recognition of a government grant in other income takes place when the Company expects to recognize the expenses incurred for the projects that the grant is designed to offset,

For the year ended June 30, 2022 and 2021, the Company recognized subsidy income of $945,812 and $1,541,838, respectively.

*(o) Cost of revenue*

Cost of revenue mainly consists of cost for obtaining new customers, direct labor cost, costs related to operating and maintaining online platforms, and other cost directly linked to the revenue, such as government surcharges for registration, rental cost and utility costs for shared offices.

Specifically, the costs related to operating and maintaining our platforms are (a) fees charged by online payment processors such as Alipay, WeChat, UnionPay that provide integrated online payment method to the users; (b) service fee charged by the solution provider that enables the platform users to receive and send verification code via SMS or email for security purpose; (c) expenditures on network technology such as cost of servers, gateway, call centers, etc.; and (d) related labor fee incurred by the Company's programmers, developers and IT engineers. All these costs are expenses associated with the operation and maintenance of the Company's mobile platform and website based on which the promotion services are rendered, thereby being included in the cost of revenues.

 

*(p) Selling expenses*

Selling expenses mainly consists of labor expenses for sales personnel, marketing expenses and other miscellaneous selling expenses.

 

*(q) General and administrative expenses*

 

General and administrative expenses mainly consist of professional service fees, labor expenses, and other miscellaneous administrative expenses.

 

*(r) Research and development expenses*

Research and development expenses consist primarily of salaries and benefits of employees and related expenses for IT professionals involved in developing technology platforms, server and other equipment depreciation, bandwidth and data center costs, and rental fees. All research and development costs have been expensed as incurred as the costs qualifying for capitalization have been insignificant.

 

 

*(s) Operating leases*

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, operating lease liability-current portion, and operating lease liability-non current in the Company's consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company's leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs.

*(t) Income taxes*

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Company's operating subsidiaries in PRC are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB 100,000 ($14,537). In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the years ended June 30 2022 and 2021, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

 

 

*(u) Value added tax ("VAT")*

The Company is subject to VAT and related surcharges on revenue generated from sales of products, Value-Added Services and platform services. The Company records revenue net of VAT. This VAT may be offset by qualified input VAT paid by the Company to suppliers. Net VAT balance between input VAT and output VAT is recorded in the line item of Prepaid expenses and other receivables on the consolidated balance sheets.

The VAT rate is 13% for taxpayers selling consumer products, and 16% prior to April 1, 2019. For revenue generated from services, the VAT rate is 6% depending on whether the entity is a general tax payer, and related surcharges on revenue generated from providing services. Entities that are VAT general taxpayers are allowed to offset qualified input VAT, paid to suppliers against their output VAT liabilities.

 

*(v) Foreign currency transactions and translations*

The Company's principal country of operations is the PRC. The financial position and results of its operations are determined using RMB, the local currency, as the functional currency. The Company's financial statements are reported using U.S. Dollars ("US$"). The results of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) included in consolidated statements of changes in equity. Gains and losses from foreign currency transactions are included in the results of operations.

The value of RMB against US$ and other currencies may fluctuate and is affected by, among other things, changes in the PRC's political and economic conditions. Any significant revaluation of RMB may materially affect the Company's financial condition in terms of US$ reporting. The following table outlines the currency exchange rates that were used in creating the consolidated financial statements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of <br> June 30,** | **As of <br> June 30,** | **As of <br> June 30,** | **As of <br> June 30,** |
|  | **2022** | **2022** | **2021** | **2021** |
| Balance sheet items, except for equity accounts |  | 6.6991 |  | 6.4549 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended <br> June 30,** | **For the Years Ended <br> June 30,** | **For the Years Ended <br> June 30,** | **For the Years Ended <br> June 30,** |
|  | **2022** | **2022** | **2021** | **2021** |
| Items in the statements of income and comprehensive income, and statements of cash flows |  | 6.4556 |  | 6.6207 |

---

No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at the rates used in translation.

 

*(w) Earnings per share*

Basic earnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares.

According to the amended articles, the Company have designated two classes of ordinary shares that have identical rights and privileges, except for voting rights. Each Class A Ordinary Share is entitled to one vote and is not convertible into Class B ordinary shares under any circumstances. Each Class B ordinary share is entitled to fifteen votes, subject to certain conditions, and is convertible into one Class A Ordinary Share at any time by the holder thereof.

The two classes are combined and presented as one class for EPS purposes since the only difference is related to voting rights, but the classes otherwise share equally in dividends and residual net assets on a per share basis. In this situation, the earnings per share amounts presented reflect both classes of ordinary share. The disclosure of EPS above is stated in anticipation of amended articles taking effect.

 

*(x) Segment reporting*

The segments reflect the way the Company evaluates its business performance and manages its operations by the Company's chief operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Company has determined that it operates in three operating and reportable segments during the periods presented as set out in Note 10: (1) online promotion for users' business (2) shared office space rentals and management (3) value-added commercial services. These three segments are determined to report since they exceed the 10% threshold of the consolidated revenue of the entire business.

Substantially all of the Company's long-lived assets, revenue and expenses are located or derived in the PRC therefore no geographical information is presented.

*(y) Recent accounting pronouncements*

The Company is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. In July 2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements to ASC Topic 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. In November 2019, ASU 2019-10, Codification Improvements to ASC 842 modified the effective dates of all other entities. In June 2020, ASU 2020-05 defer the effective date for one year for entities in the "all other" category. For all other entities, the amendments in ASU 2020-05 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application of the guidance continues to be permitted. The Company will adopt ASU 2016-02 from January 1, 2022. The Company is in the process of evaluating the effect of the adoption of this ASU.

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments — Credit Losses", which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU No. 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard.

For all other entities, the amendments for ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Adoption of the ASUs is on a modified retrospective basis. The Company will adopt ASU 2016-13 from January 1, 2023. The Company is in the process of evaluating the effect of the adoption of this ASU.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

**3. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Accounts receivable | $482746 | $2195 |
| Less: allowance for doubtful accounts | - | - |
| Accounts receivable, net | $482746 | $2195 |

---

**4. PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET**

Prepayments and other current assets, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Loan to third parties (i) | $- | $420411 |
| Deposits | 2090 |  |
| Prepaid social funds | 29360 | 29389 |
| Employees' IOU |  | 16507 |
| Others | 42177 | 84409 |
| Total | 73627 | 550176 |
| Less: allowance for doubtful accounts | - | - |
| **Total prepayments and other current assets, net** | $**73627** | $**550716** |

---

(i) The loan to third parties is temporary loans to third parties due on demand without interest and security.

**5. EQUITY INVESTMENTS**

---

| | | |
|:---|:---|:---|
|  | **June 30** | **June 30** |
|  | **2022** | **2021** |
| **Equity investments without readily determinable fair values**<br> Xiamen Wanxian Network Technology Co., Ltd. ("Xiamen Wanxian ") | 29855 |  |
| Xiamen Xiaoxu Technology Co., Ltd. ("Xiamen Xiaoxu") | 29855 |  |
| **Cost of equity investments without readily determinable fair value** | 59710 |  |
| Impairment on equity investments without readily determinable fair value | **-** |  |
| **Carrying amount of Equity investments without readily determinable fair value . . .** | **59710** |  |

---

In May 15 2022, the Company through its subsidiary, Xiamen EPWK Investment Management Co., Ltd, entered into an agreement to invest in Xiamen Wanxian. The Company injected capital of $29,855 in 2022. The Company held 2% of equity interest as of June 30, 2022. Based on the investment agreement, the Company cannot exercise significant influence over Xiamen Wanxian's operation and financial decisions.

On May 15 2022, the Company through its subsidiary, Xiamen EPWK Investment Management Co., Ltd, entered into an agreement to invest in Xiamen Xiaoxu. The Company injected capital of $29,855 in 2022. The Company held 2% of equity interest as of June 30, 2022. Based on the investment agreement, the Company cannot exercise significant influence over Xiamen Xiaoxu's operation and financial decisions.

**6. PROPERTY AND EQUIPMENT, NET**

Property and equipment, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Electronic equipment | $914468 | $986551 |
| Office equipment | 11548 | 437327 |
| Motor vehicle | 35411 | 36750 |
| Testing equipment | 293513 | 615329 |
| Leasehold improvement | 2296488 | 3747445 |
| Subtotal | 3551428 | 5823402 |
| Less: accumulated depreciation | (2354620) | (3722206) |
| Property and equipment, net | $1196808 | $2101196 |

---

Depreciation expense was $494,812 and $963,091 for the years ended June 30, 2022 and 2021, respectively.

**7. INTANGIBLE ASSETS NET**

Intangible assets, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Software | $660381 | $663279 |
| Trademark | - | 22085 |
| Subtotal | 660381 | 685364 |
| Less: accumulated amortization | (397562) | (311554) |
| Intangible asset, net | $262819 | $373810 |

---

For the years ended June 30, 2022 and 2021, amortization expense amounted to $103,632 and $78,215, respectively. Future estimated amortization expense of intangible assets is as follows:

---

| | |
|:---|:---|
| 2022 | $28824 |
| 2023 | 57647 |
| 2024 | 57505 |
| 2025 | 54553 |
| 2026 | 33726 |
| Thereafter | 30564 |
| Total | $262819 |

---

**8. OTHER NON-CURRENT ASSETS** 

Other non-current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Security deposits | $170071 | 416374 |
|  | $170071 | 416374 |

---

**9. BANK LOAN** 

Bank loans represent the amounts due to various banks. As of June 30, 2022 and 2021, short-term and current portion of long-term bank loans consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;a) Summary of short-term bank loans is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **As of June 30,** | **As of June 30,** |
|  | **Annual<br> Interest**<br>**Rate** |<br>**Maturities** | **2022** | **2021** |
| *Short-term loans:* |  |  |  |  |
| Industrial Bank, Xiamen <sup>(1)</sup> | 4.50% | September 23, 2022 | 447822 |  |
| Bank of Communications, Xiamen <sup>(2)</sup> | 4.00% | November 19, 2022 | 447822 |  |
| Construction Bank, Xiamen <sup>(3)</sup> | 4.20% | April 14, 2023 | 33587 |  |
| ICBC, Xiamen <sup>(4)</sup> | 3.90% | September 28, 2022 | 447882 |  |
| Subtotal |  |  | 1377053 |  |
| *Current portion of long-term loans:* |  |  |  |  |
| WeBank, Shenzhen <sup>(5)</sup> | 8.82% | June 9, 2023 | 255898 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;b) Summary of long-term bank loans is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **As of June 30,** | **As of June 30,** |
|  | **Annual Interest**<br>**Rate** |<br>**Maturities** | **2022** | **2021** |
| *Long-term loans:* |  |  |  |  |
| Xiamen International Bank <sup>(6)</sup> | 4.50% | June 20, 2025 | $597096 | $- |
| WeBank, Shenzhen <sup>(7)</sup> | 7.20% | January 13, 2024 | 43218 | - |
| WeBank, Shenzhen <sup>(5)</sup> | 8.82% | June 9, 2023 |  | 464763 |
| Total |  |  | $640314 | $464763 |

---

The average annual interest rate of the short-term bank loans was 5.27% and nil% for the year ended June 30, 2022 and 2021, respectively. The effective interest rate for bank loans was approximately 6.61 % and nil% for the years ended June 30, 2022 and 2021, respectively. The Company was in compliance with their financial covenants as of June 30, 2022. For the years ended June 30, 2022, interest expense related to bank loans amounted to $75,879.

1) Loans from Industrial Bank, Xiamen was personally guaranteed by Mr Guohua Huang, the chief executive officer of the Company. The Effective date was September 24, 2021.

2) Loans from Bank of Communications, Xiamen was personally guaranteed by Mr Guohua Huang, the chief executive officer of the Company. The Effective date was November 22, 2021.

3) Loans from Construction Bank, Xiamen was personally guaranteed by Mr Guohua Huang, the chief executive officer of the Company. The Effective date was April 14, 2022.

4) Loans from ICBC, Xiamen was unsecured. The Effective date was April 1, 2022.

5) Loans from WeBank, Shenzhen was personally guaranteed by Mr Guohua Huang, the chief executive officer of the Company. The Effective date was June 9, 2021.

6) Loans from Xiamen International Bank was personally guaranteed by Mr Guohua Huang, the chief executive officer of the Company. The Effective date was June 20, 2022.

7) Loans from WeBank, Shenzhen was unsecured. The Effective date was January 13, 2022.

**10. CONTRACT LIABILITIES**

For service contracts where the performance obligation is not completed, contract liabilities were recorded for any payments received in advance of the performance obligation. The payments received in advance will not be refunded and will be amortized in future when met performance obligations.

Contract liabilities is comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30** | **June 30** |
|  | **2022** | **2021** |
| Unearned VIP subscription - current | 3201247 | 4238839 |
| Unearned VIP subscription – non-current | 379171 | 345513 |
| **Total** | **3580418** | **4584352** |

---

**11. ACCRUED EXPENSES AND OTHER LIABILITIES**

Accrued expenses and other liabilities consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Loan from third party | $218150 | $6246 |
| Deposits | 136582 | 16767 |
| Social funds payable | 7240 | 25186 |
| Paid on behalf |  | 7475 |
| Decoration payable |  |  |
| Rental payable | 49190 |  |
| Accrued expenses |  | 66926 |
| Subsidy received to be used |  | 290441 |
| Accrued payroll | 547585 | 455833 |
| Tax payable | 49202 | 204532 |
| Others | 147081 | 16955 |
|  | $1155030 | $**1090361** |

---

Other non-current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2022** | **2021** |
| Security deposits | $88231 | 338827 |
| Subsidy received to be used | 159481 | - |
|  | $247712 | 338827 |

---

**12. SEGMENT REPORTING**

The following provides the results of operations and the financial position of the Company's operating segments as of and during the year ended June 30, 2022 and 2021.

**Results of Operations** 

**For the year ended June 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Online Promotion** | **Shared office rental** | **Value-added service** | **Total** |
| Revenue | $8287570 | $2049602 | $2473971 | $12811143 |
| Cost of Revenue | $1265128 | $1372376 | $4858960 | $7496464 |
| Operating expenses | $6610311 | $1733808 | $820283 | $9164402 |
| Other income (expenses) | $836854 | $(356013) | $(31495) | $449346 |
| Income/(loss) before income tax | $1248985 | $(1412595) | $(3236767) | $(3400377) |
| Income tax benefit (expense) | $- | $(652) | $(4890) | $(5542) |
| Net Income (loss) | $1248985 | $(1413247) | $(3241657) | $(3405919) |

---

**Results of Operations** 

**For the year ended June 30, 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Online Promotion** | **Shared office rental** | **Value-added service** | **Total** |
| Revenue | $6349510 | $2141110 | $2875697 | $11366317 |
| Cost of Revenue | $1245852 | $3720873 | $1652998 | $6619723 |
| Operating expenses | $4106165 | $463053 | $1125821 | $5695039 |
| Other income (expenses) | $- | $2557 | $1572191 | $1574748 |
| Income/(loss) before income tax | $997493 | $(2040259) | $1669069 | $626303 |
| Income tax benefit (expense) | $- | $(2467) | $- | $(2467) |
| Net Income (loss) | $997493 | $(2042726) | $1669069 | $623836 |

---

**Financial position**

**As of June 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Online Promotion** | **Shared office rental** | **Value-added service** | **Total** |
| Current assets | $334007 | $698398 | $541734 | $1574139 |
| Non-current assets | $2742095 | $3067298 | $223339 | $6032732 |
| Total assets | $3076102 | $3765696 | $765073 | $7606871 |
| Current liabilities | $6632049 | $390624 | $665536 | $7688209 |
| Non-current liabilities | $1054076 | $4145610 | $112345 | $5312031 |
| Total liabilities | $7686125 | $4536234 | $777881 | $13000240 |
| Net assets/(liabilities) | $(4610023) | $(770538) | $(12808) | $(5393369) |

---

**Financial position**

**As of June 30, 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Online Promotion** | **Shared office rental** | **Value-added service** | **Total** |
| Current assets | $5505453 | $178024 | $504445 | $6187922 |
| Non-current assets | $620181 | $14712901 | $580881 | $15913963 |
| Total assets | $6125634 | $14890925 | $1085326 | $22101885 |
| Current liabilities | $6844231 | $1349816 | $1766152 | $9960199 |
| Non-current liabilities | $755205 | $13183686 | $393898 | $14332789 |
| Total liabilities | $7599436 | $14533502 | $2160050 | $24292988 |
| Net assets/(liabilities) | $(1473802) | $357423 | $(1074724) | $(2191103) |

---

**13. TAXATION**

***Cayman Islands***

 **

The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.

***Hong Kong***

According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong Kong government, from April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HKD2 million of assessable profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations. EPWK HK was not subject to Hong Kong profit tax for any period presented as it did not have assessable profit during the periods presented.

 ****

***PRC***

Generally, the Company's WFOE, VIE and subsidiaries of VIE, which are considered PRC resident enterprises under PRC tax law, are subject to enterprise income tax on their worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of 25%.

The income tax provision consists of the following components:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> June 30,** | **For the years ended <br> June 30,** |
|  | **2022** | **2021** |
| Current income tax expenses | 5542 | 2467 |
| Deferred income tax benefit | - | - |
| Total income tax expense | $**5542** | $**2467** |

---

As of June 30, 2022 and 2021, the Company had net operating loss carryforwards of approximately US$16,580,483 and US$13,174,564, respectively, which arose from the Company's subsidiaries, VIE and the VIE's subsidiaries established in the PRC. As of June 30, 2022 and 2021, deferred tax assets from the net operating loss carryforwards amounted to nil and US$3,293,641, respectively.

**14. EQUITY**

 

*Ordinary shares*

In accordance the Company's memorandum of association and amendments thereto, the Company re-designates Class A and Class B ordinary shares, with par value of US$0.001 per share. Both class A and class B shares rank pari passu in the event of liquidation and entitlement to declared dividends. The two classes of shares differ in their voting rights. Each class A ordinary share is entitled to one vote per share, while the class B ordinary shares are entitled to fifteen votes for each share. As of June 30, 2022 and 2021, the ordinary shares of the Company consist of only class A shares.

**15. OPERATING LEASES**

The Company entered into operating lease agreements for office spaces including lease agreements with various expiration dates through 2024 to 2029. The Company determines the contract contains a lease at inception. The lease areas are physically distinct and explicitly specified in the contract. The lessors don't have substantive substitution right to substitute the areas throughout the lease term. The Company has the right to direct the use of the areas from which to obtain substantially all of the economic benefits. US GAAP requires that the Company's leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date and the lease term used in the evaluation includes the non-cancellable period for which the Company has the right to use the underlying asset. All of the Company's office space leases are classified as operating leases. The lease agreements generally do not contain options to extend or terminate the lease. None of the amounts disclosed below for these leases contains variable payments, residual value guarantees or options that were recognized as part of the right-of-use assets and lease liabilities. As the Company's leases did not provide an implicit discount rate, the Company adopted 4.65% as an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

During the years ended June 30, 2022 and 2021, the lease cost included in the Company's consolidation statements of operations and comprehensive loss are $1,387,639 and $1,875,176, respectively.

Supplemental cash flow information related to operating leases were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended June 30,** | **For the year ended June 30,** |
|  | **2022** | **2021** |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows for operating leases | $1250143 | $1767844 |
| **Supplemental lease cash flow disclosure** |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $- | $1382292 |

---

Supplemental balance sheet information related to operating leases were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**June 30,**<br>**2022** | **As of**<br>**June 30,**<br>**2021** |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | $4343324 | $13022583 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | $836425 | $1731292 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 4044834 | 13183686 |
| &nbsp;&nbsp;&nbsp;Total operating lease liabilities | 4881259 | 14914978 |
| Weighted average remaining lease term of operating leases | 6.35years | 7.24years |
| Weighted average discount rate of operating leases | 4.65% | 4.65% |

---

The decrease in "Right-of-use assets" and the related "Lease payable-non-current" resulted from the disposal of Zhongchuang Coffee Co., Ltd., which had composed one of the four entities operating in the shared office rental segment. Zhongchuang Coffee was sold in the same period in which it was classified as held for sale. The carrying amounts of Right-of-use assets and related Lease liabilities included in Zhongchuang Coffee classified as held for sale were $7,400,791 and $8,760,657 respectively.

The disposal was aimed at optimizing the use of resources in the rental business segment during the pandemic. The loss incurred by Zhongchuang Coffee during FY2022 before the transfer of ownership was $30,966 and the disposal did not represent a strategic shift that has a major effect on the Company's operation.

The Company's maturity analysis of operating lease liabilities as of June 30, 2022 is as follows:

---

| | |
|:---|:---|
|  | **Operating**<br>**Leases** |
| 2022 | $519563 |
| 2023 | 1065468 |
| 2024 | 925804 |
| 2025 | 774015 |
| 2026 | 726219 |
| Thereafter | 1605263 |
| Total lease payment | 5616332 |
| Less: imputed interest | (735073) |
| Present value of operating lease liabilities | 4881259 |
| Less: current obligation | (836425) |
| Long-term obligation at June 30, 2022 | $4044834 |

---

**16. RELATED PARTY TRANSACTIONS**

The following is a list of related parties which the Company has transactions with:

---

| | | |
|:---|:---|:---|
| **No.** | **Name of Related Parties** | **Relationship** |
| 1 | Xiamen Kubeijie Network Technology Ltd. | a company controlled by executives, till January 21, 2022 |
| 2 | Xiamen Zhichuyun Big Data Technology Ltd. | The Supervisor of the related party is the Executive of the Company |
| 3 | Xiamen Wanjiahui Network Technology Ltd. | a company controlled by executives, till January 26, 2022 |
| 4 | Xiamen Kutai Selected Enterprise Management Partnership | a company controlled by minority shareholders of the Company |
| 5 | Xiamen Baren Technology Ltd. | a company controlled by minority shareholders of the Company |
| 6 | Limin Huang | an Executive |
| 7 | Xiamen EPWK Enterprise Management Partnership | a company controlled by the Controlled Shareholder of the Company |
| 8 | Xiamen Yueqia Online Network Technology Ltd. | a company controlled by minority shareholders of the Company |
| 9 | Xiamen Yidong Shuchuan Connection Technology Ltd. | The Supervisor of the related party is the Executive of the Company |
| 10 | Xiamen EP Hengxin Enterprise Management Partnership | a company controlled by the Controlled Shareholder and Executives of the Company |
| 11 | Xiamen EP Zhishang Enterprise Management Partnership | a company controlled by the Controlled Shareholder and Executives of the Company |
| 12 | Xiamen EP Zhicheng Enterprise Management Partnership | a company controlled by the Controlled Shareholder and Executives of the Company |
| 13 | Shangtai (Xiamen) Electronic Technology Ltd. | a company controlled by the Controlled Shareholder and Executives of the Company |
| 14 | Xiamen Zhihui EP Network Technology Ltd. | a company controlled by minority shareholders of the Company |
| 15 | Yanjun Chen | an Executive |
| 16 | Conghui Lin | an Executive |
| 17 | Guohua Huang | the Controlled Shareholder of the Company |
| 18 | Shuangquan Lin | an Executive |
| 19 | Xiamen Youshenghao Enterprise Management Ltd. | a company controlled by minority shareholders of the Company |

---

<u>Amounts due from related parties</u>

Amount due from related parties consisted of the following for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **As of <br> June 30,** | **As of <br> June 30,** |
|  | **2022** | **2021** |
| Xiamen Kubeijie Network Technology Ltd. | $- | $139486 |
| Xiamen Zhichuyun Big Data Technology Ltd. |  | 129918 |
| Xiamen Wanjiahui Network Technology Ltd. |  | 128945 |
| Xiamen Kutai Selected Enterprise Management Partnership |  | 17190 |
| Xiamen Baren Technology Ltd. |  | 10940 |
| Limin Huang |  | 930 |
| Xiamen EPWK Enterprise Management Partnership |  | 16499 |
| Xiamen Yueqia Online Network Technology Ltd. | 12160 | 3989 |
| Xiamen Yidong Shuchuan Connection Technology Ltd. |  | 1472 |
| Xiamen EP Hengxin Enterprise Management Partnership |  | 542 |
| Xiamen EP Zhishang Enterprise Management Partnership |  | 2430112 |
| Xiamen EP Zhicheng Enterprise Management Partnership |  |  |
| Shangtai (Xiamen) Electronic Technology Ltd. |  | 139 |
| Xiamen Zhihui EP Network Technology Ltd. |  | 775 |
| Yanjun Chen |  | 15492 |
| Conghui Lin |  | 77461 |
| Guohua Huang | - | 10070 |
| Total | $12160 | $2983960 |

---

<u>Amounts due to related parties</u>

Amount due to related parties consisted of the following for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **As of <br> June 30,** | **As of <br> June 30,** |
|  | **2022** | **2021** |
| Xiamen Kutai Selected Enterprise Management Partnership | $- | $15492 |
| Conghui Lin |  | 332380 |
| Yanjun Chen |  | 154920 |
| Guohua Huang |  | 191018 |
| Xiamen EP Zhicheng Enterprise Management Partnership | 4478 |  |
| Shuangquan Lin | 29855 |  |
| Xiamen Youshenghao Enterprise Management Ltd. | 31870 |  |
| Xiamen Yueqia Online Network Technology Ltd. | 23585 | - |
| Total | $89788 | $693810 |

---

<u>Related party transactions</u>

During the years ended June 30, 2022 and 2021, other than the loan from/to the related parties, no other transaction occurred.

**17. CONCENTRATION, RISK AND UNCERTAINTIES**

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

For the years ended June 30, 2022 and 2021, no single customer represents 10% or more of the Company's total revenue.

The Company's accounts receivable was not material as of June 30, 2021. The following table sets forth a summary of single customer who represent 10% or more of the Company's total accounts receivable as of June 30, 2022.

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> June 30,** | **For the years ended <br> June 30,** |
|  | **2022** | **2021** |
| Percentage of the Company's accounts receivable |  |  |
| Customer A | 45% | \* |
| Customer B | 19% | \* |
| Customer C | 19% | \* |

---

The Company's accounts payable are not material as of June 30, 2021 and 2022.

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> June 30,** | **For the years ended <br> June 30,** |
|  | **2022** | **2021** |
| Percentage of the Company's purchase |  |  |
| Supplier A | \* | 13% |
| Supplier B | 11% | \* |
| Supplier C | 11% | \* |

---

\* represent percentage less than 10%

**18. SUBSEQUENT EVENTS**

On August 11, 2022, the Company consummated a reorganization pursuant to which, EPWK WFOE, EPWK VIE and EPWK VIE's shareholders entered a series of contractual arrangements that established the VIE structure.

On September 14, 2022, the Company repaid the long-term loan of RMB3 million (equivalent to US$464,711) from WeBank, Shenzhen that the maturities day is June 9, 2023.

On January 30, 2023, the Company issued 2,370,632 Class B ordinary shares to HGH Holdings Limited and 10,400,996 Class A ordinary shares to other eighteen existing shareholders pursuant to the written resolutions by the Company's sole director. The share issuances in January 2023 reflected the share ownership after the Reorganization.

**19. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY**

The condensed financial statements of EPWK Holdings Ltd. ("EPWK Cayman", the "parent company") have been prepared in accordance with accounting principles generally accepted in the United States of America. Under the PRC laws and regulations, the Company's PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the parent company in the form of dividend payments, loans or advances.

The following represents condensed unconsolidated financial information of the parent company only:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2021** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $- | $- |
| **Total current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in subsidiaries and VIEs | (5393369) | (2191103) |
| **Total non-current assets** | (5393369) | (2191103) |
| **Total assets** | **(5393369)** | (2191103) |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Bank loan | - | - |
| **Total current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Long term bank loan | - | - |
| **Total non-current liabilities** | - | - |
| **Total liabilities** | - | - |
| **Total Shareholders' deficit** | (5393369) | (2191103) |
| **Total liabilities and shareholders' deficit** | **(5393369)** | (2191103) |

---

---

| | | |
|:---|:---|:---|
| **Condensed Schedule of Results of Operations** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2022** | **2021** |
| Revenues | $- | $- |
| Income (loss) for equity method investment in subsidiaries and VIEs |  |  |
| Other expense, net | - | - |
| Share of income of subsidiaries, consolidated VIE and VIE's subsidiaries | (3202266) | 394220 |
| Net loss /(income) | $(3202266) | <u>$394220-</u> |
| Other comprehensive income /(loss) | $- | $- |
| Total Comprehensive loss (income) | $(3202266) | $394220 |
| **Condensed Schedule of Cash Flows** |  |  |
| Net cash (used in)/provided by operating activities | (3202266) | 394220 |
| Net cash provided by /(used in) investing activities | 3202266 | (394220) |
| Net cash provided by financing activities |  |  |
| Effect of exchange rate changes on cash and cash equivalents |  |  |
| Net changes in cash and cash equivalents |  |  |
| Cash and cash equivalents at the beginning of year |  |  |

---

![](vc012_f1img01.jpg)

**EPWK HOLDINGS LTD.**

 ****

[ ] ***Class A Ordinary Shares***

**Prospectus**

[ ], 2023

**Until and including [ ], 2023 (25 days 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 dealer's obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

**No dealers, salesperson or any other person is authorized to give any information or make any representations in connection with this offering other than those contained 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.**

![](vc012_f1img02.jpg)

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.** 

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our amended and restated articles of association, which will become effective upon completion of this offering, provide to the extent permitted by law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against:

(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former secretary's or officer's duties, powers, authorities or discretions; and

(b) without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former 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 secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by law, 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 secretary or any of our officers in respect of any matter identified in above on condition that the secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the secretary or that officer for those legal costs.

The Underwriting Agreement, the form of which has been filed as Exhibit 1.1 to this Registration Statement, will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.** 

During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

---

| | | | |
|:---|:---|:---|:---|
| **Purchaser** | **Date of <br> Issuance** | **Number**<br> **of**<br> **Securities** | **Consideration** |
| **Ordinary Shares\*** | | | |
| CZB Holdings Limited | March 24, 2022 | 158072 | $15.8072 |
| HCHX Holdings Limited | March 24, 2022 | 200000 | $20.00 |
| HGH Holdings Limited | March 24, 2022 | 1185316 | $118.5316 |
| HYSH Holdings Limited | March 24, 2022 | 182514 | $18.2514 |
| LXN Holdings Limited | March 24, 2022 | 279550 | $27.955 |
| KTYX Holdings Limited | March 24, 2022 | 309153 | $30.9153 |
| YBL Holdings Limited | March 24, 2022 | 78432 | $7.8432 |
| HZY Holdings Limited | March 24, 2022 | 311498 | $31.1498 |
| SZLT Holdings Limited | March 24, 2022 | 231415 | $23.1415 |
| JMCT Investment Limited | March 24, 2022 | 511945 | $51.1945 |
| Xiamen Xinglin Construction and Development Co., Ltd. | March 24, 2022 | 323055 | $32.3055 |
| EPWK Holdings Limited | March 24, 2022 | 93889 | $9.3889 |
| ZHFY Holdings Limited | March 24, 2022 | 189687 | $18.9687 |
| ZHYP Holdings Limited | March 24, 2022 | 31614 | $3.1614 |
| YJSKL Holdings Limited | March 24, 2022 | 308950 | $30.895 |
| HZN Holdings Limited | March 24, 2022 | 1038541 | $103.8541 |
| YPHL Holdings Limited | March 24, 2022 | 493785 | $49.3785 |
| YPGH Holdings Limited | March 24, 2022 | 237483 | $23.7483 |
| ZXL Holdings Limited | March 24, 2022 | 220915 | $22.0915 |
| **Class A Ordinary Shares** |  |  |  |
| HYSH Holdings Limited |  | 182514 |  |
| CZB Holdings Limited |  | 158072 |  |
| HCHX Holdings Limited |  | 200000 |  |
| LXN Holdings Limited |  | 279550 |  |
| KTYX Holdings Limited |  | 309153 |  |
| YBL Holdings Limited |  | 78432 |  |
| HZY Holdings Limited |  | 311498 |  |
| SZLT Holdings Limited |  | 231415 |  |
| JMCT Investment Limited |  | 511945 |  |
| Xiamen Xinglin Construction and Development Co., Ltd. |  | 323055 |  |
| EPWK Holdings Limited |  | 93889 |  |
| ZHFY Holdings Limited |  | 189687 |  |
| ZHYP Holdings Limited |  | 31614 |  |
| YJSKL Holdings Limited |  | 308950 |  |
| HZN Holdings Limited |  | 1038541 |  |
| YPHL Holdings Limited |  | 493785 |  |
| YPGH Holdings Limited |  | 237483 |  |
| ZXL Holdings Limited |  | 220915 |  |

---

**\*** On December 29, 2022, our shareholders approved the re-designation of 1,185,316 of our already issued ordinary shares held by HGH Holdings Limited into 1,185,316 Class B Ordinary Shares. On December 29, 2022, we repurchased 5,200,498 of our already issued ordinary shares, re-designated them into Class A ordinary shares, and issued 5,200,498 Class A ordinary shares to eighteen (18) shareholders.

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.** 

(a) Exhibits

See Exhibit Index beginning on page II-3 of this registration statement.

(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

**ITEM 9. UNDERTAKINGS.** 

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3) For the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. 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 first use, 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 date of first use.

(4) For the purpose of determining any liability of the registrant under the Securities Act 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 the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\*\* | Form of Underwriting Agreement |
| [3.1\*](vc012_ex3-1.htm) | [Memorandum and Articles of Association](vc012_ex3-1.htm) |
| [3.2\*](vc012_ex3-2.htm) | [Amended and Restated Memorandum and Articles of Association](vc012_ex3-2.htm) |
| 4.1\*\* | Specimen Certificate for Class A Ordinary Shares |
| [4.2\*](vc012_ex4-2.htm) | [Form of Representative's Warrant](vc012_ex4-2.htm) |
| [5.1\*](vc012_ex5-1.htm) | [Opinion of Ogier regarding the validity of the Class A Ordinary Shares being registered](vc012_ex5-1.htm) |
| [8.1\*](vc012_ex5-1.htm) | [Opinion of Ogier regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](vc012_ex5-1.htm) |
| [8.2\*](vc012_ex99-2.htm) | [Opinion of Dentons regarding certain PRC tax matters (included in Exhibit 99.2)](vc012_ex99-2.htm) |
| 10.1\*\* | Form of Employment Agreement between Registrant and each of its executive officers |
| [10.2\*](vc012_ex10-2.htm) | [Exclusive Business Cooperation Agreement between EPWK WFOE and EPWK VIE](vc012_ex10-2.htm) |
| [10.3\*](vc012_ex10-3.htm) | [Form of Equity Pledge Agreement Amongst EPWK WFOE, EPWK VIE, and Shareholders of EPWK VIE](vc012_ex10-3.htm) |
| [10.4\*](vc012_ex10-4.htm) | [Form of Call Option Agreement](vc012_ex10-4.htm) |
| [10.5\*](vc012_ex10-5.htm) | [Form of Power of Attorney Granted by Shareholders of EPWK VIE](vc012_ex10-5.htm) |
| [10.6\*](vc012_ex10-6.htm) | [The Registration Agreement](vc012_ex10-6.htm) |
| [10.7\*](vc012_ex10-7.htm) | [EPWK Platform Service Agreement](vc012_ex10-7.htm) |
| [10.8\*](vc012_ex10-8.htm) | [Task Submission and Publication Agreement](vc012_ex10-8.htm) |
| [10.9\*](vc012_ex10-9.htm) | [Online Store Agreement](vc012_ex10-9.htm) |
| [10.10\*](vc012_ex10-10.htm) | [Online VIP Store Service Agreement](vc012_ex10-10.htm) |
| [10.11\*](vc012_ex10-11.htm) | [Service Agreement between EPWK VIE and Esignbao](vc012_ex10-11.htm) |
| [10.12\*](vc012_ex10-12.htm) | [Service Agreement between EPWK VIE and Xiamen International Bank](vc012_ex10-12.htm) |
| [10.13\*](vc012_ex10-13.htm) | [Form of Irrevocable Commitment Letter](vc012_ex10-13.htm) |
| [21.1\*](vc012_ex21-1.htm) | [List of Significant Subsidiaries and VIE of the Registrant](vc012_ex21-1.htm) |
| [23.1\*](vc012_ex23-1.htm) | [Consent of WWC Professional Corporation](vc012_ex23-1.htm) |
| [23.2\*](vc012_ex5-1.htm) | [Consent of Ogier (included in Exhibit 5.1)](vc012_ex5-1.htm) |
| [23.3\*](vc012_ex99-2.htm) | [Consent of Dentons (included in Exhibit 99.2)](vc012_ex99-2.htm) |
| [24.1\*](#a_00powerofatorney) | [Power of Attorney (on page II-6)](#a_00powerofatorney) |
| [99.1\*](vc012_ex99-1.htm) | [Code of Business Conduct and Ethics of the Registrant](vc012_ex99-1.htm) |
| [99.2\*](vc012_ex99-2.htm) | [Opinion of Dentons, People's Republic of China counsel to the Registrant, regarding certain PRC law matters and the validity of the VIE agreements](vc012_ex99-2.htm) |
| [99.3\*](vc012_ex99-3.htm) | [Consent of Frost & Sullivan](vc012_ex99-3.htm) |
| [107\*](vc012_ex107.htm) | [Filing Fee Table](vc012_ex107.htm) |

---

\* Filed herewith <br> \*\* To be filed by amendment

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing of the Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Xiamen, People's Republic of China, February 9, 2023.

---

| | |
|:---|:---|
| **EPWK HOLDINGS LTD.** | **EPWK HOLDINGS LTD.** |
| By: | /s/ Guohua Huang |
|  | Guohua Huang |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints and as an attorney-in-fact with full power of substitution for him or her in any and all capacities to do any and all acts and all things and to execute any and all instruments that said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of ordinary shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney and agent will do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Guohua Huang | Chairman and Chief Executive Officer | February 9, 2023 |
| Name: Guohua Huang | (principal executive officer) |  |
| /s/ Shuangquan Lin | Chief Operating Officer | February 9, 2023 |
| Name: Shuangquan Lin |  |  |
| /s/ Conghui Lin | Chief Financial Officer (principal financial | February 9, 2023 |
| Name: Conghui Lin | and accounting 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 on February 9, 2023.

---

| | |
|:---|:---|
|  | COGENCY GLOBAL INC. |
| By: | /s/ Colleen A. De Vries |
|  | Name: Colleen A. De Vries |
|  | Title: Senior Vice President |

---

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**EPWK HOLDINGS LTD.**

![](vc012_ex3-1img01.jpg)

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**EPWK HOLDINGS LTD.**

1. The name of the Company is EPWK HOLDINGS LTD..

2. The registered office of the Company shall be at the offices of WB Corporate Services (Cayman) Ltd., of
P.O. Box 2775, Artemis House, 67 Fort Street, Grand Cayman, KY1-1111, Cayman Islands, or at such other place as the Directors may from
time to time decide.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to exercise all the functions of a natural person of full capacity.

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

5. The share capital of the Company is USD 50,000.00 divided into 500,000,000.00 Ordinary Shares of a par
value of USD .0001 each.

6. The Company has the power to register by way of continuation outside of the Cayman Islands in accordance
with the Companies Act and to de-register as an exempted company in the Cayman Islands.

7. Capitalised terms that are not defined in this Memorandum of Association have the same meaning as those
given in the Articles of Association of the Company.

We, the subscriber to this Memorandum of Association, wish to be formed into a company pursuant to this Memorandum of Association, and we agree to take the number of Shares shown opposite our name.

**DATED:** 24 March, 2022

---

| | |
|:---|:---|
| Name and address of Subscriber | Number of Shares taken by Subscriber |
|  | One (1) share |
| /s/ Abdull Patterson |  |
| for and on behalf of |  |
| WB Corporate Services (Cayman) Ltd. |  |
| PO Box 2775 |  |
| Artemis House |  |
| 67 Fort Street |  |
| Grand Cayman, KY1-1111 |  |
| Cayman Islands |  |
| Name: Abdull Patterson |  |
| Title: Authorised signatory |  |

---

---

| |
|:---|
| /s/ Kayla Bush |
| Kayla Bush |
| Witness to the above signature |

---

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**EPWK HOLDINGS LTD.**

1. PRELIMINARY

1.1 Table A not to apply

The regulations contained or incorporated in Table A in the First Schedule to the Companies Act shall not apply to the Company and these Articles shall apply in place thereof.

1.2 Definitions

---

| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company, as amended from time to time. |
| "**Auditor**" | means the person (if any) for the time being performing the duties of auditor of the Company. |
| "**Clear Days**" | in relation to the period of a notice means that period excluding the day when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect. |
| "**Companies Act**" | means the Companies Act (as revised) of the Cayman Islands, as amended or revised from time to time. |
| "**Company**" | means the above-named company. |
| "**Directors**" | means the directors for the time being of the Company. |
| "**Dividend**" | shall mean an interim dividend unless such dividend is expressly stated to be a final dividend by the Directors at any time before the date of payment of such dividend. |
| "**Dollar**" or "**US$**" | means the lawful currency of the United States of America. |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act. |

---

---

| | |
|:---|:---|
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (as revised) of the Cayman Islands. |
| "**Member**" | means any person from time to time entered in the Register of Members as a holder of one or more Shares and includes the Subscriber pending its entry therein. |
| "**Memorandum**" | means the memorandum of association of the Company, as amended from time to time. |
| "**Ordinary Resolution**" | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. |
| "**Register of Members**" | means the register of members of the Company maintained in accordance with the Companies Act and includes (except where otherwise stated) any duplicate or branch register. |
| "**Registered Office**" | means the registered office for the time being of the Company in the Cayman Islands. |
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**Share**" | means a share in the capital of the Company and includes a fraction of a share. |
| "**Special Resolution**" | has the same meaning as in the Companies Act, and includes a unanimous written resolution. |
| "**Subscriber**" | means the subscriber to the Memorandum. |
| "**Subscriber Share**" | means any Share which the Subscriber has agreed to take pursuant to the Memorandum. |

---

1.3 Interpretation

Unless the contrary intention appears, in these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) singular words include the plural and *vice versa*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a word of any gender includes the corresponding words of any other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to "persons" include natural persons, companies, partnerships, firms, joint ventures,
associations or other bodies of persons (whether or not incorporated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to a person includes that person's successors and legal personal representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "writing" and "written" includes any method of representing or reproducing words in
a visible form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a reference to "shall" shall be construed as imperative and a reference to "may" shall
be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in relation to determinations to be made by the Directors and all powers, authorities and discretions
exercisable by the Directors under these Articles, the Directors may make those determinations and exercise those powers, authorities
and discretions in their sole and absolute discretion, either generally or in a particular case, subject to any qualifications or limitations
expressed in these Articles or imposed by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any reference to the powers of the Directors shall include, when the context admits, the service providers
or any other person to whom the Directors may, from time to time, delegate their powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the term "and/or" is used in these Articles to mean both "and" as well as "or".
The use of "and/or" in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or"
in others. "Or" shall not be interpreted to be exclusive, and "and" shall not be interpreted to require the conjunctive,
in each case unless the context requires otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any phrase introduced by the terms "including", "includes", "in particular"
or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) headings are inserted for reference only and shall not affect construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a reference to a law includes regulations and instruments made under that law or act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a reference to a law or a provision of law includes amendments, re-enactments, consolidations or replacements
of that law or the provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "fully paid" means paid up as to the par value in respect of the issue of any Shares and includes
credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) where an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution is also
effective for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) sections 8 and 19(3) of the Electronic Transactions Act are hereby excluded.

2. COMMENCEMENT OF BUSINESS

2.1 The business of the Company may be commenced as soon after incorporation
as the Directors shall see fit.

2.2 The Directors may pay, out of the capital or any other monies of the
Company, all expenses incurred in connection with the formation and operation of the Company, including the expenses of registration and
any expenses relating to the offer of, subscription for, or issuance of Shares.

2.3 Expenses may be amortised over such period as the Directors may determine.

3. REGISTERED OFFICE and OTHER OFFICES

3.1 Subject to the provisions of the Companies Act, the Company may by resolution
of the Directors change the location of its Registered Office.

3.2 The Directors, in addition to the Registered Office, may in their discretion
establish and maintain such other offices, places of business and agencies whether within or outside of the Cayman Islands.

4. SERVICE PROVIDERS

The Directors may appoint any person to act as a service provider to the Company and may delegate to any such service provider any of the functions, duties, powers and discretions available to them as Directors, upon such terms and conditions (including as to the remuneration payable by the Company) and with such powers of sub-delegation, but subject to such restrictions, as they think fit.

5. ISSUE OF SHARES

5.1 Power of Subscriber to issue and transfer or repurchase Subscriber Shares

The Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue any Subscriber Share to itself at par following the incorporation of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer such Subscriber Share to any person by execution of a share transfer instrument or provide for
the repurchase at par value of such Subscriber Share upon the first issue of additional Shares by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) update the Register of Members in respect of the issue and transfer or repurchase of the Subscriber Share.

5.2 Power of Directors to issue Shares

Subject to the applicable provisions, if any, in the Companies Act, these Articles, the Memorandum, any resolution that may be passed by the Company in general meeting and subject to any rights attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise deal with or dispose of Shares with or without preferred, deferred, or other rights or restrictions, whether as regards to Dividend, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think fit. The Directors shall, in their sole discretion, determine the issue price of any Shares to be allotted and issued.

5.3 Issue of Shares

The Directors may issue Shares in different classes and may establish internal accounts within the Company to permit the assets and liabilities of a class of Shares to be segregated from the assets and liabilities of any other class of Shares as an internal accounting matter. In addition, if there are multiple classes of Shares in issue at any time, the Directors may (without obtaining the consent of any Members affected but subject to the Companies Act and any variation of class rights provisions in these Articles) re-designate or re-classify any class of Shares as belonging to another class of Shares.

5.4 Payment for Shares

The Directors may, in their sole discretion, agree the terms on which any subscriber may subscribe for Shares, including the currency, manner, time and place of payment and may designate that such payment be to such person acting on behalf of the Company as the Directors may from time to time determine. If the Directors so consent, the subscription price may be satisfied wholly or partly by the transfer of in-kind consideration to the Company. The value of any in-kind consideration shall be determined by the Directors in their sole discretion and, in the absence of bad faith or manifest error, such determination shall be binding upon the Company and its Members.

5.5 Payment of commission or brokerage

Subject to the provisions of the Companies Act, the Company may pay a commission or brokerage in connection with any issue of Shares. The Company may pay the commission or brokerage in cash or by issuing Shares credited as fully paid or by a combination of both.

5.6 No Shares to bearer

The Company shall not issue Shares to bearer.

5.7 Fractional Shares

Fractional Shares may be issued and multiple fractions of the same class may be aggregated.

5.8 No rights of pre-emption etc.

No rights of pre-emption, first or last refusal, drag-along or tag-along shall attach to any Shares.

5.9 Shares issued fully paid

Shares shall only be issued as fully paid.

6. REGISTER OF MEMBERS

6.1 The Company shall maintain or cause to be maintained a Register of Members.

6.2 Upon request, the Directors shall confirm to any Member the entry of
the name of such Member in the Register of Members and the number of Shares held by such Member. No Member (not being a Director) shall
have any right to inspect the Register of Members except as conferred by the Companies Act or as authorised by the Directors.

7. CLOSURE OF THE REGISTER OF MEMBERS AND FIXING A RECORD DATE

7.1 Power of Directors to close the Register of Members

For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any adjournment of a meeting, or Members entitled to receive payment of any Dividend, or in order to make a determination of Members for any other proper purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed 40 days.

7.2 Power of Directors to fix a record date

In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrear a date as the record date for any such determination of Members entitled to notice of or to vote at a meeting of the Members, and for the purpose of determining the Members entitled to receive payment of any Dividend or in order to make a determination of Members for any other purpose.

7.3 Circumstances where Register of Members is not closed and no fixed record date

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

8. SHARE CERTIFICATES

8.1 Issue of share certificates

A Member shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued.

8.2 Form of share certificates

Share certificates, if any, shall be in such form as the Directors may determine and shall be signed by one or more Directors or any other person so authorised by the Directors. The Directors may authorise share certificates to be issued with the authorised signature(s) affixed by mechanical process. All share certificates shall be consecutively numbered or otherwise identified and shall specify the number and class of Shares to which they relate. All share certificates surrendered to the Company for transfer shall be cancelled and subject to these Articles no new certificate shall be issued until the former certificate evidencing a like number of relevant Shares shall have been surrendered and cancelled. Where only some of the Shares evidenced by a share certificate are transferred, the old certificate shall be surrendered and cancelled and a new certificate for the balance of the Shares shall be issued in lieu without charge.

8.3 Certificates for jointly-held Shares

If the Company issues a share certificate in respect of Shares held jointly by more than one person, delivery of a single share certificate to one joint holder shall be a sufficient delivery to all of them.

8.4 Replacement of share certificates

If a share certificate is defaced, worn-out or alleged to have been lost, stolen or destroyed, a new share certificate shall be issued on the payment of such expenses reasonably incurred by the Company and the person requiring the new share certificate shall first surrender the defaced or worn-out share certificate or give such evidence of the loss, theft or destruction of the share certificate and such indemnity to the Company as the Directors may require.

9. TRANSFER OF SHARES

9.1 Written instrument of transfer

Subject to these Articles, a Share is transferable by means of a written instrument of transfer in any usual or common form for use in the Cayman Islands or any other form approved by the Directors and which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been executed by or on behalf of the transferor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is accompanied by such documentation that the Directors may request.

9.2 Refusal to register transfers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may resolve to refuse to register any transfer of Shares (other than a transfer of the Subscriber
Shares by the Subscriber) and are not obliged to give any reason for that refusal, provided that the Directors may (with or without conditions)
irrevocably waive or modify this right in connection with the listing of Shares on a stock exchange or where the free transferability
of Shares is otherwise desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Directors refuse to register a transfer of Shares they must, within two months of such refusal
(i) give notice of the refusal to the registered holder of the Shares and the proposed transferee named on the transfer and (ii) at their
election, either destroy any instrument of transfer provided to them in respect of such proposed transfer, or return such instrument to
the person who provided it to them. Failure to provide such notice or to destroy or return such instrument does not invalidate the decision
of the Directors to refuse to register that transfer.

9.3 Effect of registration

The transferor shall be deemed to remain the holder of the Share transferred until the name of the transferee is entered in the Register of Members in respect of that Share.

10. TRANSMISSION OF SHARES

10.1 Transmission of Shares

If a Member dies, becomes bankrupt, commences liquidation or is dissolved, the only person that the Company will recognise as having any title to, or interest in, that Member's Share (other than the Member) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the deceased Member was a joint holder, the survivor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the deceased Member was a sole or the only surviving holder, the personal representative of that Member;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any trustee in bankruptcy or other person succeeding to the Member's interest by operation of law,

but nothing in these Articles releases the estate of a deceased Member, or any other successor by operation of law, from any liability in respect of any Share held by that Member solely or jointly.

10.2 Election by persons entitled on transmission

Any person becoming entitled to a Share as a result of the death, bankruptcy, liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may from time to time be required by the Directors, elect either to become registered as the holder of the Share or nominate another person to be registered as the holder of that Share.

10.3 Manner of election

A person who makes an election under the preceding Article shall give written notice to the Company to that effect, but the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be.

10.4 Rights of persons entitled by transmission

A person becoming entitled to a Share by reason of the death, bankruptcy, liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends and other rights to which he would be entitled if he were the registered holder of the Share. However, the person shall not, before being registered as a Member in respect of the Share, be entitled in respect of it to attend or vote at any meeting of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him registered as the holder (and the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be). If the notice is not complied with within 90 days the Directors may withhold payment of all Dividends, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

11. SURRENDER, REDEMPTION AND PURCHASE OF SHARES

11.1 Surrender of Shares

Shares may be surrendered in accordance with the relevant provisions of the Companies Act.

11.2 Shares not redeemable

Shares are not redeemable.

11.3 Power of the Company to purchase its Shares

Subject to the provisions of the Companies Act and to any rights conferred on the holders of any class of Shares, the Company shall have the power to purchase all or any of its Shares on such terms as the Directors may agree with the holders of such Shares. The Company may make a payment in respect of the purchase of its own Shares in any manner permitted by the Companies Act, including out of capital. Purchase proceeds may be paid in cash and/or in-kind.

11.4 Holding Shares in treasury

The Directors may hold and dispose of any repurchased, redeemed or surrendered Shares in treasury in accordance with the relevant provisions of the Companies Act.

12. FINANCIAL ASSISTANCE

The Company may give financial assistance directly or indirectly for the purpose of, or in connection with, the acquisition made or to be made by any person of any Shares or of shares in any Member.

13. Class RIGHTS AND CLASS MEETINGS

13.1 Variation of class rights

Subject to the Companies Act, whether or not Shares are divided into more than one class, all or any of the rights attached to a class of Shares may be varied in such manner as those rights may provide or, if no such provision is made, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Directors, provided that such variation is not materially adverse to the rights of the holders
of such Shares (as determined by the Directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent in writing of holders of two-thirds of the issued Shares of that class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with the sanction of a resolution passed at a separate meeting of the holders of the Shares of that class
by a two-thirds majority of the holders of the Shares of that class present and voting at such meeting (whether in person or by proxy).

13.2 Treatment of classes of Shares by Directors

The Directors may for the purposes of this Article, treat two or more, or all, of the classes of Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected by the proposed variation in the same way.

13.3 Class rights not deemed to be varied

Except where expressly provided by the terms of the issue of the Shares of that class, the rights attached to any class of Shares are not taken to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the creation or issue of further Shares ranking equally with or subordinate to them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the repurchase, redemption or surrender of any Shares.

13.4 Class meetings

The provisions of these Articles relating to general meetings of the Company shall apply *mutatis mutandis* to any class meeting, except that the quorum shall be one or more Members that together hold at least one third of the Shares of that class.

14. No recognition of trusts or third party interests

Except as required by these Articles or the Companies Act, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not required to recognise a person as holding any Share on any trust, even if the Company has notice
of the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not required to recognise, and is not bound by, any interest in or claim to any Share, except for the
registered holder's absolute legal ownership of the Share, even if the Company has notice of that interest or claim.

15. LIEN ON SHARES

15.1 Lien on Shares generally

The Company shall have a first and paramount lien on all Shares registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or amounts payable to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at any time determine any Share to be wholly or in part exempt from the provisions of this Article. The Company's lien on a Share is released if a transfer of that Share is registered.

15.2 Enforcement of lien

The Company may sell, on such terms and in such manner as the Directors think fit, any Share on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within 14 Clear Days after notice has been given by the Company to the holder of the Share (or to any other person entitled to the Share by reason of the death, bankruptcy, liquidation or dissolution of the holder of the Shares) demanding payment of that amount and giving notice of intention to sell the Share if such payment is not made.

15.3 Completion of sale under lien

To give effect to a sale of Shares under a lien the Directors may authorise any person to execute an instrument of transfer in respect of the Shares to be sold to, or in accordance with the directions of, the relevant purchaser. The purchaser or his nominee shall be registered as the holder of the Shares comprised in any such transfer, and he shall not be bound to see to the application of any consideration provided for the Shares, nor will the purchaser's title to the Shares be affected by any irregularity or invalidity in connection with the sale or the exercise of the Company's power of sale under these Articles.

15.4 Application of proceeds of sale

The net proceeds of a sale made under a lien after payment of costs, shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person who was entitled to the Shares immediately prior to the sale.

16. ALTERATION OF share CAPITAL

The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by the creation of new Shares of such amount as the resolution prescribes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate, or consolidate and divide all or any of its share capital into Shares of a larger amount
than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivide its Shares, or any of them, into Shares of a smaller amount than is fixed by the Memorandum;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel any Shares which, at the date of the passing of the resolution, have not been taken, or agreed
to be taken, by any person and diminish the amount of its share capital by the amount of the Shares so cancelled.

All new Shares created in accordance with the provisions of this Article shall be subject to the same provisions of these Articles with reference to liens, transfer, transmission and otherwise as the Shares in the original share capital.

17. SPECIAL RESOLUTIONS

Subject to the provisions of the Companies Act and the provisions of these Articles as regards the matters to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter or add to these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter or add to the Memorandum with respect to any objects, powers or other matters specified therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital and any capital redemption reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) commence a voluntary winding up; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) merge or consolidate with any one or more constituent companies (as defined in the Companies Act).

18. convening GENERAL MEETINGS

18.1 Convening a general meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may convene a general meeting of the Company whenever the Directors think fit, and must
do so if required to do so pursuant to a valid Members' requisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time there are no Directors then any one Member shall be entitled to convene a general meeting
of the Company in the same manner as if such Member were the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Directors may, in their absolute discretion (save for general meetings convened at the requisition
of one or more Members), postpone or cancel a general meeting before the date on which it is to be held, with or without reason.

18.2 Members' requisition

A Members' requisition is a requisition of Members holding at the date of deposit of the requisition at the Registered Office not less than 10% of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

18.3 Requirements of Members' requisition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The requisition must state the objects of the general meeting and must be signed by the requisitionists
and deposited at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Directors do not within 21 days from the date of the deposit of a valid requisition (the "**Convening Deadline**") duly proceed to convene a general meeting to be held within a further 21 days, the requisitionists, or any of them
representing a majority of the total voting rights of all of them, may themselves convene a general meeting of the Company, but any meeting
so convened shall not be held after the expiration of three months after the Convening Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A general meeting convened in accordance with this Article by requisitionists shall be convened (insofar
as is possible) in the same manner as that in which general meetings are to be convened by Directors and the Directors shall, upon demand,
provide the names and addresses of each Member to the requisitionists for the purpose of convening such meeting.

19. NOTICE OF GENERAL MEETINGS

19.1 Length and form of notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least five Clear Days' notice shall be given of any general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every notice shall specify the place, the day and the time of the meeting and the general nature of the
business to be conducted and shall be given in a manner set out in these Articles or in such other manner if any as may be prescribed
by the Company, provided that a general meeting of the Company shall, whether or not the notice specified in this Article has been given
and whether or not the provisions of these Articles regarding general meetings have been complied with, be deemed to have been duly convened
if it is so agreed by all the Members (or their proxies) entitled to attend and vote at that meeting.

19.2 Omission or non-receipt of notice

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

20. PROCEEDINGS AT GENERAL MEETINGS

20.1 Requirement and number for a quorum

No item of business may be transacted at a general meeting unless a quorum is present. A quorum is two Members present in person or by proxy or by a duly authorised representative and entitled to vote unless the Company has only one Member in which case that Member alone constitutes a quorum.

20.2 General meetings by telephone or other communications device

A meeting of the Members may be held by means of any telephone, electronic or other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by resolution of the Members present, the meeting shall be deemed to be held at the place where the chairman is physically present.

20.3 Adjournment if quorum not present

If within 30 minutes after the time appointed for a general meeting a quorum is not present (or if during such a meeting a quorum ceases to be present), the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if convened upon the requisition of Members, is dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, stands adjourned to the same day in the next week at the same time and place or to
such other day, time and place as the Directors may determine, and if at the adjourned meeting a quorum is not present within 30 minutes
from the time appointed for the meeting the Members present shall be a quorum.

20.4 Appointment of chairman of general meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Directors have elected one of their number as chairman of their meetings that person shall preside
as chairman at every general meeting of the Company. If there is no such chairman, or if the elected chairman is not present within 15
minutes after the time appointed for the holding of the meeting, or is unable or unwilling to act, the Directors present shall elect one
of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no Director is willing to act as chairman or if no Director is present within 15 minutes after the
time appointed for holding the meeting, the Members present shall elect one of their number to be chairman of the meeting.

20.5 Adjournment of general meeting

The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. The chairman may, without the consent of the meeting, adjourn the meeting if it is necessary to ensure that all Members are able to participate in the meeting in an orderly fashion. When a general meeting is adjourned for 30 days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice.

20.6 Voting on a show of hands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any general meeting a resolution put to the vote of the meeting must be decided on a show of hands
unless a poll is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a poll is so demanded, a declaration by the chairman that a resolution has, on a show of hands,
been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the Company's book containing
the minutes of proceedings of the Company, is conclusive evidence of the fact. Neither the chairman nor the minutes need state, and it
is not necessary to prove, the number or proportion of the votes recorded in favour of or against the resolution.

20.7 No casting vote for chairman

If there is an equality of votes either on a show of hands or on a poll, the chairman is not entitled to a second or casting vote.

20.8 When a poll may be demanded

A poll may only be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before the show of hands on that resolution is taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before the result of the show of hands on that resolution is declared; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately after the result of the show of hands on that resolution is declared.

20.9 Demand for poll

A poll may be demanded by the chairman or one or more Members entitled to vote on the resolution. A demand for a poll does not prevent the continuance of the meeting for the transaction of any business other than the question on which the poll has been demanded.

20.10 Voting on a poll

If a poll is properly demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it must be taken in the manner and at the date and time directed by the chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the election of a chairman or on a question of adjournment, it must be taken immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the result of the poll is a resolution of the meeting at which the poll was demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the demand may be withdrawn.

21. VOTES OF MEMBERS

21.1 Written resolutions of Members

A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of all Members for the time being entitled to receive notice of and to speak, attend and vote at general meetings of the Company shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. A resolution in writing is adopted when all Members entitled to do so have signed it.

21.2 Registered Members to vote

No person shall be entitled to vote at any general meeting unless he is registered as a Member in the Register of Members on the record date for such meeting.

21.3 Voting rights

Subject to these Articles and to any rights or restrictions for the time being attached to any class or classes of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a show of hands, each Member present in person and each other person present as a proxy or duly authorised
representative of a Member has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a poll, each Member present in person has one vote for each Share held by the Member and each person
present as a proxy or duly authorised representative of a Member has one vote for each Share held by the Member that the person represents.
Each fractional Share shall carry the applicable fraction of one vote.

21.4 Voting rights of joint holders

If a Share is held jointly and more than one of the joint holders votes in respect of that Share, only the vote of the joint holder whose name appears first in the Register of Members in respect of that Share counts.

21.5 Voting rights of Members incapable of managing their affairs

A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in matters concerning mental disorder, may vote whether on a show of hands or on a poll by his receiver, *curator bonis*, or other person on such Member's behalf appointed by that court, and any such receiver, *curator bonis* or other person may vote by proxy.

21.6 Objection to voting qualification

An objection to the right of a person to attend or vote at a general meeting or adjourned general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may not be raised except at that meeting or adjourned meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must be referred to the chairman of the meeting whose decision is final.

If any objection is raised to the right of a person to vote and the chairman disallows the objection then the vote cast by that person is valid for all purposes.

22. REPRESENTATION OF MEMBERS AT GENERAL MEETINGS

22.1 How Members may attend and vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to these Articles, each Member entitled to vote at a general meeting may attend and vote at the
general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in person, or where a Member is a company or non-natural person, by a duly authorised representative;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by one or more proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A proxy or a duly authorised representative may, but not need be, a Member of the Company.

22.2 Appointment of proxies

The instrument appointing a proxy shall be in writing and be executed by or on behalf of the Member appointing the proxy.

22.3 Form of instrument of proxy

The instrument appointing a proxy may be in any usual or common form (or in any other form approved by the Directors) and may be expressed to be for a particular general meeting (or any adjournment of a general meeting) or generally until revoked.

22.4 Receipt of proxy appointment

The instrument appointing a proxy shall be deposited at the Registered Office or at such other place as is specified in the notice convening the meeting (or in any instrument of proxy sent out by the Company) prior to the time set out in such notice or instrument (or if no such time is specified, no later than the time for holding the meeting or adjourned meeting). Notwithstanding the foregoing, the chairman may, in any event, at his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

22.5 Validity of votes cast by proxy

Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the instrument of proxy or of the authority under which the instrument of proxy was executed, or the transfer of the Share in respect of which the proxy is appointed unless notice in writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which the proxy voted.

22.6 Corporate representatives

Any non-natural person which is a Member may authorise such person as it thinks fit to act as its representative at any general meeting, and the person so authorised shall be entitled to exercise the same powers on behalf of the non-natural person which he represents as the non-natural person could exercise if it were itself a natural person.

22.7 Shares that may not be voted

Shares that are beneficially owned by the Company shall not be voted, directly or indirectly, at any general meeting or class meeting (as applicable) and shall not be counted in determining the total number of outstanding Shares at any given time.

23. Appointment, Removal And Retirement Of Directors

23.1 Number of Directors

The Company may from time to time by Ordinary Resolution establish a maximum and/or minimum number of Directors. The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares. Directors shall be entitled to receive notice of any general meeting.

23.2 Corporate Directors

The Company may appoint any non-natural person as a Director. Any such non-natural person may exercise any of its powers and authorities as a Director through any duly authorised representative.

23.3 Appointment and removal of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may by Ordinary Resolution appoint any person to be a Director. The first Director(s) shall
be determined in writing by, or appointed by a resolution of, the Subscriber. Subject to the terms of these Articles, the Directors may
appoint any person to be a Director, either to fill a vacancy or as an additional Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may by Ordinary Resolution remove any Director from office. A Director may be removed from
office if all the other Directors (being not less than two in number) resolve that he should be removed as a Director.

23.4 Other circumstances in which a Director ceases to hold office

A Director ceases to hold office as a Director if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resigns as Director by giving notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not present personally or by proxy or represented by an alternate Director at three consecutive meetings
of the Directors without special leave of absence from the Directors, and the Directors pass a resolution that he has by reason of such
absence vacated office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) dies, becomes bankrupt, commences liquidation, dissolves or makes any arrangement or composition with
his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is found to be or becomes of unsound mind.

24. POWERS OF DIRECTORS

24.1 General powers to manage the Company's business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of the Companies Act, the Memorandum and these Articles and to any directions
given by Special Resolution, the business of the Company shall be managed by the Directors, who may exercise all the powers of the Company.
No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been
valid if that alteration had not been made or that direction had not been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The powers given by this Article shall not be limited by any special power given to the Directors by these
Articles and a duly convened meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors.

24.2 Signing of cheques

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

24.3 Retirement payments and other benefits

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

24.4 Borrowing powers of Directors

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

25. PROCEEDINGS OF DIRECTORS

25.1 Directors to regulate proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Questions arising at any Directors' meeting shall be decided by a simple majority of votes. In the
case of an equality of votes, the chairman shall not have a second or casting vote. A Director who is also an alternate Director shall
be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote.

25.2 Convening a Directors' meeting

A Director or alternate Director may, or any other officer of the Company on the requisition of a Director or alternate Director shall, call a meeting of the Directors by at least two days' notice in writing to every Director and alternate Director. Notice of a meeting of the Directors must specify the time and place of the meeting and the general nature of the business to be considered unless notice is waived by all the Directors (or their alternates) either at, before or after the meeting is held.

25.3 Quorum

The quorum for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed shall be two if there are two or more Directors, and shall be one if there is only one Director. A person who holds office only as an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who is also an alternate Director shall, if his appointor is not present, be counted as two Directors for the purpose of the quorum.

25.4 Power to act notwithstanding vacancies

The continuing Directors or sole continuing Director may act notwithstanding any vacancies in their number, but if the number of Directors is less than the number fixed as the quorum, the continuing Directors or Director may act only for the purpose of filling vacancies in that number, or for calling a general meeting of the Company.

25.5 Chairman to preside

The Directors may elect a chairman of their board and determine the period for which he is to hold office, but if no such chairman is elected, or if at any meeting the chairman is not present within 15 minutes after the time appointed for the meeting, the Directors present may appoint one of their number to be chairman of the meeting.

25.6 Validity of acts of Directors in spite of a formal defect

All acts done by a meeting of the Directors or of a committee of Directors (including any person acting as an alternate Director) shall, notwithstanding that it be afterwards discovered that there was a defect in the appointment of any Director or alternate Director, or that they or any of them were disqualified from holding office (or had vacated office) or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified to be a Director or alternate Director as the case may be and had been entitled to vote.

25.7 Directors' meetings by telephone or other communication device

A meeting of the Directors (or committee of Directors) may be held by means of any telephone, electronic or such other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chairman is physically present.

25.8 Written resolutions of Directors

A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of Directors (an alternate Director or a proxy being entitled to sign such a resolution on behalf of his appointor) shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. A resolution in writing is adopted when all the Directors (whether personally, by an alternate Director or by a proxy) have signed it.

25.9 Appointment of a proxy

A Director but not an alternate Director may be represented at any meeting of the Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. The authority of any such proxy shall be deemed unlimited unless expressly limited in the written instrument appointing him.

25.10 Presumption of assent

A Director (or alternate Director) present at a meeting of Directors is taken to have cast a vote in favour of a resolution of the Directors unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the chairman or secretary of the meeting before the adjournment of the meeting or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of a resolution of the Directors.

25.11 Directors' interests

Subject to the provisions of the Companies Act and provided that he has declared to the Directors the nature and extent of any personal interest of his in a matter, transaction or arrangement, a Director or alternate Director notwithstanding his office may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold any office or place of profit in the Company, except that of Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold any office or place of profit in any other company or entity promoted by the Company or in which
it has an interest of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into any contract, transaction or arrangement with the Company or in which the Company is otherwise
interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) act in a professional capacity (or be a member of a firm which acts in a professional capacity) for the
Company, except as Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) sign or participate in the execution of any document in connection with matters related to that interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) participate in, vote on and be counted in the quorum at any meeting of the Directors that considers matters
relating to that interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do any of the above despite the fiduciary relationship of the Director's office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) without any liability to account to the Company for any direct or indirect benefit accruing to the Director;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without affecting the validity of any contract, transaction or arrangement.

For the purposes of this Article, a general notice given to the Directors that a Director is to be regarded as having an interest of the nature and extent specified in the notice in any matter, transaction or arrangement for which a specified person or class of persons is interested shall be deemed to be a disclosure that the Director has an interest in any such matter, transaction or arrangement of the nature and extent so specified.

25.12 Minutes of meetings to be kept

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at general and class meetings of the Company and meetings of the Directors or committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

26. DELEGATION OF DIRECTORS' POWERS

26.1 Power of Directors to delegate

The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delegate any of their powers, authorities and discretions to any committee of the Directors consisting
of one or more Directors and any other person the Directors think fit to any Director or to any other person in each case to such extent,
by such means (including by power of attorney) and on such terms and conditions as the Directors think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorise any person to whom powers, authorities and discretions are delegated under this Article by the
Directors to further delegate some or all of those powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delegate their powers, authorities and discretions under this Article either collaterally with or to the
exclusion of their own powers, authorities and discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at any time revoke any delegation made under this Article by the Directors in whole or in part or vary
its terms and conditions.

26.2 Committees

A committee to which any powers, authorities and discretions have been delegated under the preceding Article must exercise those powers, authorities and discretions in accordance with the terms of delegation and any other regulations that may be imposed by the Directors on that committee. The proceedings of a committee of the Directors must be conducted in accordance with any regulations imposed by the Directors, and, subject to any such regulations, to the provisions of these Articles dealing with proceedings of Directors insofar as they are capable of applying.

26.3 Appointing an attorney, agent or authorised signatory of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may, by power of attorney or otherwise, appoint any person, to be the attorney, agent or
authorised signatory of the Company for such purpose and with such powers, authorities and discretions (not exceeding those vested in
or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such power of attorney or other appointment may contain such provisions for the protection and convenience
of persons dealing with any such attorney, agent or authorised signatory as the Directors think fit and may also authorise any such attorney,
agent or authorised signatory to delegate all or any of the powers, authorities and discretions vested in such person.

26.4 Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may appoint such officers as they consider necessary on such terms, at such remuneration
and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors think fit. Unless otherwise
specified in the terms of his appointment, an officer may be removed from that office by resolution of the Directors or by Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An officer ceases to hold office if such officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is removed from office in accordance with paragraph (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) resigns its office by giving notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) dies, becomes bankrupt, commences liquidation, dissolves or makes any arrangement or composition with
his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is found to be or becomes of unsound mind.

26.5 Alternate Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Director (other than an alternate Director) may at any time appoint another Director, or any other
person willing to act, to be an alternate Director and may at any time remove from office an alternate Director so appointed by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which his appointor is not
personally present, and generally to perform all the functions of his appointor as a Director in his absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An alternate Director shall cease to be an alternate Director if his appointor ceases for any reason to
be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All appointments and removals of alternate Directors shall be by notice in writing to the Company signed
by the Director making or revoking the appointment or in any other manner approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An alternate Director shall be deemed for all purposes to be a Director and shall alone be responsible
for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An alternate Director ceases to hold office as an alternate Director at the time specified in his appointment
(if applicable) or if the alternate Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is removed from office in accordance with paragraph (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) resigns as alternate Director by giving notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) dies, becomes bankrupt, commences liquidation, dissolves or makes any arrangement or composition with
his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is found to be or becomes of unsound mind.

27. REMUNERATION OF DIRECTORS

27.1 Directors' Remuneration

The Company may pay to each Director for his services as a Director such remuneration (if any) as the Directors shall determine.

27.2 Expenses

A Director is entitled to be reimbursed out of the funds of the Company for such reasonable travelling, accommodation and other expenses as the Director may properly incur in travelling to, attending and returning from meetings of Directors or committees of Directors and general meetings of the Company or otherwise in attending to the business of the Company.

27.3 Additional or special duties

If a Director at the request of the Directors performs additional or special duties for the Company, the Company may pay or provide to that Director such remuneration or other benefits as the Directors may determine.

28. SEAL

28.1 Directors to determine use of Seal

The Company may, if the Directors so determine, have a Seal. The Seal shall only be used with the authority of the Directors or a committee of the Directors established for such purpose. Every document to which the Seal is affixed shall be signed by at least one person who shall be either a Director or some officer or other person appointed by the Directors for that purpose.

28.2 Duplicate Seal

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

29. DIVIDENDS, DISTRIBUTIONS AND RESERVES

29.1 Payment of Dividends

Subject to the Companies Act and these Articles, the Directors may declare and/or pay Dividends and distributions on Shares in issue and authorise payment of the Dividends or distributions out of the funds of the Company lawfully available therefor. No Dividend or distribution shall be paid except out of the realised or unrealised profits of the Company, or out of the share premium account, or as otherwise permitted by the Companies Act. Unless the Directors resolve that a Dividend shall be a final dividend, any Dividend shall be deemed an interim Dividend and consequently may be cancelled by the Directors at any time before the date of payment of such Dividend.

29.2 Calculation of Dividends

Except as otherwise provided by these Articles or the rights attached to any Shares or the terms of any Shares, all Dividends shall be declared and/or paid according to the par value of the Shares that a Member holds. If any class of Share is issued on terms providing that it shall rank for Dividend as from a particular date, that class of Share shall rank for Dividend accordingly.

29.3 Deduction from Dividends

The Directors may deduct from any Dividend or distribution payable to any Member all sums of money (if any) then payable by that Member to the Company.

29.4 Dividend satisfied by distribution of specific assets

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

30. PAYMENTS

30.1 Where the Company is required to make any payment to any Member or former
Member (each, a " payee ") for any reason whatsoever (including payment of any Dividend,
redemption proceeds or other distribution):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it may be made in such manner as the Directors may deem appropriate and no payee shall be entitled to
require payment by cheque or in any other particular manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such payment shall be at the risk and expense of the payee and the Company shall not be liable for any
delay in, or loss arising from, any such payment for any reason whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where made by any electronic payment method, the due making of a payment instruction and consequent deduction
from the bank account (or other financial institution account) of the Company shall be a good discharge by the Company of its payment
obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where paid by a cheque sent through the post, it shall be sent (at the risk of the person entitled to
the money represented thereby) to the registered address of, and made payable to, the order of the payee or to such other address and/or
person as the payee may in writing direct, and the Company shall not be responsible for any loss in transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company shall be entitled to recover any overpayment of monies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company may set-off and apply any sums due by the payee (or by any one or more of joint payees) on
any account whatsoever (whether or not presently payable) in reducing the amount of such payment by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no unpaid amount shall bear interest against the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) where the payment is unclaimed after 6 months from the date it first became payable (or any cheque in
respect thereof remaining uncashed or unpresented after 6 months from the date of posting or in the case of a Dividend from the proposed
date of payment thereof), it shall, if the Directors so resolve, be forfeited for the benefit of, and shall cease to remain owing by,
the Company and shall thereafter belong to the Company absolutely; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of any joint payees (including any current or former joint Members), payment may be made by
the Company to any one or more of the joint payees, any payment instruction or direction from any one joint payee to the Company shall
bind all joint payees (and in the case of conflicting instructions or directions the Company may act on any of them) and any notice in
respect of any payment given by the Company to any one of the joint payees shall be deemed to be given to all of them.

30.2 Subject to the foregoing, all unclaimed amounts (including Dividends)
may be invested or otherwise made use of by the Directors, in their absolute discretion, for the benefit of the Company until claimed.

30.3 Notwithstanding any other provision of these Articles, the Company shall
not be obliged to make any payment to a Member in respect of a Dividend, repurchase, redemption or other distribution if the Directors
suspect that such payment may result in the breach or violation of any applicable laws or regulations (including, without limitation,
any anti-money laundering laws or regulations) or such refusal is required by the laws and regulations governing the Company and/or its
service providers.

31. CAPITALISATION of reserves and profits

31.1 Subject to the Companies Act and to any rights and restrictions for
the time being attached to any class of Shares, the Directors may resolve to capitalise all or any part of any amount standing to the
credit of any of the Company's reserve accounts (including share premium account and capital redemption reserve fund) or the profit and
loss account or otherwise available for distribution to Members and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) apply all or part of any amount so capitalised for the benefit of Members in the proportions to which
those Members would have been entitled in a distribution of that sum by way of Dividend in paying up any amounts unpaid on Shares held
by Members or in paying up in full unissued Shares to be issued to Members as fully paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) apply all or part of any amount so capitalised in paying up Shares for the benefit of any person in satisfaction
of any obligation of the Company to issue paid up Shares to such person.

In such event the Directors shall take any action required to give effect to such capitalisation, and may make such provisions as they think fit in the event that Shares become distributable in fractions (including providing for fractional entitlements to accrue to the Company rather than to the Members concerned).

31.2 The Directors may authorise any person to enter into an agreement with
the Company on behalf of all of the Members interested providing for such capitalisation and matters incidental to the capitalisation
and any such agreement shall be effective and binding on all the Members concerned.

32. BOOKS OF ACCOUNT

32.1 Books of account to be kept

The Directors shall cause proper books of account to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the affairs of the Company and to explain its transactions.

32.2 Inspection by Members

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

32.3 Accounts required by law

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

32.4 Retention of records

All books of account maintained by the Company shall be retained for a period of at least five years, or such longer period required by any applicable law or regulation from time to time.

33. AUDITOR

33.1 Appointment of Auditor

The Directors may appoint an Auditor who shall hold office until removed from office by a resolution of the Directors, and may fix the Auditor's remuneration.

33.2 Rights of Auditor

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

33.3 Reporting requirements of Auditor

The Auditor shall, if so required by the Directors, make a report on the accounts of the Company during the Auditor's tenure of office at the next general meeting following their appointment, and at any other time during the Auditor's term of office, upon request of the Directors or any general meeting of the Company.

34. NOTICES

34.1 Form and method of giving notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notices shall be in writing and may be given by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Member to the Company by delivering such notice at the Registered Office. Notices may be delivered
in person, by post, email or facsimile but shall only be validly served on the Company if such notice is actually received by the Registered
Office on behalf of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company to any Member either personally or by sending it by post, email or facsimile to his address
as shown in the Register of Members, and where such a notice is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) sent by post, service of the notice shall be deemed to be effected by properly addressing, pre-paying
and posting a letter containing the notice, and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays
or public holidays) following the day on which the notice was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) sent by facsimile, service of the notice shall be deemed to be effected by transmitting the facsimile
to the number provided by the intended recipient and shall be deemed to have been received on the same day that it was sent; 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) given by email, service shall be deemed to be effected by transmitting the email to the email address
provided by the intended recipient and shall be deemed to have been received on the same day that it was sent, and it shall not be necessary
for the receipt of the e-mail to be acknowledged by the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice, if posted from one country to another, is to be sent by airmail.

34.2 Persons entitled to Shares by transmission

A notice may be given by the Company to any person the Company has been advised is entitled to any Share in consequence of the death, bankruptcy, liquidation or dissolution of a Member in the same manner as other notices which are required to be given under these Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option of the Company by giving the notice in any manner in which the same might have been given if the death, bankruptcy, liquidation or dissolution had not occurred.

35. WINDING UP

35.1 Method of winding up

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company shall be wound up, and the assets available for distribution amongst the Members shall
be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may be, the losses shall
be borne by the Members in proportion to the par value of the Shares held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If in a winding up the assets available for distribution amongst the Members shall be more than sufficient
to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst the Members in
proportion to the par value of the Shares held by them at the commencement of the winding up (subject to a deduction from those Shares
in respect of which there are monies due, of all monies payable to the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Article is without prejudice to the rights of the holders of Shares issued upon special terms and
conditions.

35.2 Distribution of assets in a winding up

Subject to any rights or restrictions for the time being attached to any class of Shares, on a winding up of the Company the liquidator may, with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, distribute among the Members the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decide how the assets are to be distributed as between the Members or different classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) value the assets to be distributed in such manner as the liquidator thinks fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest the whole or any part of any assets in such trustees and on such trusts for the benefit of the Members
entitled to the distribution of those assets as the liquidator sees fit, but so that no Member shall be obliged to accept any assets in
respect of which there is any liability.

36. INDEMNITY AND INSURANCE

36.1 Indemnity and limitation of liability of Directors and officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the maximum extent permitted by law, every current and former Director and officer of the Company (excluding
an Auditor but including an alternate Director and the proxy of a Director) (each an "**Indemnified Person** "), shall be
indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses, including
legal expenses (each a "**Liability** "), which such Indemnified Person may incur in that capacity unless such Liability arose
as a result of the actual fraud or wilful default of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Indemnified Person shall be liable to the Company for any loss or damage resulting (directly or indirectly)
from such Indemnified Person carrying out his or her duties unless that liability arises through the actual fraud or wilful default of
such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of these Articles, no Indemnified Person shall be deemed to have committed "actual
fraud" or "wilful default" until a court of competent jurisdiction has made a final, non-appealable finding to that effect.

36.2 Advance of legal fees

The Company shall advance to each Indemnified Person reasonable legal fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any such advance of expenses, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it is determined that the Indemnified Person was not entitled to indemnification under these Articles.

36.3 Indemnification to form part of contract

The indemnification and exculpation provisions of these Articles are deemed to form part of the employment contract or terms of appointment entered into by each Indemnified Person with the Company and accordingly are enforceable by such persons against the Company.

36.4 Insurance

The Directors may purchase and maintain insurance for or for the benefit of any Indemnified Person including (without prejudice to the generality of the foregoing) insurance against any Liability incurred by such persons in respect of any act or omission in the actual or purported execution or discharge of their duties or the exercise or purported exercise of their powers or otherwise in relation to or in connection with their duties, powers or offices in relation to the Company.

37. REQUIRED DISCLOSURE

If required to do so under the laws of any jurisdiction to which the Company (or any of its service providers) is subject, or in compliance with the rules of any stock exchange upon which any Shares are listed, or to ensure the compliance by any person with any anti-money laundering legislation in any relevant jurisdiction, any Director, officer or service provider (acting on behalf of the Company) shall be entitled to release or disclose any information in its possession regarding the affairs of the Company or a Member, including, without limitation, any information contained in the Register of Members or subscription documentation of the Company relating to any Member.

38. FINANCIAL YEAR

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

39. TRANSFER BY WAY OF CONTINUATION

The Company shall, with the approval of a Special Resolution, have the power to register by way of continuation to a jurisdiction outside of the Cayman Islands in accordance with the Companies Act.

40. WITHHOLDING TAXES ETC.

40.1 Each Member shall provide the Company on a timely basis with any documents,
tax certifications, financial and other information (collectively " Tax Reporting Information ")
as the Company may request in connection with the Company's compliance with any legal and tax information reporting and exchange obligations
applicable to it under the laws of the Cayman Islands or any other applicable jurisdiction (collectively, " Tax Reporting Obligations "),
including, without limitation, any Tax Reporting Obligations under any Cayman Islands laws, regulations or guidance notes that give effect
to: (i) the inter-governmental agreement between the Cayman Islands and the United States to implement those provisions of the U.S. Internal
Revenue Code of 1986, as amended, known as the Foreign Account Tax Compliance Act; (ii) the inter-governmental agreement between the Cayman
Islands and the United Kingdom to implement the automatic exchange of tax information with respect to persons taxable in the United Kingdom;
(iii) the Organisation for Economic Co-operation and Development's Multilateral Convention on Mutual Administrative Assistance in Tax
Matters and Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information; and (iv) any additional
inter-governmental agreement or treaty entered into by, or otherwise binding upon the Cayman Islands that provides for the exchange of
tax information with another jurisdiction.

40.2 The Company shall have the power to release, report or otherwise disclose
to the Department for International Tax Cooperation in the Cayman Islands (or any other authority as may be required under the Tax Reporting
Obligations) any Tax Reporting Information provided by a Member to the Company and any other information held by the Company in respect
of the Member's investment in the Company, in connection with the Tax Reporting Obligations, including, without limitation, in relation
to the identity, address, tax identification number, tax status and interest in the Company of the Member (and any of its direct or indirect
owners or affiliates).

40.3 If a Member fails to provide the Company with any requested Tax Reporting
Information on a timely basis and such failure results, or may result, in the Company's inability to comply with its Tax Reporting Obligations
or if the Company is otherwise unable to comply with its Tax Reporting Obligations as a result of the direct or indirect action (or inaction)
of a Member, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compulsorily repurchase some or all of such Member's Shares without notice at a price per Share equal
to the fair value of such Shares (as determined by the Directors) and may deduct or withhold from such redemption proceeds any penalty,
debt, withholding or back up tax, costs, expenses, obligations, liabilities or other adverse consequences (collectively, "**Tax Reporting Liabilities**") imposed on the Company, its Members and/or any of their respective directors, officers, employees, agents,
managers, shareholders and/or partners as a result of such failure, action or inaction by such Member; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designate, immediately and without consent, such Member's Shares as belonging to a separate class and
create a separate internal account in respect of such Shares so that any Tax Reporting Liabilities may be allocated solely to that class
and debited from such class.

**DATED:** 24 March, 2022

---

| |
|:---|
| /s/ Abdull Patterson |
| for and on behalf of |
| WB Corporate Services (Cayman) Ltd. |
| PO Box 2775 |
| Artemis House |
| 67 Fort Street |
| Grand Cayman, KY1-1111 |
| Cayman Islands |
| Name: Abdull Patterson |
| Title: Authorised signatory |

---

---

| |
|:---|
| /s/ Kayla Bush |
| Kayla Bush |
| Witness to the above signature |

---

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**EPWK HOLDINGS LTD.**

**(ADOPTED BY SPECIAL RESOLUTION DATED 29 December 2022)**

![](vc012_ex3-2img01.jpg)

---

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|:---|:---|
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| *www.verify.gov.ky File#: 388584* | *Filed: 03-Jan-2023 09:31 EST<br> Auth Code: B47748117834* |

---

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION**

**OF**

**EPWK HOLDINGS LTD.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Company is EPWK HOLDINGS LTD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The registered office of the Company shall be at the offices of WB Corporate Services (Cayman) Ltd., of P.O. Box 2775, Artemis House,
67 Fort Street, Grand Cayman, KY1 - 1111, Cayman Islands, or at such other
place as the Directors may from time to time decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The objects for which the Company is established are unrestricted and the Company shall have full power and authority to exercise
all the functions of a natural person of full capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The liability of each Member is limited to the amount from time to time unpaid on such Member's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The share capital of the Company is USD 50,000.00 divided into 500,000,000.00 Ordinary Shares of a par value of USD 0.0001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Company has the power to register by way of continuation outside of the Cayman Islands in accordance with the Companies Act and
to de - register as an exempted company in the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Capitalised terms that are not defined in this Memorandum of Association have the same meaning as those given in the Articles of Association
of the Company.

---

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---

**CONTENTS**

---

| | |
|:---|:---|
| **1 Definitions, interpretation and exclusion of Table A** | **10** |
| Definitions | 10 |
| Interpretation | 14 |
| Exclusion of Table A Articles | 15 |
| **2 Shares** | **15** |
| Power to issue Shares and options, with or without special rights | 15 |
| Power to pay commissions and brokerage fees | 15 |
| Trusts not recognized | 16 |
| Security interests | 16 |
| Rights of Shares | 16 |
| Power to vary class rights | 18 |
| Effect of new Share issue on existing class rights | 18 |
| No bearer Shares or warrants | 19 |
| Treasury Shares | 19 |
| Rights attaching to Treasury Shares and related matters | 19 |
| Register of Members | 19 |
| Annual Return | 20 |
| **3 Share certificates** | **20** |
| Issue of share certificates | 20 |
| Renewal of lost or damaged share certificates | 20 |
| **4 Lien on Shares** | **21** |
| Nature and scope of lien | 21 |
| Company may sell Shares to satisfy lien | 21 |
| Authority to execute instrument of transfer | 21 |
| Consequences of sale of Shares to satisfy lien | 22 |
| Application of proceeds of sale | 22 |

---

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| | |
|:---|:---|
| **5 Calls on Shares and forfeiture** | **22** |
| Power to make calls and effect of calls | 22 |
| Time when call made | 23 |
| Liability of joint holders | 23 |
| Interest on unpaid calls | 23 |
| Deemed calls | 23 |
| Power to accept early payment | 23 |
| Power to make different arrangements at time of issue of Shares | 23 |
| Notice of default | 24 |
| Forfeiture or surrender of Shares | 24 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 24 |
| Effect of forfeiture or surrender on former Member | 24 |
| Evidence of forfeiture or surrender | 25 |
| Sale of forfeited or surrendered Shares | 25 |
| **6 Transfer of Shares** | **25** |
| Right to transfer | 25 |
| Suspension of transfers | 26 |
| Company may retain instrument of transfer | 26 |
| Notice of refusal to register | 26 |
| **7 Transmission of Shares** | **27** |
| Persons entitled on death of a Member | 27 |
| Registration of transfer of a Share following death or bankruptcy | 27 |
| Indemnity | 27 |
| Rights of person entitled to a Share following death or bankruptcy | 28 |
| **8 Alteration of capital** | **28** |
| Increasing, consolidating, converting, dividing and cancelling share capital | 28 |
| Dealing with fractions resulting from consolidation of Shares | 28 |
| Reducing share capital | 29 |

---

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| | |
|:---|:---|
| **9 Redemption and purchase of own Shares** | **29** |
| Power to issue redeemable Shares and to purchase own Shares | 29 |
| Power to pay for redemption or purchase in cash or in specie | 29 |
| Effect of redemption or purchase of a Share | 29 |
| **10 Meetings of Members** | **30** |
| Annual and extraordinary general meetings | 30 |
| Power to call meetings | 30 |
| Content of notice | 31 |
| Period of notice | 31 |
| Persons entitled to receive notice | 32 |
| Accidental omission to give notice or non-receipt of notice | 32 |
| **11 Proceedings at meetings of Members** | **32** |
| Quorum. | 32 |
| Lack of quorum | 33 |
| Chairman | 33 |
| Right of a Director to attend and speak | 33 |
| Accommodation of Members at meeting | 33 |
| Security | 34 |
| Adjournment | 34 |
| Method of voting | 34 |
| Outcome of vote by show of hands | 34 |
| Withdrawal of demand for a poll | 35 |
| Taking of a poll | 35 |
| Chairman's casting vote | 35 |
| Written resolutions | 35 |
| Sole-Member Company | 37 |
| **12 Voting rights of Members** | **37** |
| Right to vote | 37 |

---

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| | |
|:---|:---|
| Rights of joint holders | 38 |
| Representation of corporate Members | 38 |
| Member with mental disorder | 38 |
| Objections to admissibility of votes | 39 |
| Form of proxy | 39 |
| How and when proxy is to be delivered | 39 |
| Voting by proxy | 41 |
| **13 Number of Directors** | **41** |
| **14 Appointment, disqualification and removal of Directors** | **41** |
| First Directors | 41 |
| No age limit | 41 |
| Corporate Directors | 42 |
| No shareholding qualification | 42 |
| Appointment of Directors | 42 |
| Board's power to appoint Directors | 42 |
| Removal of Directors | 42 |
| Resignation of Directors | 42 |
| Termination of the office of Director | 43 |
| **15 Alternate Directors** | **43** |
| Appointment and removal | 43 |
| Notices | 44 |
| Rights of alternate Director | 44 |
| Appointment ceases when the appointor ceases to be a Director | 44 |
| Status of alternate Director | 45 |
| Status of the Director making the appointment | 45 |
| **16 Powers of Directors** | **45** |
| Powers of Directors | 45 |
| Directors below the minimum number | 45 |

---

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| | |
|:---|:---|
| Appointments to office | 45 |
| Provisions for employees. | 46 |
| Exercise of voting rights | 46 |
| Remuneration | 47 |
| Disclosure of information | 47 |
| **17 Delegation of powers** | **47** |
| Power to delegate any of the Directors' powers to a committee | 47 |
| Local boards | 48 |
| Power to appoint an agent of the Company. | 48 |
| Power to appoint an attorney or authorised signatory of the Company | 49 |
| Borrowing Powers | 49 |
| Corporate Governance | 49 |
| **18 Meetings of Directors** | **50** |
| Regulation of Directors' meetings | 50 |
| Calling meetings | 50 |
| Notice of meetings | 50 |
| Use of technology | 50 |
| Quorum. | 50 |
| Chairman or deputy to preside | 50 |
| Voting | 51 |
| Recording of dissent | 51 |
| Written resolutions | 51 |
| Validity of acts of Directors in spite of formal defect | 51 |
| **19 Permissible Directors' interests and disclosure** | **52** |
| **20 Minutes** | **53** |
| **21 Accounts and audit** | **53** |
| Auditors | 53 |
| **22 Record dates** | **54** |

---

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| | |
|:---|:---|
| **23 Dividends** | **54** |
| Source of dividends | 54 |
| Declaration of dividends by Members | 54 |
| Payment of interim dividends and declaration of final dividends by Directors. | 55 |
| Apportionment of dividends | 55 |
| Right of set off | 56 |
| Power to pay other than in cash | 56 |
| How payments may be made | 56 |
| Dividends or other monies not to bear interest in absence of special rights | 57 |
| Dividends unable to be paid or unclaimed | 57 |
| **24 Capitalisation of profits** | **57** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | 57 |
| Applying an amount for the benefit of Members | 58 |
| **25 Share Premium Account** | **58** |
| Directors to maintain share premium account | 58 |
| Debits to share premium account | 58 |
| **26 Seal** | **58** |
| Company seal | 58 |
| Duplicate seal | 58 |
| When and how seal is to be used | 59 |
| If no seal is adopted or used | 59 |
| Power to allow non-manual signatures and facsimile printing of seal | 59 |
| Validity of execution | 59 |
| **27 Indemnity** | **59** |
| Release | 60 |
| Insurance | 60 |
| **28 Notices** | **61** |
| Form of notices | 61 |

---

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|:---|:---|
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| | |
|:---|:---|
| Electronic communications | 61 |
| Persons entitled to notices | 62 |
| Persons authorised to give notices | 62 |
| Delivery of written notices | 63 |
| Joint holders | 63 |
| Signatures | 63 |
| Giving notice to a deceased or bankrupt Member | 63 |
| Date of giving notices | 64 |
| Saving provision | 64 |
| **29 Authentication of Electronic Records** | **64** |
| Application of Articles | 64 |
| Authentication of documents sent by Members by Electronic means | 64 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 65 |
| Manner of signing | 65 |
| Saving provision | 65 |
| **30 Transfer by way of continuation** | **66** |
| **31 Winding up** | **66** |
| Distribution of assets in specie | 66 |
| No obligation to accept liability | 67 |
| **32 Amendment of Memorandum and Articles.** | **67** |
| Power to change name or amend Memorandum | 67 |
| Power to amend these Articles | 67 |
| **33 Exclusive jurisdiction and forum** | **67** |

---

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|:---|:---|
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| *www.verify.gov.ky File#: 388584* | *Filed: 03-Jan-2023 09:31 EST<br> Auth Code: B47748117834* |

---

**COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED ARTICLES OF ASSOCIATION**

**OF**

**EPWK HOLDINGS LTD.**

**(ADOPTED BY SPECIAL RESOLUTION DATED 29 December 2022)**

**1 Definitions, interpretation and exclusion of Table A**

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Affiliate** means in respect of a person or entity, any other person or entity that, directly or indirectly (including through one or more intermediaries), controls, is controlled by, or is under common control with, such person or entity, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother- in-law and father-in-law and brothers and sisters-in-law, a trust solely for the benefit of any of the foregoing, a company, partnership or entity wholly owned by one or more of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "**control**" in this definition shall mean the ownership, directly or indirectly, of securities possessing more than fifty percent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of corporation, securities having such power only by reason of the happening of a contingency not within the reasonable control of such partnership, corporation, natural person or entity), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time:
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular
articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

---

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**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 Shares** means the class A ordinary shares of the Company with a par value of USD0.0001 each, which have the rights set forth in the Memorandum and these Articles;

**Class B Shares** means the class B ordinary shares of the Company with a par value of USD0.0001 each, which have the rights set forth in the Memorandum and these Articles;

**Class B Majority** means the holders of a majority of the votes of the outstanding Class B Shares;

**Clear Days**, in relation to a period of notice, means that period excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the 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 Shares elects to convert the number of Class B Shares specified therein pursuant to Article 2.8(a);

**Conversion Number** in relation to any Class B Shares, such number of Class A 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 Shares to Class A Shares means, at any time, on a 1:1 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 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 Shares in issue;

---

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**Conversion Right** in respect of a holder of Class B 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 Shares, into the Conversion Number of Class A Shares in its discretion;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means NASDAQ Capital Markets in the United States of America for so long as the Company's Shares are there listed and any other stock exchange on which the Company's Shares are listed for trading;

**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 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;

**Exchange Act** means the United States Securities Exchange Act of 1934, as amended, or any similar federal statute and the rules and regulations of the Securities and Exchange Commission thereunder, all as the same shall be in effect at the time;

**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;

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**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 duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote. The expression also includes a written resolution passed by the requisite majority in accordance with Article 11.19.

**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;

**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 Class A Share or a Class B Share in the 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 Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.13; and

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

---

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**Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 In the interpretation of these Articles, the following provisions
apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to
a statute of the Cayman Islands as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that
statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect
the interpretation of these Articles, unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under
these Articles is not a Business Day, the act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a
word which denotes the plural also denotes the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company,
trust, partnership, joint venture, association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part
of speech or grammatical form in respect to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to
time in the place where the Company's registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes
of representing or reproducing words in a visible form, but do not include an Electronic Record where the distinction between a document
in writing and an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The headings in these Articles are intended for convenience
only and shall not affect the interpretation of these Articles.

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**Exclusion of Table A Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The regulations contained in Table A in the First Schedule of
the Act and any other regulations contained in any statute or subordinate legislation are expressly excluded and do not apply to the
Company.

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| 2 | Shares |

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**Power to issue Shares and options, with or without special rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the provisions of the Act and these Articles about
the redemption and purchase of the Shares, the Directors have general and unconditional authority to allot (with or without confirming
rights of renunciation), grant options over or otherwise deal with any unissued Shares to such persons, at such times and on such terms
and conditions as they may decide, provided that no Class B Shares shall be issued without the prior consent of the Class B Majority
(which consent may be obtained either by written consent signed by the Class B Majority or by a vote at a separate general meeting of
the holders of the Class B Shares). No Share may be issued at a discount except in accordance with the provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Without limitation to the preceding Article, the Directors may
so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights
or restrictions, whether in regard to dividend, voting, return of capital or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Without limitation to the two preceding Articles, 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 pay commissions and brokerage fees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Company may pay a commission to any person in consideration
of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or
conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute
or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Company may employ a broker in the issue of its capital
and pay him any proper commission or brokerage.

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**Trusts not recognised**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Except as required by Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any
Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company
as having any right in a Share.

**Security interests**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Notwithstanding the preceding Article, the Company may (but
shall not be obliged to) recognise a security interest of which it has actual notice over shares. The Company shall not be treated as
having recognised any such security interest unless it has so agreed in writing with the secured party.

**Rights of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Subject to Article 2.1, the Memorandum and any special resolution
of the Members 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 Shares and Class B Shares shall carry equal rights and rank *pari passu* with one another in all respects other
than as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Conversion Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the provisions hereof and to compliance with all
fiscal and other laws and regulations applicable thereto, including the Act, a holder of Class B Shares shall have the Conversion Right
in respect of each Class B Share in its holding. For the avoidance of doubt, a holder of Class A Shares shall have no rights to convert
Class A Shares into Class B 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 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 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 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 Shares requesting conversion.

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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;(iii) On the Conversion Date, every Class B Share converted shall
automatically be re-designated and re-classified as the applicable Conversion Number of Class A Shares with such rights and restrictions
attached thereto and shall rank *pari passu* in all respects with the Class A Shares then in issue and the Company shall enter or
procure the entry of the name of the relevant holder of converted Class B Shares as the holder of the corresponding number of Class A
Shares resulting from the conversion of the Class B Shares in, and make any other necessary and consequential changes to, the register
of Members and shall procure that certificates in respect of the relevant Class A Shares, together with a new certificate for any unconverted
Class B Shares comprised in the certificate(s) surrendered by the holder of the Class B 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 Shares have been converted into
Class A Shares, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) 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 Shares as would
enable all Class B Shares to be converted into Class A Shares and any other rights of conversion into, subscription for or exchange into
Class A Shares to be satisfied in full; 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;(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 Shares to Class A Shares it would be required to issue Class A Shares
at a price lower than the par value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Voting Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of Class A Shares and Class B Shares have the right
to receive notice of, attend, speak and vote at general meetings of the Company. Holders of shares of Class A Shares and Class B 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;(ii) Each Class A Share shall be entitled to one (1) vote on all
matters subject to the vote by Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Class B Share shall be entitled to fifteen (15) votes on
all matters subject to the vote by Members.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon any sale, transfer, assignment or disposition of Class
B Shares by a holder thereof to any person or entity which is not an Affiliate of such holder, such Class B Shares validly transferred
to the new holder shall be automatically and immediately converted into such Conversion Number of Class A Shares calculated based on
the Conversion Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the avoidance of doubt, (i) a sale, transfer, assignment
or disposition shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in the Company's
register of Members; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever description on any
of Class B Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or
disposition unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party
holding fee simple ownership interest to the related Class B Shares, in which case all the related Class B Shares shall be automatically
converted into the same number of Class A Shares upon the Company's registration of the third party or its designee as a Member
holding that number of Class A Shares in the register of Members.

**Power to vary class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 If the share capital is divided into different classes of Shares
then, unless the terms on which a class of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied
if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares
of that class consent in writing to the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution
passed at a separate general meeting of the Members holding the issued Shares of that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 For the purpose of Article 2.9(b), all the provisions of these
Articles relating to general meetings apply, mutatis mutandis, to every such separate meeting except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Member holding issued Shares of the class, present in person
or by proxy or, in the case of a corporate Member, by its duly authorised representative, may demand a poll.

**Effect of new Share issue on existing class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 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.

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**No bearer Shares or warrants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Shares that the Company purchases, redeems or acquires by way
of surrender in accordance with the Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption
or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the
Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 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;2.15 The Company shall be entered in the register of Members as the
holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose
and shall not exercise any right in respect of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly,
at any meeting of the Company and shall not be counted in determining the total number of issued shares at any given time, whether for
the purposes of these Articles or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Nothing in Article 2.15 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;2.17 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;2.18 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.

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**Annual Return**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 The Directors in each calendar year shall prepare or cause to
be prepared an annual return and declaration setting forth the particulars required by the Act and shall deliver a copy thereof to the
registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 A Member shall only be entitled to a share certificate if the
Directors resolve that share certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the
Directors may determine. If the Directors resolve that share certificates shall be issued, upon being entered in the register of Members
as the holder of a Share, the Directors may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each
class held by that Member (and, upon transferring a part of the Member's holding of Shares of any class, to a certificate for the
balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine
for every certificate after the first, several certificates each for one or more of that Member's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Every certificate shall specify the number, class and distinguishing
numbers (if any) of the Shares to which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed
under seal or executed in such other manner as the Directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Every certificate shall bear legends required under the applicable
laws, including the U.S. Securities Act (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Company shall not be bound to issue more than one certificate
for Shares held jointly by several persons and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery
to all of them.

**Renewal of lost or damaged share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 If a share certificate is defaced, worn-out, lost or destroyed,
it may be renewed on such terms (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in
investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement
share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company has a first and paramount lien on all Shares (whether
Fully Paid Up or not) registered in the name of a Member (whether solely or jointly with others). The lien is for all debts or liabilities
to the Company by the Member..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 At any time the Board may declare any Share to be wholly or
partly exempt from the provisions of this Article.

**Company may sell Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Company may sell any Shares over which it has a lien if
all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or
to the person entitled to it in consequence of the death or bankruptcy of that Member) demanding payment and stating that if the notice
is not complied with the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen Clear Days after that notice
is deemed to be given under these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Lien Default Shares may be sold in such manner as the Board
determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 To the maximum extent permitted by law, the Directors shall
incur no personal liability to the Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 To give effect to a sale, the Directors may authorise any person
to execute an instrument of transfer of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 The title of the transferee of the Lien Default Shares shall
not be affected by any irregularity or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register
of Members as the holder of those Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the
certificate (if any) for those Lien Default Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 Notwithstanding the provisions of Article 4.8, such person shall
remain liable to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect of those
Lien Default Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at the rate
at which interest was payable before that sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or
enforce payment without any allowance for the value of the Lien Default Shares at the time of sale or for any consideration received
on their disposal.

**Application of proceeds of sale**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 The net proceeds of the sale, after payment of the costs, shall
be applied in payment of so much of the sum for which the lien exists as is presently payable. Any residue shall be paid to the person
whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at
the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon
surrender to the Company of that certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

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**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to
that person's default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The notice shall state the following:

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

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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

**Right to transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The instrument of transfer of any Share shall be in writing and in any usual or common form or such other
form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of
a nil or Partly Paid Up Share, or if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied
by the certificate (if any) of the Shares to which it relates and such other evidence as the Directors may reasonably require to show
the right of the transferor to make the transfer. The transferor shall be deemed to remain a Member until the name of the transferee is entered in the register of
Members in respect of the relevant Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Directors may in their absolute discretion decline to register
any transfer of Shares which is not Fully Paid Up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The Directors may also, but are not required to, decline to register any transfer of any 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 (to the extent applicable) may determine to be payable, or
such lesser sum as the Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The registration of transfers may, on 14 days' notice being given by advertisement in such one or
more newspapers or by electronic means, be suspended and the register of Members closed at such times and for such periods as the Directors
may, in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not be suspended
nor the register of Members closed for more than 30 days in any year.

**Company may retain instrument of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 If the Directors refuse to register a transfer of any Shares, they shall within three months 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.

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7 Transmission of Shares

**Persons entitled on death of a Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 That person must produce such evidence of his entitlement as the Directors may properly require.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 If the person elects to transfer the Share to another person then:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

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

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**Rights of person entitled to a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed to be taken by any person,
and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares without nominal par value,
diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) distribute the net proceeds in due proportion among those Members.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer
of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of
the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
in respect of the sale.

**Reducing share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in the manner which the Directors
determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment
in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares
or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Upon the date of redemption or purchase of a Share:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's name
is removed from the register of Members with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (10)
per cent of the rights to vote at such general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the meeting is to be held in two or more places, the technology that will be used to facilitate
 the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to paragraph (d) and (to the extent applicable) the requirements of the Designated Stock
 Exchange Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;&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;&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 fourteen (14) Clear Days' notice of an extraordinary meeting and twenty-one (21) Clear
 Days' notice of an annual general meeting must be given to Members entitled to attend and
 vote at such meeting.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons
 entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Auditors (if appointed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 The
 Board may determine that the Members entitled to receive notice of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 accidental failure(which is not due to the Company's fault) to give notice of the meeting
 to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt
 of notice(which is not due to the Company's fault) 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 part only of the period from the date of the notification until the conclusion of the meeting
 to which the notice relates.

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| **11** | **Proceedings at meetings of Members** |

---

**Quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. A quorum is as follows:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject
 to Article 11.1(b)(ii) below, two or more Members holding Class B Shares carrying the right
 to vote at such general meeting; or

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

**Lack of quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 If
 a quorum is not present 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;&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;&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
 within fifteen minutes of the time appointed for the adjourned meeting, then the Members
 present in person or by proxy shall constitute a quorum.

**Chairman**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 The
 chairman of a general meeting shall be the chairman of the Board or such other Director as
 the Directors have nominated to chair Board meetings in the absence of the chairman of the
 Board. Absent any such person being present within fifteen minutes of the time appointed
 for the meeting, the Directors present shall elect one of their number to chair the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 meeting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 lf
 it appears to the chairman of the meeting that the meeting place specified in the notice
 convening the meeting is inadequate to accommodate all Members entitled and wishing to attend,
 the meeting will be duly constituted and its proceedings valid if the chairman is satisfied
 that adequate facilities are available to ensure that a Member who is unable to be accommodated
 is able (whether at the meeting place or elsewhere):

&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) to
 participate in the business for which the meeting has been convened;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 hear and see all persons present who speak (whether by the use of microphones, loud-speakers,
 audio-visual communications equipment or otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 be heard and seen by all other persons present in the same way.

**Security**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 The
 chairman may at any time adjourn a meeting with the consent of the Members constituting a
 quorum. The chairman must adjourn the meeting if so directed by the meeting. No business,
 however, can be transacted at an adjourned meeting other than business which might properly
 have been transacted at the original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 seven Clear Days' notice of the date, time and
 place of the adjourned meeting and the general nature of the business to be transacted. Otherwise
 it shall not be necessary to give any notice of the adjournment.

**Method of voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 A
 resolution put to the vote of the meeting shall be decided on a show of hands unless before,
 or on, the declaration of the result of the show of hands, a poll is duly demanded. Subject
 to the Act, a poll may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the chairman of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 at least two Members having the right to vote on the resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 any Member or Members present who, individually or collectively, hold at least ten per cent
 of the voting rights of all those who have a right to vote on the resolution.

**Outcome of vote by show of hands**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 Unless
 a poll is duly demanded, a declaration by the chairman as to the result of a resolution and
 an entry to that effect in the minutes of the meeting shall be conclusive evidence of the
 outcome of a show of hands without proof of the number or proportion of the votes recorded
 in favour of or against the resolution.

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**Withdrawal of demand for a poll**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 The
 demand for a poll may be withdrawn before the poll is taken, but only with the consent of
 the chairman. The chairman shall announce any such withdrawal to the meeting and, unless
 another person forthwith demands a poll, any earlier show of hands on that resolution shall
 be treated as the vote on that resolution; if there has been no earlier show of hands, then
 the resolution shall be put to the vote of the meeting.

**Taking of a poll**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 A
 poll demanded on the question of adjournment shall be taken immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 A
 poll demanded on any other question shall be taken either immediately or at an adjourned
 meeting at such time and place as the chairman directs, not being more than thirty Clear
 Days after the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 The
 demand for a poll shall not prevent the meeting continuing to transact any business other
 than the question on which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 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 in more than place, the chairman may appoint scrutineers
 in more than 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 In
 the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of
 the meeting at which the show of hands takes place or at which the poll is demanded shall
 not be entitled to a second or casting vote.

**Written resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign
 several documents in the like form each signed by one or more of those Members; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 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;&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;&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;&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 seven (7) days beginning with the date that the
 notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign
 several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 three (3) 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 seven (7) days beginning with the date that notice of it is first given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.22 If
 a written resolution is described as a Special Resolution or as an Ordinary Resolution, it
 has effect accordingly.

**Sole-Member Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23 If
 the Company has only one Member, and the Member records in writing his decision on a question,
 that record shall constitute both the passing of a resolution and the minute of it.

**12 Voting rights of Members**

**Right to vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 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, whether on a show of
 hands or on a poll, 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. Each Class A Share shall be
 entitled to one (1) vote on all matters subject to vote at general meetings of the Company,
 and each Class B Share shall be entitled to fifteen (15) votes on all matters subject to
 vote at general meetings of the Company. Unless otherwise required under the Act or by these
 Articles, holders of Class A Shares and Class B Shares shall at all times vote together as
 one class on all resolutions submitted to a vote by the Members.A Member shall not vote at
 a meeting of Members on any resolution concerning a matter in which that Member has an interest
 or duty, whether directly or indirectly. That Member should disclose his interests pursuant
 to these Articles. The Member shall not be counted towards a quorum of those present at the
 meeting. If the Member votes on the resolution, his vote shall not be counted.A Member shall
 not, vote in respect of any contract, transaction, arrangement or proposal in which he has
 an interest which (together with any interest of any person connected with him. otherwise
 then by virtue of his interests, direct or indirect, in Shares or debentures or other securities
 of, or otherwise in or through, the Company) and if he shall do so his vote shall not be
 counted, nor in relation thereto shall he be counted in the quorum present at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Members
 may vote in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 On
 a show of hands, every Member shall have one vote. For the avoidance of doubt, an individual
 who represents two or more Members, including a Member in that individual's own right,
 that individual shall be entitled to a separate vote for each Member.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Subject
 to Article 12.1, on a poll a Member shall have one vote for each Share he holds, unless any
 Share carries special voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 Save
 where otherwise provided, a corporate Member must act by a duly authorised representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 A
 corporate Member wishing to act by a duly authorised representative must identify that person
 to the Company by notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 The
 Directors of the Company may require the production of any evidence which they consider necessary
 to determine the validity of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 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, whether
 on a show of hands or on a poll, by that Member's receiver, *curator bonis* or
 other person authorised in that behalf appointed by that court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 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.

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**Objections to admissibility of votes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 An
 instrument appointing a proxy shall be in any common form or in any other form approved by
 the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 The
 instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 the Member's authorised attorney; or

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 The
 Directors may require the production of any evidence which they consider necessary to determine
 the validity of any appointment of a proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 A
 Member may revoke the appointment of a proxy at any time by notice to the Company duly signed
 in accordance with Article 12.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20 No
 revocation by a Member of the appointment of a proxy made in accordance with Article 12.19
 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 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 theDirectors) must be delivered so that it is
 received by the Company before the time for appointment of proxy proposes to vote. They must
 be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the registered office of the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 Article 12.21(a) and Article 12.21(b), the chairman of the Company may, in any event at his
 discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.22 Where
 a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 it is taken more than seven Clear Days after it is demanded, the form of appointment of a
 proxy and any accompanying authority (or an Electronic Record of the same) must be delivered
 in accordance with Article 12.21 before the time appointed for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 it to be taken within seven Clear Days after it was demanded, the form of appointment of
 a proxy and any accompanying authority (or an Electronic Record of the same) must be delivered
 in accordance with Article 12.21 before the time appointed for the taking of the poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.23 If
 the form of appointment of proxy is not delivered on time, it is invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 When
 two or more valid but differing appointments of proxy are delivered or received in respect
 of the same Share for use at the same meeting and in respect of the same matter, the one
 which is last validly delivered or received (regardless of its date or of the date of its
 execution) shall be treated as replacing and revoking the other or others as regards that
 Share. lf the Company is unable to determine which appointment was last validly delivered
 or received, none of them shall be treated as valid in respect of that Share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.26 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.27 The
 instrument appointing a proxy to vote at a meeting shall be deemed also to confer authority
 to demand or join in demanding a poll and, for the purposes of Article 11.11, a demand by
 a person as proxy for a Member shall be the same as a demand by a Member. Such appointment
 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

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**Corporate Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 A
 remaining Director may appoint a Director even though there is not a quorum of Directors.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 Any
 Director so appointed shall, if still a Director, retire at the next annual general meeting
 after his appointment and be eligible to stand for election as a Director at such meeting.

**Removal of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 A
 Director may be removed by Ordinary Resolution.

**Resignation of Directors**

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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;&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;&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;&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**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Company has an email address for the time being, by emailing to that email address a
 scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address
 provided by the Company's registered office a scanned copy of the notice as a PDF attachment
 (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies),
 in which event notice shall be taken to be given on the date of receipt by the Company or
 the Company's registered office (as appropriate) in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 permitted pursuant to the notice provisions, in some other form of approved Electronic Record
 delivered in accordance with those provisions in writing.

**Notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Director who appointed him revokes his appointment by notice delivered to the Board or to
 the registered office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any event happens in relation to him which, if he were a Director of the Company, would cause
 his office as Director to be vacated.

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**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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 An
 alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 The
 Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 managing Director;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Where
 a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 Secretary; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

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**Remuneration**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.17 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;&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;&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;&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;&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**

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

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&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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Unless
 otherwise permitted by the Directors, a committee must follow the procedures prescribed for
 the taking of decisions by Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 For
 so long as Shares are listed on a Designated Stock Exchange, the Board shall 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 majority of the committee members on each of the compensation
 committee and nominating and corporate governance committee shall be Independent Directors.
 The audit 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.

**Local boards**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 The
 Directors may appoint any person, whether nominated directly or indirectly by the Directors,
 to be the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 the period; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.12 The
 Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 The
 Board may, from time to time, and except as required by applicable law or (to the extent
 applicable) the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke
 the corporate governance policies or initiatives of the Company, which shall be intended
 to set forth the guiding principles and policies of the Company and the Board on various
 corporate governance related matters as the Board shall determine by resolution from time
 to time.

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**18 Meetings of Directors**

**Regulation of Directors' meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Subject
 to the provisions of these Articles, the Directors may regulate their proceedings as they
 think fit.

**Calling meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 The
 quorum for the transaction of business at a meeting of Directors shall be two (except that
 if the Board is comprised of a single Director only, then the quorum shall be one) unless
 the Directors fix some other number.

**Chairman or deputy to preside**

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

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

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**Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 A
 Director present at a meeting of Directors shall not be presumed to have assented to any
 action taken at that meeting unless he votes in favour of an action.His dissent shall be
 entered in the minutes of the meeting and he shall forward to the Company as soon as practical
 following the conclusion of that meeting he signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 A
 written resolution signed by a validly appointed alternate Director need not also be signed
 by the appointing Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 A
 written resolution signed personally by the appointing Director need not also be signed by
 his alternate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

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19 Directors' interests and disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 A Director shall not vote at a meeting of Directors on any resolution concerning a matter in which that Director has an interest or duty, whether directly or indirectly. That Director should disclose his interests pursuant to these Articles. The Director shall not be counted towards a quorum of those present at the meeting. If the director votes on the resolution, his vote shall not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 For
 the purposes of the preceding Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 general notice that a Director gives to the other Directors that he is to be regarded as
 having an interest of the nature and extent specified in the notice in any transaction or
 arrangement in which a specified person or class of persons is interested shall be deemed
 to be a disclosure that he has an interest in or duty in relation to any such transaction
 of the nature and extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 interest of which a Director has no knowledge and of which it is unreasonable to expect him
 to have knowledge shall not be treated as an interest of his.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 A
 Director shall not be treated as having an interest in a transaction or arrangement if he
 has no knowledge of that interest and it is unreasonable to expect the director to have that
 knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 For
 so long as Shares are listed on a Designated Stock Exchange, a Director shall not, as a Director,
 vote in respect of any contract, transaction, arrangement or proposal in which he has an
 interest which (together with any interest of any person connected with him. otherwise then
 by virtue of his interests, direct or indirect, in Shares or debentures or other securities
 of, or otherwise in or through, the Company) and if he shall do so his vote shall not be
 counted, nor in relation thereto shall he be counted in the quorum present at the meeting,
 but (in the absence of some other material interest than is mentioned below) none of these
 prohibitions shall apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 giving of any security, guarantee or indemnity in respect of:

&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) money
 lent or obligations incurred by him or by any other person for the benefit of the Company
 or any of its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 debt or obligation of the Company or any of its subsidiaries for which the Director himself
 has assumed responsibility in whole or in part and whether alone or jointly with others under
 a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the Company or any of its subsidiaries is offering securities in which offer the Director
 is or may be entitled to participate as a holder of securities or in the underwriting or
 sub-underwriting of which the Director is to or may participate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 act or thing done or to be done in respect of any arrangement for the benefit of the employees
 of the Company or any of its subsidiaries under which he is not accorded as a Director any
 privilege or advantage not generally accorded to the employees to whom such arrangement relates;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 matter connected with the purchase or maintenance for any Director of insurance against any
 liability or (to the extent permitted by the Act) indemnities in favour of Directors, the
 funding of expenditure by one or more Directors in defending proceedings against him or them
 or the doing of any thing to enable such Director or Directors to avoid incurring such expenditure.

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| 20 | Minutes |

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&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on 31 March
 in each year and begin on 1 April in each year.

**Auditors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 The
 Directors may appoint an Auditor of the Company who shall hold office on such terms as the
 Directors determine.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 The
 Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
 of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Dividends
 may be declared and paid out of any funds of the Company lawfully available for distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

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**Payment of interim dividends and declaration of final dividends by Directors**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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**

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

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**Right of set off**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 some assets in trustees.

**How payments may be made**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

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

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

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**Applying an amount for the benefit of Members**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other amount paid out of a share premium account as permitted by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 Notwithstanding
 the preceding Article, on the redemption or purchase of a Share, the Directors may pay the
 difference between the nominal value of that Share and the redemption purchase price out
 of the profits of the Company or, as permitted by the Act, out of capital.

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| 26 | Seal |

---

**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**

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

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**When and how seal is to be used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single Director (or his alternate).

**If no seal is adopted or used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.5 The
 Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company;

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 trustee of an employee or retirement benefits scheme or other trust in which any of the persons
 referred to in paragraph (a) is or was interested.

**28 Notices**

**Form of notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 resolution states how an Electronic Record may be given and, if applicable, specifies an
 email address for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 terms of that resolution are notified to the Members for the time being and, if applicable,
 to those Directors who were absent from the meeting at which the resolution was passed.

If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 A
 notice may not be given by Electronic Record to a person other than the Company unless the
 recipient has notified the giver of an Electronic address to which notice may be sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4 Subject
 to the Act, (to the extent applicable) the Designated Stock Exchange Rules and to any other
 rules which the Company is bound to follow, the Company may also send any notice or other
 document pursuant to these Articles to a Member by publishing that notice or other document
 on a website where:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.5 For
 so long as the Shares are listed on a Designated Stock Exchange, 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**

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

---

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**Delivery of written notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.9 A
 written notice shall be signed when it is autographed by or on behalf of the giver, or is
 marked in such a way as to indicate its execution or adoption by the giver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.10 An
 Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

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

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

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**Date of giving notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.16 A
 notice is given on the date identified in the following table

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;(A) Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp;(B) By leaving it at the Member's registered address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp;(C) By posting it by prepaid post to the street or postal address of that recipient | &nbsp;&nbsp;14 clear days after the date it was posted |
| &nbsp;&nbsp;(D) By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;48 hours after the date it was sent |
| &nbsp;&nbsp;(E) By publication on a website | &nbsp;&nbsp;24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

**Saving provision**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of
 those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, that Member to an address specified in accordance with these Articles for the purpose
 for which it was sent; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 29.7 does not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 28.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, the Secretary or that Officer to an address specified in accordance with these Articles
 for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes
 that the original document, or the Electronic Record of it, was altered, without the approval
 of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise
 doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 divide in specie among the Members the whole or any part of the assets of the Company and,
 for that purpose, to value any assets and to determine how the division shall be carried
 out as between the Members or different classes of Members; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 vest the whole or any part of the assets in trustees for the benefit of Members and those
 liable to contribute to the winding up.

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**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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**

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

**33 Exclusive jurisdiction and forum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 For
 so long as any Shares are listed on a Designated Stock Exchange, unless the Company consents
 in writing to the selection of an alternative forum, the courts of Cayman Islands shall be
 the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 derivative action or proceeding brought on behalf of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 action asserting a claim of breach of a fiduciary duty owed by any Director, officer or other
 employee of the Company to the Company or the Members,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 action asserting a claim arising pursuant to any provision of the Act or these Articles,
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 action asserting a claim against the Company governed by the internal affairs doctrine (as
 such concept is recognised under the laws of the United States of America).

Any person or entity purchasing or otherwise acquiring any Share in the Company shall be deemed to have notice of and consented to the provisions of this Article.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2 For
 so long as any Shares are listed on a Designated Stock Exchange, this Article 33.1 shall

 U.S. Securities Act or the Exchange Act. Unless the Company consents in writing to the selection
 of an alternative forum, to the fullest extent permitted by Applicable Law, the courts of
 the federal district courts of the United States shall be the exclusive forum for the resolution
 of any complaint asserting a cause or causes of action arising under the U.S. Securities
 Act or Exchange Act, including all causes of action asserted against any defendant named
 in such complaint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.3 Each
 Member shall be deemed to have notice of and consented to the provisions of this Article.

## Exhibit 4.2

**Exhibit 4.2**

**Form of Representative's Warrants**

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING S TO ANYONE OTHER THAN (I) REVERE SECURITIES, LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF REVERE SECURITIES, LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS SIX MONTHS FROM THE COMMENCEMENT OF SALES OF THE OFFERING]. VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS THREE YEARS FROM THE COMMENCEMENT OF SALES OF THE OFFERING].

ORDINARY SHARE PURCHASE WARRANT

For the Purchase of [●] Class A Ordinary Shares

of

EPWK HOLDINGS LTD.

1. <u>Purchase Warrant</u>. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Revere Securities, LLC ("Holder"), as registered owner of this Purchase Warrant, EPWK Holdings Ltd., a Cayman Islands exempted company (the "Company"), Holder is entitled, at any time or from time to time from [●], [DATE THAT IS SIX MONTHS FROM THE COMMENCEMENT OF SALES OF THE OFFERING] (the "Commencement Date"), and at or before 5:00 p.m., Eastern time, [●], [DATE THAT IS THREE YEARS FROM THE COMMENCEMENT OF SALES OF THE OFFERING] (the "Expiration Date"), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [●]Class A ordinary shares of the Company, par value $0.0001 per share (the "Shares"), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Share; *<u>provided</u>*, *<u>however</u>*, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term "Exercise Price" shall mean the initial exercise price or the adjusted exercise price, depending on the context. The term "Effective Date" shall mean [●], 2023, the date on which the Registration Statement on Form F-1 (File No. [●]) of the Company was declared effective by the U.S. Securities and Exchange Commission (the "Commission").

2. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Exercise Form</u>. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Cashless Exercise</u>. If at any time after the Commencement Date there is no effective registration statement registering, or no current prospectus available for, the resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event the Company shall issue to Holder, Shares in accordance with the following formula:

X = <u>Y(A-B)</u> <br> A

---

| | | | |
|:---|:---|:---|:---|
| Where, |  |  |  |
|  | X | = | The number of Shares to be issued to Holder; |
|  | Y | = | The number of Shares for which the Purchase Warrant is being exercised; |
|  | A | = | The fair market value of one Share; and |
|  | B | = | The Exercise Price. |

---

For purposes of this Section 2.2, the fair market value of a Share is defined as follows:

(i) if the Company's Class A ordinary share is traded on a securities exchange, the value shall be deemed to be the closing price on such exchange prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; or

(ii) if the Company's Class A ordinary share is actively traded over-the-counter, the value shall be deemed to be the closing bid price prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Legend</u>. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (the "Securities Act"):

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE LAW. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE LAW WHICH, IN THE OPINION OF COUNSEL TO THE COMPANY, IS AVAILABLE."

3. <u>Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General Restrictions</u>. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant or the securities issuable hereunder for a period of one hundred eighty (180) days following the date of commencement of sales of the Offering to anyone other than: (i) Revere Securities, LLC ("Revere Securities, LLC") or an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of Revere Securities, LLC or of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1), or (b) for a period of one hundred eighty (180) days following the date of commencement of sales of the Offering, cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after one hundred eighty (180) days after the date of commencement of sales of the Offering, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) business days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Restrictions Imposed by the Securities Act</u>. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Securities Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Winston & Strawn LLP shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the Commission and compliance with applicable state securities law has been established.

4. <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 <u>Grant of Right</u>. The Company, upon written demand (a "Demand Notice") of the Holders of at least 51% of the Purchase Warrants and/or the underlying Shares, agrees to register, on one (1) occasion, all or any portion of the Shares underlying the Purchase Warrants (collectively, the "Registrable Securities"). On such occasion, the Company will file a registration statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by the Commission; *<u>provided</u>*, *<u>however</u>*, that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated. The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holders to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten (10) days after the date of the receipt of any such Demand 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;4.1.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities in such states as are reasonably requested by the Holders; *<u>provided</u>*, *<u>however</u>,* that in no event shall the Company be required to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or submit to general service of process in such State, or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on only one (1) occasion and such demand registration right shall terminate on the fifth anniversary of the date of commencement of sales of the Offering in accordance with FINRA Rule 5110(g)(8)(C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>"Piggy-Back" Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 <u>Grant of Right</u>. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for a period of no more than seven (7) years from the date of commencement of sales of the Offering in accordance with FINRA Rule 5110(g)(8)(D), to include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or Form S-4 or any equivalent form); *<u>provided</u>*, *<u>however</u>*, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of Class A ordinary shares which may be included in the Registration Statement because, in such underwriter(s)' judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders; *<u>provided</u>*, *<u>however</u>,* that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days' written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the "piggy-back" rights provided for herein by giving written notice within ten (10) days of the receipt of the Company's notice of its intention to file a registration statement. Except as otherwise provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.2.2; *<u>provided</u>*, *<u>however</u>*, that such registration rights shall terminate on the fifth anniversary of the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>General Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 <u>Indemnification</u>. The Company shall indemnify the Holders of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company, dated as of [●], 2023. The Holders of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify 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;4.3.2 <u>Exercise of Purchase Warrants</u>. Nothing contained in this Purchase Warrant shall be construed as requiring the Holders to exercise their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness 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;4.3.3 <u>Documents Delivered to Holders</u>. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company, dated the Effective Date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a "cold comfort" letter dated the Effective Date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report on the Company's financial statements included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants' letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or the Auditor and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and the Auditor, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4 <u>Underwriting Agreement</u>. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders, their Shares and their intended methods of distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5 <u>Documents to be Delivered by Holders</u>. Each of the Holders participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.6 <u>Damages</u>. Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company otherwise fails to comply with such provisions, the Holders shall, in addition to any other legal or other relief available to the Holders, be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Termination of Registration Rights</u>. The registration rights afforded to the Holders under this Section 4 shall terminate on the earliest date when all Registrable Securities of such Holder either: (i) have been publicly sold by such Holder pursuant to a Registration Statement, (ii) have been covered by an effective Registration Statement on Form F-1 or Form F-3 (or successor form), which may be kept effective as an evergreen Registration Statement, or (iii) may be sold by the Holder within a 90 day period without registration pursuant to Rule 144 or consistent with applicable Commission interpretive guidance (including CD&I no. 201.04 (April 2, 2007) or similar interpretive guidance).

5. <u>New Purchase Warrants to be Issued</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Partial Exercise or Transfer</u>. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Lost Certificate</u>. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

6. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Adjustments to Exercise Price and Number of Securities</u>. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 <u>Share Dividends; Split Ups</u>. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the Exercise Price shall be proportionately decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 <u>Aggregation of Shares</u>. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the Effective Date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the Exercise Price shall be proportionately increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 <u>Replacement of Securities upon Reorganization, etc</u>. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 <u>Changes in Form of Purchase Warrant</u>. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Substitute Purchase Warrant</u>. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Elimination of Fractional Interests</u>. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

7. <u>Reservation and Listing</u>. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder.

8. <u>Certain Notice Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Holder's Right to Receive Notice</u>. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Events Requiring Notice</u>. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; (ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor; or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Notice of Change in Exercise Price</u>. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change ("Price Notice"). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company's Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Transmittal of Notices</u>. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been duly made when hand delivered or mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice to the Holders:

If to the Holder:

**Revere Securities, LLC**

650 Fifth Avenue, 35th Floor Ste 303

New York, New York 10019

Attn: Dajiang Guo

Email: dguo@reveresecurities.com

*with a copy (which shall not constitute notice) to:*

**Winston & Strawn LLP**

800 Capitol Street

Suite 2400

Houston, TX 77002-2925

Attn: Michael J. Blankenship

Email: Mblankenship@winston.com

If to the Company:

**EPWK Holdings Ltd.**

Building #2, District A, No. 359 Chengyi Rd.,

The third phase of Xiamen Software Park

Xiamen City, Fujian Province

The People's Republic of China, 361021

Attention: Guohua Huang

Tel: 0086-18805075999

*with a copy (which shall not constitute notice) to:*

**VCL Law LLP** 

1945 Old Gallows Road, Suite 630

Vienna, VA 22182

Attention: Fang Liu, Esq.

Email: fliu@vcllegal.com

Tel: +1 (703) 919-7285

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendments</u>. The Company and Revere Securities, LLC may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Revere Securities, LLC may deem necessary or desirable and that the Company and Revere Securities, LLC deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Entire Agreement</u>. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Binding Effect</u>. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative 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 Purchase Warrant or any provisions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Governing Law; Submission to Jurisdiction; Trial by Jury</u>. This Purchase Warrant 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 Purchase Warrant 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 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 8 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 and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Waiver, etc</u>. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Execution in Counterparts</u>. This Purchase Warrant 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. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Exchange Agreement</u>. As a condition of the Holder's receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Revere Securities, LLC enter into an agreement ("Exchange Agreement") pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

*[Signature Page Follows]*

IN WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●] day of [●], 2023.

---

| |
|:---|
| EPWK HOLDINGS LTD. |
| By: |
| Name: |
| Title: |

---

 

*[Form to be used to exercise Purchase Warrant]*

 

Date: [●], 2023

The undersigned hereby elects irrevocably to exercise the Purchase Warrant for [●]Class A ordinary shares, par value $0.0001 per share (the "Shares"), of EPWK Holdings Ltd., a Cayman Islands exempted company (the "Company"), and hereby makes payment of $[●] (at the rate of $[●] per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

or

The undersigned hereby elects irrevocably to convert its right to purchase [●] Shares of the Company under the Purchase Warrant for [●] Shares, as determined in accordance with the following formula:

 X = <u>Y(A-B)</u> <br> A

---

| | | | |
|:---|:---|:---|:---|
| Where, |  |  |  |
|  | X | = | The number of Shares to be issued to Holder; |
|  | Y | = | The number of Shares for which the Purchase Warrant is being exercised; |
|  | A | = | The fair market value of one Share which is equal to $[●]; and |
|  | B | = | The Exercise Price which is equal to $[●] per share |

---

The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved by the Company in its sole discretion.

Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

Signature ______________________________________

Signature Guaranteed ______________________________________

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

---

| | |
|:---|:---|
| Name: | |
|  | (Print in Block Letters) |
| Address: | |

---

NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

*[Form to be used to assign Purchase Warrant]*

 

ASSIGNMENT

(To be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

FOR VALUE RECEIVED, [ ● ] does hereby sell, assign and transfer unto the right to purchase Class A ordinary shares, par value $0.0001 per share, of EPWK Holdings Ltd., a Cayman Islands exempted company (the "Company"), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

Dated: [●], 2023

Signature ______________________________________

Signature Guaranteed ______________________________________

NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| EPWK HOLDINGS LTD. | **D** **+852 3656 6054** |
| EPWK HOLDINGS LTD. | **E** **nathan.powell@ogier.com** |
| EPWK HOLDINGS LTD. |  |
| EPWK HOLDINGS LTD. | Reference: NMP/CLE/501588.00001 |

---

[Date]

Dear Sirs

**EPWK HOLDINGS LTD. (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 1933, as amended (the **Act**). The Registration Statement relates to the offering (the **Offering**) of [●] class A ordinary shares of a par value of US$0.0001 each of the Company (the **Class A Ordinary Shares**), plus an option to issue up to 15% of the total number of Class A Ordinary Shares to be offered by the Company pursuant to the Offering (excluding shares subject to this option) to cover the over-allotment option to be granted to the underwriter (collectively, the **IPO Shares**). The Company will also be issuing warrants to the underwriter (the **Underwriter Warrants**) to purchase such number of Class A Ordinary Shares in the Company equal to five (5.0%) percent of the total number of Class A Ordinary Shares sold in the Offering (including the Class A Ordinary Shares sold pursuant to the over-allotment option) (the **Warrant Shares**).

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents. A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company dated 24 March 2022 issued by the Registrar of Companies
of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amended and restated memorandum and articles of association of the Company adopted by special resolutions
dated 29 December 2022 (respectively, the **Memorandum** and the **Articles**);

(c) a certificate of good standing dated [●] (the **Good Standing Certificate**) issued by the Registrar in respect of the Company;

(d) the register of directors and officers of the Company as at [●] (the **ROD**);

(e) the register of members of the Company as at [●] (the **ROM**, and together with the ROD, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a draft copy of the underwriting agreement between the Company and Revere Securities LLC as exhibited
to the Registration Statement (the **Underwriting Agreement**);

(g) a certificate from a director of the Company dated [●] as to certain matters of facts (the **Director's Certificate**);

(h) the unanimous written resolutions of the directors of the Company dated [●] approving, among other things, the Company's filing of the Registration Statement and issuance of the IPO Shares, the Underwriter Warrants and the underlying Warrant Shares (the **Board Resolutions**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement.

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals
and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Good Standing Certificate, the Registers and the Director's Certificate is accurate
and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all copies of the Registration Statement are true and correct copies and the Registration Statement conform
in every material respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us
in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Board Resolutions remains in full force and effect and each of the directors of the Company has acted
in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required
of him or her in approving the Offering and no director has a financial interest in or other relationship to a party of the transactions
contemplated by the Documents which has not been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither the directors and shareholders of the Company have taken any steps to appoint a liquidator of
the Company and no receiver has been appointed over any of the Company's property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the consideration payable for each IPO Share and Warrant Share shall be no less than the par value of
US$0.0001 each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the ROM is true, accurate and complete in all aspects as at the date of this opinion and until the issuance
of the IPO Shares and Warrant Shares the Company will not issue any further shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Company will duly execute and deliver the underwriting agreement in the draft form as exhibited to
the Registration Statement in accordance with the Board Resolutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have
any implication in relation to the opinions expressed herein.

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar.

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorised share capital of the Company is US$50,000 divided into (i) 448,814,684 class A ordinary
shares of US$0.0001 par value each and (ii) 51,185,316 class B ordinary shares of US$0.0001 par value each.

**Valid Issuance of shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The issuance and allotment of the IPO Shares have been duly authorised and, when issued and allotted in
accordance with the Registration Statement and the duly passed Board Resolutions and once consideration is paid for in accordance with
the Registration Statement, will be validly issued, fully paid and non-assessable. Once the register of members of the Company has been
updated to reflect the issuance, the shareholders recorded in the register of members will be deemed to have legal title to the IPO Shares
set against their respective name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Warrant Shares have been duly authorised and, when issued and sold in accordance with the Registration
Statement, the duly signed and delivered Underwriting Agreement and the duly passed Resolutions and once consideration as stated in the
Underwriting Agreement, which shall not be less than the par value per Warrant Share, is paid per Warrant Share, will be validly issued,
fully paid and non-assessable.

**Registration Statement - Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The statements contained in the Registration Statement in the section headed "*Cayman Islands Taxation* ", in so far as they purport to summarise the laws or regulations of the Cayman Islands, are accurate in all material
respects and that such statements constitute our opinion.

4 Limitations and Qualifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion,
made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references
in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of warranties or
conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Registration
Statement and any other agreements into which the Company may have entered or any other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in respect
of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure
to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which
its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit
of the public of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 In **good standing** means only that as of the date of this opinion the Company is up-to-date with
the filing of its annual returns and payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company's
good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands
other than the Companies Act.

5 Governing law of this opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this
opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that
legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforceability of Civil Liabilities*"; "*Taxation*" and "*Legal Matters*" of the Registration Statement.

This opinion may be used only in connection with the offer and sale of the IPO Shares and the Underwriter Warrants (and the Warrant Shares underlying the Underwriter Warrants) while the Registration Statement is effective.

Yours faithfully

**Ogier**

## Exhibit 10.2

**Exhibit 10.2**

**厦门一品威客网络科技股份有限公司**

**与**

**亿品微客（广州）网络科技有限公司**

**之**

**独家业务合作协议**

**Exclusive Business Cooperation Agreement**

**Between**

**Xiamen EPWK Network Technology Co., Ltd**

**And**

**Yipinweike (Guangzhou) Network Technology Co.,Ltd**

**二〇二二年八月十一日**

**August 11, 2022**

**独家业务合作协议**

**Exclusive Business Cooperation Agreemnt**

**甲方：厦门一品威客网络科技股份有限公司**

**Party A: Xiamen EPWK Network Technology Co., Ltd.**

法定代表人：黄国华

Legal Representative: Guohua HUANG

地址：厦门市软件园三期诚毅大街359号404单元

Address: Unit 404, No. 359, Chengyi Street, Phase III, Xiamen Software Park

**乙方：亿品微客（广州）网络科技有限公司**

**Party B: Yipinweike (Guangzhou) Network Technology Co.,Ltd.**

法定代表人：黄国华

Legal Representative: Guohua HUANG

地址：广州市天河区岑村圣堂大街工业区38号二层D区152房

Address: Room 152, Zone D, 2nd Floor, No. 38, Shengtang Street Industrial Zone, Cencun, Tianhe District, Guangzhou

**鉴于**：

**Whereas:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) 甲方在中国从事市场平台和企业孵化器运营业务（ "**业务**" ），乙方在前述业务所涉及的行业和技术方面具有专长和资源；

Party A is engaged in Market platform and business incubator operation business(hereinafter referred to as "**the Business**") in China, and Party B has the expertise and resources in the strategic consulting related to the aforesaid Business.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 乙方愿意向甲方提供与业务相关的技术支持、咨询和其他服务（" **技术支持服务** "），甲方同意接受乙方提供的该等服务。

Party B is willing to provide Party A with technical support services, consulting services and other services related to the Business (hereinafter referred to as the "**Technical Support Services**") and Party A agrees to accept such services provided by Party B.

因此，双方经协商一致，达成本协议如下：

Now therefore, through mutual consultation, the parties have reached the following agreements:

**第一条** **技术支持服务**

**Article 1 Technical Support Services**

1.1 提供服务 Provision
of Services

本协议有效期内，乙方同意作为甲方的独家业务合作提供商，向甲方提供本协议附件一中所列的并由甲方实际要求的技术支持服务。

During the validity term of this Agreement, Party B agrees to provide Party A with the Technical Support Services listed in Appendix 1 and actually required by Party A as PartyA's exclusive business operation provider.

1.2 接受服务 Acceptance
of Services

甲方同意接受乙方提供的技术支持服务，并进一步同意，在本协议有效期内，就本协议约定事宜，乙方为甲方的独家业务合作提供商，除非经乙方事先书面同意，甲方不得委托或接受任何第三方提供本协议附件一所列之服务。

Party A agrees to accept the Technical Support Services provided by Party B and further agrees that during the validity term of this Agreement, Party B shall be Party A's exclusive business operation provider and Party A shall not entrust or accept any third party to provid the services listed in Appendix 1 hereto without Party B's prior written consent.

1.3 知识产权 Intellectual
Property Rights

对所有因履行本协议而产生或与之相关的任何和所有知识产权相关的一切权利、权属和权益（包括但不限于著作权、专利权、商标权、计算机软件著作权、专有技术、技术秘密、商业秘密等），无论是由乙方开发还是甲方基于乙方的知识产权开发的，乙方均享有独占或排他的权利。

For all rights, ownership and interests related to any and all intellectual property rights arising from or in respect of the performance of this Agreement (including but not limited to copyrights, patent rights, trademark rights, computer software copyrights, know-how, technology secrets, trade secrets etc.), whether they are developed by Party B or by Party A based on Party B's intellectual property rights, Party B shall enjoy the sole and exclusive rights.

**第二条** **服务费及赔偿**

**Article 2 Service Fee and Compensation**

2.1 支付服务费 Payment of Service Fee

甲方同意向乙方支付服务费用（"**服务费**"）。服务费的金额，应根据甲方实际经营情况予以确认，且相当于甲方抵销上一年度亏损（如有）、营运成本、各项开支、税项及其他法定支出外的合并利润总额，乙方随时有权根据实际服务范围并参考甲方及甲方附属公司的运营情况及扩张需求调整服务费。

Party A agrees to pay to Party B the Technical Support Services fee (hereinafter referred to as the "**Service Fee**"). The amount of Service Fee shall be determined according to Party A's actual operation, and amounts to Party A's profit from amalgamation offsetting previous year's loss (if any), operating expense, all expenses, tax and other mandatory expenditure. Party B shall have the right to adjust the Service Fee according to the actual scope of service, and referring to the operation situation and expanding demand of Party A and its affiliates.

甲方同意于各会计年度期末届满之日起六十（60）日内支付上个会计年度的服务费。同时，乙方可随时在各会计年度每一季度或半年度审计完成后，要求甲方支付合理数额的服务费，服务费金额由乙方确定并以书面形式通知（"**支付通知**"）甲方，甲方应在支付通知之日后十五（15）日内进行支付。乙方随时有权根据甲方实际经营情况调整服务费。

Party A agrees to pay previous year's Service Fee within sixty (60) days as of the date of termination of each accounting year. Meanwhile, Party B shall have the right to claim reasonable amount of Service Fee from Party A, at any time after annual audit or semi-annual audit of each year being finished. The amount of Service Fee shall be determined by Party B and notified in writing (hereinafter referred to as the "**Payment Notice**") to Party A. Party A shall make the payment within fifteen (15) days as of the date of Payment Notice. Party B shall have the right to adjust the Service Fee according to the actual operation of Party A at any time.

2.2 补偿 Compensation

除服务费以外，与技术支持服务相关的各项合理费用和开支，包括但不限于差旅、食宿、交通、通讯费用等，将按实际发生的金额由乙方向甲方收取。

Besides the Service Fee, all the reasonable expenses and expenditures related to the technical support services, including but not limited to business travel, accommodation, transportation and communication costs, shall be charged by Party B to Party A according to the actual amount incurred.

2.3 提供财务资料 Provision of Financial Data

在甲方每个财务年度结束后十五（15）日内，甲方应向乙方提供该财务年度的财务报表及一切经营记录、重大业务合同和其他有关财务资料。如果乙方对甲方提供之财务资料提出质疑，可委派信誉良好的独立会计师对有关资料进行审计。甲方应予以配合。

Within fifteen (15) days after the end of each financial year, Party A shall provide Party B with the financial statements and all business records, major business contracts and other related financial data for the financial year. If Party B has questions with the financial data provided by Party A, it may appoint a reputable independent accountant to audit the relevant data and Party A shall offer its cooperation.

2.4 赔偿 Indemnity

对于与甲方所要求的技术支持服务的内容相关的或由此而引起的，所有针对乙方或其代理人、代表、董事、高级管理人员和雇员的任何诉讼、求偿或其他请求所导致的任何损失、损害、义务或费用，甲方应赔偿乙方及其代理人、代表、董事、高级管理人员和雇员并使他们免受损害。

Party A shall indemnify and hold harmless Party B and its agents, representatives, directors, officers and employees from any losses, damage, liability or expenses arising from any litigation, claim or other requests against Party B or its agents, representatives, directors, officers and employees relating to or arising from the Technical Support Services required by Party A.

**第三条** **双方责任**

**Article 3 Liability of Both Parties**

3.1 甲方的责任 Party A's Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 及时提供乙方完成本协议项下技术支持服务工作所必需的资料和信息，并保证资料和信息的真实、准确；

To provide Party B with the data and information necessary for the completion of theTechnical Support Services under this Agreement, and guarantee the authenticity and accuracy of such data and information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 按本协议第二条的规定，按时向乙方支付相关费用；

To pay the relevant expenses to Party B on time in accordance with the provisions of Article 2 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 法律法规所规定的其它责任。

Other liability as stipulated in the laws and regulations.

3.2 乙方的责任 Party B's Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 成立由经验丰富人员组成的专业工作小组按照本协议约定提供技术支持服务；

To set up a professional working group composed of experienced personnel to provide theTechnical Support Services in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 保证提供给甲方的咨询意见及材料符合有关法律法规的规定。

To guarantee that the consulting opinions and data provided to Party A comply with the provisions of the relevant laws and regulations.

**第四条** **陈述和保证**

**Article 4 Representations and Warranties**

4.1 甲方的陈述和保证 Party A's Representations and Warranties

甲方向乙方作出以下陈述和保证：

Party A represents and warrants to Party B that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 甲方是依法中国法律正式成立并有效存续的有限责任公司，主要从事业务；

Party A is a limited liability company formally established and validly existing in accordance with Chinese laws, mainly engaged in the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 甲方已经取得经营和发展业务所必需的全部政府批准、授权、执照、许可、登记和备案，并承诺在本协议有效期限内维持其效力；

Party A has already obtained all the government's approval, authorization, licenses, permits, registration and archival filing for the operation and development of the Business, and undertakes to maintain their effectiveness within the validity term of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 甲方具有签署并履行本协议的全部公司权利和权力，并已采取一切必要的公司行动正式授权签署和履行本协议，且该签署和履行并不违反对其有约束力或影响的法律或合同的限制；

Party A has all corporate rights and powers to sign and perform this Agreement and has taken all necessary corporate actions to formally sign and perform this Agreement. The signing and performance of this Agreement do not violate the restrictions of laws or contracts that have binding effect or influence on it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 本协议一经签署即构成甲方合法、有效且对其具有约束力的义务并可按照本协议的条款对其强制执行；以及

This Agreement shall constitute the legal, effective and binding obligations of Party A and may be enforced on Party A in accordance with the terms of this Agreement once it is executed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 甲方及其代理人、员工或代表提供给乙方的所有资料在所有重要方面均是真实、完整和准确的，并没有误导。

All the data provided by Party A, its agents, employees or representatives to Party B are true, complete and accurate in all important aspects and are not misleading.

4.2 乙方的陈述和保证 Party B's Representations and Warranties

乙方向甲方作出以下陈述和保证：

Party B represents and warrants to Party A that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 乙方是一家根据中国法律正式成立并有效存续的外商独资企业；

Party B is a wholly foreign-owned enterprise formally established and validly existing in accordance with Chinese law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 乙方具有签署并履行本协议的全部公司权利和权力，并已采取一切必要的公司行动正式授权签署和履行本协议，且该签署和履行并不违反对其有约束力或影响的法律或合同的限制；

Party B has all corporate rights and powers to sign and perform this Agreement and has taken all necessary corporate actions to formally sign and perform this Agreement. The signing and performance of this Agreement do not violate the restrictions of laws or contracts that have binding effect or influence on it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 本协议一经签署即构成乙方合法、有效且对其具有约束力的义务并可按照本协议的条款对其强制执行；

This Agreement shall constitute the legal, effective and binding obligations of Party B and may be enforced on Party B in accordance with the terms of this Agreement once it is executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 乙方及其代理人、员工或代表提供给甲方的所有资料在所有重要方面均是真实、完整和准确的，并没有误导；以及

All the data provided by Party B, its agents, employees or representatives to Party A are true, complete and accurate in all important aspects and are not misleading, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 乙方将勤勉尽责地按照适用的中国法律、法规和有关行政规章以及本协议的规定提供本协议项下的技术支持服务。

Party B shall diligently and conscientiously provide the Technical Support Services under this Agreement in accordance with applicable Chinese laws, regulations and relevant administrative regulations as well as the provisions of this Agreement.

4.3 违反陈述 Violation
of the Representations

如果出现可能使本协议任何一方在第4.1条或第4.2条（视情况而定）下所作的任何陈述或保证成为不真实或不准确的情况时，有关一方应立即以书面形式通知对方，并应按照对方的合理要求采取措施予以补救。每一方同意补偿另一方因其在第4.1条或第4.2条（视情况而定）作出的陈述和保证的任何不真实性或不准确性或因其违反本协议项下的任何规定或约定所产生或与此相关的，另一方所遭受的任何和所有债务、义务、赔偿、罚款、裁决、诉讼、费用、开支和代垫费用。

If there are any conditions under which any representation or warranty made by any party to this Agreement under Article 4.1 or 4.2 (as the case may be) may become untrue or inaccurate, the relevant party shall immediately notify the other party in writing and take remedial measures in accordance with the reasonable requirements of the other party. Each party agrees to compensate the other party for any and all liabilities, obligations, compensation, fines, ruling, proceedings, costs, expenses and reimbursed expenses incurred by the other party arising from or in relation to any falsity or inaccuracy of the representations and warranties made under Article 4.1 or 4.2 (as the case may be) or violation of any provision or agreement under this Agreement.

**第五条** **知识产权**

**Article 5 Intellectual Property Rights**

5.1 创造的权利 Rights of Creation

除非双方另行约定，乙方应拥有本协议期间，甲方基于乙方的技术支持服务创造或获得的所有知识产权。甲方应签署使乙方成为该等知识产权的所有权人所需的所有文件并采取使乙方成为该等知识产权的所有权人所需的一切行动。甲方不得就乙方拥有任何该等知识产权的所有权提出反对意见，并且未经乙方事先书面同意，不得申请注册或试图取得或以其他方式获得任何该等知识产权。

Unless otherwise agreed by both parties, Party B shall own all the intellectual property rights created or obtained by Party A based on Party B's Technical Support Services during the term of this Agreement. Party A shall sign all documents necessary for Party B to become the owner of such intellectual property rights and take all actions required to make Party B a owner of such intellectual property rights. Party A shall not object to Party B's ownership of any such intellectual property rights and shall not apply for registration or attempt to acquire or otherwise obtain any intellectual property rights without Party B's prior written consent.

5.2 名称、商标和标识 Name, Trademark and Logos

未经乙方事先书面同意，甲方不可在其任何广告、促销材料、新闻发布或任何其他宣传材料中使用乙方的名称、商标、标识、域名或其任何变化形式或使用将引起对其中任何一项产生任何联想的措词。

Without the prior written consent of Party B, Party A shall not use Party B's name, trademarks, logos, domain name or any change form of the above or use the wording that may make people associate it with any of the above in any advertising, promotional materials, press releases or any other promotional materials.

**第六条** **保密**

**Article 6 Confidentiality**

6.1 一般义务 General
Obligations

在本协议期限内和在本协议因任何原因终止后的五（5）年内，甲方：

During the validity term of this Agreement and within five (5) years after the termination of this Agreement for any reason, Party A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 应对由于接受乙方的技术支持服务而了解或接触到的关于乙方的机密资料和信息（" **保密资料** "）保密，包括但不限于关于乙方的业务、经营及其他事务的所有技术、诀窍、工艺、软件、专有数据、商业秘密、行业惯例、方法、规格、设计、财务及其他专有资料，无论该保密资料以书面、口头或任何其他形式在本协议签署之前、当日或之后披露给甲方；

shall keep secret of the confidential data and information (hereinafter referred to as "Confidential Data") on Party B that it learns about or has access to because it accepts Party B's Technical Support Services, including but not limited to all technologies, know-how, crafts, software, proprietary data, trade secrets, industry practices, methods, specifications, design, finance and other proprietary information on Party B's Business, operation and other affairs, regardless of the Confidential Data is in written, oral or any other form or disclosed to Party A prior to, on the date or after the signing of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 不得向任何第三方披露保密资料，除非经乙方事先书面同意或根据第 6.2 条和第 6.3 条的规定；和

shall not disclose the Confidential Data to any third party, unless consented by Party B in writing in advance or according to provisions of articles 6.2 and 6.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 不得为任何目的使用保密资料，除非是履行本协议项下的义务。

shall not use the Confidential Data for any purpose unless to fulfill the obligations under this Agreement.

6.2 向接收人披露 Disclosure to The Recipient

甲方为达到本协议目的需要的情况下，可向其董事、监事、高级管理人员、经理、合作伙伴、员工及法律、财务和专业顾问（合称"**接收人**"），在需要了解的基础上披露保密资料。

Party A may disclose the Confidential Data to its directors, officers, managers, partners, employees and legal, financial and professional consultants (hereinafter referred to as the "**Recipients**") based on the need of knowledge of such Confidential Data to achieve the purpose of this Agreement.

6.3 接收人的义务 Recipients' Obligations

甲方应确保各接收人知道和遵守甲方在本协议项下对保密资料的所有保密义务，如同该接收人是本协议的一方。

Party A shall guarantee that the Recipients know and abide by all the confidentiality obligations of Party A for the Confidential Data under this Agreement as of the Recipients as a whole is a party to this Agreement.

6.4 例外情况 Exceptions

第6.1条的规定不适用于：

The provisions of Article 6.1 do not apply to the following Confidential Data:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 已成为或将成为公众可以得到的保密资料，而该资料的披露不是因为甲方或其任何接收人违反本协议披露或指示披露所造成的；

Confidential information that has become or will become publicly available, and the disclosure of such information is not caused by Party A or any of its recipients breaching this Agreement or instructing the disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 甲方根据任何适用法律、法规、任何监管机构的要求或者任何证券交易所任何适用规则的规定进行的披露，但是有关的披露只限于该等要求或规定的范围内，并且在可行的情况下，乙方应被给予机会在披露之前审阅披露的内容和对披露的内容提出意见；以及

Party A's disclosure in accordance with any applicable laws, regulations, requirements of any regulatory body or the provisions of any applicable rules of any stock exchange, but the relevant disclosures are limited to the scope of such requirements or provisions, and where feasible In such cases, Party B shall be given the opportunity to review the disclosed content and make comments on the disclosed content prior to disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 甲方根据任何政府规定或司法或监管过程的规定进行的披露或者在任何因本协议产生或与之相关的法律诉讼、起诉或程序的司法、监管或仲裁程序中进行的披露，但是有关的披露只限于该等规定或程序要求的范围内，并且在可行的情况下，乙方被给予机会在披露之前审阅披露的内容和对披露的内容提出意见。

Party A's disclosure pursuant to any governmental regulations or provisions of judicial or regulatory process or in any judicial, regulatory or arbitration proceeding arising out of or in connection with this Agreement, in any legal action, prosecution or proceeding, but Relevant disclosures are limited to the scope of such regulations or procedures, and where practicable, Party B is given the opportunity to review and comment on the disclosures prior to disclosure.

6.5 销毁资料 Destruction
of Data

本协议因任何原因终止之后的一（1）日内，甲方应从任何有关记忆装置中消除所有任何乙方的保密资料，并且应销毁或归还一切含有任何保密资料的文件、材料、软件或其他有形的媒介。如果甲方选择销毁有关的文件和材料，甲方一名经正式授权的高级管理人员应在完成销毁后，以书面形式向乙方证明甲方实际上已恰当地进行了该销毁。

Within one (1) day after this Agreement is terminated for any reason, Party A shall remove all of Party B's Confidential Data from any memory device, and shall destroy or return all documents, materials, software or other visible media containing any Confidential Data. If Party A chooses to destroy the relevant documents and materials, a duly authorized senior executive of Party A shall prove to Party B in writing after the destruction that Party A has properly destroyed all Confidential Data actually.

**第七条** **期限与终止**

**Article 7 Term and Termination**

7.1 期限 Term

本协议自双方授权代表于文首所载日期签署后生效，有效期至2032年8月10日止，除非乙方按第7.2条的规定提前终止，否则本协议有效期限届满时应自动续展一（1）年，之后依此类推。

如一品威客开曼公司（EPWK HOLDINGS LTD.）和/或甲方于2023年12月31日前未完成本次境外上市（本次境外上市指：成功在纳斯达克交易所挂牌上市），则本协议自动终止。

This Agreement shall be valid from the date of signing until August 10, 2032. unless Party B terminates it early in accordance with the provisions of Article 7.2 that the Agreement will not be renewed, otherwise the term of this Agreement shall be automatically renewed for one (1) year at the expiration date of the validity term, and so on.

In the case that EPWK HOLDINGS LTD. and/or Party A have not completed this overseas listing before December 31, 2023 (this overseas listing refers to: successfully listed on the NASDAQ exchange) , This Agreement will automatically terminate.

7.2 终止 Termination

甲方无权自行终止本协议；乙方可自行决定提前一（1）个月书面通知后终止本协议。如果发生任何下列事件，乙方可在向甲方发出终止本协议的书面通知后立即终止本协议：

Party A has no right to terminate this Agreement unilaterally; Party B may decide to terminate this Agreement by a one (1) month prior written notice. In the event of any of the following events, Party B may terminate this Agreement immediately after issuing a written notice to Party A to terminate this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 甲方没有遵守本协议中的任何义务、规定和条件，而且经乙方向甲方发出有关书面通知后十（ 10 ）日内，甲方没有加以纠正；或

Party A does not comply with any obligations, stipulations and conditions in this Agreement, and Party A does not correct such breach within ten (10) days after Party B sends a written notice to Party A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 甲方停业、丧失偿债能力、破产、成为清算或解散程序的对象、无力偿还到期债务或依法解散。

Party A suspends its business, loses the ability to repay the debts, becomes bankruptcy or the object of liquidation or dissolution procedures, is not able to repay the debts due and payable or dissolved according to laws.

7.3 终止后的行动 Actions after Termination

一旦本协议终止，乙方即没有义务向甲方继续提供本协议下的任何服务。甲方无权以任何理由就本协议终止而蒙受的任何损失（包括业务或收益上的损失）向乙方提出权利要求。本协议终止，无损任何一方在终止前产生的任何权利或救济，且不影响任何一方向另一方履行在本协议终止前产生的任何义务。

Once this Agreement is terminated, Party B will not be obliged to continue to provide any services to Party A under this Agreement. Party A does not have the right to claim any losses caused by the termination of this Agreement (including losses in Business or earnings) against Party B with any reason. The termination of this Agreement does not impair any right or relief arising to any party before termination or affect any obligation of any party to the other party to fulfill any obligation arising before the termination of this Agreement.

7.4 继续有效 Continue
to be Effective

第2.4、六、7.3-7.4、八、9.1-9.3和9.8-9.10条规定在本协议终止后仍然继续有效。

The Clause 2.4, 3.3, Article 6, Clause 7.3-7.4, Article 8, Clause 9.1-9.3 and Clause 9.8-9.10 shall remain valid after the terminat ion of this Agreement.

**第八条** **通知**

**Article 8 Notice**

8.1 除非有更改下列地址的书面通知，本协议项下的通知应通过专人递送、传真或挂号邮寄的方式发到下列地址。通知如果是以挂号邮寄的方式发送，则挂号邮件的回执上记载的签收日期为送达日，如果以专人递送或传真方式发送，则以发送之日为送达日。以传真方式发送的，应在发送后立即将原件以挂号邮寄或专人递送的方式发到下列地址。

The notices under this Agreement shall be delivered to the following addresses by hand, by fax or registered mail unless there is a written notice to change the following addresses. If the notice is delivered by registered mail, the receipt date recorded on the mail receipt shall be deemed as the service date; if the notice is sent by fax or by hand, the date of delivery shall be deemed as date of service. In case of delivery by fax, the originals shall be delivered to the following addresses by registered mail or by hand immediately after the delivery.

甲方地址：厦门市软件园三期诚毅大街359号404单元

Party A's Address: Unit 404, No. 359 of Chengyi Street, Xiamen Software Park Phase II

电话：

Tel:

传真：

Fax:

收件人：

Recipient:

乙方地址：广州市天河区岑村圣堂大街工业区38号二层D区152房

Party B's Address: Room 152, Zone D, 2nd Floor, No. 38, Shengtang Street Industrial Zone, Cencun, Tianhe District, Guangzhou

电话：

Tel:

传真：

Fax:

收件人：

Recipient:

**第九条** **其他规定**

**Article 9 Miscellaneous Provisions**

9.1 法律适用 Governing
Law

本协议的签署、解释、履行和终止适用中华人民共和国法律，并依其解释。

The signing, interpretation, performance and termination of this Agreement shall apply to and be interpreted in accordance with the laws of the People's Republic of China.

9.2 争议解决 Settlement
of Disputes

所有因本协议引起的或与本协议有关的争议都应通过双方的友好协商解决。若在一方提出协商解决争议的要求之后三十（30）日内，双方仍未达成解决争议的协议，任何一方均有权将有关争议提交厦门仲裁委员会，由三（3）名仲裁员依当时有效的该委员会仲裁规则通过仲裁解决。仲裁语言为中文。仲裁裁决应是终局的，对双方都有约束力。如果仲裁庭未作另外规定，仲裁费用由败诉的一方承担。

Any dispute arising out of the interpretation and performance of any terms of this Agreement shall be settled by both parties through negotiation. Should the parties cannot reach an agreement to resolve the dispute with thirty (30) days after a party submits the request of dispute negotiation, either party has the right to submit the dispute to Xiamen Arbitration Committee, where three (3) arbitrators will settle the dispute in Xiamen according the arbitration rules of the Committee that are in force at that time. The arbitration language is Chinese. The award shall be final and binding on both parties. The arbitration fees shall be borne by the losing party unless otherwise specified by the arbitration tribunal.

9.3 可分割性 Severability

如果本协议中的任何一项或多项规定根据任何法律法规在任何方面被认定为无效、不合法或不能执行，有关的规定应视为可从本协议分割，而本协议其余规定的效力、合法性及可执行性不因此而在任何方面受到影响或损害。双方应努力本着诚信原则进行磋商，以有效的规定代替无效、不合法或不能执行的规定，而其经济效果应尽量接近无效、不合法或不能执行的规定原先想要达到的经济效果。

If one or multiple provisions of this Agreement are determined to be invalid, illegal or unenforceable in any way according to any laws and regulations, the relevant provisions shall be deemed severable from this Agreement, and the effectiveness, legality and enforceability of the remaining provisions of this Agreement shall not be affected or impaired in any way. Both parties shall endeavor to negotiate in the principle of good faith to replace the invalid, illegal or unenforceable provisions with valid regulations and their economic effects shall be as close as possible to the original economic effect of the invalid, illegal or unenforceable provisions.

9.4 弃权 Waiver

任何一方没有行使或没有及时行使本协议项下的任何权利、权力或补救措施，不应视为弃权，而任何一次行使或部分地行使有关权利、权力或者补救措施，也不妨碍进一步行使有关权利、权力或补救措施或行使任何其他权利、权力或补救措施。在不限制上述规定的情况下，任何一方对另一方违反本协议的任何规定作出弃权，不应视为对日后违反该条规定或者违反本协议的任何其他规定也作出弃权。

Failure of any party to exercise or exercise in time any right, power or remedy under this Agreement shall not be deemed to be a waiver, and any exercise or partial exercise of relevant right, power or remedy does not prevent further exercise of relevant right, power or remedy or the exercise of any other right, power or remedy. Without limiting the foregoing provisions, the waiver of one party of any of the other party's provisions in breach of this Agreement, shall not be regarded as a waiver of such party of any other future breach of the provision or any other provisions of this Agreement.

9.5 转让限制 Transfer
Restrictions

本协议对双方及其继承者和被许可的受让方具有约束力。非经乙方事先书面同意，甲方不得转让其在本协议下的任何权利和义务。事先通知甲方后，乙方可向其指定的任何人转让其在本协议下的权利和义务。

This Agreement is binding on both parties and their successors and authorized transferees. Without the prior written consent of Party B, Party A shall not transfer any of its rights and obligations under this Agreement. Party B may transfer its rights and obligations under this Agreement to any person designated by it with a prior notice to Party A.

9.6 完整协议 Integrity
of This Agreement

本协议构成协议双方就本协议的标的所达成的完整的协议及共识，并且，以往双方之间关于本协议标的的所有口头或书面协议、备忘录或安排均被本协议取代。

This Agreement constitutes an entire agreement and consensus reached by both parties on the subject matter of this Agreement and supersedes all the previous agreements or memorandum or arrangements between both parties on the subject matter of this Agreement, whether oral or written.

9.7 修订 Amendment

对本协议条款的任何修改必须经双方协商一致，并由双方各自取得必要的授权和批准后，以书面形式作出方为有效。经过双方适当签署的有关本协议的修改协议和补充协议是本协议的组成部分，具有与本协议同等的法律效力。

Any amendments and supplement to this Agreement shall be made in writing by the parties. Any modification or supplement to this Agreement duly executed by the parties constitutes an integral part of this Agreement and shall have the same legal validity as this Agreement.

9.8 标题 Titles

本协议中的标题只是为了方便而使用，不得用来限制或解释本协议条款。

The titles used in this Agreement are used for convenience only and are not to be considered in restricting or interpreting this Agreement.

9.9 附件 Appendix

本协议的附件是本协议的组成部分，具有和本协议相同的法律效力。

The appendix of the Agreement is the integral part of this Agreement and shall have the same legal validity as this Agreement.

9.10 文本 Copies

本协议可签署一份或多份，经正当签署的该等多份文件构成同一份协议，具有相同的法律效力。

This Agreement may be executed in one or more counterparts and all of which together shall constitute the same one instrument with equal legal validity.

9.11 语言 Language

本协议以中文书就，英文翻译仅供参考。为避免歧义，如中英文有任何不一致，以中文为准。

This agreement is written in Chinese and the English translation is for reference only.To avoid ambiguity, if there is any inconsistency between Chinese and English, the Chinese version shall prevail.

（以下无正文，为签署页）

(The following is signature page without content of agreement)

鉴于此，双方已促使其各自的授权代表于文首所载日期签署本协议，以昭信守。

In witness whereof, both parties have caused this Agreement to be executed by their respective authorized representatives on the date first above written.

---

| | |
|:---|:---|
| 甲方/Party A： | 甲方/Party A： |
| 厦门一品威客网络科技股份有限公司 | 厦门一品威客网络科技股份有限公司 |
| Xiamen EPWK Network Technology Co., Ltd. | Xiamen EPWK Network Technology Co., Ltd. |
| （公章/ Common Seal） | （公章/ Common Seal） |
| 授权代表（签名）： | */s/ Guohuang HUANG* |
| Authorized Representative (Signature) | Authorized Representative (Signature) |
| 乙方/Party B：亿品微客（广州）网络科技有限公司 | 乙方/Party B：亿品微客（广州）网络科技有限公司 |
| Yipinweike (Guangzhou) Network Technology Co.,Ltd. | Yipinweike (Guangzhou) Network Technology Co.,Ltd. |
| （公章/ Common Seal） | （公章/ Common Seal） |
| 授权代表（签名）： | */s/ Guohua HUANG* |
| Authorized Representative (Signature): | Authorized Representative (Signature): |

---

 

*（独家业务合作协议签字页）*

*(Signature Page of Exclusive Business Cooperation Agreement)*

**<u>附件 一</u>**

**APPENDIX I**

**技术支持服务内容**

**Content of Techinical Support Services**

在法律允许的范围内，乙方向甲方提供的技术支持服务内容为：

In the scope permitted by the laws, the content of Technical Support Services provided by Party B to Party A is:

(1) 提供甲方经营业务所需要的技术支持、技术协助、技术咨询和专业培训；

To provide the technical support, technical assistance, technical consulting and professional training necessary for Party A's operation;

(2) 提供网络支持、数据库支持和软件服务；

To provide network support, database support and software service;

(3) 提供业务管理咨询；

To provide business management counsulting;

(4) 授予知识产权的使用权；

To grant use rights of intellectual property rights;

(5) 租赁硬件及设备；

To lease hardware and device;

(6) 提供市场咨询、新产品评估、行业调研服务，并提供市场营销策略；

To provide market consulting, new product assessment, industry research service and marketing strategies;

(7) 提供系统集成服务及软件的研发及系统维护；提供其它与甲方经营有关的服务；

To provide system integration service, research and development of software and system maintenance; To provide other services related to Party A's operation;

(8) 应甲方要求提供劳务支持（但甲方应自行承担有关劳务开支）；

To provide labor support at the request of Party A (provided that Party A bears the relevant labor expenses);

(9) 按照甲方的业务需求对相关技术进行开发；

To develop the related technologies based on Party A's business needs;

(10) 双方认可的其他服务内容。

Other services approved by both parties.

*（独家业务合作协议附件一）*

*(Appendix 1 of Exclusive Business Cooperation Agreement)*

## Exhibit 10.3

**Exhibit 10.3**

**股份质押协议**

**Form of Equity Pledge Agreement**

**二〇二二年八月十一日**

**August 11, 2022**

**股份质押协议**

**Equity Pledge Agreement**

**出质人：** **[Name of the Pledgor]**

**Pledgor : [Name of the Pledgor]**

身份证号码：[Pledgor's ID Number]\*

Identification Number: [Pledgor's ID Number]\*

授权代表: [职务与姓名]\*\*

Authorized Representative: [Title and Name of the Authorized Representative]\*\*

地址：[Pledgor's Address]

Address: [Pledgor's Address]

**质权人：亿品微客（广州）网络科技有限公司**

**Pledgee: Yipinweike (Guangzhou) Network Technology Co.,Ltd.**

法定代表人：黄国华

Legal Representative: Guohua HUANG

地址：广州市天河区岑村圣堂大街工业区38号二层D区152房

Address: Room 152, Zone D, 2nd Floor, No. 38, Shengtang Street Industrial Zone, Cencun, Tianhe District, Guangzhou

**目标公司：厦门一品威客网络科技股份有限公司（以下简称"目标公司"）**

**Target Company: Xiamen EPWK Network Technology Co., Ltd. (the "Target Company"）**

法定代表人：黄国华

Legal Representative: Guohua HUANG

地址：厦门市软件园三期诚毅大街359号404单元

Address: Unit 404, No. 359, Chengyi Street, Phase III, Xiamen Software Park

**鉴于：**

**Whereas:**

&nbsp;&nbsp;&nbsp;&nbsp;1. 目标公司系一家根据中国法律组建并有效存续的股份有限公司，作为目标公司的股东，出质人持有目标公司 [Percentage
of Share Ownership] 的股份。

The Target Company is a company limited by shares incorporated lawfully and existing validly within the territory of the People's Republic of China. As shareholders of the Target Company, Pledgor holds [Percentage of Share Ownership] shares of the Target Company.

&nbsp;&nbsp;&nbsp;&nbsp;2. 质权人系一家根据中国法律组建并有效存续的外商独资企业，为目标公司提供技术支持、战略咨询等独家业务合作相关服务，为目标公司的重要合作伙伴。质权人及目标公司签订了本协议附件一所列的《独家业务合作协议》（以下简称 "**合作协议**" ），质权人、目标公司及出质人签订了本协议附件一所列的《购买选择权协议》（ "**选择权协议**" ）。

The Pledgee is a wholly foreign-owned enterprise incorporated lawfully and existing validly in accordance with the laws of the People's Republic of China and provides technical support, strategic consulting and other relevant exclusive business cooperation services to the Target Company as an important partner of the Target Company. The Pledgee and the Target Company have signed Exclusive Business Cooperation Agreement (the "**Cooperation Agreement**"), the Pledgee, the Target Company and the Pledgor have signed Call Option Agreement (the "**Option Agreement**"), both listed in the Appendix 1 of this Agreement. .

&nbsp;&nbsp;&nbsp;&nbsp;3. 为了保证目标公司和出质人履行如下义务以及质权人的相应权利：

In order to guarantee the Target Company and the Pledgor perform the following obligations and corresponding rights of the Pledgee：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1目标公司和出质人在合作协议或选择权协议项下的义务；

Obligations of the Target Company and the Pledgor under the Cooperation Agreement or the Option Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;3.2质权人从目标公司收取合作协议项下的所有费用（"**服务费**"）。

All charges collected by the Pledgee under the Cooperation Agreement from the Target Company (the "**Service Charge**").

&nbsp;&nbsp;&nbsp;&nbsp;4. 出质人负担其应承担的义务。出质人同意以其在目标公司中拥有的全部股份出质给质权人作为上述义务履行的担保，并以其持有的股份为限履行其应承担的义务。

The pledgor is liable for its own obligations. The pledgor leaves all the equity held by it in the Target Company as a pledge, so as to guarantee Pledgee's interests stipulated in the above mentioned obligations, and perform its own obligations to the extent of the shares it holds.

据此，各方经协商一致，达成本协议如下

：

Now therefore, through mutual consultation, the parties have reached the following agreements:

 **第一条** **定义**

**Article 1 Definition**

在本协议中，除非另有规定或上下文另有要求，下列词语具有以下含义：

Unless otherwise provided or otherwise required in the clauses herein, the expressions below shall have the following meanings throughout this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **股份** ：指出质人在目标公司中合法拥有并有权处置的股份，出质人持有目标公司 [Percentage
of Share Ownership] 的股份。

"**Equity**" means the shares legally owned and disposed by the Pledgor in the Target Company. Pledgor holds [Percentage of Share Ownership] shares of the Target Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **担保债务** ：指合作协议或选择权协议项下目标公司对质权人的全部义务和债务（无论是现有或潜在的、直接或间接的、在任何时候单独或累积到期的），包括但不限于目标公司应向质权人支付的服务费、利息、违约金、赔偿金、实现债权的费用以及因目标公司违约而给质权人造成的损失和其它所有应付费用。

"**Guaranteed Debt**" means all of the liabilities and debts (nevertheless existing or potential, direct or indirect, single in any time or accumulated due) to be borne by the Target Company to the Pledgee under the Cooperation Agreement or the Option Agreement, including but not limited to the service fee, interest, penalty, compensation and expenses of realization of creditor's right to be borne by the Target Company and the damage and other payable expense caused to the Pledgee by the Target Company for breaching of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **违约事件** ：指本协议第七条所列任何情况。

"**Event of Default**" means any situation listed in Article 7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **违约通知** ：指质权人根据本协议发出的宣布违约事件的通知。

"**Notice of Breach of Contract"** means the notice issued by the Pledgee announcing the Event of Default in accordance with this Agreement.

 **第二条** **质押**

**Article 2 Pledge**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 质权 Pledge

出质人同意以其在目标公司中拥有的全部股份、股份的相关权益及其所产生的红利（合称"**质物**"）质押给质权人作为担保债务的担保。质权（"**质权**"）系指发生任何违约事件时，质权人所享有的根据中国法律以质物折价或拍卖、变卖质物的价款优先受偿的权利。

The Pledgor hereby pledge all of the Pledgor's right, title and interest (collectively, the "**Pledged Interests**") in relation to its shares in the Target Company to the Pledgee as collateral for the payment and performance of the Guaranteed Debt. The pledge right (the "**Pledge Right**") refers to the right of the Pledgee to receive preferential payment in accordance with the laws of the PRC in the way of converting into money with the Pledged Interests or for the auction or sale of the Pledged Interests in case of any event of default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 质押期限 Term
of the Pledge

本协议下的质权自本协议项下股份出质记载于目标公司股东名册并在目标公司的主管工商行政管理机关办理完成该股份质押的登记手续之后生效，质权有效期持续到合作协议和选择权协议项下目标公司和出质人对质权人的全部义务和债务均履行完毕并清偿为止（**"质押期限**"）。

The pledge shall come into force from the date on which the Pledge of the Pledged Interests is recorded under the Target Company's register of shareholders and is registered with competent administration for industry and commerce of the Target Company until all of the liabilities and debts under the Cooperation Agreement and the Option Agreement have been fulfilled and paid completely (the "**Pledge Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 红利 Dividends

未经质权人事先书面同意，出质人不能促使目标公司向其分红，且目标公司亦不能主动向出质人分红。出质人同意将从目标公司获得的股份上任何获得同意分配的红利存入质权人指定的银行账户。该账户由质权人监管，并且在中国法律允许的情况下，一旦发生违约事件，质权人可自主决定就担保债务以该等红利受偿。

Without prior written consent of the Pledgee, the Pledgor could not procure the Target Company to distribute dividends to the Pledgor, and the Target Company could not take the initiative to distribute dividends to the Pledgor. The Pledgor agrees to deposit any dividends agreed to be distributed from the Target Company to the bank account designated by the Pledgee. The account is supervised by the Pledgee and, in the circumstances permitted by Chinese law, in the event of a default event, the Pledgee may decide at its own discretion to reimburse the Guaranteed Debt for such dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 质押担保的范围：本协议质押担保的范围包括所有担保债务。

The scope of the Pledge: The scope of the pledge of this Agreement includes all Guaranteed Debts.

 **第三条** **登记**

**Article 3 Registration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 质押记载 Pledge
Right Record

本协议签署之日后3日内，出质人应促使目标公司且目标公司应将质物的出质记载于目标公司的股东名册，并更新股份证明以列明质物出质情况。本协议签署之日起7日内，出质人应促使目标公司且目标公司应将该等更新后的股东名册和股份证明交付质权人保管，且质权人将在质押期限内一直保管这些文件。

Within 3 days after signing of this Agreement, the Pledgor shall procure the Target Company and the Target Company shall record the pledge in the Target Company's register of shareholders and update the equity certificate to indicate the details of the pledge. Within 7 days from signing of this Agreement, the Pledgor shall procure the Target Company and the Target Company shall deliver the updated register of shareholders and equity certificate to the Pledgee, and the Pledgee shall keep such documents during the Pledge Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 记载变更 Change
of Record

质押记载事项发生变化，依法需变更记载的，出质人与质权人应在记载事项变更之日起15日内变更相应记载。

If there is any change in the records of the pledge and the record needs to be changed according to law, the Pledgor and the Pledgee shall change the corresponding record within 15 days from the date of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 登记 Registration

出质人应促使目标公司且目标公司应于本协议签署之日后30日内向目标公司的主管工商行政管理机关办理股份质押的登记手续。

The Pledgor shall procure the Target Company and the Target Company shall complete the registration of the equity pledge with competent administration authority for industry and commerce of the Target Company within 30 days after signing of this Agreement.

 **第四条** **陈述和保证**

**Article 4 Representation and Warranty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 各方陈述和保证 Representations and Warranties of Each Party

每一方向其他方陈述和保证如下：

Each party represents and warrants to the other party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 其拥有一切必要的权利、能力和授权签署本协议并履行本协议项下的全部义务和责任，本协议一经签署即构成对该方合法、有效且具有约束力的义务并可按照本协议的条款对其强制执行。

It has all requisite power, capability and authority to execute this Agreement and perform its obligations and liabilities under this Agreement. This Agreement constitutes the legally valid and binding obligation to the party and is enforceable against the party in accordance with its terms upon execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 本协议的签署和交付以及本协议项下义务的履行均不会： (i) 导致其违反任何有关的中国法律； (ii) 与其章程或其他组织文件相抵触； (iii) 导致违反向其颁发的任何许可或授予的任何批准或该等许可或批准持续有效的任何条件。

The execution, delivery or performance of this Agreement will not (i) lead to violation of any law of the PRC; (ii) conflict with the by-law or other constitutional documents; (iii) lead to breach of any conditions on the basis of which any permit or approval is issued to any party hereto and (or) maintenance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 其自身或其代理人、员工或代表提供给其他各方的所有资料在所有重要方面均是真实、完整和准确的，并没有误导。

The information provided by itself or its agents, employees or representatives to the other party is true, complete, accurate and no misleading in all material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 目标公司和出质人额外陈述和保证

Additional Representations and Warranties by the Target Company and the Pledgor

目标公司和出质人向质权人额外地陈述和保证如下：

The Target Company and the Pledgor additionally represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 出质人是所持股份唯一的合法所有人；出质人对目标公司注册资本的全部出资已经足额缴付。

The Pledgor is the sole and legal owner of the Equity and the capital contribution to the Target Company by the Pledgor has been fully paid up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 除质权人的质权之外，股份上不存在任何其它权利负担。质权人根据本协议在任何时候行使质权，不应有来自任何其他方的干预。 Other
than the Pledgee's Pledge Right, the Equity has no other right burden. The Pledgee shall be kept from any intervention of any other
parties when exercising the Pledge Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 不存在未决的或潜在的与股份有关的诉讼、仲裁或行政程序。

There is no pending or potential litigations, arbitrations or other administrative proceedings related to the Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 除本协议已经规定的以外，本协议生效或可执行无需进一步的行为或取得任何中国政府部门的同意、许可、批准、备案。

No further consent, permit, approval and filing from any PRC authority is required to effectuate or enforce this Agreement other than those which have been stipulated under this Agreement.

 **第五条** **出质人的承诺**

**Article 5 Covenants of the Pledgor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 质权权益 Interests
of the Pledge Right

在本协议存续期间，出质人向质权人承诺如下：

The pledger hereby covenants to the Pledgee during the validity of this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 除根据选择权协议向质权人或其指定的一方转让股份外，未经质权人事先书面同意，出质人不得转让质物，不得在质物上设立或允许存在可能影响质权人权利和利益的任何权利负担，或促使目标公司的股东大会通过关于出售、转让、质押或以其它方式处置任何股份或允许在其上设置任何其它权利负担的决议。

The Pledgor is prohibited to transfer the Pledged Interests without prior consent of the Pledgee unless transferring the shares to the Pledgee or the party designated by it according to the Option Agreement, or to set up or allow existing of any right burden that may affect the Pledgee's right and interest or to procure the shareholders meeting of the Target Company pass a resolution with respect to sale, transfer, pledge or otherwise disposing of any Equity or allowing any other rights to be imposed thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 遵守并执行所有有关权利质押的法律、法规的规定。在收到有关主管机关就本协议下的质押发出或制定的通知、指令或决定时，于 5 日内向质权人出示上述通知、指令或决定，同时遵守该等通知、指令或决定，或按照质权人的合理要求或经质权人同意就该等通知、指令或决定提出反对意见和陈述。

Observe and enforce all laws and regulations concerning pledge rights. Upon receipt of a notification, order or decision issued or formulated by a competent authority in relation to the Pledge Rights under this Agreement, the said notice, order or decision shall be presented to the Pledgee within 5 days, and shall comply with such notice, instruction or decision or the reasonable request of the Pledgee or consent of the Pledgee to make objections and statements regarding such notice, directive or decision

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 将任何可能导致质权人对质物或其任何部分的权利受到影响的事件或收到的通知，出质人在本协议下的任何陈述、保证或承诺的任何改变，以及对出质人在本协议下的任何陈述、保证或承诺可能产生任何影响的事件或收到的通知及时通知质权人。

Notify the Pledgee of any events or notices that may affect the Pledge Rights of the Pledgee or any part thereof, any changes in the representations, warrants or covenants made by the Pledgor under this Agreement, and any event or notices that may affect the representations, warrants or covenants made by the Pledgor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 不妨害 No Interference

出质人承诺，质权人有权按本协议之条款行使质权，不会受到出质人、出质人的继承人或任何其它人以任何形式的中断或妨害。

The Pledgor undertakes that the Pledgee shall have the right to exercise the Pledge Rights in accordance with the terms of this Agreement and shall not be interrupted or interfered by the Pledgor, its accessor or any other person in any form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 权利行使 Exercise
of Right

出质人向质权人保证，为实现本协议对担保债务的担保，出质人将恰当签署并促使其它与质物有利害关系的当事人签署质权人所要求的任何权利证书、契约或任何其他文件，和/或履行并促使该等利害关系人履行质权人所要求的任何行为，并尽其最大努力为本协议赋予质权人之权利、授权的行使提供便利。

The Pledgor guarantees to the Pledgee that in order to achieve the guarantee for the Guaranteed Debt under this Agreement, the Pledgor will properly sign and procure other parties interested in the Pledge Interests to sign any certificate, contract or any document required by the Pledgee and/or perform or procure such interested parties to perform any of the acts required by the Pledgee, and to use their best efforts to facilitate the exercise of the rights and authorizations of the Pledgee under this Agreement.

 **第六条** **赔偿**

**Article 6 Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 如果出现可能使本协议任何一方在第四条下所做的任何陈述或保证成为不真实或不准确的情况，有关一方应立即以书面形式通知其他各方，并应按照其他各方的合理要求采取措施予以补救。每一方同意补偿其他各方因其在第四条作出的陈述和保证的任何不真实性或不准确性或因其违反本协议项下的任何其他约定或规定所产生或与此相关的，任何其他一方所遭受的任何所有债务、义务、赔偿、罚款、裁决、诉讼、费用、开支和代垫费用。

If any of the representations or warranties made by any party under Article 4 become untrue or inaccurate, the relevant party shall promptly notify other parties in writing and shall provide remedies according to reasonable requests made by the other . Each party agrees to indemnify any other party the debts, obligations, compensation, fines, awards, litigation, cost, expenses and disbursements which are arising from or relating to any untruthfulness or inaccuracy in the representations and warranties made under Article 4 or because of any breach of agreement or provision under this Agreement.

 **第七条** **违约事件**

**Article 7 Event of Default**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 违约事件 Event
of Default

下列事项均被视为违约事件：

Each of the followings shall be deemed an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 目标公司或出质人未能按期足额支付 / 履行任何担保债务或有违反任何合作协议或选择权协议下任何规定的行为；

The Target Company cannot pay or perform any Guaranteed Debt or breaches of any clauses under the Cooperation Agreement or the Option Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 目标公司或出质人未按第三条规定将本协议下的质押登记在目标公司股东名册上或未向目标公司的主管工商行政管理机关办理本协议下质押的登记手续；

The target company or the pledgor fails to register the pledge under this agreement in the target company's register of shareholders in accordance with Article 3 or fails to go through the registration procedures for the pledge under this agreement with the competent administration for industry and commerce of the target company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 目标公司或出质人在本协议第四条所作的任何陈述或保证有实质性的误导或错误，或目标公司或出质人违反本协议第四条的陈述或保证；

Any representation or warranty made by the Pledgor herein contains material misrepresentation or error, or the Target Company or the Pledgor otherwise breaches any of the representation or warranty under Article 4 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 出质人违反本协议第五条中的承诺；

The Pledgor breaches the covenants under Article 5 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 目标公司或出质人违反本协议的任何其他条款；

The Target Company and the pledger breaches any other clause under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 出质人舍弃质物或质物的任何部分或未获得质权人事先书面同意而擅自转让质物或质物的任何部分（本协议项下允许的转让除外）；

The pledger abandons the Pledged Interests or part of it or transfers the Pledged Interests or part of it without obtaining prior written consent from the Pledgee (except for the transfer permitted under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) 出质人本身对外的任何借款、担保、赔偿、承诺或其它偿债责任因违约被要求提前偿还或履行，或已到期但不能如期偿还或履行，致使质权人合理地认为出质人履行本协议项下的义务的能力已受到影响；

Any external borrowing, guarantee, compensation, commitment or other debt responsibility of the Pledgor is required to be repaid or performed ahead of schedule due to breach or cannot be repaid or performed as scheduled and consequently the Pledgee has reason to doubt that the capability for the Pledgor to fulfill its obligation under the agreement has been affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) 出质人所拥有的财产出现不利变化，致使质权人合理地认为出质人履行本协议项下的义务的能力已受到影响；

An unfavorable change in the property owned by the Pledgor has resulted in the Pledgee's reasonable doubt that the Pledgor's capability to fulfill its obligations under this Agreement has been affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) 目标公司或出质人的继承人或代管人拒绝履行或只能部分履行担保债务；

The successor or escrow agent of the Target Company or the Pledgor refuses to perform or can only partially perform the Guaranteed Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) 因有关法律法规的颁布使得本协议不合法或出质人不能继续履行本协议项下的义务；

This Agreement becomes illegal due to promulgation of relevant law and regulations or the Pledgor cannot continue to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) 本协议或质权有效或可被执行所必须的任何政府部门同意、许可、批准或授权被撤回、中止、失效或有实质性修改；以及

The withdrawal, suspension, invalidation or substantive modification has occurred to any consent, permit, approval or authorization necessary for the effective or enforceable of this Agreement the Pledge Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) 质权人不能按本协议规定行使质权或处分质物的任何其它情况。

The Pledgee cannot exercise the Pledge Rights or dispose of the Pledged Interests in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 出质人通知 The Pledgor's Notification

如果出质人发现或知道任何违约事件或可能导致任何违约事件的情形，其应立即以书面形式通知质权人。

The Pledgor shall notify the Pledgee in writing immediately in case of any Event of Breach or a situation that may lead to any Event of Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 违约后果 Consequence
of Breach

任何违约事件出现后，除非其在质权人感到满意的情况下获得完满解决，否则质权人可在该违约事件发生时或发生后的任何时间以书面形式向出质人发出违约通知，要求目标公司立即支付合作协议和选择权协议项下的欠款及其它应付款项或者按本协议的规定并在中国法律允许的情况下行使质权。

After any Event of Breach occurs, unless it is satisfactorily resolved by the Pledgee, the Pledgee may notify the Pledgor in writing of the Event of Breach at any time after or at the time the Event of Breach occurs. The Target Company shall immediately pay the arrears and other payables under the entire Cooperation Agreement and the Option Agreement or exercise the Pledge Rights in accordance with the provisions of this Agreement and as permitted by Chinese law.

 **第八条** **质权的行使**

**Article 8 Exercising of Pledge**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 质权行使 Exercising
of Pledge

受限于第7.3款的规定并在中国法律允许的情况下，质权人可在按第7.3条发出违约通知的同时或在发出违约通知之后的任何时间里行使质权处分质物。在中国法律允许的情况下，质权人有权按照法定程序处置本协议项下的全部或部分质物（包括但不限于与出质人协议转让或依法拍卖、变卖质物）并优先受偿，直到担保债务清偿完毕。出质人放弃其可能享有的向质权人要求任何质物处置所得的权利。

Subject to the provisions of Clause 7.3 and as permitted by Chinese law, the Pledgee may exercise its right to dispose of the Pledge Interests at any time following the issuance of a notice of Event of Breach under Clause 7.3 or at any time after the issuance of the notice of Event of Breach. Where permitted by Chinese law, the Pledgee has the right to dispose of all or part of the Pledged Interests under this Agreement (including but not limited to agreements with the Pledgor or legally auctioned or sold off) in accordance with legal procedures and to receive priority compensation. Until the Guaranteed Debt is paid off. The Pledgor waives the right it may have to the Pledgee to demand the income from disposal of any Pledged Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 出质人协助 Assistance of the Pledgor

质权人依照本协议处分质物时，出质人不得设置障碍，并在质权人的请求下予以协助，以确保质权人实现其质权。

When the Pledgee disposes of the Pledged Interests pursuant to this Agreement, the pledgor shall not set up any obstacles, and shall assist the Pledgee at the request of the Pledgee to ensure that the Pledgee realizes its Pledge Rights.

 **第九条** **费用**

**Article 9 Cost and Expense**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 费用支付 Payment
of Cost and Expense

一切与本协议和本协议下的质押有关的实际费用及开支，包括但不限于法律费用、印花税以及任何其它税收、费用等全部由目标公司承担。如果任何法律规定要求质权人缴付该等费用和开支，目标公司应就质权人已缴付的费用和开支给予全额补偿。

All actual costs and expenses relating to the pledges under this Agreement, including but not limited to legal fees, stamp duties, and any other taxes, fees, etc. shall be borne entirely by the Target Company. If any legal requirement requires the Pledgee to pay such fees and expenses, the Target Company shall compensate for all of the fees and expenses paid by the Pledgee.

 **第十条** **保密**

**Article 10 Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 一般义务 General
Obligation

在本协议期限内和在本协议因任何原因终止后5年内，未经各方事先同意，任何一方应为本协议及一方因履行本协议而从其他方取得的任何口头或书面资料（"**保密资料**"）保密，不得向任何其他人披露任何保密资料。

Within 5 years after the expiration of this Agreement and after termination of this Agreement for any reason, without prior consent of the parties, either party shall be responsible for any oral or written information obtained by this Agreement and any other party from the other parties in performing this Agreement (the "**Confidential Information**") is confidential and may not disclose any Confidential Information to any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 向接收人披露 Disclosure to the Recipients

为达到本协议目的需要的情况下，各方可向其董事、监事、高级管理人员、经理、合作伙伴、员工及法律、财务和专业顾问（合称"**接收人**"），在需要了解的基础上披露保密资料。

In order to achieve the purpose of this Agreement, each party may disclose the Confidential Information to its directors, supervisors, senior officers, managers, partners, employees and legal, financial and professional advisors (collectively referred to as the "**Recipients**") on a need-to-know basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 接收人的义务 Obligations of the Recipients

各方应确保其各自的任何接收人知道和遵守其在本协议项下的所有保密义务，如同该接收人是本协议的一方。

The parties shall ensure that their respective Recipients are aware of and comply with all their confidentiality obligations under this Agreement, as if the recipient were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 例外情况 Exceptions

第10.1条的规定不适用于：

The Clause 10.1 shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 已成为或将成为公众可以得到的保密资料，而该资料的披露不是因为任何一方或其任何接收人违反本协议披露或指示披露所造成的；

The Confidential Information which is already in the public domain or comes into the public domain otherwise than by a breach of any obligation of confidentiality; or which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 任何一方根据任何适用法律、法规、任何监管机构的要求或者任何证券交易所任何适用规则的规定进行的披露，但是有关的披露只限于该等要求或规定的范围内，并且在可行的情况下，其他各方应被给予机会在披露之前审阅披露的内容和对披露的内容提出意见；

Disclosures by either party in accordance with the requirements of any applicable law, regulation, any regulatory department or any applicable rules of any stock exchange, but such disclosure is limited to the scope of such regulations or requirements and is feasible under the circumstances, other parties should be given the opportunity to review the contents of the disclosure and provide comments on the disclosure before disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 任何一方根据任何政府规定或司法或监管过程的规定进行的披露或者在任何因本协议产生或与之相关的法律诉讼、起诉或程序的司法、监管或仲裁程序中进行的披露，但是有关的披露只限于该等规定或程序要求的范围内，并且在可行的情况下，其他各方被给予机会在披露之前审阅披露的内容和对披露的内容提出意见。

Disclosures by any party pursuant to any governmental regulation or judicial or regulatory process or in any judicial, regulatory or arbitral proceedings in any legal proceedings, proceedings or proceedings arising out of or in connection with this Agreement, but relevant disclosures are limited to the scope of these requirements or procedural requirements, and where feasible, other parties are given the opportunity to review the disclosure and provide comments on the disclosure before disclosure.

 **第十一条** **期限与终止**

**Article 11 Term and Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 期限 Term

本协议自各方授权代表于文首所载日期签署后生效，有效期至2032年8月10日止，除非质权人按第11.2条的规定提前终止，否则本协议有效期限届满时应自动续展一（1）年，之后依此类推。

如一品威客开曼公司（EPWK HOLDINGS LTD.）和/或目标公司于2023年12月31日前未完成本次境外上市（本次境外上市指：成功在纳斯达克交易所挂牌上市），则本协议自动终止

This Agreement shall be valid from the date of signing until August 10, 2032. unless the Pledgee terminates it early in accordance with the provisions of Article 11.2 that the Agreement will not be renewed, otherwise the term of this Agreement shall be automatically renewed for one (1) year at the expiration date of the validity term, and so on..

In the case that EPWK HOLDINGS LTD. and/or the Target Company have not completed this overseas listing before December 31, 2023 (this overseas listing refers to: successfully listed on the NASDAQ exchange), This Agreement will automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 终止 Termination

质权人可自行决定提前1个月书面通知后终止本协议。

The Pledgee may at its own discretion terminate the agreement upon a 1-month prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 终止后的行动 Actions after Termination

其他各方无权以任何理由就本协议终止而蒙受的任何损失（包括业务或收益上的损失）向质权人提出权利要求。本协议终止，无损任何一方在终止前产生的任何权利或救济，且不影响任何一方向其他各方履行在本协议终止前产生的任何义务。

The other parties are not entitled to claim any right to the Pledgee for any loss (including loss of business or profits) suffered by the termination of this Agreement for any reason. Termination of this Agreement does not infringe any rights or remedies of any party prior to termination and does not affect the performance by any party of any of its obligations prior to the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 继续有效 Continue
to be Effective

第六、九、十、11.3-11.4、十二、13.1-13.3和13.8-13.10条规定在本协议终止后仍然继续有效。

The Article 6, 9, 10 , Clause 11.3-11.4, Article 12, Clause 13.1-13.3 and Clause 13.8-13.10 shall remain valid after the termination of this Agreement.

 **第十二条** **通知**

**Article 12 Notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 除非有更改本协议序言中所列地址的书面通知，本协议项下的通知应通过专人递送、传真或挂号邮寄的方式发到该等地址。通知如果是以挂号邮寄的方式发送，则挂号邮件的回执上记载的签收日期为送达日，如果以专人递送或传真方式发送，则以发送之日为送达日。以传真方式发送的，应在发送后立即将原件以挂号邮寄或专人递送的方式发到上述地址。

Unless there is a written notice to change the address specified in the preamble of this Agreement, any notices by the Parties hereunder shall be sent by hand delivery, facsimile, registered mail to the addresses. If the notice is sent by registered mail, the receipt date recorded on the mail receipt shall be deemed as the service date. If it is delivered by hand or by fax, the date of delivery shall be deemed as the service day. If it is delivered by fax, the original should be sent to the above address by registered mail or delivered by hand immediately after the facsimile notice is served.

 **第十三条** **其他规定**

**Article 13 Miscellaneous Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 法律适用 Governing
Law

本协议的签署、解释、履行和终止适用中华人民共和国法律，并依其解释。

The signing, interpretation, performance and termination of this Agreement, shall be governed by and interpreted in accordance with the laws of the People's Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 争议解决 Settlement
of Disputes

所有因本协议引起的或与本协议有关的争议都应通过各方的友好协商解决。若在一方提出协商解决争议的要求之后30日内，各方仍未达成解决争议的协议，任何一方均有权将有关争议提交厦门仲裁委员会，由3名仲裁员依当时有效的该委员会仲裁规则通过仲裁解决。仲裁语言为中文。仲裁裁决应是终局的，对各方都有约束力。如果仲裁庭未作另外规定，仲裁费用由败诉的一方承担。

Any dispute arising out of any terms of this Agreement shall be settled by the parties through negotiation. Should the parties cannot reach an agreement to resolve the dispute with 30 days after a party submits the request of dispute negotiation, either party has the right to submit the dispute to Xiamen Arbitration Committee, where 3 arbitrators will settle the dispute according the arbitration rules of the Committee that are in force at that time. The arbitration language is Chinese. The award shall be final and binding on all parties. The arbitration fees shall be borne by the losing party unless otherwise specified by the arbitration tribunal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 可分割性 Severability

如果本协议中的任何一项或多项规定根据任何法律法规在任何方面被认定为无效、不合法或不能执行，有关的规定应视为可从本协议分割，而本协议其余规定的效力、合法性及可执行性不因此而在任何方面受到影响或损害。各方应努力本着诚信原则进行磋商，以有效、合法且可以执行的规定代替无效、不合法或不能执行的规定，而其经济效果应尽量接近被代替的规定原先想要达到的经济效果。

If one or multiple provisions of this Agreement are determined to be invalid, illegal or unenforceable in any way according to any laws and regulations, the relevant provisions shall be deemed severable from this Agreement, and the effectiveness, legality and enforceability of the remaining provisions of this Agreement shall not be affected or impaired in any way. Both parties shall endeavor to negotiate in the principle of good faith to replace the invalid, illegal or unenforceable provisions with valid regulations and their economic effects shall be as close as possible to the original economic effect of the invalid, illegal or unenforceable provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 弃权 Waiver

任何一方没有行使或没有及时行使本协议项下的任何权利、权力或补救措施，不应视为弃权，而任何一次行使或部分地行使有关权利、权力或者补救措施，也不妨碍进一步行使有关权利、权力或补救措施或行使任何其他权利、权力或补救措施。在不限制上述规定的情况下，任何一方对其他各方违反本协议的任何规定作出弃权，不应视为对日后违反该条规定或者违反本协议的任何其他规定也作出弃权。

Any failure of any party to exercise or timely exercise any right, power or remedy under this Agreement shall not be deemed as a waiver, and any exercise of the relevant rights, power or remedy at any one time will not prevent the further exercise of such rights, power or remedy or exercise any other right, power or remedy. Without limiting the foregoing, any party waving any other party's violation of any provisions of this Agreement shall not be deemed to have waived any later violation of this provision or any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 转让限制 Transfer
Restriction

本协议对各方及其继承者和被许可的受让方具有约束力。事先通知其他各方后，质权人可向其指定的任何人转让其在本协议下的权利和义务。并且，质权人可以在任何时候将其在合作协议或选择权协议项下的所有或任何权利和义务转让给其指定的人士（"**受让人**"），在这种情况下，受让人应享有和承担本协议项下质权人享有和承担的权利和义务，如同其作为本协议的一方一样。因上述转让导致质权人变更后，各方应更新本协议第3条项下的有关记载和登记事项。非经质权人事先书面同意，其他各方不得转让其在本协议下的任何权利和义务。

This Agreement is binding on all parties and their successors and approved transferees. After informing other parties in advance, the Pledgee may transfer its rights and obligations under this Agreement to any person it designates. Also, the Pledgee may at any time transfer all or any of its rights and obligations under the Cooperation Agreement or the Option Agreement to its designated person (the "**Assignee**"), in which case the Pledgee may assign the rights and obligations that the Pledgee enjoys and assumes under this Agreement shall be enjoyed and assumed as if it were a party to this Agreement. After the above transfer results in the change of the Pledgee, the parties shall update the relevant records and registrations under Article 3 of this Agreement. Without the prior written consent of the Pledgee, other parties may not transfer any of their rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 完整协议 Integrity
of this Agreement

本协议构成协议各方就本协议的标的事项所达成的完整的协议及共识，并且，以往各方之间关于本协议标的事项的所有口头或书面协议、备忘录或安排均被本协议取代。

The agreement constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof and replaces all oral and/or written agreement, understanding and arrangements of the parties prior to the conclusion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 修订 Amendment

对本协议条款的任何修改必须经各方协商一致，并由各方各自取得必要的授权和批准后，以书面形式作出方为有效。经过各方适当签署的有关本协议的修改协议和补充协议是本协议的组成部分，具有与本协议同等的法律效力。

Any amendment and supplement to this Agreement shall be made in writing by the parties. Any modification or supplement to this Agreement duly executed by the parties constitutes an integral part of this Agreement and shall have the same legal validity as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 标题 Titles

本协议中的标题只是为了方便而使用，不得用来限制或解释本协议条款。

The titles used in this Agreement are used for convenience only and are not to be considered in restricting or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 附件 Appendix

本协议的附件是本协议的组成部分，具有和本协议相同的法律效力。

The appendix of the agreement is the integral part of this Agreement and shall have the same legal validity as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 文本 Copies

本协议可签署一份或多份，经正当签署的该等多份文件构成同一份协议，具有相同的法律效力。

This Agreement may be executed in one or more counterparts and all of which together shall constitute the same one instrument with equal legal validity.

13.11 语言 Language

本协议以中文书就，英文翻译仅供参考。为避免歧义，如中英文有任何不一致，以中文为准。

This agreement is written in Chinese and the English translation is for reference only. To avoid ambiguity, if there is any inconsistency between Chinese and English, the Chinese version shall prevail.

（以下无正文，为签署页）

(The following is signature page without content of agreement)

鉴于此，各方已促使其各自的授权代表于文首所载日期签署本协议，以昭信守。

In witness whereof, all parties have caused this Agreement to be executed by their respective authorized representatives on the date first above written.

---

| | |
|:---|:---|
| **质权人** **/Pledgee:** |  |
| **亿品微客（广州）网络科技有限公司** |  |
| **Yipinweike (Guangzhou) Network Technology Co.,Ltd.** |  |
| （公章/ Common Seal） |  |
| 授权代表/Authorized Representative（签署/Signature）： | */s/ Guohua HUANG* |

---

---

| | |
|:---|:---|
| **出质人** **/Pledgor :** |  |
| **出质人：** **[Name of the Pledgor]** |  |
| **Pledgor : [Name of the Pledgor]** |  |
| （签署/Signature）： | */s/ [Name of the Pledgor]\** |
| （公章/ Common Seal）\*\* |  |
| 授权代表/Authorized Representative（签署/Signature）： | */s/ [Name of the Authorized Representative]\*\** |

---

---

| | |
|:---|:---|
| **目标公司** **/Target Company:** |  |
| **厦门一品威客网络科技股份有限公司** |  |
| **Xiamen EPWK Network Technology Co., Ltd.** |  |
| （公章/ Common Seal） |  |
| 授权代表/Authorized Representative（签署/Signature）： | */s/ Guohua HUANG* |

---

**附件一**

**APPENDIX I**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 独家业务合作协议 (2022 年 <u>8</u> 月 <u>11</u> 日签订)

Exclusive Business Cooperation Agreement (signed on August 11, 2022)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 购买选择权协议 (2022 年 <u>8</u> 月 <u>11</u> 日签订)

Call Option Agreement (signed on August 11, 2022)

*(股份质押协议附件一)*

*(Appendix 1 of Equity Pledge Agreement)*

 

**Schedule of Material Differences**

One or more person signed a Equity Pledge Agreement under this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Name of**<br> **Shareholders** | &nbsp;&nbsp;**Address** | <br> **Percentage of Share Ownership** | **Shareholder's ID Number\*** | **Title and Name of the Authorized Representative\*\*** | &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Aling YE | &nbsp;&nbsp;Room 701, Building 2, Junlintianxia, No. 5, Zhuchan Street, Xiangcheng District, Zhangzhou City, Fujian Province | 1.2282% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Hongxiu WANG | &nbsp;&nbsp;Room A1912, Urban Sunshine, No. 70 Nanchang Middle Road, Xiangcheng District, Zhangzhou City, Fujian Province | 3.1319% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Guohua HUANG | &nbsp;&nbsp;No. 32, Yindoushan Wuli, Maxiang Town, Xiang'an District, Xiamen City, Fujian Province | 18.5617% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Zhinan HUANG | &nbsp;&nbsp;No. 187, Dongshe, Haiqiao Village, Lantian Town, Longwen District, Zhangzhou City, Fujian Province | 16.2633% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Zhiyou HUANG | &nbsp;&nbsp;No. 132, Caoliao Street, Xiangcheng District, Zhangzhou City, Fujian Province | 4.8780% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Xiamen Yipin Zhicheng Enterprise Management Partnership (Limited Partnership) | &nbsp;&nbsp;Room 201-15, No. 278, Haijing Road, Xiamen Area, China (Fujian) Pilot Free Trade Zone | 0.5404% |  | &nbsp;&nbsp;Executive Partner: Guohua HUANG | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Shenzhen Letou Tiancheng Investment Technology Co., Ltd. | &nbsp;&nbsp;Room 1115, Hanggang Fuchun Business Building, No. 6031 Shennan Avenue, Tianan Community, Shatou Street, Futian District, Shenzhen | 3.6239% |  | &nbsp;&nbsp;Legal Representative: Min LIU | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Xiamen Youshenghao Enterprise Management Co., Ltd. | &nbsp;&nbsp;Room 152, Zone D, 2nd Floor, No. 38, Shengtang Street Industrial Zone, Cencun, Tianhe District, Guangzhou | 4.3777% |  | &nbsp;&nbsp;Legal Representative: Xinv LIAN | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Shangtai (Xiamen) Electronic Technology Co., Ltd. | &nbsp;&nbsp;Room 302, No. 278, Haijing Road, Xiamen Area (bonded port area), China (Fujian) Pilot Free Trade Zone | 7.1922% |  | &nbsp;&nbsp;Legal Representative: Limin HUANG | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Xiamen Yuechu Enterprise Management Co., Ltd. | &nbsp;&nbsp;No. 49, Unit 03, 4th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park | 4.8381% |  | &nbsp;&nbsp;Legal Representative: Kenglong SHEN | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;11. | &nbsp;&nbsp;Xiamen Zhihui Yipin Network Technology Co., Ltd. | &nbsp;&nbsp;No. 38, Unit 03, 6th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park | 5.9409% |  | &nbsp;&nbsp;Legal Representative: Limin HUANG | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;12. | &nbsp;&nbsp;Xiamen Xinglin Construction And Development Co., Ltd. | &nbsp;&nbsp;20-22nd floor, No. 502 Xinglinwan Road, Jimei District, Xiamen | 5.0589% |  | &nbsp;&nbsp;Legal Representative: Zhi WANG | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;13. | &nbsp;&nbsp;Xiamen Youqia Online Network Technology Co., Ltd. | &nbsp;&nbsp;No. 7, Unit 03, 4th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park | 2.8581% |  | &nbsp;&nbsp;Legal Representative: Yun LIAO | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;14. | &nbsp;&nbsp;Xiamen Cool Thai Preferred Enterprise Management Partnership (Limited Partnership) | &nbsp;&nbsp;Room 319-12, No. 278, Haijing Road, Xiamen Area (bonded port area), China (Fujian) Pilot Free Trade Zone | 4.8412% |  | &nbsp;&nbsp;Executive Partner: Juan SUN | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;15. | &nbsp;&nbsp;Xiamen Jimei District Industrial Investment Co., Ltd. | &nbsp;&nbsp;Unit 2502, No. 492 Xinglinwan Road, Jimei District, Xiamen | 8.0169% |  | &nbsp;&nbsp;Legal Representative: Xiangjiang WU | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;16. | &nbsp;&nbsp;Xiamen Yipin Weike Investment Management Partnership (Limited Partnership) | &nbsp;&nbsp;Room 236, 2nd Floor, No. 33, Xinglin South Road, Jimei District, Xiamen | 8.6486% |  | &nbsp;&nbsp;Executive Partner: Guohua HUANG | &nbsp;&nbsp;August 11, 2022 |

---

\* Individual Shareholders

\*\* Corporate Shareholders

\*\*\* Sensitive Information

## Exhibit 10.4

**Exhibit 10.4**

**[Name of the Shareholder]**

**与**

**亿品微客（广州）网络科技有限公司**

**之**

**购买选择权协议**

**Form of Call Option Agreement**

**Between**

**[Name of the Shareholder]**

**And**

**Yipinweike (Guangzhou) Network Technology Co.,Ltd.**

**二〇二二年八月十一日**

**August 11, 2022**

**购买选择权协议**

**Call Option Agreement**

**甲方：** **[Name of the Shareholder]**

**Party A: [Name of the Shareholder]**

身份证号码：[Shareholder's ID Number]\*

Identification Number: [Shareholder's ID Number]\*

授权代表: [职务与姓名]\*\*

Authorized Representative: [Title and Name of the Authorized Representative]\*\*

地址：[Shareholder's Address]

Address: [Shareholder's Address]

**乙方：亿品微客（广州）网络科技有限公司**

**Party B: Yipinweike (Guangzhou) Network Technology Co.,Ltd.**

法定代表人：黄国华

Legal Representative: Guohua HUANG

地址：广州市天河区岑村圣堂大街工业区38号二层D区152房

Address: Room 152, Zone D, 2nd Floor, No. 38, Shengtang Street Industrial Zone, Cencun, Tianhe District, Guangzhou

**丙方：厦门一品威客网络科技股份有限公司（以下简称** **"目标公司"）**

**Party C: Xiamen EPWK Network Technology Co., Ltd. (the "Target Company"）**

法定代表人：黄国华

Legal Representative: Guohua HUANG

地址：厦门市软件园三期诚毅大街359号404单元

Address: Unit 404, No. 359, Chengyi Street, Phase III, Xiamen Software Park

**鉴于：**

**Whereas:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 目标公司是一家根据中国法律组建并有效存续的股份有限公司，作为目标公司的股东，甲方持有目标公司 [Percentage of Share Ownership] 的股份。

The Target Company is a company limited by shares incorporated lawfully and existing validly within the territory of the People's Republic of China, and Party A holds [Percentage of Share Ownership] shares as a shareholder of the Target Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 乙方是一家根据中国法律组建并有效存续的外商独资企业，为目标公司提供技术支持、战略咨询等相关服务，为目标公司的重要合作伙伴。

Party B is a wholly foreign-owned enterprise incorporated lawfully and existing validly in accordance with the laws of the People's Republic of China and provides technical support, strategic consulting and other related services to the Target Company as an important partner of the Target Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 甲方及目标公司拟授予乙方在符合中国法律要求的条件下，自行或通过其指定人士随时购买甲方持有的目标公司全部或部分股份或者目标公司的全部或部分资产（包括各种有形及无形资产）的排他性的选择权。

Party A and the Target Company intend to grant the Part B, the exclusive option to purchase all or part of the shares and the assets (including all forms of tangible and intangible assets) of the Target Company held by Party A, either by Party B itself or through its designated person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 甲方因签订、履行本协议而产生的风险、费用、责任等，均由目标公司承担。

The Target Company shall bear all the risks, fees and liabilities etc. of Party A arising from the signing and performance of this agreement.

据此，各方经协商一致，达成本协议如下：

Now therefore, through mutual consultation, the parties have reached the following agreements:

**第一条** **购买选择权之授予和行使**

**Article 1 Grant and Exercise of Call Option**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 授予购买选择权 Granting Purchase Option

各方同意，乙方拥有排他性的选择权，在符合中国法律要求和本协议规定的条件下，自行或通过其指定人士随时购买甲方持有的目标公司全部或部分股份，或目标公司拥有的全部或部分资产（下称"**购买选择权**"）。该购买选择权可以由乙方或者乙方指定人士行使，且在本协议有效期内不可撤销。甲方同意，除乙方外，任何第三人均不得享有对于目标公司股份或资产的购买选择权或其他有关的权利。

According to the requirements of Chinese laws and the provisions of this Agreement, the parties agree that Party B own the exclusive right to choose at any time to purchase all or part of shares or assets of the Target Company held by Party A through Party B itself or its designated person (herein after referred to as "**Purchase Options**") The purchase options may be exercised by Party B or the person designated by Party B which is irrevocable during the term of this Agreement. Party A agrees that any third party except for Party B shall not own purchase options to the shares or assets of the Target Company or other rights related to the Target Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 行使购买选择权 Exercise of Option

以符合中国法律要求为前提，乙方或其指定人士可通过向甲方和/或目标公司（视 情形而定）发出书面通知（下称"**行权通知**"），并具体说明其将向甲方购买的股份或从目标公司购买的资产的份额（下称"**被购买股份** **/资产**"）和购买的方式之后，行使购买选择权。乙方或其指定人士可自主决定购买选择权行使的时间、方式和次数。

Based on the requirements of Chinese law, Party B or its nominated person may send a written notice to Party A and/or the Target Company (as the case may be) (hereinafter referred to as the "**Notice of Exercise**") and specify that it will purchase the shares or the shares of the assets purchased from the Target Company (hereinafter referred to as the "**Purchased Shares/Assets**") and the way of purchase, the purchase options are excised. Party B or its designee may independently decide when, how and how often to exercise the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 行权通知的效果 Effect of Notice of Exercise

在收到行权通知之日起三十（30）日内，甲方和/或目标公司（视情形而定）应与乙方或其指定人士签署股份/资产转让合同和实现转让的其他文件（合称"**转让文件**"）。且甲方不可撤销地放弃其对另一方向乙方出售的所有股份的优先购买权。

Within thirty (30) days from receipt of the notice of execution, Party A and/or the Target Company (as the case may be) shall sign the Equity/Asset Transfer Contract and other documents (the "**Transfer Documents**") for the transfer with Party B or its nominated person. And Party A irrevocably waived its right of first refusal to purchase all the other shares sold by the other party to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 手续 Procedure

转让文件签署后，甲方和/或目标公司必须无条件配合乙方办理有关转让所必要的任何审批、许可、登记、备案等手续，以在不附带任何担保权益的情况下，将被购买股份/资产的有效所有权转让给乙方或其指定人士并使乙方或其指定人士成为被购买股份/资产的登记在册所有人。

After the transfer documents are signed, Party A and/or the Target Company must unconditionally cooperate with Party B to handle any necessary matters related with transfer including approvals, permits, registrations, filings, etc. Party A shall transfer without any security interests the effective ownership of purchased equity/asset to Party B or its designated person who become the registered owner of the purchased equity/asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 责任 Responsibility

甲方不负责承担目标公司在本协议下对乙方的义务和责任。

Party A is not responsible for the obligations and responsibilities of the Target Company to Part B under this Agreement.

**第二条** **行权价格**

**Article 2 Subscription Price**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 在适用的中国法律允许的情况下，乙方有权自行或通过其指定人士随时以届时中国法律所允许的最低价格（ "**行权价格**" ）收购甲方所持有的目标公司所有或部分股份或目标公司的所有或部分资产。

Subject to applicable PRC laws, Party B has the right to purchases all or part of the equity interests or assets of the Target Company held by Party A at any time, either at its own discretion or through its designated person, at the lowest price (the "**exercise price**") permitted by the then-current Chinese law.

**第三条** **陈述和保证**

**Article 3 Representation and Warranty**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 陈述和保证 Representations and Warranties

每一方向其他方陈述和保证如下：

Each of the party represents and warrants to the other party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 其拥有一切必要的权利、能力和授权签署本协议并履行本协议项下的全部义务和责任，本协议一经签署即构成对该方合法、有效且具有约束力的义务并可按照本协议的条款对其强制执行。

It has all requisite power, capability and authority to execute this Agreement and perform its obligations and liabilities under this agreement. This Agreement constitutes the legally valid and binding obligation to the party and is enforceable against the party in accordance with its terms upon execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 本协议及任何有关股份 / 资产转让合同的签署和交付以及其在本协议及任何有关股份 / 资产转让合同项下的义务的履行均不会： (i) 导致其违反任何有关的中国法律； (ii) 与其章程或其他组织文件相抵触； (iii) 导致违反向其颁发的任何许可或授予的任何批准或该等许可或批准持续有效的任何条件。

The execution, delivery or performance of this Agreement will not (i) lead to violation of any law of the PRC; (ii) conflict with the by-law or other constitutional documents;(iii) lead to breach of any conditions on the basis of which any permit or approval is issued to any party hereto and (or) maintenance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 其自身或其代理人、员工或代表提供给另一方的所有资料在所有重要方面均是真实、完整和准确的，并没有误导。

The information provided by itself or its agents, employees or representatives to the other party is true, complete, accurate and no misleading in all material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 目标公司、甲方额外陈述与保证

Additional Representations and Warranties of the Target Company and Party A

目标公司、甲方向乙方额外地陈述和保证如下：

The Target Company and Party A provide to Party B the following additional representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 甲方对其在目标公司的股份拥有良好和可出售的所有权，除各方与本协议同日签署的《股份质押协议》下所规定的质押外，该等股份上没有任何其他权利负担。

Party A has good and sellable title to its equity in the Target Company, except for the pledges stipulated under the signed by the parties on the same day with the agreement, and there is no other right burden on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 目标公司对其所有资产拥有良好和可出售的所有权，该等资产上没有任何担保权益或其他权利负担。

The Target Company has good and sellable ownership of all its assets and there is no any security interest or other rights burden on such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 目标公司遵守所有适用的法律法规（包括但不限于资产收购所适用的法律法规）。

The Target Company complies with all applicable laws and regulations (including but not limited to the laws and regulations applicable to asset acquisition)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 不存在未决的或潜在的与目标公司或其股份或资产有关的诉讼、仲裁或行政程序。

There are no pending or potential litigation, arbitration or administrative proceedings relating to the Target Company or its equity or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 在乙方或其指定人士行使本协议下的购买选择权取得标的股份或资产后，目标公司、甲方不会做出任何有损于该等股份或资产的有效性或任何权益以及该等股份或资产的转让行为的有效性的行为。

After Party B or its designated person exercises the purchase option under this Agreement to obtain the underlying equity or assets, the Target Company and Part A will not take any detriment action to the validity or any interests of the equity or assets, or the validity of the act of transferring the equity or assets.

**第四条** **其它约定**

**Article 4 Other Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 目标公司禁为行为 Prohibition of the Target Company

在乙方或其指定人士行使购买选择权取得目标公司的全部股份或资产之前，未经乙方事先书面同意，目标公司不得进行如下行为：

Before Party B or its nominated person excises the purchase option to acquire the entire equity or assets of the Target Company, without Party B's prior written consent, the Target Company is prohibited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 出售、转让、抵押或以其他方式处置任何资产、业务或收入的合法或受益权益，或允许在其上设置任何其他担保权益；

Sell, transfer, mortgage or otherwise dispose of any legal or beneficial interest in any asset, business or income, or allow any other security interest to be set up on it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 达成将实质性影响其资产、责任、运营、股份及其它合法权利的交易；

Enter into the transactions that will materially affect its assets, liabilities, operations, equity and other legal rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 发生、继承、保证或容许存在任何债务，但 (i) 日常业务过程中产生而不是通过借款方式产生的债务；和 (ii) 已向乙方披露和得到乙方书面同意的债务除外；

Occur, inherit, guarantee or allow to have any debt, except for the debt which is (i) incurred in the ordinary course of business other than the debt arising from the borrowing; and (ii) disclosed to Party B and approved by Party B in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 签订任何涉及到义务（无论是否或有义务）或付款单独超过每年人民币 10 万元或累计超过人民币 50 万元的任何合同，或受该等合同的约束（一系列相关的合同应被视为一份合同且该系列合同涉及的金额应当累计计算）；

Sign any contract involving any obligation (whether there is an obligation or not) or single payment exceeding RMB 100 thousand per year or accumulatively exceeding RMB 500 thousand, or be bound by such contract (a series of related contracts shall be deemed as one contract and the amount involved in the series of contracts should be calculated cumulatively);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 向任何人提供贷款或信贷；

Provide loans or credit to anyone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 与任何人合并或联合，或对任何人进行收购或投资；

Merge or associate with anyone or acquire or invest in anyone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) 与其任何关联方达成任何协议或安排，但与本协议同日签署的与乙方达成的协议或安排除外；或

Enter into any agreement or arrangement with any of its affiliates, except for an agreement or arrangement with Party B signed on the same date as this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) 以任何形式派发股息给股东。

Distribute dividends to shareholders in any form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 目标公司、甲方禁为行为 Prohibition of the Target Company and Party A

在乙方或其指定人士行使购买选择权取得目标公司的全部股份或资产之前，未经乙方事先书面同意，目标公司、甲方不得共同或单方进行如下行为：

Before B or its designated person exercises the purchase option to acquire the entire equity or assets of the Target Company, without the prior written consent of Party B, the Target Company, Party A shall not jointly or unilaterally conduct the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 出售、转让、抵押或以其他方式处置目标公司的股份 / 资产或允许对其设置任何权益负担，但根据各方与本协议同日签署的《股份质押协议》进行的质押除外；

Sell, transfer, mortgage or otherwise dispose of the Target Company's equity/assets or allow any equity burden on it, except for pledges made under the signed by the parties on the same day as this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 以任何形式补充、更改或修改目标公司公司章程文件，且该等补充、更改或修改将实质性影响目标公司的资产、责任、运营、股份及其它合法权利；

Add, change or modify the Articles of Associations of the Target Company in any way, and such supplements , changes or modifications will materially affect the Target Company's assets, liabilities, operations, equity and other legal rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 任命、撤销或替换目标公司的任何董事、监事或管理人员；

Appoint, revoke or replace any director, supervisor or manager of the Target Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 增加或减少目标公司的注册资本或以任何其他方式改变其股份结构；

Increase or decrease the registered capital of the Target Company or change its shareholding structure in any other way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 促使目标公司达成将实质性影响目标公司的资产、责任、运营、股份及其它合法权利的交易；或

Promote the Target Company to enter into transactions that will materially affect its assets, liabilities, operations, equity and other legal rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 促使目标公司的股东大会通过分派股息的决议。

Procure the shareholders meeting of the Target Company to pass resolution regarding dividend distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 目标公司、甲方应为行为 Actions of the Target Company and Party A

在乙方或其指定人士行使购买选择权取得目标公司的全部股份或资产之前，目标公司、甲方应：

Before Party B or its designated person exercises the purchase option to acquire the entire equity or assets of the Target Company, the Target Company and Party A shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 按照良好的财务和商业标准及惯例，保持目标公司的存续，审慎及有效地经营其业务和处理事务；

Maintain the existing of the Target Company in accordance with good financial and commercial standards; practice and operate its business cautiously and effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 在正常业务过程中经营目标公司的所有业务，以保持目标公司的资产价值，不进行任何足以影响其经营状况或资产价值的作为 / 不作为；

Operate all the business of the Target Company in the ordinary course of business in order to maintain the asset value of the Target Company and perform no action /inaction which may affect its operating status or asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 应乙方要求，向其提供所有关于目标公司的营运和财务状况的资料；

At the request of Party B, provide all information regarding operation and financial status of the Target Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) 将已发生的或可能要发生的与目标公司或其股份或资产有关的诉讼、仲裁或行政程序立即通知乙方；

Notify Party B promptly of litigation, arbitration or administrative procedures that have occurred or may occur in connection with the Target Company or its equity or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) 从乙方接受的保险公司处购买和一直持有保险，维持的保险金额和险种应与在同一地区经营类似业务或拥有类似财产或资产的公司通常投保的金 额和险种一致，所有费用由目标公司承担；

Purchase insurance from the insurance company accepted by Party B and maintain the insurance at all times, and the amount and type of insurance to be maintained shall be the same as the amount and type of insurance usually adopted by the company operating similar businesses or having similar assets or assets in the same region,all costs should be borne by the Target Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) 为保持目标公司对其全部资产的所有权，签署所有必要和适当的文件，采取所有必要和适当的行动，提出所有必要和适当的控告并对所有索偿进行必要和适当的抗辩；

In order to maintain ownership of entire assets of the Target Company, sign all necessary and appropriate documents; take all necessary and appropriate actions and make all necessary and appropriate charge and appropriate defenses against all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) 应乙方要求，立即将目标公司所有可分配利润立即分配给其股东；及

Distribute all the distributable profits of the Target Company to its shareholders immediately upon the request of Party B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) 应乙方要求，委任由乙方指定的任何人士出任目标公司的董事。

Appoint any person designated by Party B as the director of the Target Company upon the request of Party B.

**第五条** **赔偿**

**Article 5 Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 如果出现可能使本协议任何一方在第三条下所做的任何陈述或保证成为不真实或不准确的情况，有关一方应立即以书面形式通知另一方，并应按照另一方的合理要求采取措施予以补救。每一方同意补偿另一方因其在第三条作出的陈述和保证的任何不真实性或不准确性或因其违反本协议项下的任何其他约定或规定所产生或与此相关的，任何其他一方所遭受的任何所有债务、义务、赔偿、罚款、裁决、诉讼、费用、开支和代垫费用。

If any of the representations or warranties made by any party under Article 3 become untrue or inaccurate, the relevant party shall promptly notify other party in writing and shall provide remedies according to reasonable requests made by the other party. Each party agrees to indemnify any other party the debts, obligations, compensation, fines, awards, litigation, cost, expenses and disbursements which are arising from or relating to any untruthfulness or inaccuracy in the representations and warranties made under Article 3 or because of any breach of agreement or provision under this Agreement.

**第六条** **保密**

**Article 6 Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 一般义务 General Obligation

在本协议期限内和在本协议因任何原因终止后的五（5）年内，未经各方事先同意，任何一方应为本协议及一方因履行本协议而从其他方取得的任何口头或书面资料（"**保密资料** **"**）保密，不得向任何其他人披露任何保密资料。

Within 5 years after the expiration of this Agreement and after termination of this Agreement for any reason, without prior consent of the parties, either party shall be responsible for any oral or written information obtained by this Agreement and any other party from the other party in performing this Agreement (the "**Confidential Information**") is confidential and may not disclose any Confidential Information to any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 向接收人披露 Disclosure to the Recipient

为达到本协议目的需要的情况下，各方可向其董事、高级职员、经理、合作伙伴、员工及法律、财务和专业顾问（合称"**接收人**"），在需要了解的基础上披露保密资料。

In order to achieve the purpose of this Agreement, the parties may disclose the Confidential Information to its directors, officers, managers, partners, employees and legal, financial and professional advisors (collectively referred to as the "**Recipients**") on a need-to-know basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 接收人的义务 Obligations of the Recipients

各方应确保其各自的任何接收人知道和遵守其在本协议项下的所有保密义务，如同该接收人是本协议的一方。

The parties shall ensure that their respective Recipients are aware of and comply with all their confidentiality obligations under this Agreement, as if the recipient were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 例外情况 Exceptions

第6.1条的规定不适用于：

The Clause 6.1 shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 已成为或将成为公众可以得到的保密资料，而该资料的披露不是因为任何一方或其任何接收人违反本协议披露或指示披露所造成的；

The Confidential Information which is already in the public domain or comes into the public domain otherwise than by a breach of any obligation of confidentiality; or which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 任何一方根据任何适用法律、法规、任何监管机构的要求或者任何证券交易所任何适用规则的规定进行的披露，但是有关的披露只限于该等要求或规定的范围内，并且在可行的情况下，另一方应被给予机会在披露之前审阅披露的内容和对披露的内容提出意见；以及

Disclosures by either party in accordance with the requirements of any applicable law, regulation, any regulatory department or any applicable rules of any stock exchange, but such disclosure is limited to the scope of such regulations or requirements and is feasible under the circumstances, other party should be given the opportunity to review the contents of the disclosure and provide comments on the disclosure before disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 任何一方根据任何政府规定或司法或监管过程的规定进行的披露或者在任何因本协议产生或与之相关的法律诉讼、起诉或程序的司法、监管或仲裁程序中进行的披露，但是有关的披露只限于该等规定或程序要求的范围内，并且在可行的情况下，另一方被给予机会在披露之前审阅披露的内容和对披露的内容提出意见。

Disclosures by any party pursuant to any governmental regulation or judicial or regulatory process or in any judicial, regulatory or arbitral proceedings in any legal proceedings, proceedings or proceedings arising out of or in connection with this Agreement, but relevant disclosures are limited to the scope of these requirements or procedural requirements, and where feasible, other party are given the opportunity to review the disclosure and provide comments on the disclosure before disclosure.

**第七条** **期限与终止**

**Article 7 Term and Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 期限 Term

本协议自各方授权代表于文首所载日期签署后生效，有效期至2032年8月10日止，除非乙方按第7.2条的规定提前终止，否则本协议有效期限届满时应自动续展一（1）年，之后依此类推。

如一品威客开曼公司（EPWK HOLDINGS LTD.）和/或目标公司于2023年12月31日前未完成本次境外上市（本次境外上市指：成功在纳斯达克交易所挂牌上市），则本协议自动终止。

This Agreement shall be valid from the date of signing until August 10, 2032. unless Party B terminates it early in accordance with the provisions of Article 7.2 that the Agreement will not be renewed, otherwise the term of this Agreement shall be automatically renewed for one (1) year at the expiration date of the validity term, and so on.

In the case that EPWK HOLDINGS LTD. and/or the Target Company have not completed this overseas listing before December 31, 2023 (this overseas listing refers to: successfully listed on the NASDAQ exchange), This Agreement will automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 终止 Termination

目标公司、甲方不得在任何情况下因任何原因终止本协议。乙方可自行决定提前一（1）个月书面通知后终止本协议。如果发生任何下列事件，乙方可在向另一方发出终止本协议的书面通知后立即终止本协议：

The Target Company and Party A shall not terminate this Agreement in any circumstance for any reason. Party B may at its own discretion terminate the agreement upon a one-month prior written notice. If any of the following events occurs, Party B may terminate this Agreement immediately after issuing a written notice to Party A to terminate this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 任何其他一方没有遵守本协议中的任何义务、规定和条件，而且经乙方发出有关书面通知后十（ 10 ）日内，没有加以纠正；或

Any party does not comply with any obligations, stipulations and conditions in this Agreement, and the party does not correct such breach within ten (10) days after Party B sends a written notice to Party A; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 目标公司停业、丧失偿债能力、破产、成为清算或解散程序的对象、无力偿还到期债务或依法解散。

The Target Company suspends its business, loses the ability to repay the debts, becomes bankruptcy or the object of liquidation or dissolution procedures, is not able to repay the debts due and payable or dissolved according to laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 终止后的行动 Action after Termination

另一方无权以任何理由就本协议终止而蒙受的任何损失（包括业务或收益上的损失）向乙方提出权利要求。本协议终止，无损任何一方在终止前产生的任何权利或救济，且不影响一方向另一方履行在本协议终止前产生的任何义务。

The other party is not entitled to claim any right to the pledgee for any loss (including loss of business or profits) suffered by the termination of this Agreement for any reason. Termination of this Agreement does not infringe any rights or remedies of any party prior to termination and does not affect the performance by any party of any of its obligations prior to the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 继续有效 Continue to be Effective

第五、六、7.3-7.4、八、9.1-9.3和9.8-9.9条规定在本协议终止后仍然继续有效。

The Article 5, 6, Clause 7.3-7.4, Article 8, Clause 9.1-9.3 and Clause 9.8-9.9 shall remain valid after the termination of this Agreement.

**第八条** **通知**

**Article 8 Notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 除非有更改本协议序言中所列地址的书面通知，本协议项下的通知应通过专人递送、传真或挂号邮寄的方式发到该等地址。通知如果是以挂号邮寄的方式发送，则挂号邮件的回执上记载的签收日期为送达日，如果以专人递送或传真方式发送，则以发送之日为送达日。以传真方式发送的，应在发送后立即将原件以挂号邮寄或专人递送的方式发到上述地址。

Unless there is a written notice to change the address specified in the preamble of this agreement, any notices by the Parties hereunder shall be sent by hand delivery, facsimile, registered mail to the addresses. If the notice is sent by registered mail, the receipt date recorded on the mail receipt shall be deemed as the service date. If it is delivered by hand or by fax, the date of delivery shall be deemed as the service day. If it is delivered by fax, the original should be sent to the above address by registered mail or delivered by hand immediately after the facsimile notice is served.

**第九条** **其他规定**

**Article 9 Miscellaneous Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 法律适用 Governing Law

本协议的签署、解释、履行和终止适用中华人民共和国法律，并依其解释。

The signing, interpretation, performance and termination of this Agreement, shall be governed by and interpreted in accordance with the laws of the People's Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 争议解决 Resolution of Disputes

所有因本协议引起的或与本协议有关的争议都应通过各方的友好协商解决。若在一方提出协商解决争议的要求之后三十（30）日内，各方仍未达成解决争议的协议，任何一方均有权将有关争议提交厦门仲裁委员会，由三（3）名仲裁员依当时有效的该委员会仲裁规则通过仲裁解决。仲裁语言为中文。仲裁裁决应是终局的，对各方都有约束力。如果仲裁庭未作另外规定，仲裁费用由败诉的一方承担。

Any dispute arising out of the interpretation and performance of any terms of this Agreement shall be settled by the parties through negotiation. Should the parties cannot reach an agreement to resolve the dispute with 30 days after a party submits the request of dispute negotiation, either party has the right to submit the dispute to Xiamen Arbitration Committee, where 3 arbitrators will settle the dispute according the arbitration rules of the Committee that are in force at that time. The arbitration language is Chinese. The award shall be final and binding on all parties. The arbitration fees shall be borne by the losing party unless otherwise specified by the arbitration tribunal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 可分割性 Severability

如果本协议中的任何一项或多项规定根据任何法律法规在任何方面被认定为无效、不合法或不能执行，有关的规定应视为可从本协议分割，而本协议其余规定的效力、合法性及可执行性不因此而在任何方面受到影响或损害。各方应努力本着诚信原则进行磋商，以有效、合法且可以执行的规定代替无效、不合法或不能执行的规定，而其经济效果应尽量接近被代替的规定原先想要达到的经济效果。

If one or multiple provisions of this Agreement are determined to be invalid, illegal or unenforceable in any way according to any laws and regulations, the relevant provisions shall be deemed severable from this Agreement, and the effectiveness, legality and enforceability of the remaining provisions of this Agreement shall not be affected or impaired in any way. The Parties shall, through consultation in good faith, revise as far as permitted by law and in a manner most approximate to the original intention of the parties, such invalid and unenforceable provisions to the extent to which the provisions are lawful, valid and enforceable, and such revised provisions shall be, as far as possible, of same financial efficacy with those provisions that are invalid, unlawful or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 弃权 Waiver

任何一方没有行使或没有及时行使本协议项下的任何权利、权力或补救措施，不应视为弃权，而任何一次行使或部分地行使有关权利、权力或者补救措施，也不妨碍进一步行使有关权利、权力或补救措施或行使任何其他权利、权力或补救措施。在不限制上述规定的情况下，任何一方对另一方违反本协议的任何规定作出弃权，不应视为对日后违反该条规定或者违反本协议的任何其他规定也作出弃权。

Any failure of any party to exercise or timely exercise any right, power or remedy under this Agreement shall not be deemed as a waiver, and any exercise of the relevant rights, power or remedy at any one time will not prevent the further exercise of such rights, power or remedy or exercise any other right, power or remedy. Without limiting the foregoing, any party waving any other party's violation of any provisions of this Agreement shall not be deemed to have waived any later violation of this provision or any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 转让限制 Transfer Restoration

本协议对各方及其继承者和被许可的受让方具有约束力。事先通知另一方后，乙方可向其指定的任何人转让其在本协议下的权利和义务。非经乙方事先书面同意，甲方不得转让其在本协议下的任何权利和义务。

This Agreement is binding on all parties and their successors and approved transferees. After informing other party in advance, Party B may transfer its rights and obligations under this Agreement to any person it designates. The other party cannot transfer any of their rights and obligations without Party B's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 完整协议 Integrity of this Agreement

本协议构成协议各方就本协议的标的事项所达成的完整的协议及共识，并且，以往各方之间关于本协议标的事项的所有口头或书面协议、备忘录或安排均被本协议取代。

The agreement constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof and replaces all oral and/or written agreement, understanding and arrangements of the parties prior to the conclusion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 修订 Amendment

对本协议条款的任何修改必须经各方协商一致，并由各方各自取得必要的授权和批准后，以书面形式作出方为有效。经过各方适当签署的有关本协议的修改协议和补充协议是本协议的组成部分，具有与本协议同等的法律效力。

Any amendment and supplement to this Agreement shall be made in writing by the parties. Any modification or supplement to this Agreement duly signed by the parties constitutes an integral part of this Agreement and shall have the same legal validity as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 标题 Titles

本协议中的标题只是为了方便而使用，不得用来限制或解释本协议条款。

The titles used in this Agreement are used for convenience only and are not to be considered in restricting or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 文本 Copies

本协议可签署一份或多份，经正当签署的该等多份文件构成同一份协议，具有相同的法律效力。

This Agreement may be signed in one or more counterparts and all of which together shall constitute the same one instrument with equal legal validity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 语言 Language

本协议以中文书就，英文翻译仅供参考。为避免歧义，如中英文有任何不一致，以中文为准。

This agreement is written in Chinese and the English translation is for reference only.To avoid ambiguity, if there is any inconsistency between Chinese and English, the Chinese version shall prevail.

（以下无正文，为签署页）

(The following is signature page without content of agreement)

鉴于此，各方已促使其各自的授权代表于文首所载日期签署本协议，以昭信守。

In witness whereof, the parties have caused this Agreement to be executed by their respective authorized representatives on the date first above written.

---

| | | |
|:---|:---|:---|
| **甲方** **Party A** | **甲方** **Party A** | **乙方** **Party B** |
| | | **亿品微客（广州）网络科技有限公司** |
| **[Name of the Shareholder]** | **[Name of the Shareholder]** | **Yipinweike (Guangzhou) Network Technology Co.,Ltd.** |
| 签字/Signature： | */s/ [Signature of the Shareholder]\** | （公章/ Common Seal） |
| （公章/ Common Seal）\*\* | （公章/ Common Seal）\*\* |  |
| 签署（授权代表） | 签署（授权代表） | 签署（授权代表） |
| /Signature(Authorized Representative): | /Signature(Authorized Representative): | /Signature(Authorized Representative)： |
| */s/ [Signature of Authorized Representative] \*\** | */s/ [Signature of Authorized Representative] \*\** | */s/ Guohua HUANG* |
| **丙方** **Party C** | **丙方** **Party C** |  |
| **厦门一品威客网络科技股份有限公司** | **厦门一品威客网络科技股份有限公司** |  |
| **Xiamen EPWK Network Technology Co., Ltd.** | **Xiamen EPWK Network Technology Co., Ltd.** |  |
| （公章/ Common Seal） | （公章/ Common Seal） |  |
| 签署（授权代表） | 签署（授权代表） |  |
| /Signature(Authorized Representative)： | /Signature(Authorized Representative)： |  |
| */s/ Guohua HUANG* | */s/ Guohua HUANG* |  |

---

 

*(购买选择权协议签字页)*

*(Signature Page of Call Option Agreement)*

 

**Schedule of Material Differences**

One or more person signed a Call Option Agreement under this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Name of**<br> **Shareholders** | &nbsp;&nbsp;**Address** | <br> **Percentage<br> of<br> Share<br> Ownership** | **Shareholder's <br> ID Number\*** | &nbsp;&nbsp;**Title and Name <br> of <br> the Authorized <br> Representative\*\*** | &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Aling YE | &nbsp;&nbsp;Room 701, Building 2, Junlintianxia, No. 5, Zhuchan Street, Xiangcheng District, Zhangzhou City, Fujian Province | 1.2282% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Hongxiu WANG | &nbsp;&nbsp;Room A1912, Urban Sunshine, No. 70 Nanchang Middle Road, Xiangcheng District, Zhangzhou City, Fujian Province | 3.1319% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Guohua HUANG | &nbsp;&nbsp;No. 32, Yindoushan Wuli, Maxiang Town, Xiang'an District, Xiamen City, Fujian Province | 18.5617% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Zhinan HUANG | &nbsp;&nbsp;No. 187, Dongshe, Haiqiao Village, Lantian Town, Longwen District, Zhangzhou City, Fujian Province | 16.2633% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Zhiyou HUANG | &nbsp;&nbsp;No. 132, Caoliao Street, Xiangcheng District, Zhangzhou City, Fujian Province | 4.8780% | [\*\*\*] |  | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Xiamen Yipin Zhicheng Enterprise Management Partnership (Limited Partnership) | &nbsp;&nbsp;Room 201-15, No. 278, Haijing Road, Xiamen Area, China (Fujian) Pilot Free Trade Zone | 0.5404% |  | &nbsp;&nbsp;Executive Partner: Guohua HUANG | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Shenzhen Letou Tiancheng Investment Technology Co., Ltd. | &nbsp;&nbsp;Room 1115, Hanggang Fuchun Business Building, No. 6031 Shennan Avenue, Tianan Community, Shatou Street, Futian District, Shenzhen | 3.6239% |  | &nbsp;&nbsp;Legal Representative: Min LIU | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Xiamen Youshenghao Enterprise Management Co., Ltd. | &nbsp;&nbsp;Room 152, Zone D, 2nd Floor, No. 38, Shengtang Street Industrial Zone, Cencun, Tianhe District, Guangzhou | 4.3777% |  | &nbsp;&nbsp;Legal Representative: Xinv LIAN | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Shangtai (Xiamen) Electronic Technology Co., Ltd. | &nbsp;&nbsp;Room 302, No. 278, Haijing Road, Xiamen Area (bonded port area), China (Fujian) Pilot Free Trade Zone | 7.1922% |  | &nbsp;&nbsp;Legal Representative: Limin HUANG | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Xiamen Yuechu Enterprise Management Co., Ltd. | &nbsp;&nbsp;No. 49, Unit 03, 4th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park | 4.8381% |  | &nbsp;&nbsp;Legal Representative: Kenglong SHEN | &nbsp;&nbsp;August 11, 2022 |
| &nbsp;&nbsp;11. | &nbsp;&nbsp;Xiamen Zhihui Yipin Network Technology Co., Ltd. | &nbsp;&nbsp;No. 38, Unit 03, 6th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park | 5.9409% |  | &nbsp;&nbsp;Legal Representative: Limin HUANG | &nbsp;&nbsp;August 11, 2022 |

---

12. Xiamen Xinglin Construction And Development Co., Ltd. 20-22nd floor, No. 502 Xinglinwan Road, Jimei District, Xiamen 5.0589% Legal Representative: Zhi WANG August 11, 2022

13. Xiamen Youqia Online Network Technology Co., Ltd. No. 7, Unit 03, 4th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park 2.8581% Legal Representative: Yun LIAO August 11, 2022

14. Xiamen Cool Thai Preferred Enterprise Management Partnership (Limited Partnership) Room 319-12, No. 278, Haijing Road, Xiamen Area (bonded port area), China (Fujian) Pilot Free Trade Zone 4.8412% Executive Partner: Juan SUN August 11, 2022

15. Xiamen Jimei District Industrial Investment Co., Ltd. Unit 2502, No. 492 Xinglinwan Road, Jimei District, Xiamen 8.0169% Legal Representative: Xiangjiang WU August 11, 2022

16. Xiamen Yipin Weike Investment Management Partnership (Limited Partnership) Room 236, 2nd Floor, No. 33, Xinglin South Road, Jimei District, Xiamen 8.6486% Executive Partner: Guohua HUANG August 11, 2022

\* Individual Shareholders

\*\* Corporate Shareholders

\*\*\* Sensitive Information

## Exhibit 10.5

**Exhibit 10.5** 

**股东授权委托书**

**FORM OF SHAREHOLDER POWER OF ATTORNEY**

**委托人：** **[Shareholder's Name]**

**Principal: [Shareholder's Name]**

身份证号码：[Shareholder's ID Number]\*

Identification Number: [Shareholder's ID Number]\*

授权代表: [职务与姓名]\*\*

Authorized Representative: [Title and Name of the Authorized Representative]\*\*

地址：[Shareholder's Address]

Address: [Shareholder's Address]

**受托人：亿品微客（广州）网络科技有限公司**

**Agent: Yipinweike (Guangzhou) Network Technology Co.,Ltd.**

法定代表人：黄国华

Legal Representative: Guohua HUANG

地址：广州市天河区岑村圣堂大街工业区38号二层D区152房

Address: Room 152, Zone D, 2nd Floor, No. 38, Shengtang Street Industrial Zone, Cencun, Tianhe District, Guangzhou

本人[Shareholder's Name]拥有厦门一品威客网络科技股份有限公司（以下简称"一品威客"）[Percentage of Share Ownership]的股份，现就该股份对应的股东权利（以下简称"**本人股份**"）。特此不可撤销地授权**亿品微客（广州）网络科技有限公司**（即"**受托人**"）在本授权委托书的有效期内行使如下权利（以下简称"**授权范围**"）：

The Principal [Shareholder's Name] Owns [Percentage of Share Ownership] share and corresponding shareholder's right (the "**Principal Share**") of Xiamen EPWK Network Technology Co., Ltd. (the "**EPWK**"). The Principal hereby irrevocably authorize **Yipinweike (Guangzhou) Network Technology Co.,Ltd.** (the "**Agent**") to exercise the following rights within the term of this Power of Attorney (the "**POA Scope**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 授权受托人或其委派的符合条件的人士（以下简称"委派人士"）作为本人唯一排他的代理人就本人股份的事宜全权代表本人行使包括但不限于如下的权利：

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Authorizing the Agent or any qualified person appointed by the Agent (the "**Delegate**") as its sole and exclusive proxy on its behalf to the full extent of the following rights in relation to the Principal Share, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1参加一品威客的股东大会；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Attending the shareholders meeting of EPWK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2行使按照中国法律和一品威客章程规定的本人所享有的股东表决权和全部其他股东权利，包括但不限于出售、转让、质押或处置本人股份的全部或任何一部分，以及通过股东大会任命一品威客的董事和监事等。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Exercising the voting right and all the other rights of, in and to its shareholding in accordance with the laws of the PRC and articles of association of EPWK, including but not limited to selling, transferring, mortgaging or dealing with all or part of the Principal Share, and designating any director, supervisor of EPWK through shareholders meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 受托人或其委派人士将有权在授权范围内代表本人签署为履行本人在与本授权委托书同日签署的《股份质押协议》和《购买选择权协议》下有关义务所必须的转让文件及任何其他有关文件，以及如期履行该等协议下的任何其他义务。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Agent or the Delegate is authorized on behalf of the Principal to sign necessary transfer documents and any other documents in relation to the fulfillment of the obligations under the Equity Pledge Agreement and the Call Option Agreement which are entered into on the same date of the POA and to duly execute other obligations under such agreements in the Scope of the POA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 任何由受托人或其委派人士采取的授权范围内的有关一品威客的行为都视为本人的行为，任何由受托人或其委派人士签署的有关一品威客的文件都视为由本人亲自签署。本人在此承认、认可和批准任何由受托人或其委派人士在授权范围内采取的行为和签署的文件。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any actions taken by the Agent and the Delegate in relation to EPWK in the Scope of the POA are deemed to be acted by the Principal and any documents signed by the Agent and the Delegate in relation to EPWK are deemed to be signed by the Principal personally.

The Principal hereby accepts, recognizes and approves any actions and documents taken and signed by the Agent and Delegate in the Scope of the POA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 受托人拥有转委托权，可以就上述事项的办理自行再委托其他人士或实体而不必事先通知本人或获得本人的同意。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Agent has the power to entrust third person. The Agent may sub-entrust on its sole discretion the subjects aforementioned to other person or entity without prior notification to the Principal or consent of the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 本授权委托书有效期自有效签署之日起至2032年8月10日止，除非委托人提前三十（30）天以书面形式通知受托人本协议不再续展，否则本协议有效期限届满时应自动续展一（1）年，之后依此类推。

如一品威客开曼公司（EPWK HOLDINGS LTD.）和/或一品威客于2023年12月31日前未完成本次境外上市（本次境外上市指：成功在纳斯达克交易所挂牌上市），则本授权委托书自动终止。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The POA shall be valid from the date of signing until August 10, 2032. Unless the Principal notify the Attorney in writing thirty (30) days in advance that the Agreement will not be renewed, otherwise the term of this Agreement shall be automatically renewed for one (1) year at the expiration date of the validity term, and so on.

In the case that EPWK HOLDINGS LTD. and/or EPWK have not completed this overseas listing before December 31, 2023 (this overseas listing refers to: successfully listed on the NASDAQ exchange) , the POA will automatically terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. 本授权委托书期间，本人特此放弃已经通过本授权委托书授权给受托人的与本人股份有关的所有权利，不再自行行使该等权利。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Principal hereby renounces all rights relating the Principal Share which are delegated to the Agent under the POA and the Principal will not excise the rights itself during the term of the POA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 本授权委托书以中文书就，英文翻译仅供参考。为避免歧义，如中英文有任何不一致，以中文为准。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Power of Attorney is written in Chinese and the English translation is for reference only. To avoid ambiguity, if there is any inconsistency between Chinese and English, the Chinese version shall prevail.

---

| | |
|:---|:---|
| 委托人/Principal： | 委托人/Principal： |
| **[Shareholder's Name]** | **[Shareholder's Name]** |
| 签字/Signature： | /s/ [Signature of the Shareholder]\* |
| (公章/ Common Seal) \*\* | (公章/ Common Seal) \*\* |
| 签署（授权代表）/Signature (Authorized Representative): | 签署（授权代表）/Signature (Authorized Representative): |
| /s/ [Signature of Authorized Representative] \*\* | /s/ [Signature of Authorized Representative] \*\* |
| 日期：2022年08月11日 | 日期：2022年08月11日 |
| Date: August 11, 2022 | Date: August 11, 2022 |

---

**Schedule of Material Differences**

One or more person signed a Shareholder Power of Attorney under this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Name of**<br> **Shareholders** | **Address** | <br> **Percentage of <br> Share <br> Ownership** | **Shareholder's <br> ID Number\*** | **Title and Name of <br> the Authorized <br> Representative\*\*** | **Date** |
| 1. | Aling YE | Room 701, Building 2, Junlintianxia, No. 5, Zhuchan Street, Xiangcheng District, Zhangzhou City, Fujian Province | 1.2282% | [\*\*\*] |  | August 11, 2022 |
| 2. | Hongxiu WANG | Room A1912, Urban Sunshine, No. 70 Nanchang Middle Road, Xiangcheng District, Zhangzhou City, Fujian Province | 3.1319% | [\*\*\*] |  | August 11, 2022 |
| 3. | Guohua HUANG | No. 32, Yindoushan Wuli, Maxiang Town, Xiang'an District, Xiamen City, Fujian Province | 18.5617% | [\*\*\*] |  | August 11, 2022 |
| 4. | Zhinan HUANG | No. 187, Dongshe, Haiqiao Village, Lantian Town, Longwen District, Zhangzhou City, Fujian Province | 16.2633% | [\*\*\*] |  | August 11, 2022 |
| 5. | Zhiyou HUANG | No. 132, Caoliao Street, Xiangcheng District, Zhangzhou City, Fujian Province | 4.8780% | [\*\*\*] |  | August 11, 2022 |
| 6. | Xiamen Yipin Zhicheng Enterprise Management Partnership (Limited Partnership) | Room 201-15, No. 278, Haijing Road, Xiamen Area, China (Fujian) Pilot Free Trade Zone | 0.5404% |  | Executive Partner: Guohua HUANG | August 11, 2022 |
| 7. | Shenzhen Letou Tiancheng Investment Technology Co., Ltd. | Room 1115, Hanggang Fuchun Business Building, No. 6031 Shennan Avenue, Tianan Community, Shatou Street, Futian District, Shenzhen | 3.6239% |  | Legal Representative: Min LIU | August 11, 2022 |
| 8. | Xiamen Youshenghao Enterprise Management Co., Ltd. | Room 152, Zone D, 2nd Floor, No. 38, Shengtang Street Industrial Zone, Cencun, Tianhe District, Guangzhou | 4.3777% |  | Legal Representative: Xinv LIAN | August 11, 2022 |

---

9. Shangtai (Xiamen) Electronic Technology Co., Ltd. Room 302, No. 278, Haijing Road, Xiamen Area (bonded port area), China (Fujian) Pilot Free Trade Zone 7.1922% Legal Representative: Limin HUANG August 11, 2022

10. Xiamen Yuechu Enterprise Management Co., Ltd. No. 49, Unit 03, 4th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park 4.8381% Legal Representative: Kenglong SHEN August 11, 2022

11. Xiamen Zhihui Yipin Network Technology Co., Ltd. No. 38, Unit 03, 6th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park 5.9409% Legal Representative: Limin HUANG August 11, 2022

12. Xiamen Xinglin Construction And Development Co., Ltd. 20-22nd floor, No. 502 Xinglinwan Road, Jimei District, Xiamen 5.0589% Legal Representative: Zhi WANG August 11, 2022

13. Xiamen Youqia Online Network Technology Co., Ltd. No. 7, Unit 03, 4th Floor, No. 359, Chengyi Street, Phase III, Xiamen Software Park 2.8581% Legal Representative: Yun LIAO August 11, 2022

14. Xiamen Cool Thai Preferred Enterprise Management Partnership (Limited Partnership) Room 319-12, No. 278, Haijing Road, Xiamen Area (bonded port area), China (Fujian) Pilot Free Trade Zone 4.8412% Executive Partner: Juan SUN August 11, 2022

15. Xiamen Jimei District Industrial Investment Co., Ltd. Unit 2502, No. 492 Xinglinwan Road, Jimei District, Xiamen 8.0169% Legal Representative: Xiangjiang WU August 11, 2022

16. Xiamen Yipin Weike Investment Management Partnership (Limited Partnership) Room 236, 2nd Floor, No. 33, Xinglin South Road, Jimei District, Xiamen 8.6486% Executive Partner: Guohua HUANG August 11, 2022

\* Individual Shareholders

\*\* Corporate Shareholders

\*\*\* Sensitive Information

## Exhibit 10.6

**Exhibit 10.6**

**EPWK Registration Agreement**

In order to maintain public order and social stability, please consciously abide by the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;1. This website shall not be used to endanger national
security, disclose state secrets, infringe upon the legitimate rights and interests of national and social collectives and citizens, and
shall not be used to make, copy or disseminate the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Conspire to attack or undermine the implementation
of the Constitution, laws and administrative regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Initiating subversion of government and the society;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Undermining national unity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. Spread ethnic hatred or discrimination or undermine
ethnic unity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. Fabricating or distorting facts, spreading rumors
or disturbing social order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. Promoting feudal superstition, obscenity, pornography,
gambling, violence, murder, terror or abetting crimes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. Publicly insulting others or fabricating facts to
slander others, or making other malicious attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. Damaging the credibility of the state institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. Other violations of the Constitution and laws and
administrative regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. Commercial advertising activities.

2. The website shall not be used to publish any task
in violation of the Notice of the General Office of the Ministry of Culture and Tourism on the Special Rectification Action of Online
Games involving Gambling Cards.

&nbsp;&nbsp;&nbsp;&nbsp;2.1. Puzzle games;

&nbsp;&nbsp;&nbsp;&nbsp;2.2. Fraud (to find talents to receive tasks);

&nbsp;&nbsp;&nbsp;&nbsp;2.3. Marketing cheating;

&nbsp;&nbsp;&nbsp;&nbsp;2.4. False certification information.

3. Respect each other and be responsible for your words
and actions.

4. You acknowledge that you fully understand that the
e-commerce platform services provided by EPWK.com, as an e-commerce platform, are based on your authorization of EPWK.com to engaging
bank settlement activities with a transaction account of the platform. Once you complete the registration process, it will be deemed that
you have agreed to authorize EPWK.com to open a bank account for you (including opening an electronic account or an internal special account
register) for transaction fund settlement.

5. By agreeing to the above terms, you can register as
a member of this website.

## Exhibit 10.7

**Exhibit 10.7**

EPWK Service Agreement

EPWK.com (hereinafter referred to as the "Platform") provides services in accordance with the "EPWK Service Agreement" (hereinafter referred to as the "Agreement"), and this Agreement has the effect of the contract. Before using this Platform, please read this Agreement carefully and accept the terms and conditions of this Agreement (minors should be accompanied by their legal guardians).

By using the Platform, you have fully read, understood and agreed to enter into this Agreement with the Platform and you are voluntarily bound by the terms of this Agreement. The Platform reserves the right to change this Agreement at any time by publishing notices on the Platform. The revised terms are automatically available on the Platform and become effective immediately upon publication. If you do not agree to the relevant changes, you must stop using the Platform. The content of this Agreement includes the body of the Agreement and all kinds of rules published by the Platform. All rules constitute an integral part of this Agreement and have the same legal effect as the body of this Agreement. By continuing to use the Platform, you have accepted and voluntarily complied with the terms, as amended. This Agreement applies to members of the Platform and any person who is not a registered member but views or uses the Platform.

**Article 1. The Membership Qualification**

&nbsp;&nbsp;&nbsp;&nbsp;1. Only natural or legal persons who meet one of the following conditions can apply for membership of the
Platform and use the services of the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. A natural person who has reached the age of 18 and has the capacity for civil rights and the capacity
for civil conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. A person without civil capacity or a person with limited capacity for civil conduct shall obtain the consent
of his guardian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. State institutions, enterprises, public institutions, collective organizations and other organizations
established and legally existing in accordance with Chinese laws, regulations and administrative rules. If an unqualified entity or organization
registers as a member of the Platform, the agreement between it and the Platform shall be invalid from the beginning. Once discovered
by the Platform, the Platform shall have the right to cancel the membership immediately and investigate all legal liabilities for using
the services of the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;2. Members should provide valid contact addresses and telephone numbers with their legal names.

**Article 2. Rights and Obligations of member**

&nbsp;&nbsp;&nbsp;&nbsp;1. Members shall have the right to release task information on the Platform, inquire about member information,
participate in tasks, release information in the Platform community and related products, participate in the relevant activities of the
Platform, and shall be entitled to enjoy other relevant information and information services provided by the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;2. Members shall be responsible for their own member account numbers and passwords, and shall be responsible
for all activities (including but not limited to releasing task information, agree to various agreements, rules, bidding, etc.). Members
have the right to change their logins and passwords or eliminate accounts.

&nbsp;&nbsp;&nbsp;&nbsp;3. Members shall provide true and accurate registration information to the Platform, including but not limited
to their legal names, ID numbers, phone numbers, addresses, postal codes, etc. to ensure that the Platform can contact yourself through
the above contact information. At the same time, members should also promptly update the relevant registration information from time to
time when the relevant information has changed.

&nbsp;&nbsp;&nbsp;&nbsp;4. Members shall not transfer or authorize others to use their member accounts on the Platform in any form
without authorization.

&nbsp;&nbsp;&nbsp;&nbsp;5. Members are obliged to ensure that the task information posted on the Platform is true, accurate, and
not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;6. Members shall not publish information prohibited by laws, regulations and administrative rules, infringe
upon others' intellectual property rights or other legitimate rights and interests, or violate social and public interests or public ethics.

&nbsp;&nbsp;&nbsp;&nbsp;7. Members shall abide by the principle of good faith in the transactions on this Platform, shall not disturb
the order of online transactions by unfair competition means such as interfering or manipulating publishing tasks, shall not engage in
improper acts unrelated to online transactions, and shall not release any illegal information on the trading platform.

&nbsp;&nbsp;&nbsp;&nbsp;8. Members shall not take improper means (including but not limited to false tasks, exchange of praise, etc.)
to improve the credit of themselves or others or use improper means to maliciously evaluate other members and reduce the credit of other
members.

&nbsp;&nbsp;&nbsp;&nbsp;9. Members agree to abide by laws, regulations, administrative regulations, relevant provisions of the Platform
and various social and public interests or public ethics in all acts performed in the use of the Platform. In case of any violation of
any legal consequences, the members will independently bear the corresponding legal responsibility in their own name.

&nbsp;&nbsp;&nbsp;&nbsp;10. If a member has any dispute with other members in the course of transaction on this Platform, he/she may
request the Platform for coordination and settlement. Any member may report any violation of the Agreement or any violation of the Agreement
by any other member to the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;11. Members shall bear the relevant expenses incurred by the transaction and pay taxes according to law.

&nbsp;&nbsp;&nbsp;&nbsp;12. Without the written permission of the Platform, members shall not use or display any information of the
Platform for commercial use (including but not limited to membership of station information, data, tasks for 2 sale transfer, to copy,
modification, translation and other form of derivative works, distribution, public display or sale).

&nbsp;&nbsp;&nbsp;&nbsp;13. Members shall not use the following ways to log on to the Platform or destroy the services provided by
the Platform:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. Access or log in to the Platform in any robot software, spider software, crawler software, refresh software
or other automatic means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. Any act that causes or may cause unreasonable or proportional significant load to the internal structure
of the Company in any way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. Interference with or try to interfere with the normal work of the Platform or any activities on the Platform
in any way;

14. Members shall have the right to enjoy the transaction guarantee services (including but not limited to
the original guarantee, guaranteed completion guarantee, free modification, etc.) on the premise of agreeing to the relevant rules of
the Platform.

15. Members agree to receive information from the Platform, including but not limited to activity information,
transaction information, promotion information, etc.

16. Members agree that the Platform has the right to immediately ban member accounts without prior notice
for any violation of this Agreement.

**Article 3 The Rights and Responsibilities of the Platform**

1. The Platform only provides an information exchange platform for members and is a trading market for buyers
to publish tasks and for sellers to provide solutions. The Platform does not monitor or control either parties, nor intervene in the transaction
process.

2. The Platform strive to ensure normal operation of the entire online communication platform based on the
existing technology level, try to avoid the service interruption or limit the interruption time to the shortest time, and ensure the smooth
progress of the member online communication activities.

3. The Platform has the obligation to timely respond to the members' questions and reactions concerning transaction
or registration when they register and use the information Platform of the Platform.

4. The Platform has the right to review the registration information of the members and the right to require
members to provide accurate information.

5. If members have any disputes with other members on the Platform or possess the knowledge of such disputes,
the Platform has the right to contact the parties about the dispute by email and telephone and inform each other by email. Members may
request the Platform to provide relevant information following proper legal procedures, and the Platform will actively cooperate with
and provide the relevant information.

6. Due to the particularity of the online information platform, the Platform has no obligation to all members'
trading behavior and other matters related to transactions in advance. However, for the following circumstances, the Platform has the
right to restrict member activities, to verify the relevant information, issue warning notice, impose temporary suspension, indefinite
suspension and refuse to provide services to the member:

&nbsp;&nbsp;&nbsp;&nbsp;6.1. The member violates this Agreement or relevant rules related to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;6.2. A member or any other third party notifies the Platform that a member or specific transaction matters
are illegal or involve improper behavior with relevant evidence, and the Platform is unable to reach the member to verify the allegations;

&nbsp;&nbsp;&nbsp;&nbsp;6.3. A member or any other third party shall notify the Platform that a member or a specific transaction matter
is illegal or improper and provide relevant evidence. The Platform judges the relevant content by the level of knowledge of ordinary non-professional
traders, and it can be obvious that these content or acts may cause financial loss or legal liability to the Platform members or the Platform.

7. According to the national laws, regulations, administrative rules, the content of this agreement and the
facts of the Platform, can identify the member has illegal or violation of this agreement and other misconduct on the Platform trading
platform, the Platform without the consent of the members on the Platform trading platform and the Platform published online illegal behavior,
and have the right to delete relevant information, terminate the service provision, etc.

8. The Platform may, in accordance with the Agreement and relevant rules, freeze, use, pay compensation in
advance, refund and dispose of the funds deposited by members and frozen in the account of the Platform.

9. The Platform has the right to remove or take other restrictive measures to handle the following information
without notice to the members: including but not limited to avoid expenses; credit speculation; fraud or false content; malicious bidding
or other attempts to disturb the normal trading order of online transactions; the information violates the public interest or may seriously
harm the legitimate interests of the Platform and other members.

**Article 4 Disruption and termination of services**

1. The Platform may terminate at its sole discretion for any reason (including but not limited to the literal
meaning and spirit of this Agreement and relevant rules, or the membership within more than 180 days on the Platform, etc.), and shall
have the right to keep all member information within two years (including but not limited to member information, product information,
transaction information, etc.). At the same time, the Platform may stop providing all or part of the services at any time with or without
notice. Upon termination of the Services, the Platform is under no obligation to retain any information in or related to the original
account for members, or to forward any information not read or sent to members or third parties.

2. If a member requests to cancel the registered membership of the Platform, the Platform shall cancel the
registered member, and the member shall terminate the agreement with the Platform, but the Platform still reserves the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;2.1. After the cancellation of a member, the Platform shall have the right to retain the information of the
member within the time prescribed by laws, regulations and administrative rules, including but not limited to the previous member information,
transaction records, etc.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. After the cancellation of the member, if the member commits illegal acts or violates this Agreement on
the trading platform of the Platform before the cancellation, the Platform may still exercise the rights stipulated in this Agreement.

3. The Platform may terminate the service by canceling the membership in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;3.1. If a Member violates this Agreement and the relevant rules, the Platform has the right to terminate the
service provided to such Member. The Platform will notify members of service interruptions. However, if such Member, after being terminated
by the Platform, registers as a Member of the Platform again, directly or indirectly or in another person's name, the Platform shall have
the right to unilaterally terminate the service provided to such Member again;

&nbsp;&nbsp;&nbsp;&nbsp;3.2. If the Platform finds that the main contents in the registration materials of a member are false, the
Platform has the right to terminate the services provided for the member at any time;

&nbsp;&nbsp;&nbsp;&nbsp;3.3. The member fails to confirm the new agreement when this Agreement is terminated or updated.

&nbsp;&nbsp;&nbsp;&nbsp;3.4. Other cases where the Platform considers it necessary to terminate the service.

**Article 5 The Scope of Responsibility of the Platform**

When a member accepts the agreement, the member shall expressly understand and agree to:

1. The Platform cannot readily foresee any technical problems or other difficulties. Such difficulties may
lead to data loss or other service disruption. The Platform is a service based on existing technology. The Platform does not guarantee
the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Platform will meet the requirements of all members.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Platform is not disturbed, can be provided in time, safe and reliable or free from mistakes.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. The result of obtaining the right to use the service is correct or reliable.

2. Whether to download or obtain any information through the Platform shall be considered, measured and at
the risk of downloading.

3. Members shall be fully responsible for any damage or loss of data due to the member's computer system.
Members hope to be careful and use common sense when using the Platform.

4. Suggestions and information obtained by Members through the Platform, whether in their form or performance,
shall in no way constitute any warranty not expressly provided for in this Agreement.

5. The Platform shall not be liable for any direct, indirect, incidental, special, derivative or punitive
damages for profit, goodwill, use, data loss (even if the Platform having been informed of the possibility of compensation mentioned in
the preceding paragraph) due to the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;5.1. The use or inability of the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;5.2. The transmission or data of members is subject to unauthorized access or change.

&nbsp;&nbsp;&nbsp;&nbsp;5.3. Any statement or behavior of any third party on the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;5.4. Other matters related to the Platform.

6. The Platform only provides a platform for members with service transactions, for the legality and authenticity
of the tasks published by members. And its quality, as well as the ability of members to perform the transaction, the Platform will not
have any guarantee liability.

7. The Platform provides links to other websites or resources on the Internet, and members may therefore
connect them to the Platforms operated by other operators, but it does not indicate that the Platform has any relationship with these
operators. The Platforms operated by other operators are responsible by each operator, and do not fall within the control and responsibility
of the Platform. The Web Site is also not guaranteed or responsible for any content, advertising, articles, or other information that
exists or originates from such websites or resources. The Platform shall not be liable directly or indirectly for any damage or loss arising
from the use or reliance on any content, articles or services published on or obtained through any such site or resources.

**Article 6. Intellectual Property Rights**

1. The Platform and the use of any relevant software, programs, content, including but not limited to works,
pictures, files, data, website structure, website layout arrangement, web design, through the Platform or advertisers to the member advertising
or information, by the Platform or other rights holder shall enjoy the corresponding intellectual property rights, including but not limited
to copyright, trademark, patent or other exclusive rights, protected by the relevant laws. Without the express authorization of the Platform
or the right holder, Members guarantee not to modify, rent, lend, sell, distribute any of the above information and resources used by
the Platform, or to make any kind of product based on the above information and resources.

2. The Platform grants Members non-transferable and non-exclusive rights to use the object code of the Platform
(hereinafter referred to as the "Software") through a single computer provided that the Member shall not and shall not allow
any third party to copy, modify, create derivative works, undertake restoration engineering, reverse group translation, or otherwise decipher
or attempt to decipher the source code. Or sell, transfer or sublicencize the Software, or otherwise transfer any rights to the Software.
Member agrees not to modify the Software in any way or to use the modified Software.

3. Members shall not use the Platform through the interface not provided by the Platform.

**Article 7. Privacy Right**

1. Information Use:

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Platform will not sell or lend personal or corporate information to any person without prior permission
of the member.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Platform also does not allow any third party to collect, edit, sell or disseminate Members' personal
or corporate information by any means. If any member is found to be engaged in the above activities, the Platform has the right to immediately
terminate the service agreement with such member and close its account.

2. Information Disclosure: The Member's personal or corporate information will be disclosed in part or in
whole under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;2.1. Disclosing to a third party with the consent of the members;

&nbsp;&nbsp;&nbsp;&nbsp;2.2. If a member is a legitimate intellectual property right holder and files a complaint, he/she shall disclose
it to the complainant at the request of the complainant so that both parties can deal with possible rights disputess;

&nbsp;&nbsp;&nbsp;&nbsp;2.3. Disclosing information to third parties or administrative or judicial organs in accordance with the relevant
provisions of the law or the requirements of administrative or judicial organs;

&nbsp;&nbsp;&nbsp;&nbsp;2.4. If a member violates relevant Chinese laws or website regulations, he / she needs to disclose it to a
third party;

&nbsp;&nbsp;&nbsp;&nbsp;2.5. In order to provide the products and services you require, you must share your personal or legal information
with a third party;

&nbsp;&nbsp;&nbsp;&nbsp;2.6. Other disclosures deemed appropriate by the Platform according to laws or regulations of the Platform.

3. Information Safety:

&nbsp;&nbsp;&nbsp;&nbsp;3.1. When using the services of the Platform for online transactions, please properly protect their personal
or legal person information, only in the Provide it to others if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;3.2. If a member finds that his or her personal or corporate information is leaked, especially his or her account
or Alipay account and password are leaked, he or she is requested to contact our customer service immediately so that we can take appropriate
measures.

&nbsp;&nbsp;&nbsp;&nbsp;3.3. Without the written permission of the Platform, it shall not authorize, authorize or allow or assist any
third party to illegally obtain the information content, for commercial purposes, including but not limited to publicity, increase of
reading volume, page views and other purposes. "Illegal acquisition" means the act of reading, copying, transferring, storing,
obtaining data and information content by means and methods including but not limited to the "spider" (spider) program, crawler
program, personification program and other non-real users or abnormal browsing methods such as avoiding or destroying technical measures.

**Article 8 Force Majeure**

Neither party shall be liable if the performance of this Agreement is rendered impossible, unnecessary or meaningless due to force majeure or other accidents. The force majeure meaning mentioned in this contract refers to the unforeseeable, unavoidable and insurmountable objective situation, including but not limited to war, typhoon, floods, fire, lightning, earthquake, strikes, riots, statutory diseases, hacker attacks, network viruses, telecommunications department technical control, government behavior or any other natural or man-made disasters.

**Article 9 Confidentiality**

Both Parties guarantee to keep confidential the documents and materials (including but not limited to trade secrets, company plans, operation activities, financial information, technical information, business information and other business secrets) that are not obtained from the other party learned in the discussion, signing and execution of this Agreement. Without the consent of the original provider of the data and documents, the other party shall not divulge all or part of the trade secret to the third party. Except as otherwise provided for by laws, regulations or administrative rules or otherwise agreed upon by both parties.

**Article 10. Dispute Settlement Method**

1. Any dispute arising from this Agreement and the performance of this Agreement shall be submitted to the
Xiamen Arbitration Commission for arbitration in accordance with the current arbitration rules of the Association. The arbitral award
is final and binding on both parties.

2. The Platform has the right to accept and mediate disputes between you and other members arising from the
trading service, and at the same time has the right to unilaterally and independently judge whether the complaints and claims made by
other members against you are valid. If the Platform judges that the claims are valid, the Platform has the right to use the task bounty
or the security deposit you have entrusted to make corresponding payments. The Platform has no obligation to use its own funds to make
reimbursement, but if such payment is made, you shall promptly compensate the Platform for all the losses, otherwise the Platform has
the right to offset the funds or interests through the above-mentioned means, if the loss still cannot be made up, the Platform reserves
the right to continue to recover. As the Platform is not a judicial organ, you fully understand and acknowledge that the Platform's ability
to identify evidence and handle disputes is limited. The acceptance of transaction disputes is solely based on your authorization, and
there is no guarantee that the dispute settlement results will meet your expectations. The Platform has the right to decide whether to
participate in the dispute settlement. If Witkey refuses to submit the developed source documents or design draft to the employer after
completing the task, the employer shall have the right to terminate the cooperation and ask for a full refund. Such behavior of Witkey
shall be punished on the platform. The first time such behavior is found, the account will be deducted 3,000 credit points and closed
for three months. If this behavior occurs for the second time, the account will be deducted 6000 credit points and the account will be
closed permanently. Any fees paid by Witkey on the platform will not be refunded (including VIP service fees).

3. All disputes arising from this Agreement and its rules shall be settled by both parties through negotiation.
If no agreement can be reached through negotiation, both parties agree to submit them to the Customer Litigation Department of EPWK for
arbitration in accordance with its arbitration rules.

**Article 11 EPWK has the final interpretation of this Service Agreement, including the rules formulated based on this Service Agreement.**

**Article 12. Supplementary Provisions**

The following words used in this Agreement, unless otherwise defined, shall have the following meanings:

1. "The Platform": if not otherwise specified, all refers to "EPWK network" (http://www.epwk.com);

2. "User": It refers to the users of the services of EPWK who have full capacity for civil conduct.

3. "Member": refers to the user who has signed the Service Agreement with EPWK and completed the
registration process.

4. "Employer" means a member who "buys" publishing tasks or buys value-added services.

5. "Witkey": refers to the member who participates in bidding, selling services, selling skills
and other "selling" operations on the Platform.

6. "Task bounty": The task cost to be paid after the employer initiates a transaction on EPWK and
confirms Witkey's identity and transaction information.

## Exhibit 10.8

**Exhibit 10.8**

Task Submission and Publication Agreement

EPWK Network (hereinafter referred to as the "Website," "EPWK" or "We") provides services in accordance with the provisions of the " Task Submission and Publication Agreement" (hereinafter referred to as the "Agreement"), and this Agreement shall have the effect of the contract. You ("Buyer" or "Task Publisher") should read this Agreement carefully, review and accept this Agreement before issuing the task.

**1. Confirmation and Effectiveness of this Agreement**

1. By electing to post the assignment, Buyer has fully read, understood and agreed to enter into this Agreement with the Website and is voluntarily bound by the terms of this Agreement. According to the development of the Internet and the changes of the relevant laws and regulations of the People's Republic of China, EPWK will continuously improve the quality of service and modify the terms of service, and make reasonable changes to the content, term and so on of the service.

EPWK has the right to update this Agreement at any time without prior notice. In case of any discrepancy between the current "Posting task" services and procedures of EPWK and those described by our staff, the description in this Agreement shall prevail. The expression of the Buyer's rights and obligations, purchasing procedures and fees are subject to the latest Terms of Service. If the Buyer does not agree to the modification of the terms, it will not affect the assumption of the liabilities and obligations that have occurred; If the Buyer continues to use the Post Assignment Service after the terms have been changed, the Buyer shall be deemed to have accepted the modification of this Agreement.

2. Please read this Agreement carefully before issuing the assignment.

3. When the Buyer checks "Have read and agree to the Agreement" in the process of Posting tasks, it means that the Buyer has carefully read and fully accepts all terms under this Agreement. If the Buyer does not accept these terms, please do not accept the service and post the assignment. Once the Buyer has checked the box "Has read and agrees to the Agreement", this Agreement will become effective immediately. Only the Buyer has checked the "have read and agree to the Agreement" for its service of Posting tasks. If the Buyer refuses to check "Have read and agree to the Agreement", the assignment cannot be released.

4. The Buyer shall be deemed to be a natural person with full capacity for civil rights, full capacity for civil conduct and independent responsibility in accordance with the laws of the People's Republic of China, and shall understand and fully agree to all service agreements of this website and the contents of this Agreement. And any modifications to the Website Service Agreement and this Agreement made by EPWK from time to time.

Matters not agreed upon in this Agreement shall be subject to the provisions stipulated in other service agreements on this website.

**2. Rights and Obligations** 

1. When the Buyer uses the post task service, it means that the Buyer promises not to publish any untrue content, violation of national laws, regulations, social morality, infringement of the rights and interests of the third party or any other unqualified content that is not in accordance with the rules and regulations of the website of EPWK. And ensure that the information submitted is true, accurate, timely, detailed and complete, otherwise EPWK has the right to delete or refuse to include.

2. The Buyer promises in a guest site website and its links to any information does not infringe the legitimate rights and interests of the third party, such as a third party on the grounds that legitimate rights and interests are violated and provide prima facie evidence after a request to delete the dispute information on the website, we have the right to delete the dispute information after notify the Buyer and shall not be liable for breach of contract. If verified, if the Buyer belongs to the no-fault party, we will restore the Buyer's information. If the Buyer belongs to the fault party, we will not restore the deleted information.

3. The Buyer agrees that EPWK has the right to use the facts and successful cases of the services received by the Buyer on the EPWK website for free commercial use.

4. If the service is suspended due to the third party or the Buyer's own reasons, the service will be automatically terminated, EPWK will not assume any responsibility.

**3. Breach of the Agreement**

1. If the Buyer, in violation of this Agreement, publish any untrue, in violation of national laws, regulations, social ethics, a guest site prohibited task type and other does not conform to the rules, such as complaints by others or our unilateral judgment is true, a guest network has the right to directly terminate the agreement and permanently prevent the Buyer from use all or part of the services. We are not liable and liable for any loss suffered by the Buyer under these circumstances.

2. If the Buyer uses the Website to engage in illegal acts, it has the right to terminate this Agreement and require the Buyer to compensate for the losses.

3. If the Buyer is complained about or unilaterally judged during the use of the Release Task Service that the information provided to the Website is untrue or the motive or behavior intention of the Buyer violates this Agreement, we have the right to directly block the Buyer's account, delete the untrue information, and send a written or oral notice to the Buyer at the same time to require the Buyer to submit the relevant supporting information within the specified period. The Buyer, after receiving our written and oral notice, must submit the above designated certification documents within the notice period, otherwise we have the right to directly and permanently prevent the Buyer from using all or part of the services without notifying the Buyer again. We are not liable for any loss suffered by the Buyer under these circumstance.

4. If the Buyer is complained about by others or from the unilateral judgment of any damage to the reputation of the website, we shall have the right to terminate the Buyer's membership and directly and permanently prevent the Buyer from using all or part of the services. It also reserves the right to pursue legal liability from the Buyer.

5. If the Buyer causes any loss to the third party due to the above actions, EPWK will not be liable. At the same time, the Buyer will be required to compensate for the losses suffered by EPWK due to the rights protection of the third party, including but not limited to all litigation costs, reasonable lawyer fees, transportation expenses and other expenses incurred by EPWK to settle the dispute.

**4. Task Publishing Rules**

1. The task publisher has the right to independently set prices, independently choose the task release mode, customize the release task requirements, freely stipulate the task completion time, freely select the winning member and the winning plan, and make satisfactory payment, etc.

2. Before selecting the bid, the task publisher should host 100% of the task bounty to the website, so that the bidders can firmly believe in the sincerity and integrity of the Buyer.

3. Distribution principle of task reward:

1) EPWK network will charge the platform service fee (Witkey 10%, VIP Witkey will not be charged).

2) Single bounty, multiple bounty: Witkey winning the bid will get 80% of the bounty, Witkey who has entered into the final bidding round will get 10% of the bounty; EPWK will get 10% of the bounty as the platform service fee;

3) Piecework: Winning the bid will get 90% of the bounty and pay 10% the platform service fee

4) Direct employment task: winning the bid will get 100% of the bounty.

Note: If the task is introduced by the promoter, it will receive 10% of the task bounty.

4. At least one winner must be selected for each task, and at least one bidder receives the bounty. If the Buyer chooses multiple bids, the source documents can only be obtained from the winner of the first prize task bounty. The form of transfer of source documents shall be agreed by both parties, which can be carried out through EPWK or other means（Single reward, multiple reward task, the same job bid and shortlisted EPWK cannot be the same as a person）.

5. If the task publisher does not receive satisfactory works, it can increase the price and postpone the collection, or ask the members to modify. If the result of the task is not satisfactory, the Buyer can choose to increase the price and postpone the task. There are three chances to increase the price of the task, and the amount of each increase of the delayed task shall not be less than 20% of the total amount of the existing task and the amount of the increase shall not be less than 50 yuan. Each extension cannot exceed 7 days.

6. To be fair, any member of the Buyer's organization is not allowed to participate in the tasks posted by him in any form. Once found, it will be deemed that the Buyer entrusts EPWK network to host and select according to the rules of the website.

7. If Witkey tries to coerce the task publisher with the excuse of handing over the source files, it will be deducted the relevant credit value of Witkey and cancel the qualification of the medium bid. At the same time, the task will extend the corresponding time for free to continue to collect works.

8. After the completion of the task, the task publisher has 7 days to select the work, if there is no special reason, should be published within 7 days or the bid extension. If the website does not select the manuscript or does not increase the price within 3 days after notifying the customer by phone, it will be deemed that the task publisher enlists EPWK to select the manuscript.

9. After the task selection, the website will be publicized for 3 days, in order to check whether the task has been plagiarized or cheated. During the publicity period, the member who wins the bid shall send the source document to the task publisher. If the publisher fails to confirm within 3 days of the publicity period, it will be deemed to be fully entrusted with the staff of EPWK.

10. The Publisher and the bidding member shall strictly follow the content described in the "Task Requirements" of each task. If the distributor makes a request beyond the scope of the "mission requirements", the member has the right to refuse, and the publisher shall not use this as a reason to refuse to select the winning proposal or refund.

11. Full reward task, task at the end of the collection time, more than three valid manuscripts (including three) can not apply for refund, such as (Valid manuscript: Manuscript created in accordance with the requirements described in the Buyer's published assignment, regardless of manuscript satisfaction), no submission or less than three Buyers can apply for a full refund after the solicitation period ends.

12. If a member is reported as suspected of plagiarism after winning the bid, the qualification of winning the bid will be cancelled and the corresponding credit value will be deducted after investigation and verification.

13. If the Buyer needs to sign an IP transfer agreement with the winning bidder, we will do our utmost to assist the Buyer to sign such agreement with the winning bidder.

14. No refunds or other assignments can be reassigned if the member has not submitted the manuscript or has not found the right person.

15. If the Buyer is proved to have cheated in the task solicitation, the website has the right to dispose of the task bounty and use it to return the bidding of Witkey and other purposes.

16. The Buyer shall be deemed as cheating in any of the following circumstances:

1) The Buyer participates in any form in the assignment it publishes and is selected as the submission winner;

2) The Buyer's relatives, friends, colleagues, neighbors, etc. participate in the task published by oneself and are selected as the winning manuscript

3) Temporary registration, in the first draft (that is, Witkey registered temporarily after the Buyer issued the task or the task was extended at a higher price, and did not have any record of participating in other types of tasks and submitting valid manuscripts before the medium bid; Or submit manuscripts for a single winning task several times after registration), if the Buyer and the member of Witkey cannot provide sufficient and detailed evidence approved by the website to prove that the task transaction is a normal selection of manuscripts and the winning bid, the Buyer will be judged as cheating;

4) Other acts that undermine fair competition, defraud manuscripts and steal ideas

17. In any of the following cases, the manuscript submitted by Witkey will be regarded as cheating:

1) Witkey and the Buyer are in the same organization, relatives or friends;

2) Witkey and the Buyer use the same IP address to login;

3) Witkey and the Buyer are the same person;

4) Witkey uses false or untrue information to register;

5) Subcontracting manuscripts to a third party without authorization;

6) Other violations.

18. Witkey will be regarded as plagiarism under any of the following circumstances:

1) The manuscript of submission task belongs to others' registered trademark, used pattern or used product name, etc.;

2) Witkey's use of others' manuscripts is beyond the scope of "appropriate citation";

3) Directly use the pictures, screenshots and text of EPWK or other websites as submission;

4) Other manuscripts identified as plagiarism.

19. Those who copy others' manuscripts will be dealt with as follows according to the seriousness of the case:

1) The qualification of winning the bid for plagiarized manuscripts shall be cancelled and the Buyer shall make a new selection;

2) In case of plagiarism for one time, the ability score obtained from plagiarism shall be deducted and the bad record shall be added for one time;

3) If plagiarized twice, the ability score of plagiarized will be deducted and the account will be locked for 30 days.

20. If the Buyer is under any of the following circumstances, EPWK has the right to refuse to publish its task; If the task has been published, EPWK has the right to cancel. All losses resulting therefrom shall be borne by the Buyer. Meanwhile, according to the seriousness of the circumstances, EPWK will freeze the Buyer's account, seal the Buyer's account, and transfer the Buyer's account to the public security authority:

1) The act of maliciously hyping, deceiving, skimming, or laundering money under the guise of Posting an assignment;

2) Intentionally concealing important facts related to the task of promulgation or providing false information, if the circumstances are serious;

3) Resorting to fraud or coercion in the course of a task, thereby harming the interests of the State;

4) Maliciously colluding with Witkey to damage the interests of the state, a collective or a third party;

5) Other mandatory provisions of laws, regulations or administrative rules that are violated;

6) Violating the "Notice of the General Office of the Ministry of Culture and Tourism on Carrying out Special Rectification Action on Online Games Involving Gambling Cards": Puzzle Games: Such as golden flowers, fried golden flowers, Texas Hold 'em, Niu Niu, entertainment, landlord fighting, leisure, thirteen water, poker, Dragon fight, Puzzle, birds and beasts, joy five, four people Niu, Tongbi bullfighting, two people Niu, Huhu Shengwei, one hundred people Niu, one hundred people two, joy, bumper car, one hundred people Suha, one hundred people at 9:30, birds and beasts, hand turntable, fight the landowner, fire fighting double button, Wenzhou two people leisure; (2) fraud (find talent task): such as task, online profit, find talent, code characters, input, scribe, code personnel, etc.; (3) marketing cheating: such as brush crown, brush credit, brush drill, brush powder, brush praise, brush attention, brush reading, brush powder, brush powder, powder, brush single, WeChat recommendation, network recommendation, online profits, sell microblogging fans, brush microblogging fans, bad review processing, bad review, sale, package, canvassing, ticket, recommendation, etc.; (4) false authentication information: such as channel certification, channel certification, channel certification, channel certification, etc.

22. Members shall lock the account under any of the following circumstances:

1) If you plagiarize other people's manuscripts and accumulate plagiarism for 3 times or more times, the ability score obtained by plagiarism will be deducted and the account will be locked for 60 days;

2) If the manuscript is deemed as highly similar and is recognized for 3 times or more times, the ability score obtained by plagiarism will be deducted and the account will be locked for 60 days;

3) If the false submission has reached three or more times, the ability score obtained from the false submission shall be deducted and the account shall be locked for 60 days;

4) In the bidding task of the entrusted task reward, if the transaction has been terminated for three or more times without reasonable request without reason, the ability score or credit score obtained by the exchange shall be deducted and the account shall be locked for 60 days;

5) For the bidding task of the entrusted task reward, if the price difference is found to subcontract to other individuals or units for 3 times or more after winning the bid, deduct the ability score of the exchange, and the account shall be locked for 60 days.

23. If a member has one of the following circumstances, it shall be given the seal number:

1) For the bidding task of the entrusted bounty, Witkey has lost contact for more than 3 times in the process of transaction;

2) The Buyer has increased the workload of the bidding task for which the bounty has been entrusted for 3 times or more.

24. The following conditions shall be met at the same time as the payment of the task bounty:

1) The source document (the final manuscript of the task) has been delivered

2) No member expresses any objection to the task, or it has been handled;

3) There is no relevant evidence to show that there is cheating in the task;

4) The three-day publicity period of the winning manuscript expires.

EPWK will transfer the task bounty to the bid winner following the Buyer's instructions.

25. Specific requirements of task requirements description:

1) Task requirement description needs to be accurate and complete;

2) A task can only deal with one thing;

3) Different task types are prohibited from merging and publishing, and a task can only have one specific transaction.

26. Special circumstances:

1) After the completion of the task, if the staff of the winner and EPWK are unable to contact the Buyer and the Buyer refuse to pay the bounty without justifiable reasons, EPWK will pay the task bounty to the winner 10 days after sending the final notification message.

2) If there is a dispute between the Buyer and Witkey, and the two parties have a dispute over the allocation of the task reward, the party will deal with the mediation and arbitration of the parties according to the mediation will of both parties or the ruling result of the judicial organ.

**5. Rules for Task Recharge and Withdrawal:**

1. The full reward amount is 100% entrusted in EPWK to express full sincerity to Witkey. The managed funds can be paid through your personal account balance, online banking payment, bank transfer, Alipay payment, etc

2. After the task is submitted and the money is managed, the customer service staff of EPWK will review and release it to the website within 30 minutes (working hours). In case of non-working hours, it will be delayed. For unreasonable task requirements, the task payment can be returned to your account after the audit and rejection.

3. When users apply for cash withdrawal, the minimum amount shall be subject to the cash withdrawal page. Users applying for cash withdrawal can receive the payment within 1-3 working days after passing the examination. The cash withdrawal fee shall be subject to the latest information published on the platform.

4. The value-added services (including, but not limited to,: urgent, top-placed, copyright guard, hidden manuscripts, etc.) purchased when the Buyer releases the tasks are special goods for instant consumption, and you cannot apply for a refund after purchase.

**6. Types of Tasks Prohibited in Violation of Laws and Regulations:**

The following tasks are prohibited due to the violation of laws and regulations:

1. Software cracking and program cracking tasks;

2. Game plug-in and program plug-in tasks;

3. Steal online banking accounts and game accounts;

4. Tasks of infringing upon the intellectual property rights of third parties;

5. Tasks of infringing upon the rights of third parties;

6. Trojan horses, hacker programs and other tasks that damage network security;

7. Related to pornography, gambling and other tasks;

8. Other tasks that violate laws, regulations, administrative rules and other relevant regulations.

**7. Types of Tasks that are Fraudulent and Prohibited**

The following tasks may be prohibited for damage to the task participants or third parties;

1. Paper substitute writing task;

2. The task of requiring mobile phone verification and registration;

3. Tasks that require bank account verification or payment to participate in;

4. Deceptive tasks in the name of recruitment tasks;

5. Potential acquisition of tasks of personal or institutional privacy information such as ID card, email address, mobile phone number, bank account number, Alipay account number of the task participants;

6. Brush drilling, brush credit, account trading and other tasks;

7. Tasks of requiring task participants to release false information;

8. Task requirement description that escapes the audit of EPWK network through links and other ways;

9. Tasks that may cause damage to others or other institutions;

10. Other tasks that violate social ethics or mainstream social values.

**8. Confidentiality Clause**

1. EPWK will take all possible measures to protect the Buyer's user data and personal information data security. However, due to technical limitations, EPWK cannot fully ensure that all of the Buyer's private communications and other personal data will not be disclosed through channels not set forth herein. At the same time, EPWK has the obligation to provide users' personal data to judicial organs and government departments as required by relevant laws. If the information of the Buyer is leaked due to the above reasons, EPWK will not be liable for it.

2. EPWK.com reserves the right to use the aggregated statistical information. On the premise of not disclosing the Buyer's user privacy information, EPWK.com has the right to analyze the Buyer's user database and make commercial use of the user database.

**9. Force Majeure**

1. Force Majeure means any event beyond the control, unpredictable or although foreseeable but unavoidable and without causing one or both parties to fully or partially perform this Agreement after the effective date of this Agreement. Force majeure includes but is not limited to strikes, explosions, fires, floods, earthquakes and other natural disasters and war, public disturbance, vandalism, expropriation, confiscation, acts of government sovereignty, etc.

2. In view of the special nature of the Internet and e-commerce, the parties shall also be exempted from liability under the following circumstances affecting the normal operation of the network:

1) hacker attack, computer virus invasion or outbreak;

2) The computer system is damaged, paralyzed or cannot be used normally, resulting in the loss of information or records;

3) Major impact caused by technological adjustment of telecommunication sector;

4) Temporary closure due to government control.

**10. Termination**

This Agreement shall come into force automatically from the date when the Buyer publishes the task and shall terminate on the date when the termination matters are agreed upon by both parties.

## Exhibit 10.9

**Exhibit 10.9**

The Online Store Agreement<br> (electronic edition)

Platform (hereinafter referred to as the "Platform") provides services according to The Online Store Agreement (hereinafter referred to as the "Agreement"), which has the effect of contract. When opening the store service, please read this Agreement carefully, review and accept or reject this Agreement.

**I. Confirmation and Entry into Force of this Agreement**

1. If you choose to open the store service, it means that you have fully read, understood and fully agreed to enter into this Agreement with the Platform, and you are voluntarily bound by the terms of this Agreement. According to the development of the Internet and the changes of relevant laws and regulations in People's Republic of China (PRC). Platform will constantly improve the service quality, revise the service terms accordingly, and make reasonable changes to the service content, duration and cost. Platform has the right to update this Agreement at any time without further notice. In case of any inconsistency between the current general store service content and VIP store service content of Platform and the description of our staff, the description of this Agreement and the Online VIP Store Service Contract (see the website agreement page for details) shall prevail. The expression of your rights and obligations shall be subject to the latest terms of service. If you don't agree with the modification of the terms, it will not affect the assumed responsibilities and obligations; If you continue to visit or use Platform and store services after the terms are changed, it will be deemed that you have accepted the modification of this Agreement.

2. Please read this Agreement carefully when you choose to open the store service.

3. When you open the store service, it means that you have carefully read this Agreement and fully accepted all the terms under this service agreement. Once you have read and agreed to this Agreement, this Agreement will take effect immediately.

4. Once you use ordinary store services, you will be deemed to be a natural person with full civil rights and full capacity for civil conduct, and be able to bear civil liabilities independently in accordance with the laws of PRC, and you know and fully agree with all the service agreements of the Platform and all the contents of this service agreement, as well as any amendments made by Platform to the website service agreement and this service agreement at any time.

5. Matters not agreed in this service agreement shall be subject to other service agreements on the Platform.

**II. Rights and obligations**

1. When you open the general store services, it means that you promise not to include any unqualified content that is untrue, violates national laws, regulations, social ethics, infringes on the rights and interests of the third party and does not conform to the regulations of Party B's website, and ensure that the information submitted is true, accurate, timely, detailed and complete. Otherwise, EPWK has the right to delete or refuse to include it.

2. You promise that any information in the stores of EPWK website and its linked websites will not infringe the legitimate rights and interests of the third party. If the third party asks EPWK to delete the disputed information on its website on the grounds that the legitimate rights and interests have been infringed and after providing preliminary evidence, we have the right to delete the disputed information after notifying you and will not be liable for breach of contract. After verification, if you belong to the innocent party, we will restore your information; if you belong to the innocent party, we will not restore the deleted information.

3. You agree that Platform has the right to use the facts and successful cases of your service on Platform for free.

4. Platform promises to open ordinary store services after you submit perfect personal information according to Platform's requirements.

5. If the service is stopped due to the third party's reasons or your own reasons, the service will be automatically terminated, and Platform will not assume any responsibility.

**Ⅲ. Real-name Authentication**

1. Whether you are an individual, an individual industrial and commercial household or a legal entity, you need to carry out the corresponding real-name authentication before making any transaction on EPWK.

2. Real-name authentication information includes real information such as the operator's identity, address, contact information and administrative license.

3. For personal real-name authentication, you should submit your real ID card information according to the procedures, protect the front and back of your ID card, and bind the mobile phone number corresponding to your ID card information.

4. For real-name authentication of enterprises, it is necessary to submit the enterprise name, business license photos, real ID card information of the legal representative, and the mobile phone number corresponding to the ID card information, etc. according to the procedures.

5. At the same time, individuals and enterprises should submit corresponding qualification certificates of skills corresponding to your store.

6. Operators who do not need to register according to Article 10 of *the Electronic Commerce Law of the People's Republic of China* shall truthfully publicize the following self-declaration, actual business address, contact information and other information, or the link mark of this information, according to the type of their actual business activities: "(3)Individuals who use their own skills to engage in convenience labor activities that do not need permission according to law do not need to register as market entities according to law "; (4) Individuals who engage in sporadic small-amount transactions do not need to register as market entities according to law." According to the above laws and regulations, you will recognize that our company can automatically add the corresponding self-declaration according to your store type from the day you open the store.

7. You agree that our company will regularly check and update the real-name authentication information of your store.

**IV. Liability for Breach of Contract**

1. If you violate this Agreement and publish any untrue content, which violates national laws, regulations, social ethics, and other unqualified contents that do not conform to the rules and regulations of EPWK website, EPWK has the right to cancel the agreement and ask you to compensate for the losses.

2. If you use EPWK website to engage in illegal activities, Platform has the right to terminate this Agreement and ask you to compensate for the losses.

3. If you are complained by others or unilaterally judged by us when using ordinary store services, the information you provide to the Platform is untrue or your motivation and behavior intention violate this Agreement, we have the right to directly block your account and delete the untrue information without notifying you in advance. At the same time, we will give you a written or oral notice and ask you to submit the relevant certification information within the specified time limit. After receiving our written and oral notice, you must submit the above-mentioned specified certification materials within the notice period, otherwise we have the right to terminate your membership and directly and permanently prevent you from using all or part of the services without notifying you again. We will not take any responsibility for any loss you suffer in this situation and will not compensate for any loss.

4. If you are complained by others or unilaterally judged by us when using ordinary store services, and you disclose any false information about the Platform or any behavior that damages the reputation of the Platform, we have the right to terminate your membership and directly and permanently prevent you from using all or part of the services. We will not take any responsibility for any loss suffered by you in this situation, and we have no obligation to return the "VIP Store" service fee you have paid (whether in whole or in part). At the same time, it reserves the right to pursue legal responsibility from you.

5. If you cause losses to the third party due to the above behavior, Platform will not be liable. At the same time, you will be required to compensate for the losses suffered by Platform due to the third party's rights protection, including but not limited to all litigation costs, reasonable lawyer fees, transportation fees and other expenses incurred by Platform in resolving disputes.

**V. Confidentiality clause**

1. Platform will take all possible measures to protect your user data and personal information. However, due to technical limitations, Platform can't completely guarantee that all your private communications and other personal data will not be leaked through the channels not listed in this Agreement. At the same time, Platform is obliged to provide users' personal data to judicial organs and government departments according to relevant legal requirements. If your information is leaked due to the above reasons, Platform will not be responsible for this.

2. Platform reserves the right to use the summary statistical information. On the premise of not disclosing your user privacy information, Platform has the right to analyze your user database and make commercial use of it.

**VI. Force Majeure**

1. Force Majeure refers to any event which is beyond the control of one or both parties to this Agreement, unforeseeable or foreseeable but unavoidable, and which occurs after the effective date of this Agreement and prevents one or both parties from performing this Agreement in whole or in part. Force majeure includes, but is not limited to, strikes, explosions, fires, floods, earthquakes and other natural disasters and wars, public disorder, vandalism, expropriation, confiscation, government sovereign acts, etc.

2. In view of the special nature of the Internet and e-commerce, the exemptions of both parties also include, but are not limited to, the following situations that affect the normal operation of the network: (1) hacking, computer virus intrusion or attack; (2) The computer system is damaged, paralyzed or unable to be used normally, resulting in the loss of information or records; (3) Significant impact caused by technical adjustment in telecommunications sector; (4) Temporary closure due to government control, etc.

**VII. Termination**

1. This Agreement shall come into effect automatically from the date when you open the ordinary store, and shall be terminated from the date when the termination matters agreed by both parties occur.

**VIII. Others**

1. Any disputes arising from this Agreement and its performance by both parties shall be submitted to Xiamen Arbitration Commission for arbitration in accordance with its current arbitration rules. The arbitration award is final and binding on both parties.

2. This rule shall be implemented as of the date of promulgation.

## Exhibit 10.10

**Exhibit 10.10** 

**Online VIP Store Service Agreement**

EPWK.com (hereinafter referred to as the "Platform") provides services in accordance with the provisions of Online VIP Store Service Agreement (hereinafter referred to as the "Agreement"), which has the effect of contract. Please read this Agreement carefully, review and accept or reject this Agreement when purchasing the service of VIP Store.

**I. Confirmation and Entry into Force of this Agreement**

1. If you choose to purchase the service of VIP store, it means that you have fully read, understood and fully agreed to enter into this Agreement with this website, and you are voluntarily bound by the terms of this Agreement. According to the development of the Internet and the changes of the relevant laws and regulations of the People's Republic of China (PRC), the Platform will constantly improve the service quality, revise the service terms accordingly, and make reasonable changes to the service content, duration and cost. The Platform has the right to update this Agreement at any time without further notice. In case of any inconsistency between the current service content of "VIP Store" of the Platform and the description of our staff, the description in this Agreement shall prevail. The expression of your rights and obligations, purchase procedures and charging standards are subject to the latest terms of service. If you don't agree with the modification of the terms, it will not affect the assumed responsibilities and obligations; If you continue to visit or use the Platform and the service of "VIP Store" after the terms are changed, it will be deemed that you have accepted the modification of this Agreement.

2. Please read this Agreement carefully before the payment is upgraded to "VIP Store".

3. When you upgrade the "VIP Store" program and make payment, it means that you have read this Agreement carefully and fully accepted all the terms under this service Agreement. Once you have read and agreed to the Registration Agreement and Copyright Notice, the Service Agreement for Opening Stores on EPWK.com, this Agreement will come into effect immediately. If you open the service of "VIP Store" offline, it will be deemed that you have agreed to this Agreement by default.

4. Once you purchase the charging service of "VIP Store" provided by the Platform, you will be deemed to be a natural person with full civil rights and full capacity for civil conduct and able to bear civil liabilities independently according to the laws of PRC, and you know and fully agree with all the service agreements of this website and the contents of this service Agreement, as well as any amendments made by the Platform to the website service agreement and this service Agreement at any time.

5. Matters not agreed in this Agreement shall be subject to other service agreements on the Platform.

**II. Risks and responsibilities**

1. You clearly understand and agree that the payment method agreed in this Agreement is the payment method of collection on behalf of the toll operator. There may be certain commercial risks (including but not limited to illegal activities by criminals using your account or bank cards and other valuable cards) when you pay by this payment method, and all these risks will cause corresponding economic losses to you. Therefore, you agree that the Platform will not take any responsibility for the aforementioned risks and losses on the premise of fully fulfilling all its obligations under this Agreement; Moreover, the Platform does not assume any responsibility and obligation to pursue the tort liability of criminals or take the losses to you on their behalf.

**III. Introduction of service items:**

**1. The Platform VIP store - the Crown Edition**

(1) Identity privilege

Special identity, shop basic maintenance, personalized decoration, template decoration, exclusive team introduction page and special event settings.

(2) Business opportunity privilege

Speedy task-matching, employer's contact information, and store sub-account (add email/mobile phone for receiving and receiving speed matching messages).

(3) Bidding privilege

Amount and times of bidding: unlimited with less than RMB 20,000 yuan orders; times of submission: unlimited; bidding scheme: manuscript hidden; up to one industry and 15 skill labels.

(4) Traffic privilege

Search Priority: Priority in talent search.

Golden advertising space: 3 days for home shop recommendation, 5 days for home navigation recommendation talents, 15 days for local version of home slide advertisement, and talent recommendation on talent homepage for 3 days, 30% discount on purchase of advertising package.

(5) Service privilege

Platform services (bidding and employment tasks) and store decorate services.

**2. The Platform VIP store - the Jinzun Crown Edition**

(1) Identity privilege

Special identity, shop basic maintenance, personalized decoration, template decoration, exclusive team introduction page and special event settings.

(2) Business opportunity privilege

Speedy task-matching, quantitative recommendation of high-quality business opportunities, employer's contact information and sub-account (add email/mobile phone for receiving and receiving speed matching messages).

(3) Bidding privilege

Amount and times of bidding: unlimited with less than RMB 60,000 yuan orders; times of submission: unlimited; bidding scheme: manuscript hidden; up to one industry and 25 skill labels.

(4) Traffic privilege

Search Priority: Priority in talent search.

Golden advertising space: 3 days for home shop recommendation, 7 days for home navigation recommendation talents, 15 days for local version of home slide advertisement, and talent recommendation on talent homepage for 3 days, 40% discount on purchase of advertising package.

(5) Service privilege

Exclusive secretarial services; Full-time customer service; platform services (bidding and hiring tasks) and store decorate services.

(6) Community privilege

Honored guest of Annual Conference, Private member boutique courses

**3. The Platform VIP Store -the Supreme Crown Edition**

(1) Identity privilege

Special identity, shop basic maintenance, personalized decoration, template decoration, exclusive team introduction page and special event settings.

(2) Business opportunity privilege

Speedy task-matching, quantitative recommendation of high-quality business opportunities, employer's contact information and sub-account (add email/mobile phone for receiving and receiving speed matching messages).

(3) Bidding privilege

Amount and times of bidding: unlimited with less than RMB 100,000 yuan orders; times of submission: unlimited; bidding scheme: manuscript hidden; up to two industry and 45 skill labels.

(4) Traffic privilege

Search priority: Priority in talent search and the comprehensive ranking of talent halls.

Golden advertising space: 7 days for home shop recommendation, 15 days for home navigation recommendation talents, 30 days for local version of home slide advertisement, and talent recommendation on talent homepage for 15 days, 50% discount on purchase of advertising package.

Accurate promotion: 1 advertorial article, 1 exclusive interview, and RMB 3,000 yuan promotion by the paid auction of the store.

(5) Service privilege

Exclusive secretarial services; Full-time customer service; platform services (bidding and hiring tasks) and store decorate services.

(6) Community privilege

Honored guest of Annual Conference, Private member boutique courses

**4. The Platform VIP Store -the Jinzun Ultimate Edition**

(1) Identity privilege

Special identity, shop basic maintenance, personalized decoration, template decoration, exclusive team introduction page and special event settings.

(2) Business opportunity privilege

Speedy task-matching, quantitative recommendation of high-quality business opportunities, employer's contact information and sub-account (add email/mobile phone for receiving and receiving speed matching messages).

(3) Bidding privilege

Amount and times of bidding: unlimited with less than RMB 100,000 yuan orders; times of submission: unlimited; bidding scheme: manuscript hidden; up to two industries and 45 skill labels.

(4) Traffic privilege

Search priority: Priority in talent search and the comprehensive ranking of talent halls.

Golden advertising space: 15 days for home shop recommendation, 21 days for home navigation recommendation talents, 60 days of recommended talents in homepage navigation, 30 days for local version of home slide advertisement, 15 days for talent recommendation on talent homepage and 30 days for VIP store recommendation on talent homepage, 60% discount on purchase of advertising package.

Accurate promotion: 1 advertorial article, 1 exclusive interview, and RMB 5,000 yuan promotion by the paid auction of the store.

(5) Service privilege

Accurate promotion: 1 advertorial article, 1 exclusive interview, and RMB 3,000 yuan promotion by the paid auction of the store.

(6) Community privilege

Honored guest of Annual Conference, Private member boutique courses

**5. The Platform VIP Store -the Ultimate Edition**

(1) Identity privilege

Special identity, shop basic maintenance, personalized decoration, template decoration, exclusive team introduction page and special event settings.

(2) Business opportunity privilege

Speedy task-matching, quantitative recommendation of high-quality business opportunities, employer's contact information and sub-account (add email/mobile phone for receiving and receiving speed matching messages).

(3) Bidding privilege

Amount and times of bidding: unlimited with any order; times of submission: unlimited; bidding scheme: manuscript hidden; up to three industries and 60 skill labels.

(4) Traffic privilege

Search priority: Priority in talent search and the comprehensive ranking of talent halls.

Golden advertising space: 21 days for home shop recommendation, 30 days for home navigation recommendation talents, 90 days of recommended talents in homepage navigation, 90 days for local version of home slide advertisement, 21 days for talent recommendation on talent homepage and 45 days for VIP store recommendation on talent homepage, 21 days for mobile client homepage slide advertisement, 70% discount on purchase of advertising package.

Accurate promotion: 1 advertorial article, 1 exclusive interview, and RMB 10,000 yuan promotion by the paid auction of the store.

(5) Service privilege

Accurate promotion: 1 advertorial article, 1 exclusive interview, and RMB 3,000 yuan promotion by the paid auction of the store.

(6) Community privilege

Honored guest of Annual Conference, Private member boutique courses.

**III. Rights and obligations**

1. When you purchase the premium service of VIP membership, it means that you promise that the store on the Platform and its link-page will not contain any untrue content, which violates national laws, regulations, social ethics, infringes on the rights and interests of third parties and other unqualified contents that do not conform to the rules and regulations of the Platform, and ensure that the information submitted by it is true, accurate, timely, detailed and complete, otherwise the Platform has the right to delete or refuse to include it.

2. You promise that any information in the store of the Platform and its link-page will not infringe the legitimate rights and interests of the third party. If the third party asks the Platform to delete the disputed information on its website on the grounds that the legitimate rights and interests have been infringed and after providing preliminary evidence, we have the right to delete the disputed information after notifying you and will not be liable for breach of contract. Upon verification, if you belong to the no-fault party, we will postpone the service days of the disputed information according to the deletion days. If you belong to the fault party, we will not provide other compensation for the deletion.

3. You agree that the Platform has the right to use the facts and successful cases of your service on the Platform for free.

4. After receiving all your service fee, the Platform promises to open your purchased service within one working day after you submit perfect personal information as required by the Platform.

5. If the service is stopped due to the third party's reasons or your own reasons, the service will be automatically terminated, and the Platform will not assume any responsibility.

**IV. Liability for Breach of Contract**

1. If you violate this Agreement and publish any untrue content, which violates national laws, regulations, social ethics, and other unqualified contents that do not conform to the rules and regulations of the Platform, the Platform has the right to terminate the contract and ask you to compensate for the losses.

2. If you use the Platform to engage in illegal activities, the Platform has the right to terminate this Agreement and ask you to compensate for the losses.

3. If you are complained by others during the service of "VIP Store" or if we unilaterally judge that the information you provide to this website is untrue or your motivation and behavior intention violate this Agreement, we have the right to directly block your account and delete the untrue information without notifying you in advance. At the same time, we will give you a written or oral notice and ask you to submit the relevant supporting information within the specified time limit. After receiving our written and oral notice, you must submit the above specified proof materials within the notice period, otherwise we have the right to terminate your membership and directly and permanently prevent you from using all or part of the service without informing you again. We do not assume any responsibility for any loss you have suffered in this case, and we are not obliged to return the service fee (in whole or in part) you have paid for "VIP store".

4. If you are complained by others or unilaterally judged by us when using the service of "VIP store", and you disclose any false information about this website or any behavior that damages the reputation of this website, we have the right to terminate your membership and directly and permanently prevent you from using all or part of the service. We will not take any responsibility for any loss suffered by you in this situation, and we have no obligation to return the service fee (whether in whole or in part) of "VIP store" that you have paid. At the same time, it reserves the right to pursue legal responsibility from you.

5. If you cause losses to the third party due to the above behavior, the Platform will not be liable. At the same time, you will be required to compensate for the losses suffered by the Platform due to the third party's rights protection, including but not limited to all litigation costs, reasonable lawyer fees, transportation fees and other expenses incurred by the Platform in resolving disputes.

6. If the contract is terminated or cancelled in advance due to the Platform's own reasons, Party B will refund the service fee for the days not served during the performance of the contract. If the contract is required to be dissolved or terminated due to Party A's reasons during the performance period of the contract, Party B will not refund the paid premium service fee of VIP.

**V. Confidentiality Clause**

1. The Platform will take all possible measures to protect your user data and personal information. However, due to technical limitations, the Platform can't completely guarantee that all your private communications and other personal data will not be leaked through the channels not listed in this Agreement. At the same time, the Platform is obliged to provide users' personal data to judicial organs and government departments according to relevant legal requirements. If your information is leaked due to the above reasons, the Platform will not be responsible for this.

2. The Platform reserves the right to use the summary statistical information. On the premise of not disclosing your user privacy information, the Platform has the right to analyze your user database and make commercial use of it.

**VI. Force Majeure**

1. Force Majeure refers to any event which is beyond the control of one or both parties to this Agreement, unforeseeable or foreseeable but unavoidable, and which occurs after the effective date of this Agreement and prevents one or both parties from performing this Agreement in whole or in part. Force majeure includes, but is not limited to, strikes, explosions, fires, floods, earthquakes and other natural disasters and wars, public disorder, vandalism, expropriation, confiscation, government sovereign acts, etc.

2. In view of the special nature of the Internet and e-commerce, the exemptions of both parties also include, but are not limited to, the following situations that affect the normal operation of the network: (1) hacking, computer virus intrusion or attack; (2) The computer system is damaged, paralyzed or unable to be used normally, resulting in the loss of information or records; (3) Significant impact caused by technical adjustment in telecommunications sector; (4) Temporary closure due to government control, etc.

**VII. Termination**

1. This Agreement will come into effect automatically from the date of your full payment, until the service expires as agreed by both parties

**VIII. Others**

1. Any disputes arising from this Agreement and its performance by both parties shall be submitted to Xiamen Arbitration Commission for arbitration in accordance with its current arbitration rules. The arbitration award is final and binding on both parties.

2. This rule shall be implemented as of the date of promulgation.

## Exhibit 10.11

**Exhibit 10.11** 

**Software Technology Service Agreement**

**Between**

**Xiamen EPWK Network Technology Co., Ltd.**

**And**

**Hangzhou Tiangu Information Technology Co., Ltd.**

**May 26, 2022**

**Agreement No. XFC2020052013750**

Hangzhou Tiangu Information Technology Co., Ltd. (hereinafter referred to as "Party B" or "Esignbao") is a well-known provider of electronic contract software and technical services in China. The official website is www.esign.cn. Based on the principles of mutual benefit and common development, and on the basis of equality, fairness, voluntariness, and integrity, both parties have reached an agreement on the provision of software services and technology by Party B to Xiamen EPWK Network Technology Co., Ltd. (herein after referred to as "Party A") through friendly consultations, and agree to follow the following agreement Implementation of the terms and related attachments:

**Article 1 Definitions**

1.1 "Electronic signature" refers to the data contained in electronic form in the data message, which is attached to identify the identity of the signatory and indicate that the signatory approves the content.

1.2 "Digital certificate" refers to a digital certificate issued by a legally established electronic certification service agency, which contains the name of the electronic certification service agency that issued the digital certificate, the name of the certificate holder, the serial number of the certificate, the validity period of the certificate, and the electronic signature verification data of the certificate holder. The electronic signature of the electronic certification service agency and other content are specified by the Ministry of Industry and Information Technology as a string of data used to identify the identity information of the communicating parties in the Internet communication and to ensure the security of online information.

1.3 "Timestamp" refers to complete and verifiable data indicating that a piece of data existed before a certain time, usually a sequence of characters that uniquely identifies a certain moment of time.

1.4 "Authentication function" includes: real-name authentication, will authentication. Real-name authentication is an audit of the authenticity of the user's identity. Willingness authentication is a verification of the user's true meaning.

1.5 "Data storage" refers to the electronic data storage service that Party B solidifies and stores the electronic data uploaded by Party A through electronic data fixation and tamper-proof technical means such as trusted time stamps and blockchain deposit certificates.

1.6 "Hash value" refers to the value obtained by calculation (such as using MD5, SHA and other algorithms) based on the content of electronic data. In theory, different files have different hash values obtained through calculation, and the electronic data cannot be deduced from the hash value original.

1.7 ""Summary signing" means that Party B converts the document to be signed that Party A has shown to the counterparty or other relevant signatories into a hash value through calculation (such as using MD5, SHA and other algorithms), and the hash value is confirmed by all parties and carry out the whole process of electronic signing and depositing certificates.

1.8 "Information verification" refers to the consistency comparison between the identity information of individuals or organizations and authoritative data sources.

1.9 "E-signature public cloud electronic contract service system (including Wukong and Xuanyuan services)" means that Party B opens accounts for users, provides product services and is responsible for the safe operation, daily maintenance and timely upgrade of electronic contract software or provides interfaces for related development , so that users can use Party B's services on multiple clients, including Wukong API interface service, Wukong SDK, and Xuanyuan's whole-process signing service.

2.0 "Wukong service" Wukong service provides Party B with various basic software and technical capabilities, including electronic signature function (signature function), data storage function, real-name authentication function, information verification function and technical integration services. The above functions can be provided separately to Party A can also integrate and provide it to Party A, and Party A can choose to purchase it.

**Article 2 Software Technical Services and Charging Methods** 

2.1 The software services mentioned in this agreement shall be subject to purchase by Party A, and Party A shall determine the functions or services to be purchased by itself and record them in Appendix 1 of this agreement.

2.2 Party B provides software functions and services to Party A in accordance with the items listed in the "Service List" in Appendix 1 of this agreement. Party A shall use them within the validity period specified in Appendix 1. Products with a validity period shall share the expenses on a monthly basis during the validity period. Products without a validity period Pay as you go. The part that has not been connected to the system due to Party A's reasons or has not been used beyond the validity period after the connection cannot be refunded or discounted, but it can be postponed for use when renewing the fee.

**Article 3 Technical Docking and Support**

**Party A chooses one or more of the following technical docking methods to activate the service according to the procurement content. The docking methods include:**

3.1 "e-sign treasure" public cloud electronic contract service system (including Wukong and Xuanyuan services).

3.1.1 Party A and Party B complete the delivery and use of standard software functions and related services through system docking or Party B opens an account for Party A, but Party B will not conduct additional technical development for Party A. If additional development is required, the two parties shall negotiate separately.

3.1.2 If Party A chooses the product service in which Party B opens an account for Party A, Party B is responsible for the safe operation, daily maintenance and timely upgrade of the electronic contract software. In the case of system connection, Party A shall carry out relevant development in strict accordance with the interface description and technical specifications provided by Party B. Party A shall not copy or imitate Party B's design concept, interface, function and diagram, etc.; shall not modify or manufacture derivative products based on software products without Party B's permission, otherwise Party B has the right to terminate this agreement and investigate Party A's liability for breach of contract.

3.1.3 Party A guarantees that the technical interface is only used for one platform or business scenario of Party A; without the written consent of Party B, Party A's affiliated companies and other platforms under its name cannot directly or indirectly use the technical interface provided by Party B, Installation packages or development tools, but affiliate sharing package services can be added according to platform requirements.

**Article 4 The Rights and Obligations of Parties**

4.1 Party A's Rights and Obligations

(1) Party A has the right to know the usage methods and operating rules of the software functions or products provided by Party B. If SDK or localized deployment is adopted, Party A shall inform its contracting partner or other parties who can use the electronic contract software service with the consent of Party A in a reasonable manner. The following information of individuals or organizations: the identity information of individuals or organizations that need to be authorized to Party B, the privacy policy and operating rules that need to be complied with.

(2) Party A shall ensure the authenticity of the information submitted to Party B and obtain legal written authorization. If the information submitted by Party A or its users is untrue or the process or result of the electronic signing is not legally effective due to the aforementioned authorization issues, Party A shall bear the relevant responsibilities. Party A's use of Party A's user information shall follow the principles of legality, reasonableness, and necessity, and use it strictly in accordance with the scope authorized by the information subject. If Party A uses it beyond the scope or uses it illegally or unreasonably, Party A shall bear full responsibility; In case of loss, it shall also bear the corresponding compensation for the loss.

(3) If Party A chooses to purchase Party B's real-name authentication and willness authentication services, Party B shall be responsible for the authenticity of the above-mentioned authentication data, but the business risk and the loss shall be borne by Party A accordingly. Party A shall ensure the authenticity, legality and integrity of the data information transmitted by Party A and Party A users to Party B through the technical interface, and shall ensure that the signed data information is associated with the unique certificate number provided by Party B in a timely manner.

(4) Party A authorizes Party B to store the original text or abstract of the signed electronic data in real-time and synchronously in the e-sign treasure storage system, and can store the hash value of the electronic data in the third-party notary office and the third-party judicial authentication center.

(5) If the interface or SaaS service is used, Party A authorizes Party B to provide Party A users with viewing and downloading of relevant electronic data; and ensures that when calling Party B's storage interface, the user's identity information is associated and transmitted to Party B's storage system.

(6) Party A shall pay the fee on time according to the provisions of this agreement. If Party A overdue the payment of the contract, one thousandth of the total contract amount shall be paid as liquidated damages for each overdue day until the full payment is made; Within ten days, Party B has the right to suspend or terminate the service provided to Party A, and can unilaterally terminate this agreement and require Party A to bear 30% of the total contract amount as liquidated damages.

(7) Party A promises not to use Party B's software services to conduct any behavior that does not comply with Chinese laws, regulations and policies, otherwise it will bear all legal responsibilities, and Party B has the right to stop the service, terminate the agreement and not assume any liability for breach of contract.

4.2 Party B's Rights and Obligations

(1) Party B shall ensure that it applies for digital certificates and time stamp certificates for Party A, Party A's counterparty or other individuals or organizations approved by Party A, and ensure that the above certificates are issued by legal third-party electronic certification agencies.

(2) Party B transmits the information that needs to be verified provided by Party A or Party A's users to the data source for verification through the interface, and feedbacks the results. Party B's service response commitment is subject to the announcement on Party B's official website.

(3) Party B shall ensure that whether the electronic files stored in Party B's system have been altered can be verified, so as to achieve the effect of preventing repudiation and tampering.

(4) Party B shall not be liable for any failure of Party A or its users to operate the signature system due to reasons other than Party B's reasons, including but not limited to Party A or its users forgetting passwords, Party A or its users' system problems, network problems, etc. responsibility, but Party B needs to assist Party A to solve the problem.

(5) Party B shall not be liable for the inability to provide services due to unpredictable factors such as power outages, Party A platform system failures, transmission lines, communication failures, communication lines, and hacker attacks.

(6) The realization of electronic signing through the integration of Party B's software functions is based on the needs of Party A. Party A can determine the signing process and the elements to be verified by itself. Party B can only suggest that Party A operate in accordance with the requirements of the "Electronic Signature Law" and relevant laws and regulations, and is only responsible for the facts of the software functions and services provided by itself, but not for the facts of the whole process. If the process and results of the signing through Party A's system meet the requirements for the validity of electronic contracts, Party B can issue proof of relevant facts for Party A within the scope of the software functions and technical services provided. If Party B provides supporting documents for Party A or assists Party A in presenting evidence, Party B may charge Party A an appropriate fee (see Appendix 1 Evidence Services for specific standards).

(7) If the payment is overdue or the contract is terminated due to Party A's fault, and that Party B has completed the technical docking according to Party A's needs or has carried out the relevant expenses incurred in project implementation, then Party B has the right to suspend the products and services provided to Party A and hold Party A accountable for breach of contract.

**Article 5 Service Terms**

5.1 The service period is subject to the service validity period stipulated in Annex 1 (including the renewal service list). The software service period of this agreement is calculated from the date of opening the service, but the longest shall not exceed the time limit stipulated in Annex 1 of this agreement. The opening date of special projects shall be determined by both parties and be negotiated separately. In order to ensure the continuity of Party A's use of Party B's software services, Party A shall renew the service in a timely manner by renewing the service list before the service expires.

5.2 Party B agrees to give Party A free data storage service for one year after the expiration of the service, and provide free storage service for Party A's data stored in Party B within the service period, except for the following circumstances:

(1) Party A's license is revoked, cancelled, or Party A is liquidated, bankrupt, closed down or other circumstances leading to business termination；

(2) Paarty A is under criminal investigation；

(3) Party A's data is lost or leaked due to unforeseen and unavoidable reasons of Party B；

In order to save server resources, Party B will give Party A a buffer period of 30 days after the expiration of the one-year gift period; within the buffer period, Party A can renew the service according to Party B's current service product price, or transfer the data, and Party B will cooperate appropriately ; If Party A fails to renew the fee or transfer the data in time after the buffer period expires, Party B has the right to process the data by itself, including deleting or storing it in other ways. During the storage period, Party B has the right to provide the electronic data related to Party A stored in the e-signature certificate storage system according to the requirements of judicial or administrative agencies.

5.3 Both parties shall strictly abide by this agreement. If any party breaches the contract, it shall be liable for compensation within the scope of its income obtained in accordance with this agreement.

**第六条 合作伙伴**

6.1甲方同意乙方可在其宣传资料(包括但不限于网页、印刷资料、录音等) 中使用甲方的企业名称、商标、标识或其他任何类似文字或图形，以说明甲方是乙方的客户。同时，为满足《网络安全法》的要求，甲方同意在官网、产品页面或者会员协议、隐私条款等涉及电子签名内容中明确说明电子签名合作伙伴是乙方，以及为了保障电子化签约流程的法律有效性存在将甲方用户隐私信息提交给乙方储存、使用(使用的范围仅限为满足电子签名法要求将收集的认证信息与公安数据库、工商信息进行校验，签署文件进行哈希加密算法后的存证以及在签署文件中添加数字证书及时间戳证书的服务) 的情况。甲方要确保上述事实其用户知晓并同意。

**Article 7 Force Majeure**

7.1 If the contract cannot be performed or the contract is delayed due to force majeure such as war, earthquake, flood, fire, etc., the corresponding liability for breach of contract shall be exempted, but the other party shall be notified in writing with a corresponding certificate within 48 hours after the occurrence of the relevant event.

7.2 If, due to the revision of relevant national laws, policy adjustments or changes in relevant technical standards, this agreement cannot be performed or the impact or loss on both parties to the contract is caused, neither party shall bear any responsibility for this but is obliged to cooperate with each other to minimize the impact and loss. The expenses incurred here shall be resolved through friendly negotiation between the two parties.

**Article 8 Intellectual Property and Confidentiality**

8.1 Party B enjoys all legal intellectual property rights of the service content it provides. Party A or its customers have only the right to use the software system, proprietary technology, and software development kit provided by Party B. Without the authorization of Party B, Party A has no right to let third parties know or use the unique technology/service of Party B in any way, otherwise Party A shall bear the corresponding responsibility for the consequences of disclosing relevant information. Both parties shall keep confidential the other party's business secrets, technical secrets, cooperation prices and other information learned during the performance of this agreement. If the other party's business secrets and other information are leaked intentionally or negligently and cause losses to the other party, they shall be liable for full compensation. responsibility.

8.2 Party B reserves all the intellectual property rights of all products and services it provides; Party A has no right to redevelop the products and services provided by Party B without the authorization of Party B. If a fault occurs due to Party A's unauthorized use of Party B's intellectual property and prevented Party B from performing its duty under this agreement, Party B shall not be responsible for free repair.

8.3 The intellectual property clauses, confidentiality clauses, legal application and dispute resolution clauses of this agreement shall survive the termination of this agreement, and both parties should continue to perform after the termination of this agreement, otherwise the observing party has the right to pursue the legal actions against the breaching party.

**Article 9 Dispute Resolution**

9.1 The conclusion, modification, execution and termination of this agreement, as well as the settlement of disputes related to this agreement, shall be governed by the laws of the People's Republic of China.

9.2 Any dispute arising from the performance of this agreement shall be resolved through friendly negotiation; if the negotiation fails, both parties agree to submit the dispute to Hangzhou Arbitration Commission for adjudication in accordance with the then-current arbitration rules, and the place of arbitration shall be Hangzhou.

**Article 10 Miscellaneous** 

10.1 This agreement will come into effect after both parties affix special contract seals or official seals, and it can also take effect after both parties affix legal and valid electronic signatures.

10.2 Other unfinished matters will be negotiated separately under the principle of equality and mutual benefit. Items for further negotiation can be added or modified in Annex 1.

10.3 The paper version of this agreement is in four copies, and each party holds two copies, which have the same legal effect. The appendix has the same legal effect as this agreement.

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| | |
|:---|:---|
| Part A：Xiamen EPWK Network Technology Co., Ltd.<br> (Party A's Seal is affixed to this agreement) | Party B：Hangzhou Tiangu Information Technology Co., Ltd.<br> (Party B's Seal is affixed to this agreement) |
| Authorized Representative：Qin LIN | Authorized Representative：Ailan CHEN |
| Date: May 24, 2020 | Date: May 24, 2020 |

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**Appendix 1: List of Products and Services Contract No.**：XFC2020052013750

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Client Information(Party A) ： | &nbsp;&nbsp;Client Information(Party A) ： | &nbsp;&nbsp;Client Information(Party A) ： | &nbsp;&nbsp;Client Information(Party A) ： |
| &nbsp;&nbsp;Name： | &nbsp;&nbsp;Xiamen EPWK Network Technology Co., Ltd. | &nbsp;&nbsp;Address： | &nbsp;&nbsp;Unit 404, No. 359, Chengyi Street, Phase III, Xiamen Software Park. |
| &nbsp;&nbsp;Contact： | &nbsp;&nbsp;Qin LIN | &nbsp;&nbsp;Phone： | &nbsp;&nbsp;[\*] |
| &nbsp;&nbsp;Platform： | &nbsp;&nbsp;EPWK.com | &nbsp;&nbsp;Email： |  |
| &nbsp;&nbsp;Category： | &nbsp;&nbsp;Internet+ | &nbsp;&nbsp;Industry： | &nbsp;&nbsp;IP Protection |
| &nbsp;&nbsp;Party B | &nbsp;&nbsp;Party B | &nbsp;&nbsp;Party B | &nbsp;&nbsp;Party B |
| &nbsp;&nbsp;Name： | &nbsp;&nbsp;Hangzhou Tiangu Information Technology Co., Ltd. | &nbsp;&nbsp;Address： | &nbsp;&nbsp;Fl. 19, Building D, Tiantang Software Park, No. 3 Xidoumen Road, Xihu District, Hangzhou, Zhejiang Province. |
| &nbsp;&nbsp;Contact : | &nbsp;&nbsp;Ailan Chen | &nbsp;&nbsp;Phone： | &nbsp;&nbsp;[\*] |
| &nbsp;&nbsp;Website： | &nbsp;&nbsp;https://www.esign.cn/ | &nbsp;&nbsp;Email： | &nbsp;&nbsp;[\*] |
| &nbsp;&nbsp;**Subscription Information** | &nbsp;&nbsp;**Subscription Information** | &nbsp;&nbsp;**Subscription Information** | &nbsp;&nbsp;**Subscription Information** |
| &nbsp;&nbsp;Category | &nbsp;&nbsp;Renewal | &nbsp;&nbsp;Renewal | &nbsp;&nbsp;Renewal |
| &nbsp;&nbsp;**Wukong Service：** | &nbsp;&nbsp;**Wukong Service：** | &nbsp;&nbsp;**Wukong Service：** | &nbsp;&nbsp;**Wukong Service：** |
| &nbsp;&nbsp;**Fee：￥ <u>5,000.00</u>** | &nbsp;&nbsp;**Fee：￥ <u>5,000.00</u>** | &nbsp;&nbsp;**Fee：￥ <u>5,000.00</u>** | &nbsp;&nbsp;**Fee：￥ <u>5,000.00</u>** |
| &nbsp;&nbsp;Wukong Service | &nbsp;&nbsp;Wukong Service | &nbsp;&nbsp;Wukong Service | &nbsp;&nbsp;Wukong Service |
| &nbsp;&nbsp; 1 Authentication Service：￥5,000.00 No Time Limit | &nbsp;&nbsp; 1 Authentication Service：￥5,000.00 No Time Limit | &nbsp;&nbsp; 1 Authentication Service：￥5,000.00 No Time Limit | &nbsp;&nbsp; 1 Authentication Service：￥5,000.00 No Time Limit |
| &nbsp;&nbsp; 1) Basic Authentication ￥0.25 /time | &nbsp;&nbsp; 1) Basic Authentication ￥0.25 /time | &nbsp;&nbsp; 1) Basic Authentication ￥0.25 /time | &nbsp;&nbsp; 1) Basic Authentication ￥0.25 /time |
| &nbsp;&nbsp; 2) Basic Authentication(enterprise 3) ￥0.24 /time | &nbsp;&nbsp; 2) Basic Authentication(enterprise 3) ￥0.24 /time | &nbsp;&nbsp; 2) Basic Authentication(enterprise 3) ￥0.24 /time | &nbsp;&nbsp; 2) Basic Authentication(enterprise 3) ￥0.24 /time |
| &nbsp;&nbsp; 2 Electronic signing servince Wukong SDK 1000 times. Term：2020-06-04 to 2021-06-03 | &nbsp;&nbsp; 2 Electronic signing servince Wukong SDK 1000 times. Term：2020-06-04 to 2021-06-03 | &nbsp;&nbsp; 2 Electronic signing servince Wukong SDK 1000 times. Term：2020-06-04 to 2021-06-03 | &nbsp;&nbsp; 2 Electronic signing servince Wukong SDK 1000 times. Term：2020-06-04 to 2021-06-03 |
| &nbsp;&nbsp;**Wukong Series Signing Service Product Description：** | &nbsp;&nbsp;**Wukong Series Signing Service Product Description：** | &nbsp;&nbsp;**Wukong Series Signing Service Product Description：** | &nbsp;&nbsp;**Wukong Series Signing Service Product Description：** |
| &nbsp;&nbsp;Authentication<br> Service | &nbsp;&nbsp;Authentication service billing method: the fee is calculated according to the number of times the technical interface is called. A call is deemed to have completed a service, and the fee will be deducted according to the unit price of the interface according to the actual authentication service method used, and the fee will be deducted according to the unit price of the interface according to the actual use method, until the package amount is exhausted; Esignbao will remind Party A to recharge first before calling. How to use: All activated authentication services can be used, and multiple authentication services can also be used in combination. | &nbsp;&nbsp;Authentication service billing method: the fee is calculated according to the number of times the technical interface is called. A call is deemed to have completed a service, and the fee will be deducted according to the unit price of the interface according to the actual authentication service method used, and the fee will be deducted according to the unit price of the interface according to the actual use method, until the package amount is exhausted; Esignbao will remind Party A to recharge first before calling. How to use: All activated authentication services can be used, and multiple authentication services can also be used in combination. | &nbsp;&nbsp;Authentication service billing method: the fee is calculated according to the number of times the technical interface is called. A call is deemed to have completed a service, and the fee will be deducted according to the unit price of the interface according to the actual authentication service method used, and the fee will be deducted according to the unit price of the interface according to the actual use method, until the package amount is exhausted; Esignbao will remind Party A to recharge first before calling. How to use: All activated authentication services can be used, and multiple authentication services can also be used in combination. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Payment：** | &nbsp;&nbsp;**Payment：** |
| &nbsp;&nbsp; Payment Due：￥5,000.00<br> Payment Method：One time payment<br> Payment Due Date：Party A shall make a one-time payment to Party B's designated bank account within five working days after the contract is signed | &nbsp;&nbsp; Payment Due：￥5,000.00<br> Payment Method：One time payment<br> Payment Due Date：Party A shall make a one-time payment to Party B's designated bank account within five working days after the contract is signed |
| &nbsp;&nbsp;**Invoice Information** | &nbsp;&nbsp;**Invoice Information** |
| &nbsp;&nbsp;Invoice： | &nbsp;&nbsp;Party B shall issue value-added tax invoices for software sales and software service fees by product and service type within five working days after Party B receives the corresponding payment from Party A. |
| &nbsp;&nbsp;Bank account designated by Party B： | &nbsp;&nbsp;[\*] |
| &nbsp;&nbsp;**Additional Terms：** | &nbsp;&nbsp;**Additional Terms：** |
| &nbsp;&nbsp; 1、Party B shall notify Party A in a timely manner after the integration docking or service opening. Party A shall log in to Party A's system account to confirm online within 3 days. If no confirmation is made within the time limit, it shall be deemed that the system docking has been completed, and Party A shall approve this situation.<br> 2、This Appendix is in quadruplicate, Party A and Party B each hold two copies, and each copy has the same legal effect. | &nbsp;&nbsp; 1、Party B shall notify Party A in a timely manner after the integration docking or service opening. Party A shall log in to Party A's system account to confirm online within 3 days. If no confirmation is made within the time limit, it shall be deemed that the system docking has been completed, and Party A shall approve this situation.<br> 2、This Appendix is in quadruplicate, Party A and Party B each hold two copies, and each copy has the same legal effect. |
| &nbsp;&nbsp;Party A：Xiamen EPWK Network Technology Co., Ltd. | &nbsp;&nbsp;Party B：Hangzhou Tiangu Information Technology Co., Ltd. |
| &nbsp;&nbsp; <br> (Party A's Seal)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> (Party B's Seal)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> May 24, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> May 24, 2022 |

---

## Exhibit 10.12

**Exhibit 10.12** 

**Xiamen International Bank Co., Ltd. Service Agreement**

Agreement No.：<u>FZTCN00180052021081701</u> 

**Party A（Client）**：Xiamen EPWK Network Technology Co., Ltd.

**Address**：Unit 404, No. 359, Chengyi Street, Phase III, Xiamen Software Park, Xiamen

**Postal Code**：361000

**Phone**：[\*]

**Authorized Representative**：Guohua HUANG

**Party B**：Xiamen International Bank Xiamen Branch

**Address**：Units 1A, 1B, 2A, 2B,Xingang Guangchang, No. 10 Hubin Road North, Siming District, Xiamen

**Postal Code**：361000

**Phone**：[\*]

**Authorized Rerpresentative**：Zhirong ZHANG

In order to meet Party A's needs to manage settlement fund derived from its Platform, Party B provides the "Fenzhangtong" business service according to Party A's entrustment and request. According to the relevant laws and regulations, after friendly negotiation, both parties A and B have reached the following agreement on the relevant matters of this business, for both parties to abide by：

**Article 1 Definitions**

**（I）Definitions**：In this agreement, unless the context otherwise explains or the context indicates otherwise, the following terms have the following clear definitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1、 **Platform** refers to EPWK.com, which is managed and operated by Party A.

2、 **Platform Users** refere to registered users (including natural persons, legal persons or other legitimate organizations) who rely on the Platform for business transactions and have a unique user ID number on the Platform. Among them, the buyer user refers to the registered user who purchases goods on the Platform, and the seller user refers to the registered user who sells goods on the Platform。

3、"**Fenzhangtong" service** is the service Party B provides to Party A pursuant to Party A's entrustment and request, which is based on Party B's self-developed account sharing system. The service including the opening and management of account registration books for Platform Users, transaction payment, account registration, transaction clearing, and account reconciliation.

4、 **Platform User Account Registration Book** refers to the independent bookkeeping register set up by Party B for Platform Users on the Fenzhangtong system. The register is bound with the Platform User's own bank settlement account with the same name, and is used to record the Platform User's transaction and capital information ledger. The account register is only a system account, which is used to record the fund balance and flow of each Platform User, and is not a settlement account。

5、 **Binding Account** refers to the bank settlement account with the same name of the Platform User opened in Party B or other banks that is bound to the account registration book of the Platform User, including the corporate bank settlement account and personal bank settlement account, which distributes or receives payment generated from the Platform User's designated account for trading funds.

6、 **Real-Name Authentication** refers to the action of Party B to verify and review the identification materials submitted by Platform Users when Platform Users apply for Platform User account registration books in the Fenzhangtong system.

7、 **Fenzhangtong Registration** refers to the Fenzhangtong system registering the transaction details in the corresponding buyer or seller user account registration book according to the Platform User's transaction instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**（II）Laws and Regulations**：Any reference to any law or regulation in this agreement, unless the context otherwise requires, shall be interpreted as including any current or subsequent effective revision of that law or regulation.

**Article 2 Scope and Content of Cooperation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party B provides the following services for Party A's Platform based on the "Fenzhangtong" business:

&nbsp;&nbsp;&nbsp;&nbsp;（I ）Opening and Management of Account Registration Books for Platform Users: Party A's Platform Users provide corresponding account opening information on the account opening interface of Party B's system, and Party B calls the real-name authentication interface or manual review function to review the account opening information of Party A's Platform Users. Once Platform Users pass the review, Party B will open account registration books for Platform Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（II ）Transaction Payment: The buyer user initiates a real-time transaction application through the Platform, Party B Fenzhangtong system receives the application, and after completing the transaction verification, the buyer user completes the payment transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（III）Fenzhang Registration: Party B's Fenzhang system will register the transaction details in the corresponding buyer or seller user register according to the transaction instructions of the Platform Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（IV）Transaction Clearing: The buyer user completes the transaction payment, and confirms the completion of the transaction through the Platform (such as the buyer confirms receipt, automatic confirmation, etc.), and the Party B Fenzhangtong system automatically clears the transaction funds to the bank settlement account bound by the seller user. For transactions that have not been confirmed to be completed, the funds will be frozen and registered under the buyer's user account register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（V）Account Reconciliation and Settlement: Party B's Fenzhangtong system automatically completes the account reconciliation work with legally qualified clearing institutions and with Party A every working day. If there is a difference in account reconciliation with the clearing institution, the data of the clearing institution shall prevail; in case of discrepancy between accounts, the data in Party B's Fenzhangtong system shall prevail.

**Article 3 Party A's Rights and Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（I）Party A shall be responsible for the authenticity and legality of transactions on the Platform, and shall take relevant measures to identify the identity of Platform Users, understand the transaction background, and ensure that it does not conduct money laundering, write-offs, third-party Fraud and other illegal activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（II）Party A shall bear the cost of complaints, returns, disputes, punishments, etc. caused by illegal, false, untimely or inaccurate information, poor quality of goods or services provided, or post-transaction problems for transactions on the Platform; Party A shall make compensation for Party B's losses caused by such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（III）Party A is responsible for reviewing the authenticity of Platform User qualifications and information registered on Party A's Platform, responsible for reviewing the authenticity of transaction information on Party A's Platform, and responsible for the authenticity, accuracy and completeness of Platform information data. Party A shall bear corresponding responsibilities for business risks and losses caused by intentional fraud, forged data or data errors by Party A or Platform Users, and Party A shall compensate Party B for losses caused thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（IV）Following Party B's request, Party A shall truthfully provide relevant certification materials and data to Party B, make adjustment according to Party B's policies, and supplement relevant materials at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（V）Performing and cooperating with Party B in fulfilling the anti-money laundering and anti-terrorist financing obligations. When Party B makes a request based on anti-money laundering and anti-terrorist financing management, Party A is obliged to provide Party B with complete relevant transaction information, transaction certificates and other relevant materials within the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（VI）Responsible for the continuous development and safe operation of the technical system of the trading Platform, and responsible for the daily maintenance of all equipment related to the Fenzhangtong business in its own system, to ensure the normal operation of all equipment related to the Fenzhangtong business in its own system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（VII）Responsible for accurate and real-time transmission of registration, identity authentication, payment, refund and other applications sent by Platform Users through Party A's Platform to Party B's Fenzhangtong system, and timely, secure and confidential transmission of Party B's system's response to the Platform Users' requests. Party A is responsible for the security, confidentiality, authenticity and real-time nature of the information transmission process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（VIII）Party A shall implement separate management of its own funds and transaction funds on the Platform to ensure that the transaction funds under Fenzhangtong business services are independent of Party A's own funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（IX）Check with Party B on the accounts of the Fenzhangtong system every day to ensure the accuracy of the system data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（X）Party A shall not use Party B's name or materials containing Party B's name or trademark for marketing promotion. The content, form and materials of Party A's external publicity shall not involve Party B. Party A shall not arbitrarily exaggerate the scope of cooperation with Party B or apply Party B's credit, otherwise, Party A shall be solely responsible for the disputes arising therefrom; if Party B suffers losses, Party A shall be liable for compensation to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（XI）Party A shall not display the words "deposit", "supervise" or "custodian" of funds by Party B or similar false statements in its relevant business Platform interface, transaction documents and external publicity materials.

（XII）Party A shall clarify to the Platform Users (including buyer users and seller users) the responsibility boundaries and liability limits of Party B, and truthfully inform the Platform Users:

1、Party B only provides Party A with Fenzhangtong services based on this agreement;

2、Party B shall not undertake any review responsibility for the authenticity of transactions and transaction information under the Platform, nor shall it be responsible for the authenticity, accuracy and completeness of transaction information and data on the Platform; any disputes arising from transactions on the Platform shall have nothing to do with Party B. Platform Users should make their own judgments on the authenticity, legality and feasibility of the transaction itself, and take risks.

3、When Party B receives a transaction request issued by Party A's Platform and confirmed by the Platform User through the transaction password or SMS verification code, it is deemed that the authenticity of the Platform User's transaction intention has been fully confirmed, and Party B will execute the relevant instructions accordingly and will not be responsible for any risks arising from the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（XIII）When Party A suspends or terminates the Platform business, it shall formulate a comprehensive business liquidation and disposal plan and notify Party B at least 30 working days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（XIV）Miscellaneous

1、Party A guarantees that any application received by Party B has been fully and effectively authorized by the relevant person (including but not limited to the transaction buyer, transaction seller, other intermediaries, etc.), and any disputes caused by Party A's failure to obtain the corresponding authorization shall be resolved solely by Party A Party and has nothing to do with Party B;

2、All information provided by Party A to Party B (including but not limited to information on Party A and transaction users on Party A's Platform) is true, accurate and legal. Any disputes, litigation and losses caused by the wrong information submitted by Party A shall be fully borne by Party A.

Article 4 Party B's Rights and Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（I）During the term of this agreement, Party B shall provide Party A's Platform and Platform Users with Fenzhangtong services in accordance with this agreement. However, Party B does not intervene in any transaction disputes between Party A and Platform Users, and does not assume any responsibility related to transactions. Party B shall not provide any form of identification, certification services or any other related services for the corresponding subject matter of the transaction on the Platform, and shall not provide commitments or assume any guarantee responsibility for the authenticity, quality, and reasonable price of the transaction subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（II）If the user account, password, key and/or digital certificate of Party A's Platform Users are leaked or used by unauthorized persons, after Party A notifies Party B in writing, Party B shall immediately take reasonable measures (including but not limited to temporarily freezing the funds to be settled by Party A, transactions, and Platform User rights, etc.) to avoid the esclation of losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（III）Party B has the right to review Party A from the perspectives of risk status, business legality, website content, account information security, etc. in accordance with relevant business rules and laws and regulations; In case of money laundering, gambling or cash out, Party B has the right to unilaterally suspend the Fenzhangtong service without any liability to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（IV）If Party B finds that there are abnormal or large-value transactions on Party A's Platform, Party B has the right to require Party A to provide reasonable, legal and effective transaction evidence. Before Party A fails to provide relevant evidence as required, Party B has the right to temporarily close the interface between the Fenzhangtong system and the Platform; if Party A fails to provide evidence as required, or causes Party B to incur corresponding losses, Party A shall fully compensate Party B losses, and Party B has the right to completely close the interface between the Fenzhangtong system and the Platform and terminate this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（V）Responsible for the development, operation and maintenance of Party B's system to ensure the stability of the Fenzhangtong system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（VI）In the process of registering the account registration book of users, the Platform User transaction password is independent of Party A and stored in Party B's system, and the corresponding information is modified according to the Platform User's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（VII）Party B has the right to review and continue to monitor Party A's web pages and promotional materials with content related to Party B. Once Party A is found to have violated this agreement, Party B has the right to request Party A to immediately cancel the relevant content and require Party A to bear the corresponding responsibility in accordance with this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（VIII）Party B has the right to decide to modify and upgrade the functions and services of the fund management service and temporarily suspend the provision of services according to the needs of system changes and upgrades but shall notify Party A in advance and announce the date of resumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（IX）During the term this agreement, Party B has the right to unilaterally adjust the fees stipulated in Article 5, but Party A must be notified at least one month in advance; if Party A does not agree to the fee adjustment, Party B has the right to unilaterally terminate this agreement and completely close Fenzhangtong interface between the system and the Platform.

**Article 5 Payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（I）Payment Method

1、Party A shall pay Party B a service fee for the Fenzhangtong service provided by Party B. The charging standard and method are as follows（Please see the charging standard of Fenzhangtong in the banking service price catalog）:

<u>Paty A Payment Method：</u>

Deposit（receipt）：

WeChat/Alipay Fee Rate：

Alipay offline 0.38%；

WeChat online 0.80%；

WeChat off line0.38%.

Union Pay Fee Rate:

Debit Card 0.4%;

Credit Card 0.6%

People's Bank (small amount)： ¥0.5/time （less than ¥50,000）

People's Bank (large amount)： ¥5.5/time （more than than ¥50,000）

Super Online Banking： ¥0.5/time （less than ¥50,000）

Miscellaenous"

Three Factors Authentication： ¥0.5/time

Four Factors Authentication： ¥0.5/time

Enterprise Authentication： ¥0.5/time

2、Party A shall pay Party B the Fenzhangtong service fee of the previous natural month within the first five working days of each month, and Party B shall issue a legal VAT special invoice to Party A within 30 days after Party A pays the fee. Before Party B issues a special value-added tax invoice to Party A for the first time, Party A shall provide Party B with relevant tax-related information required for invoicing.

3、If there is any discrepancy between Party A and Party B during the verification process of the service fee, the data provided by Party B shall prevail for the calculation and collection of the fee.

4、Party B has the right to deduct the Fenzhangtong service fee from the following accounts of Party A：

Beneficiary：Xiamen EPWK Network Technology Co., Ltd.

Account No.：[\*]

Bank Branch：Xiamen International Bank Xiamen Branch Tong'an Office

5、If Party A fails to pay the service fee of Fenshangtong in full and in a timely manner as stipulated in this agreement, Party B has the right to directly deduct the corresponding amount from Party A's own fund account, and has the right to stop the Fenshangtong business service until Party A makes up the fee payment.

&nbsp;&nbsp;&nbsp;&nbsp;6、If this agreement is terminated early, Party A shall pay off all the fees owed to Party B on the date of early termination. For the service fees that Party B has collected before the early termination, Party B is not required to refund Party A.

**Article Six Force Majeure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（I）During the term of this agreement, the following events constitute force majeure that renders Party B unable to perform its obligations under this agreement due to natural disasters and other reasons: due to changes in laws and regulations, major national policy adjustments, bank internal business strategy adjustments, any external communication or computer system failure, shutdown or paralysis, war, and fire, rainstorm, earthquake, hurricane.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（II）During the term of this agreement, if the above-mentioned force majeure event occurs, Party B has the right to terminate this agreement and notify Party A. Both parties shall be responsible for explaining the situation to the customer in a timely manner, and jointly solve the problem through consultation. If one of the two parties incurs loses due to the circumstances stipulated in this agreement, the other party shall not bear any form of responsibility. The party affected by the above situation shall take reasonable and possible measures as soon as possible after learning of the occurrence of the relevant situation to avoid further expansion of losses.

**Article 7 Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（I） In case of any of the following circumstances, Party B has the right to immediately suspend or terminate the Fenzhangtong business cooperation without any liability for breach of contract, and has the right to recover Party B's losses caused by these circumstances:

1、Dishonest operation, stealing, and defrauding Platform Users' funds; assisting the seller in stealing and defrauding the buyer's funds and other illegal operations; forging Platform transaction information or transaction information lacking a real transaction background; suspected of money laundering, illegal fundraising, and illegal absorption of public deposits.

2、Significant changes in Party A's business qualifications, equity structure, senior management personnel, business scale, financial status, etc. render it no longer meet the Party B's standards and thus inappropriate for the two parties to continue cooperation.

3、There are too many transaction disputes in Party A's Platform transactions (more than 3 times in one quarter).

4、Party A and its Platform have risk events that affect the reputation of Party B, including but not limited to serious negative online influence on the Platform, being ordered by relevant departments to stop relevant business or not allowing payment and settlement.

5、If Party A fails to provide real and effective contact information or Party A fails to notify Party B in time due to the change or termination of business or contact information, Party B or trading users cannot get in touch with Party A and cannot get timely feedback.

6、Party A uses the name of Party B for marketing promotion, or Party A conducts marketing promotion with materials containing Party B's name or trademark content, or Party A's external publicity content, form, and materials involve Party B.

7、The operation of Party A's Platform system is unstable, and there have been many system failures and process problems that affect the normal service of Party B's Fenzhangtong system.

8、Party B conducts regular/irregular, on-site/off-site inspections of Party A's operations and Platform operations, and Party A refuses to cooperate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（II） This agreement can be terminated early if both parties reach a consensus through negotiation or meet the conditions for early termination of Party B stipulated in this agreement. If Party B exercises the right of early termination, the cooperation between the two parties under this agreement shall be terminated from the date when Party B sends the early termination notice to Party A. The provisions of this agreement regarding account liquidation, confidentiality responsibility, liability for breach of contract, and dispute resolution shall survive the termination.

**Article 8 Liabilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（I）If Party B breaches the contract, Party A has the right to require Party B to compensate the actual loss and the cost of claiming the actual loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（II）If Party A breaches the contract, Party B has the right to stop providing relevant services to Party A, and require Party A to compensate it for the actual loss and the cost of claiming the actual loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（III）The costs of claiming the actual damages include, but are not limited to, legal costs, attorneys' fees, travel expenses, and other related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（IV）If the breach of contract is caused by force majeure, the parties shall not be liable to each other for compensation, but the losses of the other party caused by the failure to perform the notification obligation cannot be exempted.

&nbsp;&nbsp;&nbsp;&nbsp;（V）The failure of any party to exercise its rights or take any action in response to the breach of the contract by the other party shall not be deemed to be a waiver of rights or a waiver of the responsibility or obligation. All waivers must be made in writing.

**Article 9 Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（I）Both Party A and Party B shall keep confidential the other party's new product (or system) design plan and major business and shall not provide it to a third party without the written consent of the other party, unless relevant laws or regulatory agencies so requires or the information is provided to the party's outside consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（II）If Party A and Party B encounter major unexpected problems during the implementation of the business, they should report to the relevant regulatory authorities in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（III）Due to changes in relevant national policies, changes in the settlement system, or in the process of performing the agreement, if the service stipulated in this agreement becomes inconsistent with relevant laws, regulations, policies, the two parties should modify or supplement this agreement through negotiation and implement the requirement of the regulatory authorities for approvals. If one of the parties violates the terms of this agreement, indicating that this agreement cannot be performed at all, and the breaching party still fails to affix its seal within a reasonable period given by the other party, the other party has the right to terminate the agreement, and the relevant losses caused by the breaching party shall be borne by the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（IV）This agreement will come into effect on the day when it is signed by the authorized signatories of both parties and affixed with the official seal of the party. This agreement is valid for one year, counting from the effective date of this agreement. If there is no early termination before the expiration of the agreement, and neither party raises any objection within 30 working days before the expiration date of the agreement, the agreement will be automatically renewed for one year upon expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（V）This Agreement shall be governed by the laws of the People's Republic of China (excluding the laws of Hong Kong, Macau, and Taiwan). All disputes arising from or related to this agreement shall be settled by both parties through negotiation. If the negotiation fails, the people's court where Party A is located shall have jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（VI）The appendix of this agreement are an integral part of this agreement and will come into effect when signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;（VII）The original of this agreement is in duplicate, each party holds one copy, and each copy has the same legal effect.

---

| | |
|:---|:---|
| Party A （Seal） | Party B （Seal） |
| Authorized Representative | Authorized Representative |
| （Seal of Guohua HUANG） | (Seal of Zhirong ZHANG) |
| Date: August 17, 2021 |  |
| Place: Xiamen |  |

---

## Exhibit 10.13

**Exhibit 10.13**

**不可撤销承诺函**

**Form of Irrevocable Commitment Letter**

致：**亿品微客（广州）网络科技有限公司**（以下简称："贵司"）

To: **Yipinweike (Guangzhou) Network Technology Co., Ltd.** (hereinafter referred to as "Your Company")

鉴于贵司与厦门一品威客网络科技股份有限公司（以下简称："一品威客"）及一品威客登记股东已经签署《购买选择权协议》、《独家业务合作协议》、《股份质押协议》，且本人已出具《股东授权委托书》（以下统称："VIE协议"），为保证VIE协议的履行，本人（[Shareholder's Name]，身份证号码：[Shareholder's ID Number]）承诺如下事项：

Whereas Your Company, Xiamen EPWK Network Technology Co., Ltd. (hereinafter referred to as "EPWK") and registered shareholders of EPWK have already entered into Call Option Agreement, Exclusive Business Cooperation Agreement, Equity Pledge Agreement, and I myself have issued a Shareholder Power of Attorney (hereinafter collectively referred to as "VIE Agreements"), to ensure my performance of VIE Agreements, I (Name: **[Shareholder's Name]**, ID Number: [Shareholder's ID Number]) hereby make the following commitments:

一、本人承诺本人配偶[Name of the Spouse]无权向一品威客主张本人所持有全部股份的任何权益，且无权对一品威客日常管理施加影响；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I promise that my spouse ([Name of the Spouse]) has no right to claim any right or interest in relation to the shares I hold in EPWK, and has no right to impose any impact on the daily management of EPWK;

二、倘若本人因身故、无行为能力、离婚或任何其他事件导致本人无法作为登记股东行使股东权利的，本人确认本人将尽可能的采取相应措施保障各登记股东权利并确保VIE协议的履行。同时，本人确认本人之继承人（包括本人配偶）无权向一品威客主张本人原所持有全部股份的任何权益，且无权对一品威客日常管理施加影响，同时继承人应履行及遵守VIE协议的约定。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I guarantee that, if any event which refrains me from exercising shareholder's rights as a registered shareholder, such as death, incapacity, divorce or any other event, could happen to me, I will take corresponding measures as far as possible to guarantee the rights of other registered shareholders and the performance of VIE Agreements. Meanwhile, I confirm that my inheritors (including my spouse) have no right to claim any right or interest in relation to the shares I hold in EPWK, and have no right to impose any impact on the daily management of EPWK, and my inheritors shall perform and comply with VIE Agreements.

三、本承诺函为不可撤销承诺函，一经作出，非经贵司书面同意，本人不得撤销。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This commitment letter is irrevocable. Once this commitment letter is signed, I could not withdraw it without writing consent of Your Company.

特此致函。

I hereby write this letter to you.

---

| | | |
|:---|:---|:---|
| 承诺人： | */s/ [Shareholder's Name]* | （签字）\* |
| Promisee： | */s/ [Shareholder's Name]* | （Signature）\* |
| 承诺人： | */s/ [Spouse's Name]* | （签字）\*\* |
| Promisee： | */s/ [Spouse's Name]* | （Signature）\*\* |
| 日期： | 2022年08月11日 |  |
| Date: | August 11, 2022 |  |

---

**不可撤销承诺函**

**Form of Irrevocable Commitment Letter**

致：**亿品微客（广州）网络科技有限公司**（以下简称："贵司"）

To: **Yipinweike (Guangzhou) Network Technology Co.,Ltd.** (hereinafter referred to as "Your Company")

鉴于贵司与厦门一品威客网络科技股份有限公司（以下简称："一品威客"）及一品威客登记股东已经签署《购买选择权协议》、《独家业务合作协议》、《股份质押协议》，且本人配偶已出具《股东授权委托书》（以下统称："VIE协议"），为保证VIE协议的履行，本人（[Name of the Spouse]，身份照号码： [The Spouse's ID Number]）作为 [Name of the Shareholder]配偶承诺如下事项：

Whereas Your Company, Xiamen EPWK Network Technology Co., Ltd. (hereinafter referred to as "EPWK") and registered shareholders of EPWK have already entered into Call Option Agreement, Exclusive Business Cooperation Agreement, Equity Pledge Agreement, and my spouse has issued a Shareholder Power of Attorney (hereinafter collectively referred to as "VIE Agreements")，to ensure the performance of VIE Agreements, I myself (Name: [Name of the Spouse], ID Number: [The Spouse's ID Number]) , as the spouse of [Name of the Shareholder] hereby make the following commitments:

一、本人知晓VIE协议的全部安排，并无条件且不可撤回的同意本人配偶[Name of the Shareholder]及其他各登记股东与贵司关于VIE协议中的约定、安排；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have full knowledge of all of arrangements of VIE Agreements, and give unconditional and irrevocable consent on all the consensus and arrangements in regard to VIE Agreements that my spouse [Name of the Shareholder], other registered shareholders and Your Company have reached;

二、若本人未来基于法律和事实成为一品威客登记股东，本人同意放弃本人未来作为登记股东所享有的对一品威客的任何股东权利和收益；

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I agree to waive any right or merited interest I may have in regard to EPWK;

三、本人同意受VIE协议（不时修订、补充或重列）所约束。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I agree to be bound by VIE Agreements (including amendments, supplements, and rearrangements from time to time);

四、本承诺函为不可撤销承诺函，一经作出，非经贵司书面同意，本人不得撤销。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This commitment letter is irrevocable. Once this commitment letter is signed, I could not withdraw it without consent of Your Company.

特此致函。

I hereby write this letter to you.

---

| | | |
|:---|:---|:---|
| 承诺人： | */s/[Name of the Spouse]* | （签字） |
| Promisee: | */s/ [Name of the Spouse]* | （Signature） |
| 日期： | 2022年08月11日 |  |
| Date: | August 11, 2022 |  |

---

**Schedule of Material Differences**

One or more person signed an Irrevocable Commitment Letter under this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Name of**<br> **the Shareholder** | **Shareholder's ID<br> Number** | **Name of**<br> **the Spouse** | **Spouse's ID Number** | **Date** |
| 1. | Aling YE | [\*] | Qingyun YANG | [\*] | August 11, 2022 |
| 2. | Zhinan HUANG | [\*] | Shaojie YAN | [\*] | August 11, 2022 |
| 3. | Zhiyou HUANG | [\*] | Yueqin ZHANG | [\*] | August 11, 2022 |
| 4. | Hongxiu WANG | [\*] |  |  |  |
| 5. | Guohua HUANG | [\*] |  |  |  |

---

\* Sensitive Information

## Exhibit 21.1

**Exhibit 21.1**

**List of Significant Subsidiaries and Variable Interest Entity of EPWK Holdings Ltd.**

---

| | |
|:---|:---|
| **Significant Subsidiaries** | **Place of Incorporation** |
| EPWK Group Limited | British Virgin Islands |
| EPWK Holdings Limited | Hong Kong |
| Yipinweike (Guangzhou) Network Technology Co., Ltd. | People's Republic of China |
| EP Zhishang (Xiamen) Network Technology Co. Ltd. | People's Republic of China |

---

---

| | |
|:---|:---|
| **Variable Interest Entity and Its Subsidiaries** | **Place of Incorporation** |
| Xiamen EPWK Network Technology Co., Ltd. | People's Republic of China |
| Xiamen Yipinweike Network Information Co., Ltd. | People's Republic of China |
| Xiamen Kutai Network Technology Co.,Ltd. | People's Republic of China |
| Xiamen EPWK Investment Management Co., Ltd. | People's Republic of China |
| Qi Zhi (Beijing) Certification Co., Ltd. | People's Republic of China |
| Xiamen EPWK Zhibang Finance and Taxation Service Co., Ltd. | People's Republic of China |
| Yipinhuicheng (Guangzhou) Network Technology Co., Ltd. | People's Republic of China |
| Xiamen EPWK Yixing Business Incubator Management Co., Ltd. | People's Republic of China |
| Xiamen EPWK Chuangke Incubator Management Co., Ltd. | People's Republic of China |
| Xiamen EPWK Kutai Incubator Management Co., Ltd. | People's Republic of China |

---

## Exhibit 23.1

**Exhibit 23.1**

![](vc012_ex23-1img01.jpg)

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation of our report dated December 8, 2022, except for Note 18, as to which the date is February 9, 2023, in the Registration Statement on Form F-1 under the Securities Act of 1933 with respect to the consolidated balance sheets of EPWK Holdings Ltd., its subsidiaries, and its variable interest entities as of June 30, 2022 and 2021, and the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended June 30, 2022, and the related notes (collectively referred to as financial statements) included herein.

We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

---

| | |
|:---|:---|
|  | ![](vc012_ex23-1img03.jpg) |
| San Mateo, California | WWC, P.C. |
| February 9, 2023 | Certified Public Accountants |
|  | PCAOB ID: 1171 |

---

![](vc012_ex23-1img02.jpg)

## Exhibit 99.1

**Exhibit 99.1**

**EPWK HOLDINGS LIMITED**

**Code of Ethics and Business Conduct**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Introduction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Board of Directors (the "**Board**") of EPWK Holdings Ltd. (the "**Company**") has adopted this Code of Ethics and Business Conduct (the "**Code**") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promote the protection of Company assets, including corporate opportunities and confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promote fair dealing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) deter wrongdoing; 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;(g) ensure accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 All directors, officers and employees are required to be familiar with the Code, comply with its provisions and report any suspected violations as described below in Section 10, Reporting and Enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Honest and Ethical Conduct</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company's policy is to promote high standards of integrity by conducting its affairs honestly and ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Each director, officer and employee must act with integrity and observe the highest ethical standards of business conduct in his or her dealings with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 A conflict of interest occurs when an individual's private interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director or executive officer or their family members are expressly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should be avoided unless specifically authorized as described in Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Persons other than directors and executive officers who have questions about a potential conflict of interest or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization or approval from, their supervisor or the Chief Financial Officer. A supervisor may not authorize or approve conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first providing the Chief Financial Officer with a written description of the activity and seeking the Chief Financial Officer's written approval. If the supervisor is himself involved in the potential or actual conflict, the matter should instead be discussed directly with the Chief Financial Officer.

Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Employees, officers and directors should comply, both in letter and spirit, with all applicable laws, rules and regulations in the cities, states and countries in which the Company operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Although not all employees, officers and directors are expected to know the details of all applicable laws, rules and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about compliance should be addressed to the Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 No director, officer or employee may purchase or sell any Company securities while in possession of material nonpublic information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while in possession of material nonpublic information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material nonpublic information regarding the Company or any other company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain profit for himself or herself; 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;(b) directly or indirectly "tip" others who might make an investment decision on the basis of that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company's periodic reports and other documents filed with the SEC, including all financial statements and other financial information, must comply with applicable federal securities laws and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Each director, officer and employee who contributes in any way to the preparation or verification of the Company's financial statements and other financial information must ensure that the Company's books, records and accounts are accurately maintained. Each director, officer and employee must cooperate fully with the Company's accounting and internal audit departments, as well as the Company's independent public accountants and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Each director, officer and employee who is involved in the Company's disclosure process must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be familiar with and comply with the Company's disclosure controls and procedures and its internal control over financial reporting; 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;(b) take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Protection and Proper Use of Company Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 All directors, officers and employees should protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability and are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 All Company assets should be used only for legitimate business purposes. Any suspected incident of fraud or theft should be reported for investigation immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The obligation to protect Company assets includes the Company's proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business and marketing plans, engineering and manufacturing ideas, designs, databases, records and any nonpublic financial data or reports. Unauthorized use or distribution of this information is prohibited and could also be illegal and result in civil or criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Corporate Opportunities</u>. All directors, officers and employees owe a duty to the Company to advance its interests when the opportunity arises. Directors, officers and employees are prohibited from taking for themselves personally (or for the benefit of friends or family members) opportunities that are discovered through the use of Company assets, property, information or position. Directors, officers and employees may not use Company assets, property, information or position for personal gain (including gain of friends or family members). In addition, no director, officer or employee may compete with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Confidentiality</u>. Directors, officers and employees should maintain the confidentiality of information entrusted to them by the Company or by its customers, suppliers or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information includes all nonpublic information (regardless of its source) that might be of use to the Company's competitors or harmful to the Company or its customers, suppliers or partners if disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Fair Dealing</u>. Each director, officer and employee must deal fairly with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job. No director, officer or employee may take unfair advantage of anyone through manipulation, concealment, abuse or privileged information, misrepresentation of facts or any other unfair dealing practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Reporting and Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Reporting and Investigation of Violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Actions prohibited by this Code involving directors or executive officers must be reported to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Actions prohibited by this Code involving anyone other than a director or executive officer must be reported to the reporting person's supervisor or the Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After receiving a report of an alleged prohibited action, the Audit Committee, the relevant supervisor or the Chief Financial Officer must promptly take all appropriate actions necessary to investigate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) All directors, officers and employees are expected to cooperate in any internal investigation of misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 must ensure prompt and consistent action against violations 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;(b) If, after investigating a report of an alleged prohibited action by a director or executive officer, the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination 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;(c) If, after investigating a report of an alleged prohibited action by any other person, the relevant supervisor or the Chief Financial Officer determines that a violation of this Code has occurred, the supervisor or the Chief Financial Officer will report such determination 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;(d) Upon receipt of a determination that there has been a violation of this Code, the Board will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Board may, in its discretion, waive any violation 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;(b) Any waiver for a director or an executive officer shall be disclosed as required by SEC and Nasdaq rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Prohibition on Retaliation.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

## Exhibit 99.2

**Exhibit 99.2**

![](vc012_ex99-2img01.jpg)

**Legal Opinion**

Date: February 10, 2023 <br> To: EPWK Holdings Ltd. (the "Company") <br> Building #2, District A, No. 359 Chengyi Rd., The third phase of Xiamen Software Park Xiamen City, Fujian Province The People's Republic of China, 361021

**Dear Sirs or Madams**

We are lawyers qualified in the People's Republic of China (the "**PRC**" or "**China**", for the purpose of this opinion, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan) and as such are qualified to issue this opinion on the laws and regulations of the PRC effective as of the date hereof.

We are acting as the PRC legal counsel to EPWK Holdings Ltd. (the "**Company**"), a company incorporated under the laws of the Cayman Islands, in connection with (i) the proposed initial public offering (the "**Offering**") of certain number of ordinary shares, par value $0.001 per share(the "**Class A Ordinary Shares**") of 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 (ii) the Company's proposed listing of the Class A Ordinary Shares on the Nasdaq Capital Market.

**A. <u>Documents and Assumptions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. In rendering this opinion, we have carried out due inquiry and examined copies of the Registration Statement
and other documents (collectively the "**Documents**") as we have considered necessary or advisable for the purpose of
rendering this opinion. Where certain facts were not independently established and verified by us, we have relied upon certificates or
statements issued or made by the relevant Governmental Agencies (as defined below), the Company and appropriate representatives of the
Company and the PRC Entities (as defined below).

![](vc012_ex99-2img01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2. In rendering this opinion, we have assumed without further inquiry or investigation that (the "**Assumptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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 submitted to us as originals are authentic, and all Documents
submitted to us as certified or photostatic copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each of the parties to the Documents, other than the PRC Entities, (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, other than the PRC Entities, has full power and authority to
execute, deliver and perform its, her or his obligations under the Documents to which it, she or he is a party, and, if a legal person
or other entity, in accordance with the laws of its jurisdiction of organization and/or the laws that it, she or he is subject to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Documents presented to us 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 the Documents after they were submitted to us for the purposes of this
opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the laws of jurisdictions other than the PRC which may be applicable to the execution, delivery, performance
or enforcement of the Documents are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all requested Documents have been provided to us and all factual statements made to us by the Company
and the PRC Entities in connection with this opinion are true, correct and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) all explanations and interpretations provided by government officials duly reflect the official position
of the relevant Governmental Agencies and are complete, true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) each of the Documents is legal, valid, binding and enforceable in accordance with their respective governing
laws in any and all respects;

![](vc012_ex99-2img01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) all consents, licenses, permits, approvals, exemptions or authorizations required by, and all required
registrations or filings with, any governmental authority or regulatory body of any jurisdiction other than the PRC in connection with
the transactions contemplated under the Registration Statement and other Documents have been obtained or made, and are in full force and
effect as of the date thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) all Governmental Authorizations (as defined below) and other official statements and documentation obtained
by the Company or any PRC Entity from any Governmental Agency have been obtained by lawful means in due course, and the Documents provided
to us conform with those documents submitted to Governmental Agencies for such purposes.

**B. <u>Definitions</u>**

In addition to the terms defined in the context of this opinion, the following capitalized terms used in this opinion shall have the meanings ascribed to them as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. *<u>"CAC"</u>* means the Cyberspace Administration of China;

&nbsp;&nbsp;&nbsp;&nbsp;2. *<u>"Constitutional Documents"</u>* means any joint venture contracts, articles of association,
by-laws, business licences, business permits and other constitutional documents;

&nbsp;&nbsp;&nbsp;&nbsp;3. *<u>"CSRC"</u>* means the Chinese Securities Regulatory Commission;

&nbsp;&nbsp;&nbsp;&nbsp;4. *<u>"Encumbrance"</u>* means any lien, mortgage, pledge, charge, encumbrance, security
interest, claim or any other third party right (collectively, the "Encumbrances");

&nbsp;&nbsp;&nbsp;&nbsp;5. *<u>"Governmental Agency"</u>* means any national, provincial or local governmental,
regulatory or administrative authority, agency or commission in the PRC, or any court, tribunal or any other judicial body or arbitral
body in the PRC, or anybody exercising, or entitled to exercise, any administrative, judicial, legislative, law enforcement, regulatory,
or taxing authority or power of a similar nature in the PRC;

![](vc012_ex99-2img01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. *<u>"Governmental Authorizations"</u>* means any license, approval, consent, waiver,
order, sanction, certificate, authorization, filing, disclosure, registration, exemption, permission, endorsement, annual inspection,
clearance, qualification, permit or license by, from or with any Governmental Agency pursuant to any PRC Laws;

&nbsp;&nbsp;&nbsp;&nbsp;7. *<u>"M&A Rules"</u>* means the Rules on Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors jointly promulgated by six PRC Governmental Agencyies, namely, the Ministry of Commerce, the State-owned Assets Supervision
and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, the China Securities
Regulatory Commission, and the State Administration of Foreign Exchange on August 8, 2006, and became effective on September 8, 2006,
as amended by the Ministry of Commerce on June 22, 2009 ;

&nbsp;&nbsp;&nbsp;&nbsp;8. *<u>"Material Adverse Effect"</u>* means a material adverse effect on the financial or
trading position, condition (financial or otherwise), prospects, results of operations, business, management or general affairs of the
Company or the VIE.

&nbsp;&nbsp;&nbsp;&nbsp;9. *<u>"MOFCOM"</u>* means Ministry of Commerce;

&nbsp;&nbsp;&nbsp;&nbsp;10. *<u>"MOFCOM Order 3"</u>* means Administrative Measures on Overseas Investments, as promulgated
by the MOFCOM on September 6, 2014 and taking effect on October 6, 2014;

&nbsp;&nbsp;&nbsp;&nbsp;11. *<u>"NDRC"</u>* means National Development and Reform Commission;

&nbsp;&nbsp;&nbsp;&nbsp;12. "*<u>NDRC Order 11</u>*" means Administrative Measures for the Outbound Investment by
Enterprises, as promulgated by the NDRC on December 26, 2017 and taking effect on March 1, 2018;

&nbsp;&nbsp;&nbsp;&nbsp;13. *<u>"PRC Entities"</u>* means, collectively, all entities listed in Appendix A hereof,
and each, a "PRC Entity";

&nbsp;&nbsp;&nbsp;&nbsp;14. *<u>"PRC Laws"</u>* means all laws, statutes, regulations, orders, decrees, notices,
circulars, judicial interpretations and other legislations of the PRC effective and available to the public as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;15. *<u>"Prospectus"</u>* means the prospectus, including all amendments or supplements thereto,
that forms part of the Registration Statement;

![](vc012_ex99-2img01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;16. *<u>"SAFE"</u>* means State Administration of Foreign Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;17. *<u>"SAFE Circular 37"</u>* means Notice of the State Administration of Foreign Exchange
on Issues Relating to Foreign Exchange Control for Overseas Investment and Financing and Round-tripping by Chinese Residents through Special
Purpose Vehicles, as promulgated by the NDRC and taking effect on July 4, 2014;

&nbsp;&nbsp;&nbsp;&nbsp;18. *<u>"Underwriting Agreement"</u>* means the Underwriting Agreement entered into by and
between Revere Securities LLC and the Company on August [], 2022;

&nbsp;&nbsp;&nbsp;&nbsp;19. *"VIE"* means Xiamen EPWK Network Technology Co., Ltd., and its subsidiaries organized
under the laws of the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;20. *" VIE Agreements "* means
various documents listed on Appendix B.

**C. <u>Opinions</u>**

Based on the foregoing and subject to the disclosures contained in the Registration Statement and the qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

1. Incorporation and Structure of PRC Entities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To the best of our knowledge after due inquiry, each of the PRC Entities is duly incorporated, validly existing and in good standing under the PRC Laws. Each of the PRC Entities has received all necessary Governmental Authorizations to own, lease and use its assets and properties and to conduct its business in the manner described in the Registration Statement and the Prospectus. There is no legal obstacle to continued operation of each of the PRC Entities. Each of the PRC Entities has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The organizational structure of each PRC Entity is valid and in full compliance with the applicable PRC Laws. To the best of our knowledge after due inquiry, the PRC Articles of Association of each PRC Entity has been duly approved and filed in accordance with the laws of the PRC and are valid. The business scope specified in the PRC Articles of Association of each PRC Entities complies in all material respects with the requirements of all applicable PRC Laws. The operation of business by and the term of operation of the PRC Entities in accordance with the PRC Articles of Association is in compliance in all material respects with applicable PRC Laws.

![](vc012_ex99-2img01.jpg)

2. Capitalization.

To the best of our knowledge after due inquiry, except for Xiamen EPWK Zhibang Fiance And Taxation Service Co., Ltd. (厦门一品智邦财税管理有限公司), Yipinhuicheng (Guangzhou) Network Technology Co., Ltd. (亿品慧诚（广州）网络科技有限公司), Qi Zhi (Xiamen) Certification Co., Ltd. (企知（厦门）认证有限公司), Xiamen Epwk Investment Management Co., Ltd. (厦门一品威客投资管理有限公司), Xiamen EPWK Kutai Incubator Management Co., Ltd. (厦门一品酷泰孵化器管理有限公司), Xiamen EPWK Chuangke Incubator Management Co., Ltd. (厦门一品创客孵化器管理有限公司) have not completed the payment of the registered capital in accordance with its Constitutional Documents, which would not have a Material Adverse Effect, the registered capital of each PRC Entity has been duly and validly authorised, is fully and legally paid up and has been subscribed in full by the respective shareholder(s) of each such PRC Entity,and is in compliance with applicable PRC Laws. To the best of our knowledge after due inquiry, the equity interest in such registered capital is legally owned by such PRC Entity's respective shareholder(s), and the registered capital of the PRC Entities is owned free and clear of any Encumbrance or any restriction on transfer or voting rights., other than the pledges created pursuant to the VIE Agreements as disclosed in the Registration Statement and the Prospectus.

3. VIE Structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on our understanding of PRC Laws, each of the VIE Agreements is legal, valid and binding, and enforceable in accordance with its terms and applicable PRC Laws. Each of the parties to the VIE Agreements has full power and authority and legal right to enter into, execute, deliver and perform his/her/its obligations in respect of the VIE Agreements to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the best of our knowledge after due inquiry, none of PRC Entities is in material breach or default in the performance of the VIE Agreements to which it is a party as of the date hereof.

![](vc012_ex99-2img01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The due execution, delivery and performance of each of the VIE Agreements by the PRC Entities to which it is a party as of the date hereof, and the due consummation of the transactions contemplated thereunder, do not (i) result in any violation of the business license, articles of association, approval certificate or other constitutional documents (if any) of any of the PRC Entities; or (ii) result in any violation of any explicit requirements under the PRC Laws. No Governmental Authorization is required under any PRC Laws in connection with the due execution, delivery or performance of each of the VIE Agreements other than those already obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) However, there are substantial uncertainties regarding the interpretation and application of current PRC Laws, and there can be no assurance that the PRC government will ultimately take a view that is consistent with our opinion stated above.

4. Permission Required from the PRC Authorities to Operate the VIE or the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The VIE have obtained all the requisite licenses, permissions, and approvals from the PRC government to operate their business and engage in the business activities currently conducted by them in China, as of the date of this opinion, such licenses, permissions, or approvals remain valid and in full force and effect. All of the Company and the VIE are not currently required to obtain any other licenses, permissions, or approvals from the PRC government, including CSRC or CAC, to operate their business, including through contractual arrangements, or offer the securities being registered to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There is no explicit provisions under currently effective PRC laws, regulations, or rules require companies who indirectly list their shares through contractual arrangements to obtain approvals from PRC authorities. As a result, the Company and the VIE do not need to obtain approval from CSRC or CAC or other equivalent PRC government authorities according to currently effective PRC laws, regulations and rules to operate our business or offer our Class A Ordinary Shares to foreign investors. However, due to the lack of further clarifications or detailed rules and regulations on overseas listing, there are still uncertainties as to how such rules and regulations will be interpreted or implemented and whether the PRC regulatory agencies may adopt new laws, regulations, rules, or detailed implementation and interpretation, and there is no guarantee that PRC regulatory agencies, including the CSRC or CAC, would take the same view that is consistent with our opinion stated above.

![](vc012_ex99-2img01.jpg)

5. Cybersecurity Review

The Cybersecurity Review Measures (the "Measures") which came into effect on February 15, 2022, require online platform operators possessing personal information of more than one (1) million users to apply for the cybersecurity review for its overseas listing, and the cybersecurity review shall focus on the assessment of the impact or potential impact on the national security of the online platform operators' data processing activities. In compliance with the Measures, the Company had submitted a written declaration and other materials required for the cybersecurity review to the CAC. Upon reviewing the materials in accordance with the Measures, the Office of Cybersecurity Review of the CAC, which is responsible for organizing cybersecurity reviews and developing relevant rules and regulations, informed that the Company passed the cybersecurity review for the Offering.

6. Legal Proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To the best knowledge after due inquiry, as of the date of this opinion, none of the PRC Entities has been involved in any legal or administrative litigation that may have a material adverse effect on the company's business, balance sheet, operating performance and cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the best knowledge after due inquiry, (i) there has been no meeting convened and no order, petition or resolution passed for the winding-up, dissolution, liquidation, administration, amalgamation, reconstruction, reorganization, merger or consolidation or any analogous procedure of the PRC Entities, or the appointment of a receiver of their assets; (ii) there is no action or legal, administrative, arbitration or other proceedings pending in the PRC to which any of the PRC Entities is a party, which might result in the winding-up, dissolution or liquidation of any of the PRC Entities, or the appointment of a receiver in respect of any of their property or assets; (iii) no notice of appointment of any receiver, administrator, liquidator, trustee, custodian or other similar officer has been served in respect of any of the PRC Entities; (iv) none of the PRC Entities has taken any action nor have any steps been taken, or are being taken, or legal proceedings been started against any of the PRC Entities for the suspension, withdrawal, revocation or cancellation of the business licence of any of the PRC Entities; (v) no judgment has been rendered declaring any of the PRC Entities bankrupt or involved in an insolvency proceeding.

![](vc012_ex99-2img01.jpg)

7. M&A Rules.

Based on our understanding of the explicit provisions under the PRC Laws as of the date hereof, given that (i) the CSRC has not issued any definitive rule or interpretation concerning whether the Offering is subject to the M&A Rules; (ii) no provision in the M&A Rules classifies the VIE Agreements as a type of acquisition transaction falling under the M&A Rules, we are of the opinion that the M&A Rules and related regulations do not require that the Company obtain a prior approval from the CSRC for the Offering and listing and trading of the ordinary shares on the Nasdaq Capital Market. However, there are substantial uncertainties as to how the M&A Rules will be interpreted or implemented in the context of an overseas offering and our opinions stated above are subject to any new PRC Laws or detailed implementations and interpretations in any form relating to the M&A Rules, and there can be no assurance that the PRC government will ultimately take a view that is consistent with our opinion stated above.

8. Taxation.

The statements made in the Registration Statement under the caption "Taxation", with respect to the PRC tax laws and regulations or interpretations, constitute true and accurate descriptions of the matters described therein in all material respects and such statements constitute our opinion.

9. Enforceability of Civil Procedures.

The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other form of reciprocity with the United States or the Cayman Islands that provides for the recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against a company or its directors and officers if such PRC courts decide that the judgment violates the basic principles of PRC laws or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States or in the Cayman Islands.

![](vc012_ex99-2img01.jpg)

10. Foreign Exchange Registration

Each of the individual shareholders or legal person shareholders of the Company has respectively completed relevant registration or filing under the SAFE Circular 37 or NDRC Order 11, MOFCOM Order 3 for his/her/its ownership interest in the Company.

11. Intellectual Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each of the PRC Entities has good and unencumbered title to such intellectual properties (including trademarks, domain names, and copyrights, etc.) which are material to its operation and business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the best of our knowledge after due inquiry, (i) each of the PRC Entities owns, or has rights to use under licence, all such intellectual properties free and clear in all material respects of all Encumbrances; (ii) there are no actions, suits or proceedings (legal, administrative, governmental, arbitral or otherwise) current, pending, or threatened in the PRC, which are against or affecting such intellectual properties, whether or not arising in the ordinary course of business, which would, individually or in the aggregate, have a Material Adverse Effect.

12. No Sovereign Immunity

Under the PRC Laws, none of the PRC Entities, or any of their respective properties, assets or revenues, is entitled to any right of immunity on the grounds of sovereignty or otherwise from any legal action, suit or proceeding, set-off or counterclaim, the jurisdiction of any court in the PRC, service of process, attachment prior to or in aid of execution of judgment, or other legal process or proceeding for the granting of any relief or the enforcement of any judgment.

13. PRC Laws.

All statements set forth in the Registration Statement and the Prospectus under the captions "Prospectus Summary", "Risk Factors", "Use of Proceeds", "Dividend Policy", "Enforceability of Civil Liabilities", "Business", "Corporate History and Structure", "Regulations", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Taxation" in each case insofar as such statements describe or summarize PRC legal or regulatory matters, are true and accurate in all material aspects, and correctly set forth therein, and nothing has been omitted from such statements which would make the same misleading in any material aspects.

![](vc012_ex99-2img01.jpg)

**D. <u>Our opinions expressed above are subject to the following qualifications (the "Qualifications"):</u>**

1. Our opinion is limited to the PRC laws of general application on the date hereof. For the purpose of this
opinion only, the PRC or China shall not include the Hong Kong Special Administrative Region, the Macau Special Administrative Region
or Taiwan. We have made no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than the PRC.

2. Our opinion is limited to the PRC laws 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 the PRC.

3. The PRC laws and regulations 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.

4. Our opinion is subject to the effects of (i) 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, (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 specific performance, injunctive relief, remedies
or defenses, or calculation of damages, and (iv) the discretion of any competent PRC legislative, administrative or judicial bodies
in exercising their authority in the PRC.

5. This opinion is issued based on our understanding of the current PRC Laws. For matters not explicitly
provided under the current PRC Laws, the interpretation, implementation and application of the specific requirements under PRC Laws are
subject to the final discretion of competent PRC legislative, administrative and judicial authorities, and there can be no assurance that
the Government Agencies will ultimately take a view that is not contrary to our opinion stated above.

![](vc012_ex99-2img01.jpg)

6. We may rely, as to the matters of fact, to the extent we deem proper, on certificates and confirmation
of responsible officers of the PRC Entities and PRC government officials.

7. We have not undertaken any independent investigation, search or other verification action to determine
the existence or absence of any fact or to prepare this opinion, 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 PRC Entities or the rendering of this opinion.

8. .This opinion is intended to be used in the context which is specifically referred to herein; each paragraph
shall be construed as a whole and no part shall be extracted and referred to independently.

9. As used in this opinion, the expression "to the best of our knowledge after due inquiry" or
similar language with reference to matters of fact refers to the current actual knowledge of the attorneys of this firm who have worked
on matters for the Company in connection with the Offering and the transactions contemplated thereby after reasonable investigation and
inquiry. 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 PRC Companies and Governmental Agencies.

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.

This Opinion is rendered at the request of and solely for the benefit of EPWK Holdings Ltd. in connection with the above matters. This Opinion may not be relied upon, quoted or referred to for any other purpose or released upon by or furnished to any other person without our prior written consent.

![](vc012_ex99-2img01.jpg)

[SIGNATURE PAGE]

Yours faithfully,

Beijing Dentons Law Offices, LLP (Fuzhou)

---

| | | |
|:---|:---|:---|
| /s/ WEI QI | /s/ QIUSHI LI | /s/ WEI CHEN |
| WEI QI | QIUSHI LI | WEI CHEN |
| /s/ NING MA | /s/ YANYU HUANG |  |
| NING MA | YANYU HUANG |  |

---

![](vc012_ex99-2img01.jpg)

**APPENDIX A**

**List of the PRC Entities**

1. Yipinweike (Guangzhou) Network Technology Co., Ltd. ("亿品微客（广州）网络科技有限公司" in Chinese)

2. Xiamen EPWK Network Technology Co., Ltd. ("厦门一品威客网络科技股份有限公司" in Chinese)

3. Yipinhuicheng (Guangzhou) Network Technology Co., Ltd. ("亿品慧诚（广州）网络科技有限公司" in Chinese)

4. Qi Zhi (Beijing) Certification Co., Ltd. ("企知（北京）认证有限公司" in Chinese)

5. Xiamen Yipinweike Network Information Co., Ltd. ("厦门一品微客信息科技有限公司" in Chinese)

6. Xiamen EPWK Zhibang Fiance And Taxation Service Co., Ltd. ("厦门一品智邦财税管理有限公司" in Chinese)

7. Xiamen Kutai Network Technology Co., Ltd. ("厦门一品酷泰网络科技有限公司" in Chinese)

8. Xiamen Epwk Investment Management Co., Ltd. ("厦门一品威客投资管理有限公司" in Chinese)

9. Qi Zhi (Xiamen) Certification Co., Ltd.（"企知(厦门)认证有限公司" in Chinese）

10. EP Zhishang (Xiamen) Network Technology Co. Ltd ("一品智尚（厦门）网络科技有限公司" in Chinese)

11. Xiamen EPWK Chuangke Incubator Management Co., Ltd. ("厦门一品创客孵化器管理有限公司" in Chinese)

12. Xiamen EPWK Kutai Incubator Management Co., Ltd. ("厦门一品酷泰孵化器管理有限公司" in Chinese)

13. Xiamen EPWK Yixing Business Incubator Management Co., Ltd. ("厦门一品翼兴创业孵化器有限公司" in Chinese)

![](vc012_ex99-2img01.jpg)

**APPENDIX B**

VIE Agreements

1. Exclusive Business Cooperation Agreement (独家业务合作协议) entered into between Yipinweike (Guangzhou) Network Technology Co., Ltd. and EPWK VIE;

2. Shareholder Power of Attorney (股东授权委托书) entered into among Yipinweike (Guangzhou) Network Technology Co., Ltd., EPWK VIE and the shareholders of EPWK VIE;

3. Call Option Agreement (购买选择权协议) entered into among Yipinweike (Guangzhou) Network Technology Co., Ltd., EPWK VIE and the shareholders of EPWK VIE;

4. Equity Pledge Agreement (股份质押协议) entered into among Yipinweike (Guangzhou) Network Technology Co., Ltd., EPWK VIE and the shareholders of EPWK VIE.

5. Irrevocable Commitment Letter（不可撤销承诺函）entered into among the individual shareholders of EPWK VIE and their spouses or inheritors.

## Exhibit 99.3

**Exhibit 99.3**

February 9, 2023

EPWK Holdings Ltd.

Building #2, District A, No. 359 Chengyi Rd.,

The third phase of Xiamen Software Park

Xiamen City, Fujian Province

The People's Republic of China, 361021

+86 400-6999467

Re: Consent of Frost & Sullivan

Ladies and Gentlemen,

Reference is made to the registration statement on Form F-1 (the "Registration Statement") filed by EPWK Holdings Ltd. (the "Company") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the use of and references to our name and the inclusion of information, data and statements from our research reports and amendments thereto, including, without limitation, the industry report titled "**China Crowdsourcing Platform Market Independent Industry Research Report**" (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our independent valuation reports and amendments thereto, (i) in the Registration Statement and any amendments thereto, including, but not limited to, under the "Prospectus Summary," "Industry" and "Business" sections; (ii) in any written correspondence 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 and other SEC filings (collectively, the "SEC Filings"), (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates, (v) in institutional and retail roadshows and other activities in connection with the Proposed IPO, and (vi) in other publicity and marketing materials in connection with the Proposed IPO.

We further 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 by the Company for the use of our data and information cited for the above-mentioned purposes.

Yours faithfully,

For and on behalf of

**Frost & Sullivan (Beijing) Inc., Shanghai Branch Co.**

---

| |
|:---|
| /s/ Charles Lau |
| Name: Charles Lau |
| Title: Consulting Director |

---

## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Tables** 

**F-1**

(Form Type)

**EPWK Holdings Ltd.**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities** 

<u>Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Security<br> Class Title** | **Fee<br> Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit** | **Maximum<br> Aggregate<br> Offering<br> Price<sup>(1)</sup>** | **Fee Rate** | **Amount of<br> Registration<br> Fee<sup>(2)(5)</sup>** | **Carry<br> Forward<br> Form<br> Type** | **Carry<br> Forward<br> File<br> Number** | **Carry<br> Forward<br> Initial<br> effective<br> date** | **Filing Fee<br> Previously<br> Paid In<br> Connection<br> with Unsold<br> Securities to<br> be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Equity | Class A Ordinary shares, $0.0001 par value per share<sup>(3)</sup> | 457 (o) |  |  | $30000000 | $110.20 per million | $3306 |  |  |  |  |
| Fees to Be Paid | Equity | Class A Ordinary shares, $0.0001 par value per share, underlying underwriter's warrants<sup>(4)</sup> | 457 (o) |  |  | $1800000 | $110.20 per million | $198.36 |  |  |  |  |
| **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** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | $3504.36 |  | $— |  |  |
| **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | 0 |  | $— |  |  |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | 0 |  |  |  |  |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | 3504.36 |  | $— |  |  |

---

(1) The registration fee for securities is based on an estimate of the Proposed Maximum Aggregate Offering Price of the securities, assuming the sale of the maximum number of shares at the highest expected offering price, and such estimate is solely for the purpose of calculating the registration fee pursuant to Rule 457(o). Includes the offering price attributable to [ ] additional Class A ordinary shares that the underwriters have the option to purchase to cover over-allotments, if any.

(2) Calculated pursuant to Rule 457(o) under the Securities Act, based on an estimate of the proposed maximum aggregate offering price.

(3) In accordance with Rule 416(a), we are also registering an indeterminate number of additional Class A ordinary shares that shall be issuable pursuant to Rule 416 to prevent dilution resulting from share splits, share dividends or similar transactions.

(4) The Registrant will issue to the Representative (as defined in the section captioned "Underwriting") warrants to purchase a number of Class A ordinary shares equal to an aggregate of five percent (5%) of the Class A ordinary shares (the "Representative Warrants") sold in the offering. The exercise price of the Representative Warrants is equal to 120% of the offering price of the Class A ordinary shares offered hereby. At an exercise price of $[ ] per share, we would receive, in the aggregate, $[ ] upon exercise of the Representative Warrants. The Representative Warrants are exercisable within three years commencing from the commencement of sale of the offering at any time, and from time to time, in whole or in part.

(5) Previously paid.